FPADX vs. VGSLX

Last updated Jun 13, 2026

FPADX (Fidelity Emerging Markets Index Fund) and VGSLX (Vanguard Real Estate Index Fund Admiral Shares) are both mutual funds - FPADX is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index, while VGSLX is a REIT fund managed by Vanguard. Over the past 10 years, FPADX returned 10.05%/yr vs 5.51%/yr for VGSLX. At a 0.40 correlation, their price movements are largely independent. FPADX charges 0.07%/yr vs 0.12%/yr for VGSLX.

Performance

FPADX vs. VGSLX - Performance Comparison

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

Returns By Period

In the year-to-date period, FPADX achieves a 23.76% return, which is significantly higher than VGSLX's 11.48% return. Over the past 10 years, FPADX has outperformed VGSLX with an annualized return of 10.05%, while VGSLX has yielded a comparatively lower 5.51% annualized return.

FPADX

• 1D: 4.57%
• 1M: 0.65%
• YTD: 23.76%
• 6M: 26.72%
• 1Y: 45.42%
• 3Y*: 22.14%
• 5Y*: 6.92%
• 10Y*: 10.05%

VGSLX

• 1D: -0.05%
• 1M: 1.81%
• YTD: 11.48%
• 6M: 11.28%
• 1Y: 11.84%
• 3Y*: 10.04%
• 5Y*: 2.35%
• 10Y*: 5.51%

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

FPADX vs. VGSLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPADX Fidelity Emerging Markets Index Fund	23.76%	33.90%	6.80%	9.51%	-20.06%	-3.07%	17.84%	18.28%	-14.65%	35.16%
VGSLX Vanguard Real Estate Index Fund Admiral Shares	11.48%	3.18%	3.67%	13.13%	-26.20%	40.39%	-4.75%	28.90%	-5.99%	4.91%

Correlation

The correlation between FPADX and VGSLX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.40

The correlation between FPADX and VGSLX shifts across timeframes, from 0.21 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FPADX vs. VGSLX — Risk / Return Rank

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

FPADX

FPADX Risk / Return Rank: 82
FPADX Sharpe Ratio Rank: 83
FPADX Sortino Ratio Rank: 75
FPADX Omega Ratio Rank: 81
FPADX Calmar Ratio Rank: 86
FPADX Martin Ratio Rank: 85

VGSLX

VGSLX Risk / Return Rank: 20
VGSLX Sharpe Ratio Rank: 18
VGSLX Sortino Ratio Rank: 17
VGSLX Omega Ratio Rank: 17
VGSLX Calmar Ratio Rank: 26
VGSLX Martin Ratio Rank: 24

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. VGSLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Index Fund (FPADX) and Vanguard Real Estate Index Fund Admiral Shares (VGSLX). 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	VGSLX	Difference
Sharpe ratio: Return per unit of total volatility	2.30	0.92	+1.38
Sortino ratio: Return per unit of downside risk	2.93	1.34	+1.59
Omega ratio: Gain probability vs. loss probability	1.45	1.17	+0.28
Calmar ratio: Return relative to maximum drawdown	3.43	1.49	+1.93
Martin ratio: Return relative to average drawdown	12.95	4.70	+8.25

FPADX vs. VGSLX - Sharpe Ratio Comparison

The current FPADX Sharpe Ratio is 2.30, which is higher than the VGSLX Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of FPADX and VGSLX, 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. VGSLX - Drawdown Comparison

The maximum FPADX drawdown since its inception was -39.16%, smaller than the maximum VGSLX drawdown of -73.05%. Use the drawdown chart below to compare losses from any high point for FPADX and VGSLX.

Drawdown Indicators

	FPADX	VGSLX	Difference
Max Drawdown Largest peak-to-trough decline	-39.16%	-73.05%	+33.89%
Max Drawdown (1Y) Largest decline over 1 year	-13.28%	-8.33%	-4.95%
Max Drawdown (3Y) Largest decline over 3 years	-16.09%	-17.41%	+1.32%
Max Drawdown (5Y) Largest decline over 5 years	-36.86%	-34.41%	-2.45%
Max Drawdown (10Y) Largest decline over 10 years	-39.16%	-42.34%	+3.18%
Current Drawdown Current decline from peak	-4.83%	-0.44%	-4.39%
Average Drawdown Average peak-to-trough decline	-13.24%	-12.56%	-0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	2.64%	+0.87%

Volatility

FPADX vs. VGSLX - Volatility Comparison

Fidelity Emerging Markets Index Fund (FPADX) has a higher volatility of 10.94% compared to Vanguard Real Estate Index Fund Admiral Shares (VGSLX) at 4.78%. This indicates that FPADX's price experiences larger fluctuations and is considered to be riskier than VGSLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPADX	VGSLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.94%	4.78%	+6.16%
Volatility (6M) Calculated over the trailing 6-month period	17.75%	9.74%	+8.01%
Volatility (1Y) Calculated over the trailing 1-year period	19.75%	13.53%	+6.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.53%	18.91%	-1.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	20.86%	-2.86%

FPADX vs. VGSLX - Expense Ratio Comparison

FPADX has a 0.08% expense ratio, which is lower than VGSLX's 0.12% 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. VGSLX - Dividend Comparison

FPADX's dividend yield for the trailing twelve months is around 1.90%, less than VGSLX's 3.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPADX Fidelity Emerging Markets Index Fund	1.90%	2.35%	2.70%	2.68%	2.47%	2.14%	1.50%	2.59%	2.20%	0.12%	1.69%	2.47%
VGSLX Vanguard Real Estate Index Fund Admiral Shares	3.57%	3.92%	3.85%	3.91%	3.91%	2.56%	3.92%	3.39%	4.73%	4.23%	4.82%	3.92%

Frequently Asked Questions

Can I hold both FPADX and VGSLX in my portfolio?

FPADX and VGSLX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPADX or VGSLX?

FPADX has higher volatility (10.94%) compared to VGSLX (4.78%). In terms of maximum drawdown, FPADX dropped -39.16% vs VGSLX's -73.05%.

Which has better risk-adjusted returns?

FPADX currently has the higher Sharpe Ratio (2.30 vs 0.92), 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.