VEMIX vs. FIQGX

Last updated Jul 14, 2026

VEMIX (Vanguard Emerging Markets Stock Index Fund Institutional Shares) and FIQGX (Fidelity Advisor Emerging Markets Discovery Fund Class Z) are both Emerging Markets Equities funds. Over the past 5 years, VEMIX returned 5.66%/yr vs 8.79%/yr for FIQGX. Their correlation of 0.89 suggests significant overlap in exposure. VEMIX charges 0.10%/yr vs 1.05%/yr for FIQGX.

Performance

VEMIX vs. FIQGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) 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, VEMIX achieves a 11.13% return, which is significantly lower than FIQGX's 19.24% return.

VEMIX

• 1D: 0.51%
• 1M: 0.17%
• 6M: 6.36%
• YTD: 11.13%
• 1Y: 23.58%
• 3Y*: 16.79%
• 5Y*: 5.66%
• 10Y*: 8.19%

FIQGX

• 1D: 0.88%
• 1M: -1.04%
• 6M: 15.10%
• YTD: 19.24%
• 1Y: 32.35%
• 3Y*: 17.34%
• 5Y*: 8.79%
• 10Y*: —

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

VEMIX vs. FIQGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	11.13%	24.80%	11.38%	8.85%	-17.75%	0.91%	15.26%	20.35%	-1.68%
FIQGX Fidelity Advisor Emerging Markets Discovery Fund Class Z	19.24%	31.96%	-3.54%	20.94%	-11.74%	6.86%	17.11%	19.81%	-1.18%

Correlation

The correlation between VEMIX 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	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.89

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

Return for Risk

VEMIX vs. FIQGX — Risk / Return Rank

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

VEMIX

VEMIX Risk / Return Rank: 45
VEMIX Sharpe Ratio Rank: 45
VEMIX Sortino Ratio Rank: 43
VEMIX Omega Ratio Rank: 45
VEMIX Calmar Ratio Rank: 47
VEMIX Martin Ratio Rank: 44

FIQGX

FIQGX Risk / Return Rank: 83
FIQGX Sharpe Ratio Rank: 84
FIQGX Sortino Ratio Rank: 79
FIQGX Omega Ratio Rank: 80
FIQGX Calmar Ratio Rank: 87
FIQGX Martin Ratio Rank: 84

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.

VEMIX vs. FIQGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) 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.

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.

	VEMIX	FIQGX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	2.19	-0.69
Sortino ratio: Return per unit of downside risk	2.10	2.90	-0.81
Omega ratio: Gain probability vs. loss probability	1.28	1.40	-0.12
Calmar ratio: Return relative to maximum drawdown	2.12	3.34	-1.22
Martin ratio: Return relative to average drawdown	7.48	12.02	-4.54

VEMIX vs. FIQGX - Sharpe Ratio Comparison

The current VEMIX Sharpe Ratio is 1.51, which is lower than the FIQGX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of VEMIX 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.

Drawdowns

VEMIX vs. FIQGX - Drawdown Comparison

The maximum VEMIX drawdown since its inception was -66.43%, which is greater than FIQGX's maximum drawdown of -38.41%. Use the drawdown chart below to compare losses from any high point for VEMIX and FIQGX.

Drawdown Indicators

	VEMIX	FIQGX	Difference
Max Drawdown Largest peak-to-trough decline	-66.43%	-38.41%	-28.02%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	-9.55%	-1.50%
Max Drawdown (3Y) Largest decline over 3 years	-15.77%	-17.26%	+1.49%
Max Drawdown (5Y) Largest decline over 5 years	-30.76%	-27.36%	-3.40%
Max Drawdown (10Y) Largest decline over 10 years	-36.04%	—	—
Current Drawdown Current decline from peak	-2.52%	-2.60%	+0.08%
Average Drawdown Average peak-to-trough decline	-15.93%	-6.85%	-9.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	2.65%	+0.47%

Volatility

VEMIX vs. FIQGX - Volatility Comparison

Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) and Fidelity Advisor Emerging Markets Discovery Fund Class Z (FIQGX) have volatilities of 6.15% and 6.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEMIX	FIQGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.15%	6.39%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	13.43%	12.54%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	15.54%	14.55%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	14.38%	+1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.45%	16.83%	-0.38%

VEMIX vs. FIQGX - Expense Ratio Comparison

VEMIX has a 0.10% expense ratio, which is lower than FIQGX's 1.05% expense ratio.

Dividends

VEMIX vs. FIQGX - Dividend Comparison

VEMIX's dividend yield for the trailing twelve months is around 2.31%, less than FIQGX's 4.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQGX Fidelity Advisor Emerging Markets Discovery Fund Class Z	4.09%	4.87%	4.07%	2.20%	1.86%	12.04%	0.71%	1.22%	2.16%	0.00%	0.00%	0.00%
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	2.31%	2.77%	3.17%	3.51%	4.09%	2.61%	1.90%	3.23%	2.89%	2.33%	2.55%	2.51%

Frequently Asked Questions

Can I hold both VEMIX and FIQGX in my portfolio?

VEMIX 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, VEMIX or FIQGX?

FIQGX has higher volatility (6.39%) compared to VEMIX (6.15%). In terms of maximum drawdown, VEMIX dropped -66.43% vs FIQGX's -38.41%.

Which has better risk-adjusted returns?

FIQGX currently has the higher Sharpe Ratio (2.19 vs 1.51), 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.