FZAFX vs. VTMGX

Last updated Jun 4, 2026

FZAFX (Fidelity Advisor Equity Growth Fund Class Z) and VTMGX (Vanguard Developed Markets Index Fund Admiral Shares) are both Large Cap Growth Equities funds. Over the past 10 years, FZAFX returned 18.32%/yr vs 10.24%/yr for VTMGX. A 0.73 correlation means they provide meaningful diversification when combined. FZAFX charges 0.60%/yr vs 0.07%/yr for VTMGX.

Performance

FZAFX vs. VTMGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Equity Growth Fund Class Z (FZAFX) and Vanguard Developed Markets Index Fund Admiral Shares (VTMGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FZAFX having a 15.53% return and VTMGX slightly higher at 15.89%. Over the past 10 years, FZAFX has outperformed VTMGX with an annualized return of 18.32%, while VTMGX has yielded a comparatively lower 10.24% annualized return.

FZAFX

• 1D: 0.42%
• 1M: 7.33%
• YTD: 15.53%
• 6M: 14.97%
• 1Y: 31.11%
• 3Y*: 21.44%
• 5Y*: 12.89%
• 10Y*: 18.32%

VTMGX

• 1D: 0.26%
• 1M: 6.03%
• YTD: 15.89%
• 6M: 19.15%
• 1Y: 33.58%
• 3Y*: 20.20%
• 5Y*: 9.96%
• 10Y*: 10.24%

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

FZAFX vs. VTMGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FZAFX Fidelity Advisor Equity Growth Fund Class Z	15.53%	14.68%	18.15%	35.80%	-24.36%	23.09%	43.86%	35.68%	0.36%	35.37%
VTMGX Vanguard Developed Markets Index Fund Admiral Shares	15.89%	35.17%	3.03%	17.65%	-15.33%	11.39%	10.25%	22.04%	-14.48%	26.39%

Correlation

The correlation between FZAFX and VTMGX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Aug 21, 2013	0.73

The correlation between FZAFX and VTMGX has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

Return for Risk

FZAFX vs. VTMGX — Risk / Return Rank

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

FZAFX

FZAFX Risk / Return Rank: 44
FZAFX Sharpe Ratio Rank: 45
FZAFX Sortino Ratio Rank: 40
FZAFX Omega Ratio Rank: 42
FZAFX Calmar Ratio Rank: 45
FZAFX Martin Ratio Rank: 47

VTMGX

VTMGX Risk / Return Rank: 52
VTMGX Sharpe Ratio Rank: 54
VTMGX Sortino Ratio Rank: 49
VTMGX Omega Ratio Rank: 50
VTMGX Calmar Ratio Rank: 54
VTMGX Martin Ratio Rank: 54

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.

FZAFX vs. VTMGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Equity Growth Fund Class Z (FZAFX) and Vanguard Developed Markets Index Fund Admiral Shares (VTMGX). 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.

	FZAFX	VTMGX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.17	-0.21
Sortino ratio: Return per unit of downside risk	2.65	2.95	-0.30
Omega ratio: Gain probability vs. loss probability	1.35	1.39	-0.04
Calmar ratio: Return relative to maximum drawdown	2.55	2.81	-0.26
Martin ratio: Return relative to average drawdown	9.75	10.88	-1.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FZAFX vs. VTMGX - Sharpe Ratio Comparison

The current FZAFX Sharpe Ratio is 1.96, which is comparable to the VTMGX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of FZAFX and VTMGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FZAFX	VTMGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	2.17	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.63	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.62	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.31	+0.53

Drawdowns

FZAFX vs. VTMGX - Drawdown Comparison

The maximum FZAFX drawdown since its inception was -31.13%, smaller than the maximum VTMGX drawdown of -60.58%. Use the drawdown chart below to compare losses from any high point for FZAFX and VTMGX.

Drawdown Indicators

	FZAFX	VTMGX	Difference
Max Drawdown Largest peak-to-trough decline	-31.13%	-60.58%	+29.45%
Max Drawdown (1Y) Largest decline over 1 year	-12.55%	-11.67%	-0.88%
Max Drawdown (3Y) Largest decline over 3 years	-29.19%	-13.18%	-16.01%
Max Drawdown (5Y) Largest decline over 5 years	-29.73%	-29.71%	-0.02%
Max Drawdown (10Y) Largest decline over 10 years	-31.13%	-35.68%	+4.55%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.78%	-14.66%	+8.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	3.01%	+0.27%

Volatility

FZAFX vs. VTMGX - Volatility Comparison

The current volatility for Fidelity Advisor Equity Growth Fund Class Z (FZAFX) is 4.18%, while Vanguard Developed Markets Index Fund Admiral Shares (VTMGX) has a volatility of 4.97%. This indicates that FZAFX experiences smaller price fluctuations and is considered to be less risky than VTMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZAFX	VTMGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	4.97%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	12.69%	12.53%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	16.32%	15.11%	+1.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.62%	15.87%	+4.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.76%	16.54%	+4.22%

FZAFX vs. VTMGX - Expense Ratio Comparison

FZAFX has a 0.60% expense ratio, which is higher than VTMGX's 0.07% expense ratio.

Dividends

FZAFX vs. VTMGX - Dividend Comparison

FZAFX's dividend yield for the trailing twelve months is around 0.44%, less than VTMGX's 2.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZAFX Fidelity Advisor Equity Growth Fund Class Z	0.44%	0.51%	0.00%	0.48%	1.93%	11.39%	10.84%	9.53%	6.38%	11.66%	5.87%	0.00%
VTMGX Vanguard Developed Markets Index Fund Admiral Shares	2.58%	3.20%	3.34%	3.14%	2.88%	3.14%	2.02%	3.03%	3.33%	2.77%	3.06%	2.91%

Frequently Asked Questions

Can I hold both FZAFX and VTMGX in my portfolio?

FZAFX and VTMGX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FZAFX or VTMGX?

VTMGX has higher volatility (4.97%) compared to FZAFX (4.18%). In terms of maximum drawdown, FZAFX dropped -31.13% vs VTMGX's -60.58%.

Which has better risk-adjusted returns?

VTMGX currently has the higher Sharpe Ratio (2.17 vs 1.96), 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.