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VEMAX vs. FEDDX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEMAX vs. FEDDX

Last updated Jun 4, 2026

VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) and FEDDX (Fidelity Emerging Markets Discovery Fund) are both Emerging Markets Equities funds. Over the past 10 years, VEMAX returned 9.04%/yr vs 10.95%/yr for FEDDX. Their correlation of 0.88 suggests significant overlap in exposure. VEMAX charges 0.14%/yr vs 1.19%/yr for FEDDX.

Performance

VEMAX vs. FEDDX - Performance Comparison

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

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Returns By Period

In the year-to-date period, VEMAX achieves a 13.97% return, which is significantly lower than FEDDX's 20.05% return. Over the past 10 years, VEMAX has underperformed FEDDX with an annualized return of 9.04%, while FEDDX has yielded a comparatively higher 10.95% annualized return.

VEMAX

1D
1.58%
1M
4.22%
YTD
13.97%
6M
15.57%
1Y
32.68%
3Y*
18.62%
5Y*
5.62%
10Y*
9.04%

FEDDX

1D
0.66%
1M
1.50%
YTD
20.05%
6M
22.07%
1Y
40.71%
3Y*
18.98%
5Y*
8.76%
10Y*
10.95%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VEMAX vs. FEDDX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEMAX
Vanguard Emerging Markets Stock Index Fund Admiral Shares		13.97%24.76%11.34%8.82%-17.79%0.85%15.24%20.29%-14.59%31.37%
FEDDX
Fidelity Emerging Markets Discovery Fund		20.05%31.90%-3.68%20.76%-11.83%6.65%16.96%19.60%-18.90%36.59%

Correlation

The correlation between VEMAX and FEDDX is 0.82, 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

0.82

Correlation (3Y)
Calculated over the trailing 3-year period

0.86

Correlation (5Y)
Calculated over the trailing 5-year period

0.87

Correlation (10Y)
Calculated over the trailing 10-year period

0.89

Correlation (All Time)
Calculated using the full available price history since Nov 3, 2011

0.88

The correlation between VEMAX and FEDDX has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

VEMAX vs. FEDDX - Sectors Allocation Comparison

Sectors
VEMAX
FEDDX

Technology

29.6%
13.1%

Financial Services

19.5%
19.2%

Consumer Cyclical

10.7%
11.2%

Industrials

8.0%
24.7%

Basic Materials

8.0%
6.3%

Communication Services

7.1%
2.1%

Energy

4.6%
3.6%

Healthcare

3.9%
6.4%

Consumer Defensive

3.7%
9.5%

Utilities

2.9%
1.1%

Real Estate

2.2%
2.9%

Technology

VEMAX
29.6%
FEDDX
13.1%

Financial Services

VEMAX
19.5%
FEDDX
19.2%

Consumer Cyclical

VEMAX
10.7%
FEDDX
11.2%

Industrials

VEMAX
8.0%
FEDDX
24.7%

Basic Materials

VEMAX
8.0%
FEDDX
6.3%

Communication Services

VEMAX
7.1%
FEDDX
2.1%

Energy

VEMAX
4.6%
FEDDX
3.6%

Healthcare

VEMAX
3.9%
FEDDX
6.4%

Consumer Defensive

VEMAX
3.7%
FEDDX
9.5%

Utilities

VEMAX
2.9%
FEDDX
1.1%

Real Estate

VEMAX
2.2%
FEDDX
2.9%

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Vanguard Emerging Markets Stock Index Fund Admiral Shares

Fidelity Emerging Markets Discovery Fund

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Return for Risk

VEMAX vs. FEDDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEMAX
VEMAX Risk / Return Rank: 5959
Overall Rank
VEMAX Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
VEMAX Sortino Ratio Rank: 5757
Sortino Ratio Rank
VEMAX Omega Ratio Rank: 5858
Omega Ratio Rank
VEMAX Calmar Ratio Rank: 6161
Calmar Ratio Rank
VEMAX Martin Ratio Rank: 5656
Martin Ratio Rank
FEDDX
FEDDX Risk / Return Rank: 8787
Overall Rank
FEDDX Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
FEDDX Sortino Ratio Rank: 8585
Sortino Ratio Rank
FEDDX Omega Ratio Rank: 8585
Omega Ratio Rank
FEDDX Calmar Ratio Rank: 8888
Calmar Ratio Rank
FEDDX Martin Ratio Rank: 8686
Martin Ratio Rank
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.

VEMAX vs. FEDDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) and Fidelity Emerging Markets Discovery Fund (FEDDX). 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.

VEMAXFEDDXDifference
Sharpe ratioReturn per unit of total volatility
2.31
3.13

-0.82

Sortino ratioReturn per unit of downside risk
3.18
4.02

-0.84

Omega ratioGain probability vs. loss probability

1.42

1.58

-0.15

Calmar ratioReturn relative to maximum drawdown

3.00

4.33

-1.33

Martin ratioReturn relative to average drawdown

11.18

16.61

-5.43

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEMAX vs. FEDDX - Sharpe Ratio Comparison

The current VEMAX Sharpe Ratio is 2.31, which is comparable to the FEDDX Sharpe Ratio of 3.13. The chart below compares the historical Sharpe Ratios of VEMAX and FEDDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VEMAXFEDDXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.31

3.13

-0.82

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.37

0.62

-0.26

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

0.70

-0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

0.58

-0.28

Drawdowns

VEMAX vs. FEDDX - Drawdown Comparison

The maximum VEMAX drawdown since its inception was -66.45%, which is greater than FEDDX's maximum drawdown of -42.95%. Use the drawdown chart below to compare losses from any high point for VEMAX and FEDDX.

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Drawdown Indicators

VEMAXFEDDXDifference

Max Drawdown

Largest peak-to-trough decline

-66.45%

-42.95%

-23.50%

Max Drawdown (1Y)

Largest decline over 1 year

-11.05%

-9.54%

-1.51%

Max Drawdown (3Y)

Largest decline over 3 years

-15.78%

-17.29%

+1.51%

Max Drawdown (5Y)

Largest decline over 5 years

-32.55%

-27.45%

-5.10%

Max Drawdown (10Y)

Largest decline over 10 years

-36.11%

-42.95%

+6.84%

Current Drawdown

Current decline from peak

0.00%

-1.16%

+1.16%

Average Drawdown

Average peak-to-trough decline

-16.12%

-8.77%

-7.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.96%

2.48%

+0.48%

Volatility

VEMAX vs. FEDDX - Volatility Comparison

Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) has a higher volatility of 5.01% compared to Fidelity Emerging Markets Discovery Fund (FEDDX) at 4.39%. This indicates that VEMAX's price experiences larger fluctuations and is considered to be riskier than FEDDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VEMAXFEDDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.01%

4.39%

+0.62%

Volatility (6M)

Calculated over the trailing 6-month period

11.80%

10.65%

+1.15%

Volatility (1Y)

Calculated over the trailing 1-year period

14.31%

13.20%

+1.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.38%

14.11%

+1.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.46%

15.74%

+0.72%

VEMAX vs. FEDDX - Expense Ratio Comparison

VEMAX has a 0.14% expense ratio, which is lower than FEDDX's 1.19% expense ratio.

Dividends

VEMAX vs. FEDDX - Dividend Comparison

VEMAX's dividend yield for the trailing twelve months is around 2.34%, less than FEDDX's 3.87% yield.

PositionTTM20252024202320222021202020192018201720162015
FEDDX
Fidelity Emerging Markets Discovery Fund		3.87%4.65%3.99%2.05%1.69%11.90%0.59%1.05%1.88%1.50%1.36%0.81%
VEMAX
Vanguard Emerging Markets Stock Index Fund Admiral Shares		2.34%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

VEMAX and FEDDX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VEMAX has higher volatility (5.01%) compared to FEDDX (4.39%). In terms of maximum drawdown, VEMAX dropped -66.45% vs FEDDX's -42.95%.

FEDDX currently has the higher Sharpe Ratio (3.13 vs 2.31), 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.

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