VEMAX vs. FIQGX

Last updated Jun 4, 2026

VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) and FIQGX (Fidelity Advisor Emerging Markets Discovery Fund Class Z) are both Emerging Markets Equities funds. Over the past 5 years, VEMAX returned 5.62%/yr vs 8.90%/yr for FIQGX. Their correlation of 0.89 suggests significant overlap in exposure. VEMAX charges 0.14%/yr vs 1.05%/yr for FIQGX.

Performance

VEMAX vs. FIQGX - 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 Advisor Emerging Markets Discovery Fund Class Z (FIQGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEMAX achieves a 13.97% return, which is significantly lower than FIQGX's 20.13% 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%

FIQGX

• 1D: 0.66%
• 1M: 1.50%
• YTD: 20.13%
• 6M: 22.09%
• 1Y: 40.87%
• 3Y*: 19.11%
• 5Y*: 8.90%
• 10Y*: —

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

VEMAX vs. FIQGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
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%	-0.90%
FIQGX Fidelity Advisor Emerging Markets Discovery Fund Class Z	20.13%	31.96%	-3.54%	20.94%	-11.74%	6.86%	17.11%	19.81%	-1.18%

Correlation

The correlation between VEMAX and FIQGX 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 (All Time) Calculated using the full available price history since Oct 18, 2018	0.89

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

Return for Risk

VEMAX vs. FIQGX — Risk / Return Rank

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

VEMAX

VEMAX Risk / Return Rank: 59
VEMAX Sharpe Ratio Rank: 62
VEMAX Sortino Ratio Rank: 57
VEMAX Omega Ratio Rank: 58
VEMAX Calmar Ratio Rank: 61
VEMAX Martin Ratio Rank: 56

FIQGX

FIQGX Risk / Return Rank: 87
FIQGX Sharpe Ratio Rank: 92
FIQGX Sortino Ratio Rank: 85
FIQGX Omega Ratio Rank: 85
FIQGX Calmar Ratio Rank: 88
FIQGX Martin Ratio Rank: 86

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. FIQGX - 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 Advisor Emerging Markets Discovery Fund Class Z (FIQGX). 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.

	VEMAX	FIQGX	Difference
Sharpe ratio: Return per unit of total volatility	2.31	3.14	-0.83
Sortino ratio: Return per unit of downside risk	3.18	4.03	-0.85
Omega ratio: Gain probability vs. loss probability	1.42	1.58	-0.15
Calmar ratio: Return relative to maximum drawdown	3.00	4.34	-1.35
Martin ratio: Return relative to average drawdown	11.18	16.68	-5.50
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. FIQGX - Sharpe Ratio Comparison

The current VEMAX Sharpe Ratio is 2.31, which is comparable to the FIQGX Sharpe Ratio of 3.14. The chart below compares the historical Sharpe Ratios of VEMAX and FIQGX, 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

	VEMAX	FIQGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	3.14	-0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.63	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.74	-0.44

Drawdowns

VEMAX vs. FIQGX - Drawdown Comparison

The maximum VEMAX drawdown since its inception was -66.45%, which is greater than FIQGX's maximum drawdown of -38.41%. Use the drawdown chart below to compare losses from any high point for VEMAX and FIQGX.

Drawdown Indicators

	VEMAX	FIQGX	Difference
Max Drawdown Largest peak-to-trough decline	-66.45%	-38.41%	-28.04%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	-9.55%	-1.50%
Max Drawdown (3Y) Largest decline over 3 years	-15.78%	-17.26%	+1.48%
Max Drawdown (5Y) Largest decline over 5 years	-32.55%	-27.36%	-5.19%
Max Drawdown (10Y) Largest decline over 10 years	-36.11%	—	—
Current Drawdown Current decline from peak	0.00%	-1.12%	+1.12%
Average Drawdown Average peak-to-trough decline	-16.12%	-6.90%	-9.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.48%	+0.48%

Volatility

VEMAX vs. FIQGX - Volatility Comparison

Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) has a higher volatility of 5.01% compared to Fidelity Advisor Emerging Markets Discovery Fund Class Z (FIQGX) at 4.36%. This indicates that VEMAX's price experiences larger fluctuations and is considered to be riskier than FIQGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEMAX	FIQGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	4.36%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	11.80%	10.66%	+1.14%
Volatility (1Y) Calculated over the trailing 1-year period	14.31%	13.21%	+1.10%
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%	16.75%	-0.29%

VEMAX vs. FIQGX - Expense Ratio Comparison

VEMAX has a 0.14% expense ratio, which is lower than FIQGX's 1.05% expense ratio.

Dividends

VEMAX vs. FIQGX - Dividend Comparison

VEMAX's dividend yield for the trailing twelve months is around 2.34%, less than FIQGX's 4.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQGX Fidelity Advisor Emerging Markets Discovery Fund Class Z	4.06%	4.87%	4.07%	2.20%	1.86%	12.04%	0.71%	1.22%	2.16%	0.00%	0.00%	0.00%
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

Can I hold both VEMAX and FIQGX in my portfolio?

VEMAX and FIQGX 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.

Which is riskier, VEMAX or FIQGX?

VEMAX has higher volatility (5.01%) compared to FIQGX (4.36%). In terms of maximum drawdown, VEMAX dropped -66.45% vs FIQGX's -38.41%.

Which has better risk-adjusted returns?

FIQGX currently has the higher Sharpe Ratio (3.14 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.