FGZMX vs. VEGBX

Last updated Aug 1, 2026

FGZMX (Fidelity Advisor New Markets Income Fund Class I) and VEGBX (Vanguard Emerging Markets Bond Fund Admiral Shares) are both Emerging Markets Bonds funds. Over the past 5 years, FGZMX returned 3.41%/yr vs 4.15%/yr for VEGBX. Their correlation of 0.88 means they have usually moved in the same direction. FGZMX charges 0.83%/yr vs 0.35%/yr for VEGBX.

Performance

FGZMX vs. VEGBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor New Markets Income Fund Class I (FGZMX) and Vanguard Emerging Markets Bond Fund Admiral Shares (VEGBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGZMX achieves a 2.64% return, which is significantly higher than VEGBX's 2.18% return.

FGZMX

• 1D: -0.29%
• 1M: -1.50%
• 6M: 1.14%
• YTD: 2.64%
• 1Y: 10.18%
• 3Y*: 10.58%
• 5Y*: 3.41%
• 10Y*: —
• ALL TIME*: 4.14%

VEGBX

• 1D: -0.16%
• 1M: -1.12%
• 6M: 1.65%
• YTD: 2.18%
• 1Y: 8.90%
• 3Y*: 9.99%
• 5Y*: 4.15%
• 10Y*: —
• ALL TIME*: 6.69%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FGZMX Fidelity Advisor New Markets Income Fund Class I	$0.00	$0.00	$0.00
VEGBX Vanguard Emerging Markets Bond Fund Admiral Shares	$0.00	$0.00	$0.00

FGZMX vs. VEGBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FGZMX Fidelity Advisor New Markets Income Fund Class I	2.64%	14.73%	6.85%	13.99%	-16.15%	-2.37%	4.53%	10.98%	0.14%
VEGBX Vanguard Emerging Markets Bond Fund Admiral Shares	2.18%	14.46%	7.60%	13.81%	-13.02%	-1.44%	15.18%	17.87%	0.46%

Correlation

The correlation between FGZMX and VEGBX is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (All Time) Calculated using the full available price history since Dec 4, 2018	0.88

The correlation between FGZMX and VEGBX has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

Return for Risk

FGZMX vs. VEGBX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FGZMX

FGZMX Risk / Return Rank: 89
FGZMX Sharpe Ratio Rank: 93
FGZMX Sortino Ratio Rank: 95
FGZMX Omega Ratio Rank: 90
FGZMX Calmar Ratio Rank: 81
FGZMX Martin Ratio Rank: 87

VEGBX

VEGBX Risk / Return Rank: 85
VEGBX Sharpe Ratio Rank: 87
VEGBX Sortino Ratio Rank: 90
VEGBX Omega Ratio Rank: 85
VEGBX Calmar Ratio Rank: 77
VEGBX Martin Ratio Rank: 85

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FGZMX vs. VEGBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor New Markets Income Fund Class I (FGZMX) and Vanguard Emerging Markets Bond Fund Admiral Shares (VEGBX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FGZMX	VEGBX	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.14	+0.31
Sortino ratio: Return per unit of downside risk	3.98	3.40	+0.58
Omega ratio: Gain probability vs. loss probability	1.49	1.42	+0.07
Calmar ratio: Return relative to maximum drawdown	2.80	2.46	+0.34
Martin ratio: Return relative to average drawdown	11.66	10.42	+1.24

FGZMX vs. VEGBX - Sharpe Ratio Comparison

The current FGZMX Sharpe Ratio is 2.45, which is comparable to the VEGBX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of FGZMX and VEGBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FGZMX vs. VEGBX - Drawdown Comparison

The maximum FGZMX drawdown since its inception was -27.17%, which is greater than VEGBX's maximum drawdown of -24.27%. Use the drawdown chart below to compare losses from any high point for FGZMX and VEGBX.

Drawdown Indicators

	FGZMX	VEGBX	Difference
Max Drawdown Largest peak-to-trough decline	-27.17%	-24.27%	-2.90%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-3.79%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-5.88%	-4.96%	-0.92%
Max Drawdown (5Y) Largest decline over 5 years	-27.17%	-24.27%	-2.90%
Current Drawdown Current decline from peak	-1.81%	-1.41%	-0.40%
Average Drawdown Average peak-to-trough decline	-6.06%	-3.79%	-2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.89%	+0.03%

Volatility

FGZMX vs. VEGBX - Volatility Comparison

The current volatility for Fidelity Advisor New Markets Income Fund Class I (FGZMX) is 0.93%, while Vanguard Emerging Markets Bond Fund Admiral Shares (VEGBX) has a volatility of 0.98%. This indicates that FGZMX experiences smaller price fluctuations and is considered to be less risky than VEGBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGZMX	VEGBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	0.98%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	3.57%	3.70%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	4.40%	4.36%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.64%	6.37%	+0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.23%	6.33%	+0.90%

FGZMX vs. VEGBX - Expense Ratio Comparison

FGZMX has a 0.83% expense ratio, which is higher than VEGBX's 0.35% expense ratio.

Dividends

FGZMX vs. VEGBX - Dividend Comparison

FGZMX's dividend yield for the trailing twelve months is around 4.55%, less than VEGBX's 5.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGZMX Fidelity Advisor New Markets Income Fund Class I	4.55%	5.04%	4.68%	5.14%	3.93%	3.46%	4.05%	4.85%	0.42%	0.00%
VEGBX Vanguard Emerging Markets Bond Fund Admiral Shares	5.63%	6.34%	7.02%	7.20%	5.61%	5.14%	4.62%	6.42%	5.00%	0.39%

Frequently Asked Questions

Can I hold both FGZMX and VEGBX in my portfolio?

FGZMX and VEGBX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGZMX or VEGBX?

VEGBX has higher volatility (0.98%) compared to FGZMX (0.93%). In terms of maximum drawdown, FGZMX dropped -27.17% vs VEGBX's -24.27%.

Which has better risk-adjusted returns?

FGZMX currently has the higher Sharpe Ratio (2.45 vs 2.14), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.