FIQHX vs. VESIX

Last updated Jun 25, 2026

FIQHX (Fidelity Advisor Europe Fund Class Z) and VESIX (Vanguard European Stock Index Fund Institutional Shares) are both Europe Equities funds. Over the past 5 years, FIQHX returned 5.83%/yr vs 8.55%/yr for VESIX. With a 0.96 correlation, they move nearly in lockstep. FIQHX charges 0.95%/yr vs 0.08%/yr for VESIX.

Performance

FIQHX vs. VESIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Europe Fund Class Z (FIQHX) and Vanguard European Stock Index Fund Institutional Shares (VESIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIQHX achieves a 6.62% return, which is significantly higher than VESIX's 6.11% return.

FIQHX

• 1D: -2.23%
• 1M: 0.12%
• YTD: 6.62%
• 6M: 6.67%
• 1Y: 17.23%
• 3Y*: 17.25%
• 5Y*: 5.83%
• 10Y*: —

VESIX

• 1D: -1.36%
• 1M: -0.33%
• YTD: 6.11%
• 6M: 5.92%
• 1Y: 17.53%
• 3Y*: 16.65%
• 5Y*: 8.55%
• 10Y*: 10.28%

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

FIQHX vs. VESIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIQHX Fidelity Advisor Europe Fund Class Z	6.62%	37.68%	4.31%	13.79%	-20.52%	6.76%	18.43%	24.60%	-8.93%
VESIX Vanguard European Stock Index Fund Institutional Shares	6.11%	35.43%	2.02%	20.03%	-16.07%	16.31%	6.46%	24.24%	-8.74%

Correlation

The correlation between FIQHX and VESIX is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.96

The correlation between FIQHX and VESIX has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

FIQHX vs. VESIX — Risk / Return Rank

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

FIQHX

FIQHX Risk / Return Rank: 23
FIQHX Sharpe Ratio Rank: 21
FIQHX Sortino Ratio Rank: 22
FIQHX Omega Ratio Rank: 21
FIQHX Calmar Ratio Rank: 24
FIQHX Martin Ratio Rank: 28

VESIX

VESIX Risk / Return Rank: 24
VESIX Sharpe Ratio Rank: 23
VESIX Sortino Ratio Rank: 23
VESIX Omega Ratio Rank: 23
VESIX Calmar Ratio Rank: 23
VESIX Martin Ratio Rank: 28

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.

FIQHX vs. VESIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Europe Fund Class Z (FIQHX) and Vanguard European Stock Index Fund Institutional Shares (VESIX). 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.

	FIQHX	VESIX	Difference
Sharpe ratio: Return per unit of total volatility	1.09	1.22	-0.13
Sortino ratio: Return per unit of downside risk	1.63	1.79	-0.16
Omega ratio: Gain probability vs. loss probability	1.20	1.22	-0.02
Calmar ratio: Return relative to maximum drawdown	1.51	1.59	-0.08
Martin ratio: Return relative to average drawdown	5.61	5.88	-0.27

FIQHX vs. VESIX - Sharpe Ratio Comparison

The current FIQHX Sharpe Ratio is 1.09, which is comparable to the VESIX Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of FIQHX and VESIX, 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

FIQHX vs. VESIX - Drawdown Comparison

The maximum FIQHX drawdown since its inception was -37.96%, smaller than the maximum VESIX drawdown of -63.25%. Use the drawdown chart below to compare losses from any high point for FIQHX and VESIX.

Drawdown Indicators

	FIQHX	VESIX	Difference
Max Drawdown Largest peak-to-trough decline	-37.96%	-63.25%	+25.29%
Max Drawdown (1Y) Largest decline over 1 year	-12.36%	-11.96%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	-13.24%	-13.94%	+0.70%
Max Drawdown (5Y) Largest decline over 5 years	-37.96%	-32.68%	-5.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.85%	—
Current Drawdown Current decline from peak	-2.23%	-2.05%	-0.18%
Average Drawdown Average peak-to-trough decline	-9.24%	-15.19%	+5.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	3.24%	+0.08%

Volatility

FIQHX vs. VESIX - Volatility Comparison

Fidelity Advisor Europe Fund Class Z (FIQHX) has a higher volatility of 6.26% compared to Vanguard European Stock Index Fund Institutional Shares (VESIX) at 4.85%. This indicates that FIQHX's price experiences larger fluctuations and is considered to be riskier than VESIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIQHX	VESIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.26%	4.85%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	14.94%	13.13%	+1.81%
Volatility (1Y) Calculated over the trailing 1-year period	17.18%	15.62%	+1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.46%	17.45%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.85%	17.87%	+0.98%

FIQHX vs. VESIX - Expense Ratio Comparison

FIQHX has a 0.95% expense ratio, which is higher than VESIX's 0.08% expense ratio.

Dividends

FIQHX vs. VESIX - Dividend Comparison

FIQHX's dividend yield for the trailing twelve months is around 2.32%, less than VESIX's 2.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQHX Fidelity Advisor Europe Fund Class Z	2.32%	2.48%	3.47%	1.78%	0.00%	16.30%	1.26%	7.61%	12.24%	0.00%	0.00%	0.00%
VESIX Vanguard European Stock Index Fund Institutional Shares	2.95%	2.86%	3.60%	3.15%	3.25%	3.04%	2.10%	3.28%	3.95%	2.72%	3.54%	3.27%

Frequently Asked Questions

Can I hold both FIQHX and VESIX in my portfolio?

With a correlation of 0.95, FIQHX and VESIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FIQHX or VESIX?

FIQHX has higher volatility (6.26%) compared to VESIX (4.85%). In terms of maximum drawdown, FIQHX dropped -37.96% vs VESIX's -63.25%.

Which has better risk-adjusted returns?

VESIX currently has the higher Sharpe Ratio (1.22 vs 1.09), 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.