FPADX vs. VEMAX
FPADX (Fidelity Emerging Markets Index Fund) and VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) are both Emerging Markets Equities funds - FPADX tracks the MSCI Emerging Markets Index while VEMAX tracks the FTSE Emerging Markets All Cap China A Inclusion Index. Both are passively managed. Over the past 10 years, FPADX returned 8.35%/yr vs 7.57%/yr for VEMAX. Their 0.97 correlation means they have historically moved very closely together. FPADX charges 0.07%/yr vs 0.13%/yr for VEMAX.
Performance
FPADX vs. VEMAX - Performance Comparison
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Returns By Period
In the year-to-date period, FPADX achieves a 16.52% return, which is significantly higher than VEMAX's 7.78% return. Over the past 10 years, FPADX has outperformed VEMAX with an annualized return of 8.35%, while VEMAX has yielded a comparatively lower 7.57% annualized return.
FPADX
- 1D
- 3.98%
- 1M
- -3.45%
- 6M
- 7.70%
- YTD
- 16.52%
- 1Y
- 34.32%
- 3Y*
- 17.79%
- 5Y*
- 7.16%
- 10Y*
- 8.35%
- ALL TIME*
- 5.60%
VEMAX
- 1D
- 1.69%
- 1M
- -1.74%
- 6M
- 2.64%
- YTD
- 7.78%
- 1Y
- 19.92%
- 3Y*
- 13.67%
- 5Y*
- 5.76%
- 10Y*
- 7.57%
- ALL TIME*
- 6.01%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FPADX vs. VEMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPADX Fidelity Emerging Markets Index Fund | 16.52% | 33.90% | 6.80% | 9.51% | -20.06% | -3.07% | 17.84% | 18.28% | -14.65% | 35.16% |
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares | 7.78% | 24.76% | 11.34% | 8.82% | -17.79% | 0.85% | 15.24% | 20.29% | -14.59% | 31.37% |
Correlation
The correlation between FPADX and VEMAX is 0.93, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.93 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.97 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011 | 0.97 |
The correlation between FPADX and VEMAX has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
FPADX vs. VEMAX — Risk / Return Rank
FPADX
VEMAX
FPADX vs. VEMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Index Fund (FPADX) 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.
| FPADX | VEMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.21 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 1.65 | +0.68 |
| Martin ratioReturn relative to average drawdown | 7.44 | 5.51 | +1.93 |
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Drawdowns
FPADX vs. VEMAX - Drawdown Comparison
The maximum FPADX drawdown since its inception was -39.16%, smaller than the maximum VEMAX drawdown of -66.45%. Use the drawdown chart below to compare losses from any high point for FPADX and VEMAX.
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Drawdown Indicators
| FPADX | VEMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.16% | -66.45% | +27.29% |
Max Drawdown (1Y)Largest decline over 1 year | -13.83% | -11.05% | -2.78% |
Max Drawdown (3Y)Largest decline over 3 years | -16.09% | -15.78% | -0.31% |
Max Drawdown (5Y)Largest decline over 5 years | -34.43% | -30.69% | -3.74% |
Max Drawdown (10Y)Largest decline over 10 years | -39.16% | -36.11% | -3.05% |
Current DrawdownCurrent decline from peak | -10.40% | -5.43% | -4.97% |
Average DrawdownAverage peak-to-trough decline | -13.18% | -16.02% | +2.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.33% | 3.30% | +1.03% |
Volatility
FPADX vs. VEMAX - Volatility Comparison
Fidelity Emerging Markets Index Fund (FPADX) has a higher volatility of 9.49% compared to Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) at 5.20%. This indicates that FPADX's price experiences larger fluctuations and is considered to be riskier than VEMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FPADX | VEMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.49% | 5.20% | +4.29% |
Volatility (6M)Calculated over the trailing 6-month period | 20.91% | 13.79% | +7.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.72% | 15.99% | +6.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.12% | 15.59% | +2.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.25% | 16.50% | +1.75% |
FPADX vs. VEMAX - Expense Ratio Comparison
FPADX has a 0.08% expense ratio, which is lower than VEMAX's 0.13% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FPADX vs. VEMAX - Dividend Comparison
FPADX's dividend yield for the trailing twelve months is around 2.02%, less than VEMAX's 2.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPADX Fidelity Emerging Markets Index Fund | 2.02% | 2.35% | 2.70% | 2.68% | 2.47% | 2.14% | 1.50% | 2.59% | 2.20% | 0.12% | 1.69% | 2.47% |
VEMAX Vanguard Emerging Markets Stock Index Fund Admiral Shares | 2.35% | 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
With a correlation of 0.93, FPADX and VEMAX 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.
FPADX has higher volatility (9.49%) compared to VEMAX (5.20%). In terms of maximum drawdown, FPADX dropped -39.16% vs VEMAX's -66.45%.
FPADX currently has the higher Sharpe Ratio (1.42 vs 1.14), 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.
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