FZANX vs. VSPGX

Last updated Aug 5, 2026

FZANX (Fidelity Advisor New Insights Fund Class Z) and VSPGX (Vanguard S&P 500 Growth Index Fund Institutional Shares) are both Large Cap Growth Equities funds. Over the past 5 years, FZANX returned 13.93%/yr vs 13.55%/yr for VSPGX. Their 0.96 correlation means they have historically moved very closely together. FZANX charges 0.56%/yr vs 0.05%/yr for VSPGX.

Performance

FZANX vs. VSPGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor New Insights Fund Class Z (FZANX) and Vanguard S&P 500 Growth Index Fund Institutional Shares (VSPGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FZANX achieves a 9.79% return, which is significantly lower than VSPGX's 12.48% return.

FZANX

• 1D: 1.95%
• 1M: -1.36%
• 6M: 7.11%
• YTD: 9.79%
• 1Y: 17.66%
• 3Y*: 25.25%
• 5Y*: 13.93%
• 10Y*: 16.29%
• ALL TIME*: 15.03%

VSPGX

• 1D: 2.24%
• 1M: 1.98%
• 6M: 13.33%
• YTD: 12.48%
• 1Y: 22.00%
• 3Y*: 25.91%
• 5Y*: 13.55%
• 10Y*: —
• ALL TIME*: 18.10%

*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)
FZANX Fidelity Advisor New Insights Fund Class Z	$0.00	$0.00	$0.00
VSPGX Vanguard S&P 500 Growth Index Fund Institutional Shares	$0.00	$0.00	$0.00

FZANX vs. VSPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FZANX Fidelity Advisor New Insights Fund Class Z	9.79%	21.71%	35.44%	36.45%	-26.34%	24.88%	24.07%	29.62%	-4.28%	24.17%
VSPGX Vanguard S&P 500 Growth Index Fund Institutional Shares	12.48%	21.91%	35.48%	30.38%	-29.46%	31.88%	33.34%	31.06%	-0.05%	23.40%

Correlation

The correlation between FZANX and VSPGX is 0.92, 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.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.96

The correlation between FZANX and VSPGX has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Return for Risk

FZANX vs. VSPGX — Risk / Return Rank

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

FZANX

FZANX Risk / Return Rank: 36
FZANX Sharpe Ratio Rank: 33
FZANX Sortino Ratio Rank: 32
FZANX Omega Ratio Rank: 31
FZANX Calmar Ratio Rank: 42
FZANX Martin Ratio Rank: 43

VSPGX

VSPGX Risk / Return Rank: 40
VSPGX Sharpe Ratio Rank: 41
VSPGX Sortino Ratio Rank: 40
VSPGX Omega Ratio Rank: 37
VSPGX Calmar Ratio Rank: 40
VSPGX Martin Ratio Rank: 42

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.

FZANX vs. VSPGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor New Insights Fund Class Z (FZANX) and Vanguard S&P 500 Growth Index Fund Institutional Shares (VSPGX). 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.

	FZANX	VSPGX	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.35	-0.14
Sortino ratio: Return per unit of downside risk	1.77	1.92	-0.16
Omega ratio: Gain probability vs. loss probability	1.22	1.24	-0.02
Calmar ratio: Return relative to maximum drawdown	1.90	1.79	+0.11
Martin ratio: Return relative to average drawdown	6.88	6.51	+0.36

FZANX vs. VSPGX - Sharpe Ratio Comparison

The current FZANX Sharpe Ratio is 1.22, which is comparable to the VSPGX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of FZANX and VSPGX, 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

FZANX vs. VSPGX - Drawdown Comparison

The maximum FZANX drawdown since its inception was -31.93%, roughly equal to the maximum VSPGX drawdown of -32.73%. Use the drawdown chart below to compare losses from any high point for FZANX and VSPGX.

Drawdown Indicators

	FZANX	VSPGX	Difference
Max Drawdown Largest peak-to-trough decline	-31.93%	-32.73%	+0.80%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-13.68%	+3.30%
Max Drawdown (3Y) Largest decline over 3 years	-20.49%	-22.34%	+1.85%
Max Drawdown (5Y) Largest decline over 5 years	-31.78%	-32.73%	+0.95%
Max Drawdown (10Y) Largest decline over 10 years	-31.93%	—	—
Current Drawdown Current decline from peak	-4.29%	-2.24%	-2.05%
Average Drawdown Average peak-to-trough decline	-5.34%	-6.73%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	3.75%	-0.89%

Volatility

FZANX vs. VSPGX - Volatility Comparison

The current volatility for Fidelity Advisor New Insights Fund Class Z (FZANX) is 5.17%, while Vanguard S&P 500 Growth Index Fund Institutional Shares (VSPGX) has a volatility of 6.37%. This indicates that FZANX experiences smaller price fluctuations and is considered to be less risky than VSPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZANX	VSPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.17%	6.37%	-1.20%
Volatility (6M) Calculated over the trailing 6-month period	13.20%	14.93%	-1.73%
Volatility (1Y) Calculated over the trailing 1-year period	16.22%	18.11%	-1.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.37%	21.62%	-2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.38%	21.39%	-2.01%

FZANX vs. VSPGX - Expense Ratio Comparison

FZANX has a 0.56% expense ratio, which is higher than VSPGX's 0.05% expense ratio.

Dividends

FZANX vs. VSPGX - Dividend Comparison

FZANX's dividend yield for the trailing twelve months is around 7.97%, more than VSPGX's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZANX Fidelity Advisor New Insights Fund Class Z	7.97%	8.39%	5.53%	6.22%	16.81%	12.15%	7.88%	6.68%	13.88%	7.86%	5.31%	4.72%
VSPGX Vanguard S&P 500 Growth Index Fund Institutional Shares	0.47%	0.38%	0.50%	1.14%	0.95%	0.55%	0.89%	0.68%	0.31%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FZANX and VSPGX in my portfolio?

With a correlation of 0.92, FZANX and VSPGX 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, FZANX or VSPGX?

VSPGX has higher volatility (6.37%) compared to FZANX (5.17%). In terms of maximum drawdown, FZANX dropped -31.93% vs VSPGX's -32.73%.

Which has better risk-adjusted returns?

VSPGX currently has the higher Sharpe Ratio (1.35 vs 1.22), 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.