FIQGX vs. VEMAX

Last updated Jun 23, 2026

FIQGX (Fidelity Advisor Emerging Markets Discovery Fund Class Z) and VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) are both Emerging Markets Equities funds. Over the past 5 years, FIQGX returned 9.40%/yr vs 5.79%/yr for VEMAX. Their correlation of 0.89 suggests significant overlap in exposure. FIQGX charges 1.05%/yr vs 0.13%/yr for VEMAX.

Performance

FIQGX vs. VEMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Emerging Markets Discovery Fund Class Z (FIQGX) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIQGX achieves a 21.53% return, which is significantly higher than VEMAX's 13.14% return.

FIQGX

• 1D: 1.39%
• 1M: 1.88%
• YTD: 21.53%
• 6M: 23.14%
• 1Y: 41.04%
• 3Y*: 18.07%
• 5Y*: 9.40%
• 10Y*: —

VEMAX

• 1D: 1.49%
• 1M: 3.21%
• YTD: 13.14%
• 6M: 13.80%
• 1Y: 30.92%
• 3Y*: 16.73%
• 5Y*: 5.79%
• 10Y*: 8.92%

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

FIQGX vs. VEMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIQGX Fidelity Advisor Emerging Markets Discovery Fund Class Z	21.53%	31.96%	-3.54%	20.94%	-11.74%	6.86%	17.11%	19.81%	-1.18%
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares	13.14%	24.76%	11.34%	8.82%	-17.79%	0.85%	15.24%	20.29%	-1.69%

Correlation

The correlation between FIQGX and VEMAX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.89

The correlation between FIQGX and VEMAX has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

Return for Risk

FIQGX vs. VEMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FIQGX

FIQGX Risk / Return Rank: 87
FIQGX Sharpe Ratio Rank: 92
FIQGX Sortino Ratio Rank: 84
FIQGX Omega Ratio Rank: 84
FIQGX Calmar Ratio Rank: 89
FIQGX Martin Ratio Rank: 88

VEMAX

VEMAX Risk / Return Rank: 52
VEMAX Sharpe Ratio Rank: 53
VEMAX Sortino Ratio Rank: 49
VEMAX Omega Ratio Rank: 52
VEMAX Calmar Ratio Rank: 55
VEMAX Martin Ratio Rank: 51

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FIQGX vs. VEMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Emerging Markets Discovery Fund Class Z (FIQGX) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX). 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.

	FIQGX	VEMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.83	1.98	+0.85
Sortino ratio: Return per unit of downside risk	3.68	2.72	+0.96
Omega ratio: Gain probability vs. loss probability	1.52	1.36	+0.15
Calmar ratio: Return relative to maximum drawdown	4.18	2.70	+1.48
Martin ratio: Return relative to average drawdown	15.58	9.85	+5.73

FIQGX vs. VEMAX - Sharpe Ratio Comparison

The current FIQGX Sharpe Ratio is 2.83, which is higher than the VEMAX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of FIQGX and VEMAX, 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

FIQGX vs. VEMAX - Drawdown Comparison

The maximum FIQGX drawdown since its inception was -38.41%, smaller than the maximum VEMAX drawdown of -66.45%. Use the drawdown chart below to compare losses from any high point for FIQGX and VEMAX.

Drawdown Indicators

	FIQGX	VEMAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.41%	-66.45%	+28.04%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-11.05%	+1.50%
Max Drawdown (3Y) Largest decline over 3 years	-17.26%	-15.78%	-1.48%
Max Drawdown (5Y) Largest decline over 5 years	-27.36%	-32.46%	+5.10%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.11%	—
Current Drawdown Current decline from peak	-0.72%	-0.73%	+0.01%
Average Drawdown Average peak-to-trough decline	-6.87%	-16.09%	+9.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	3.03%	-0.47%

Volatility

FIQGX vs. VEMAX - Volatility Comparison

Fidelity Advisor Emerging Markets Discovery Fund Class Z (FIQGX) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) have volatilities of 6.21% and 6.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIQGX	VEMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	6.10%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	12.85%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	14.11%	15.10%	-0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.29%	15.52%	-1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.81%	16.50%	+0.31%

FIQGX vs. VEMAX - Expense Ratio Comparison

FIQGX has a 1.05% expense ratio, which is higher than VEMAX's 0.13% expense ratio.

Dividends

FIQGX vs. VEMAX - Dividend Comparison

FIQGX's dividend yield for the trailing twelve months is around 4.01%, more than VEMAX's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQGX Fidelity Advisor Emerging Markets Discovery Fund Class Z	4.01%	4.87%	4.07%	2.20%	1.86%	12.04%	0.71%	1.22%	2.16%	0.00%	0.00%	0.00%
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares	2.24%	2.74%	3.13%	3.47%	4.05%	2.57%	1.87%	3.20%	2.85%	2.31%	2.51%	3.25%

Frequently Asked Questions

Can I hold both FIQGX and VEMAX in my portfolio?

FIQGX and VEMAX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIQGX or VEMAX?

FIQGX has higher volatility (6.21%) compared to VEMAX (6.10%). In terms of maximum drawdown, FIQGX dropped -38.41% vs VEMAX's -66.45%.

Which has better risk-adjusted returns?

FIQGX currently has the higher Sharpe Ratio (2.83 vs 1.98), 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.