FMGKX vs. VINIX

Last updated Jun 24, 2026

FMGKX (Fidelity Magellan Fund Class K) and VINIX (Vanguard Institutional Index Fund Institutional Shares) are both mutual funds - FMGKX is a Large Cap Growth Equities fund managed by Fidelity, while VINIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, FMGKX returned 16.03%/yr vs 15.85%/yr for VINIX. Their correlation of 0.94 suggests significant overlap in exposure. FMGKX charges 0.62%/yr vs 0.04%/yr for VINIX.

Performance

FMGKX vs. VINIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Magellan Fund Class K (FMGKX) and Vanguard Institutional Index Fund Institutional Shares (VINIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMGKX achieves a 7.08% return, which is significantly lower than VINIX's 9.78% return. Both investments have delivered pretty close results over the past 10 years, with FMGKX having a 16.03% annualized return and VINIX not far behind at 15.85%.

FMGKX

• 1D: -0.88%
• 1M: 1.36%
• YTD: 7.08%
• 6M: 5.88%
• 1Y: 11.09%
• 3Y*: 23.30%
• 5Y*: 12.68%
• 10Y*: 16.03%

VINIX

• 1D: -0.37%
• 1M: 0.10%
• YTD: 9.78%
• 6M: 8.78%
• 1Y: 25.49%
• 3Y*: 21.79%
• 5Y*: 13.73%
• 10Y*: 15.85%

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

FMGKX vs. VINIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMGKX Fidelity Magellan Fund Class K	7.08%	16.35%	32.08%	31.15%	-27.11%	27.08%	28.49%	31.42%	-5.67%	26.60%
VINIX Vanguard Institutional Index Fund Institutional Shares	9.78%	17.85%	26.28%	25.77%	-18.15%	28.67%	18.40%	31.46%	-4.42%	21.79%

Correlation

The correlation between FMGKX and VINIX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since May 9, 2008	0.94

The correlation between FMGKX and VINIX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

FMGKX vs. VINIX — Risk / Return Rank

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

FMGKX

FMGKX Risk / Return Rank: 11
FMGKX Sharpe Ratio Rank: 11
FMGKX Sortino Ratio Rank: 11
FMGKX Omega Ratio Rank: 11
FMGKX Calmar Ratio Rank: 10
FMGKX Martin Ratio Rank: 12

VINIX

VINIX Risk / Return Rank: 65
VINIX Sharpe Ratio Rank: 64
VINIX Sortino Ratio Rank: 57
VINIX Omega Ratio Rank: 59
VINIX Calmar Ratio Rank: 68
VINIX Martin Ratio Rank: 78

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.

FMGKX vs. VINIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Magellan Fund Class K (FMGKX) and Vanguard Institutional Index Fund Institutional Shares (VINIX). 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.

	FMGKX	VINIX	Difference
Sharpe ratio: Return per unit of total volatility	0.82	2.15	-1.33
Sortino ratio: Return per unit of downside risk	1.21	2.91	-1.70
Omega ratio: Gain probability vs. loss probability	1.15	1.39	-0.24
Calmar ratio: Return relative to maximum drawdown	0.90	3.01	-2.11
Martin ratio: Return relative to average drawdown	3.20	13.61	-10.41

FMGKX vs. VINIX - Sharpe Ratio Comparison

The current FMGKX Sharpe Ratio is 0.82, which is lower than the VINIX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of FMGKX and VINIX, 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

FMGKX vs. VINIX - Drawdown Comparison

The maximum FMGKX drawdown since its inception was -59.38%, which is greater than VINIX's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FMGKX and VINIX.

Drawdown Indicators

	FMGKX	VINIX	Difference
Max Drawdown Largest peak-to-trough decline	-59.38%	-55.19%	-4.19%
Max Drawdown (1Y) Largest decline over 1 year	-13.95%	-8.90%	-5.05%
Max Drawdown (3Y) Largest decline over 3 years	-20.05%	-18.75%	-1.30%
Max Drawdown (5Y) Largest decline over 5 years	-33.05%	-24.51%	-8.54%
Max Drawdown (10Y) Largest decline over 10 years	-33.05%	-33.79%	+0.74%
Current Drawdown Current decline from peak	-1.51%	-1.72%	+0.21%
Average Drawdown Average peak-to-trough decline	-10.92%	-8.52%	-2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.93%	1.97%	+1.96%

Volatility

FMGKX vs. VINIX - Volatility Comparison

Fidelity Magellan Fund Class K (FMGKX) has a higher volatility of 6.48% compared to Vanguard Institutional Index Fund Institutional Shares (VINIX) at 4.67%. This indicates that FMGKX's price experiences larger fluctuations and is considered to be riskier than VINIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMGKX	VINIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.48%	4.67%	+1.81%
Volatility (6M) Calculated over the trailing 6-month period	12.70%	9.84%	+2.86%
Volatility (1Y) Calculated over the trailing 1-year period	15.45%	12.50%	+2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.29%	16.98%	+3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.27%	18.11%	+2.16%

FMGKX vs. VINIX - Expense Ratio Comparison

FMGKX has a 0.62% expense ratio, which is higher than VINIX's 0.04% expense ratio.

Dividends

FMGKX vs. VINIX - Dividend Comparison

FMGKX's dividend yield for the trailing twelve months is around 6.43%, more than VINIX's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMGKX Fidelity Magellan Fund Class K	6.43%	13.90%	9.26%	11.80%	5.08%	7.07%	0.30%	15.04%	10.95%	9.74%	2.87%	7.69%
VINIX Vanguard Institutional Index Fund Institutional Shares	2.44%	2.10%	3.64%	2.65%	3.38%	4.77%	3.06%	2.85%	2.43%	1.82%	2.36%	2.45%

Frequently Asked Questions

Can I hold both FMGKX and VINIX in my portfolio?

With a correlation of 0.92, FMGKX and VINIX 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, FMGKX or VINIX?

FMGKX has higher volatility (6.48%) compared to VINIX (4.67%). In terms of maximum drawdown, FMGKX dropped -59.38% vs VINIX's -55.19%.

Which has better risk-adjusted returns?

VINIX currently has the higher Sharpe Ratio (2.15 vs 0.82), 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.