FIQGX vs. VMMSX

Last updated Jun 5, 2026

FIQGX (Fidelity Advisor Emerging Markets Discovery Fund Class Z) and VMMSX (Vanguard Emerging Markets Select Stock Fund) are both Emerging Markets Equities funds. Over the past 5 years, FIQGX returned 8.58%/yr vs 6.48%/yr for VMMSX. Their correlation of 0.90 suggests significant overlap in exposure. FIQGX charges 1.05%/yr vs 0.84%/yr for VMMSX.

Performance

FIQGX vs. VMMSX - 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 Select Stock Fund (VMMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FIQGX having a 19.03% return and VMMSX slightly higher at 19.45%.

FIQGX

• 1D: -0.91%
• 1M: -0.52%
• YTD: 19.03%
• 6M: 20.98%
• 1Y: 38.70%
• 3Y*: 18.75%
• 5Y*: 8.58%
• 10Y*: —

VMMSX

• 1D: -1.24%
• 1M: 3.33%
• YTD: 19.45%
• 6M: 21.34%
• 1Y: 45.77%
• 3Y*: 21.60%
• 5Y*: 6.48%
• 10Y*: 10.58%

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

FIQGX vs. VMMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIQGX Fidelity Advisor Emerging Markets Discovery Fund Class Z	19.03%	31.96%	-3.54%	20.94%	-11.74%	6.86%	17.11%	19.81%	-1.18%
VMMSX Vanguard Emerging Markets Select Stock Fund	19.45%	35.68%	5.91%	10.58%	-18.15%	-1.40%	15.79%	21.42%	-1.41%

Correlation

The correlation between FIQGX and VMMSX 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	0.88
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018	0.90

The correlation between FIQGX and VMMSX has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

Return for Risk

FIQGX vs. VMMSX — Risk / Return Rank

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

FIQGX

FIQGX Risk / Return Rank: 85
FIQGX Sharpe Ratio Rank: 91
FIQGX Sortino Ratio Rank: 81
FIQGX Omega Ratio Rank: 82
FIQGX Calmar Ratio Rank: 87
FIQGX Martin Ratio Rank: 86

VMMSX

VMMSX Risk / Return Rank: 78
VMMSX Sharpe Ratio Rank: 86
VMMSX Sortino Ratio Rank: 74
VMMSX Omega Ratio Rank: 79
VMMSX Calmar Ratio Rank: 78
VMMSX Martin Ratio Rank: 74

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. VMMSX - 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 Select Stock Fund (VMMSX). 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.

	FIQGX	VMMSX	Difference
Sharpe ratio: Return per unit of total volatility	3.00	2.83	+0.17
Sortino ratio: Return per unit of downside risk	3.88	3.62	+0.26
Omega ratio: Gain probability vs. loss probability	1.55	1.53	+0.02
Calmar ratio: Return relative to maximum drawdown	4.16	3.51	+0.65
Martin ratio: Return relative to average drawdown	15.97	13.94	+2.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIQGX vs. VMMSX - Sharpe Ratio Comparison

The current FIQGX Sharpe Ratio is 3.00, which is comparable to the VMMSX Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of FIQGX and VMMSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FIQGX	VMMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.00	2.83	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.37	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.32	+0.41

Drawdowns

FIQGX vs. VMMSX - Drawdown Comparison

The maximum FIQGX drawdown since its inception was -38.41%, roughly equal to the maximum VMMSX drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for FIQGX and VMMSX.

Drawdown Indicators

	FIQGX	VMMSX	Difference
Max Drawdown Largest peak-to-trough decline	-38.41%	-39.28%	+0.87%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-13.46%	+3.91%
Max Drawdown (3Y) Largest decline over 3 years	-17.26%	-18.37%	+1.11%
Max Drawdown (5Y) Largest decline over 5 years	-27.36%	-37.39%	+10.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.82%	—
Current Drawdown Current decline from peak	-2.02%	-1.24%	-0.78%
Average Drawdown Average peak-to-trough decline	-6.90%	-13.40%	+6.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	3.38%	-0.89%

Volatility

FIQGX vs. VMMSX - Volatility Comparison

The current volatility for Fidelity Advisor Emerging Markets Discovery Fund Class Z (FIQGX) is 4.44%, while Vanguard Emerging Markets Select Stock Fund (VMMSX) has a volatility of 6.26%. This indicates that FIQGX experiences smaller price fluctuations and is considered to be less risky than VMMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIQGX	VMMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	6.26%	-1.82%
Volatility (6M) Calculated over the trailing 6-month period	10.70%	13.96%	-3.26%
Volatility (1Y) Calculated over the trailing 1-year period	13.24%	16.68%	-3.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.11%	17.79%	-3.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	18.38%	-1.63%

FIQGX vs. VMMSX - Expense Ratio Comparison

FIQGX has a 1.05% expense ratio, which is higher than VMMSX's 0.84% expense ratio.

Dividends

FIQGX vs. VMMSX - Dividend Comparison

FIQGX's dividend yield for the trailing twelve months is around 4.10%, more than VMMSX's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQGX Fidelity Advisor Emerging Markets Discovery Fund Class Z	4.10%	4.87%	4.07%	2.20%	1.86%	12.04%	0.71%	1.22%	2.16%	0.00%	0.00%	0.00%
VMMSX Vanguard Emerging Markets Select Stock Fund	1.94%	2.32%	3.33%	3.05%	3.71%	6.80%	1.04%	2.04%	2.53%	1.54%	1.44%	1.87%

Frequently Asked Questions

Can I hold both FIQGX and VMMSX in my portfolio?

FIQGX and VMMSX 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 VMMSX?

VMMSX has higher volatility (6.26%) compared to FIQGX (4.44%). In terms of maximum drawdown, FIQGX dropped -38.41% vs VMMSX's -39.28%.

Which has better risk-adjusted returns?

FIQGX currently has the higher Sharpe Ratio (3.00 vs 2.83), 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.