IEDAX vs. FXAIX

Last updated Jun 23, 2026

IEDAX (Voya Large Cap Value Fund) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - IEDAX is a Large Cap Value Equities fund managed by Voya, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, IEDAX returned 12.63%/yr vs 15.58%/yr for FXAIX. Their correlation of 0.88 suggests significant overlap in exposure. IEDAX charges 1.10%/yr vs 0.02%/yr for FXAIX.

Performance

IEDAX vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Large Cap Value Fund (IEDAX) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with IEDAX having a 10.50% return and FXAIX slightly lower at 10.19%. Over the past 10 years, IEDAX has underperformed FXAIX with an annualized return of 12.63%, while FXAIX has yielded a comparatively higher 15.58% annualized return.

IEDAX

• 1D: 0.87%
• 1M: 4.01%
• YTD: 10.50%
• 6M: 9.74%
• 1Y: 19.33%
• 3Y*: 16.35%
• 5Y*: 11.76%
• 10Y*: 12.63%

FXAIX

• 1D: 1.09%
• 1M: 0.47%
• YTD: 10.19%
• 6M: 9.68%
• 1Y: 27.18%
• 3Y*: 20.98%
• 5Y*: 14.10%
• 10Y*: 15.58%

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

IEDAX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEDAX Voya Large Cap Value Fund	10.50%	12.42%	16.47%	13.26%	-3.86%	26.38%	5.53%	35.63%	-8.29%	13.36%
FXAIX Fidelity 500 Index Fund	10.19%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%

Correlation

The correlation between IEDAX and FXAIX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since May 4, 2011	0.88

The correlation between IEDAX and FXAIX shifts across timeframes, from 0.71 (3 years) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IEDAX vs. FXAIX — Risk / Return Rank

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

IEDAX

IEDAX Risk / Return Rank: 41
IEDAX Sharpe Ratio Rank: 43
IEDAX Sortino Ratio Rank: 46
IEDAX Omega Ratio Rank: 41
IEDAX Calmar Ratio Rank: 35
IEDAX Martin Ratio Rank: 41

FXAIX

FXAIX Risk / Return Rank: 66
FXAIX Sharpe Ratio Rank: 64
FXAIX Sortino Ratio Rank: 59
FXAIX Omega Ratio Rank: 61
FXAIX Calmar Ratio Rank: 68
FXAIX Martin Ratio Rank: 79

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.

IEDAX vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Large Cap Value Fund (IEDAX) and Fidelity 500 Index Fund (FXAIX). 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.

	IEDAX	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.17	-0.39
Sortino ratio: Return per unit of downside risk	2.63	2.93	-0.30
Omega ratio: Gain probability vs. loss probability	1.32	1.39	-0.07
Calmar ratio: Return relative to maximum drawdown	2.13	3.04	-0.91
Martin ratio: Return relative to average drawdown	8.31	13.75	-5.43

IEDAX vs. FXAIX - Sharpe Ratio Comparison

The current IEDAX Sharpe Ratio is 1.78, which is comparable to the FXAIX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of IEDAX and FXAIX, 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

IEDAX vs. FXAIX - Drawdown Comparison

The maximum IEDAX drawdown since its inception was -47.31%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for IEDAX and FXAIX.

Drawdown Indicators

	IEDAX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-47.31%	-33.79%	-13.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.04%	-8.89%	-1.15%
Max Drawdown (3Y) Largest decline over 3 years	-22.40%	-18.76%	-3.64%
Max Drawdown (5Y) Largest decline over 5 years	-22.40%	-24.50%	+2.10%
Max Drawdown (10Y) Largest decline over 10 years	-39.36%	-33.79%	-5.57%
Current Drawdown Current decline from peak	-0.55%	-1.36%	+0.81%
Average Drawdown Average peak-to-trough decline	-6.48%	-3.79%	-2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	1.96%	+0.53%

Volatility

IEDAX vs. FXAIX - Volatility Comparison

The current volatility for Voya Large Cap Value Fund (IEDAX) is 4.34%, while Fidelity 500 Index Fund (FXAIX) has a volatility of 4.77%. This indicates that IEDAX experiences smaller price fluctuations and is considered to be less risky than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEDAX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	4.77%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	9.91%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	12.04%	12.47%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.27%	17.01%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.85%	18.11%	+0.74%

IEDAX vs. FXAIX - Expense Ratio Comparison

IEDAX has a 1.10% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

IEDAX vs. FXAIX - Dividend Comparison

IEDAX's dividend yield for the trailing twelve months is around 7.23%, more than FXAIX's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.04%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
IEDAX Voya Large Cap Value Fund	7.23%	8.03%	15.43%	10.92%	8.06%	16.02%	9.13%	17.61%	11.75%	11.03%	1.89%	8.59%

Frequently Asked Questions

Can I hold both IEDAX and FXAIX in my portfolio?

IEDAX and FXAIX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEDAX or FXAIX?

FXAIX has higher volatility (4.77%) compared to IEDAX (4.34%). In terms of maximum drawdown, IEDAX dropped -47.31% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (2.17 vs 1.78), 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.