FNCMX vs. VMGAX

Last updated Aug 4, 2026

FNCMX (Fidelity NASDAQ Composite Index Fund) and VMGAX (Vanguard Mega Cap Growth Index Fund Institutional Shares) are both Large Cap Growth Equities funds - FNCMX tracks the Nasdaq Composite Index while VMGAX tracks the CRSP US Mega Cap Growth Index. Both are passively managed. Over the past 10 years, FNCMX returned 18.21%/yr vs 18.27%/yr for VMGAX. Their 0.97 correlation means they have historically moved very closely together. FNCMX charges 0.29%/yr vs 0.05%/yr for VMGAX.

Performance

FNCMX vs. VMGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity NASDAQ Composite Index Fund (FNCMX) and Vanguard Mega Cap Growth Index Fund Institutional Shares (VMGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNCMX achieves a 9.51% return, which is significantly higher than VMGAX's 4.77% return. Both investments have delivered pretty close results over the past 10 years, with FNCMX having a 18.21% annualized return and VMGAX not far ahead at 18.27%.

FNCMX

• 1D: 1.01%
• 1M: -1.78%
• 6M: 7.87%
• YTD: 9.51%
• 1Y: 23.59%
• 3Y*: 22.03%
• 5Y*: 12.51%
• 10Y*: 18.21%
• ALL TIME*: 11.98%

VMGAX

• 1D: 1.14%
• 1M: -0.93%
• 6M: 6.38%
• YTD: 4.77%
• 1Y: 16.42%
• 3Y*: 21.81%
• 5Y*: 13.07%
• 10Y*: 18.27%
• ALL TIME*: 13.45%

*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)
FNCMX Fidelity NASDAQ Composite Index Fund	$0.00	$0.00	$0.00
VMGAX Vanguard Mega Cap Growth Index Fund Institutional Shares	$0.00	$0.00	$0.00

FNCMX vs. VMGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNCMX Fidelity NASDAQ Composite Index Fund	9.51%	21.11%	29.48%	45.13%	-32.40%	22.21%	44.57%	36.63%	-3.07%	28.35%
VMGAX Vanguard Mega Cap Growth Index Fund Institutional Shares	4.77%	20.73%	32.98%	51.57%	-33.55%	28.50%	41.02%	37.54%	-2.86%	29.49%

Correlation

The correlation between FNCMX and VMGAX is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (10Y) Provides a long-term view across more market conditions.	0.98
Correlation (All Time) Calculated using the full available price history since Dec 27, 2007	0.97

The correlation between FNCMX and VMGAX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

FNCMX vs. VMGAX — Risk / Return Rank

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

FNCMX

FNCMX Risk / Return Rank: 33
FNCMX Sharpe Ratio Rank: 33
FNCMX Sortino Ratio Rank: 32
FNCMX Omega Ratio Rank: 31
FNCMX Calmar Ratio Rank: 35
FNCMX Martin Ratio Rank: 34

VMGAX

VMGAX Risk / Return Rank: 18
VMGAX Sharpe Ratio Rank: 19
VMGAX Sortino Ratio Rank: 19
VMGAX Omega Ratio Rank: 18
VMGAX Calmar Ratio Rank: 15
VMGAX Martin Ratio Rank: 17

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.

FNCMX vs. VMGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity NASDAQ Composite Index Fund (FNCMX) and Vanguard Mega Cap Growth Index Fund Institutional Shares (VMGAX). 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.

	FNCMX	VMGAX	Difference
Sharpe ratio: Return per unit of total volatility	1.13	0.76	+0.37
Sortino ratio: Return per unit of downside risk	1.62	1.16	+0.47
Omega ratio: Gain probability vs. loss probability	1.20	1.14	+0.06
Calmar ratio: Return relative to maximum drawdown	1.61	0.83	+0.78
Martin ratio: Return relative to average drawdown	5.37	2.60	+2.76

FNCMX vs. VMGAX - Sharpe Ratio Comparison

The current FNCMX Sharpe Ratio is 1.13, which is higher than the VMGAX Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of FNCMX and VMGAX, 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

FNCMX vs. VMGAX - Drawdown Comparison

The maximum FNCMX drawdown since its inception was -55.08%, which is greater than VMGAX's maximum drawdown of -47.97%. Use the drawdown chart below to compare losses from any high point for FNCMX and VMGAX.

Drawdown Indicators

	FNCMX	VMGAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.08%	-47.97%	-7.11%
Max Drawdown (1Y) Largest decline over 1 year	-13.01%	-16.78%	+3.77%
Max Drawdown (3Y) Largest decline over 3 years	-24.20%	-23.45%	-0.75%
Max Drawdown (5Y) Largest decline over 5 years	-35.64%	-36.03%	+0.39%
Max Drawdown (10Y) Largest decline over 10 years	-35.64%	-36.03%	+0.39%
Current Drawdown Current decline from peak	-6.26%	-6.12%	-0.14%
Average Drawdown Average peak-to-trough decline	-7.84%	-7.42%	-0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	5.35%	-1.46%

Volatility

FNCMX vs. VMGAX - Volatility Comparison

Fidelity NASDAQ Composite Index Fund (FNCMX) and Vanguard Mega Cap Growth Index Fund Institutional Shares (VMGAX) have volatilities of 5.74% and 5.83%, 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

	FNCMX	VMGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.74%	5.83%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	14.71%	14.69%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	18.45%	18.26%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.78%	23.00%	-0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.15%	22.02%	+0.13%

FNCMX vs. VMGAX - Expense Ratio Comparison

FNCMX has a 0.29% expense ratio, which is higher than VMGAX's 0.05% expense ratio.

Dividends

FNCMX vs. VMGAX - Dividend Comparison

FNCMX's dividend yield for the trailing twelve months is around 0.47%, more than VMGAX's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNCMX Fidelity NASDAQ Composite Index Fund	0.47%	0.51%	0.61%	0.67%	0.88%	0.47%	0.67%	4.41%	1.93%	0.03%	1.01%	1.50%
VMGAX Vanguard Mega Cap Growth Index Fund Institutional Shares	0.35%	0.36%	0.44%	0.51%	0.71%	0.42%	0.65%	0.86%	1.13%	1.23%	1.53%	1.44%

Frequently Asked Questions

Can I hold both FNCMX and VMGAX in my portfolio?

With a correlation of 0.98, FNCMX and VMGAX 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, FNCMX or VMGAX?

VMGAX has higher volatility (5.83%) compared to FNCMX (5.74%). In terms of maximum drawdown, FNCMX dropped -55.08% vs VMGAX's -47.97%.

Which has better risk-adjusted returns?

FNCMX currently has the higher Sharpe Ratio (1.13 vs 0.76), 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.