FPADX vs. VEMAX

Last updated Jun 23, 2026

FPADX (Fidelity Emerging Markets Index Fund) and VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) are both mutual funds - FPADX is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index, while VEMAX is a Emerging Markets Equities fund tracking the FTSE Emerging Markets All Cap China A Inclusion Index. Both are passively managed. Over the past 10 years, FPADX returned 10.38%/yr vs 8.92%/yr for VEMAX. With a 0.97 correlation, they move nearly in lockstep. FPADX charges 0.07%/yr vs 0.13%/yr for VEMAX.

Performance

FPADX vs. VEMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Markets Index Fund (FPADX) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPADX achieves a 29.75% return, which is significantly higher than VEMAX's 13.14% return. Over the past 10 years, FPADX has outperformed VEMAX with an annualized return of 10.38%, while VEMAX has yielded a comparatively lower 8.92% annualized return.

FPADX

• 1D: 3.20%
• 1M: 7.38%
• YTD: 29.75%
• 6M: 31.68%
• 1Y: 55.46%
• 3Y*: 23.15%
• 5Y*: 8.35%
• 10Y*: 10.38%

VEMAX

• 1D: 1.49%
• 1M: 3.21%
• YTD: 13.14%
• 6M: 13.80%
• 1Y: 30.92%
• 3Y*: 16.73%
• 5Y*: 5.79%
• 10Y*: 8.92%

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

FPADX vs. VEMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPADX Fidelity Emerging Markets Index Fund	29.75%	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	13.14%	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 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	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 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

FPADX vs. VEMAX — Risk / Return Rank

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

FPADX

FPADX Risk / Return Rank: 85
FPADX Sharpe Ratio Rank: 89
FPADX Sortino Ratio Rank: 78
FPADX Omega Ratio Rank: 84
FPADX Calmar Ratio Rank: 88
FPADX Martin Ratio Rank: 87

VEMAX

VEMAX Risk / Return Rank: 52
VEMAX Sharpe Ratio Rank: 53
VEMAX Sortino Ratio Rank: 49
VEMAX Omega Ratio Rank: 52
VEMAX Calmar Ratio Rank: 55
VEMAX Martin Ratio Rank: 51

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.

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 ratio: Return per unit of total volatility	2.72	1.98	+0.74
Sortino ratio: Return per unit of downside risk	3.40	2.72	+0.68
Omega ratio: Gain probability vs. loss probability	1.52	1.36	+0.16
Calmar ratio: Return relative to maximum drawdown	4.13	2.70	+1.42
Martin ratio: Return relative to average drawdown	15.52	9.85	+5.67

FPADX vs. VEMAX - Sharpe Ratio Comparison

The current FPADX Sharpe Ratio is 2.72, which is higher than the VEMAX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of FPADX and VEMAX, 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

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.

Drawdown Indicators

	FPADX	VEMAX	Difference
Max Drawdown Largest peak-to-trough decline	-39.16%	-66.45%	+27.29%
Max Drawdown (1Y) Largest decline over 1 year	-13.28%	-11.05%	-2.23%
Max Drawdown (3Y) Largest decline over 3 years	-16.09%	-15.78%	-0.31%
Max Drawdown (5Y) Largest decline over 5 years	-36.86%	-32.46%	-4.40%
Max Drawdown (10Y) Largest decline over 10 years	-39.16%	-36.11%	-3.05%
Current Drawdown Current decline from peak	-0.22%	-0.73%	+0.51%
Average Drawdown Average peak-to-trough decline	-13.23%	-16.09%	+2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	3.03%	+0.49%

Volatility

FPADX vs. VEMAX - Volatility Comparison

Fidelity Emerging Markets Index Fund (FPADX) has a higher volatility of 10.91% compared to Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) at 6.10%. 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.

Volatility by Period

	FPADX	VEMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.91%	6.10%	+4.81%
Volatility (6M) Calculated over the trailing 6-month period	18.17%	12.85%	+5.32%
Volatility (1Y) Calculated over the trailing 1-year period	20.14%	15.10%	+5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	15.52%	+2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.05%	16.50%	+1.55%

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 1.81%, less than VEMAX's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPADX Fidelity Emerging Markets Index Fund	1.81%	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	2.24%	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

Can I hold both FPADX and VEMAX in my portfolio?

With a correlation of 0.94, 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.

Which is riskier, FPADX or VEMAX?

FPADX has higher volatility (10.91%) compared to VEMAX (6.10%). In terms of maximum drawdown, FPADX dropped -39.16% vs VEMAX's -66.45%.

Which has better risk-adjusted returns?

FPADX currently has the higher Sharpe Ratio (2.72 vs 1.98), 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.