VESIX vs. FIEUX

Last updated Jun 23, 2026

VESIX (Vanguard European Stock Index Fund Institutional Shares) and FIEUX (Fidelity Europe Fund) are both Europe Equities funds. Over the past 10 years, VESIX returned 9.63%/yr vs 8.48%/yr for FIEUX. Their correlation of 0.93 suggests significant overlap in exposure. VESIX charges 0.08%/yr vs 1.06%/yr for FIEUX.

Performance

VESIX vs. FIEUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard European Stock Index Fund Institutional Shares (VESIX) and Fidelity Europe Fund (FIEUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VESIX achieves a 7.46% return, which is significantly lower than FIEUX's 8.51% return. Over the past 10 years, VESIX has outperformed FIEUX with an annualized return of 9.63%, while FIEUX has yielded a comparatively lower 8.48% annualized return.

VESIX

• 1D: 0.30%
• 1M: 0.94%
• YTD: 7.46%
• 6M: 7.99%
• 1Y: 21.44%
• 3Y*: 15.92%
• 5Y*: 9.23%
• 10Y*: 9.63%

FIEUX

• 1D: 0.86%
• 1M: 1.93%
• YTD: 8.51%
• 6M: 9.32%
• 1Y: 21.69%
• 3Y*: 16.47%
• 5Y*: 6.43%
• 10Y*: 8.48%

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

VESIX vs. FIEUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VESIX Vanguard European Stock Index Fund Institutional Shares	7.46%	35.43%	2.02%	20.03%	-16.07%	16.31%	6.46%	24.24%	-14.78%	27.05%
FIEUX Fidelity Europe Fund	8.51%	37.53%	4.21%	13.68%	-20.62%	6.63%	18.29%	24.43%	-17.22%	29.16%

Correlation

The correlation between VESIX and FIEUX is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 15, 2000	0.93

The correlation between VESIX and FIEUX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

VESIX vs. FIEUX — Risk / Return Rank

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

VESIX

VESIX Risk / Return Rank: 26
VESIX Sharpe Ratio Rank: 26
VESIX Sortino Ratio Rank: 26
VESIX Omega Ratio Rank: 25
VESIX Calmar Ratio Rank: 26
VESIX Martin Ratio Rank: 30

FIEUX

FIEUX Risk / Return Rank: 24
FIEUX Sharpe Ratio Rank: 22
FIEUX Sortino Ratio Rank: 23
FIEUX Omega Ratio Rank: 21
FIEUX Calmar Ratio Rank: 25
FIEUX Martin Ratio Rank: 29

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.

VESIX vs. FIEUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard European Stock Index Fund Institutional Shares (VESIX) and Fidelity Europe Fund (FIEUX). 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.

	VESIX	FIEUX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.26	+0.10
Sortino ratio: Return per unit of downside risk	1.97	1.86	+0.11
Omega ratio: Gain probability vs. loss probability	1.24	1.23	+0.02
Calmar ratio: Return relative to maximum drawdown	1.76	1.73	+0.04
Martin ratio: Return relative to average drawdown	6.51	6.40	+0.11

VESIX vs. FIEUX - Sharpe Ratio Comparison

The current VESIX Sharpe Ratio is 1.36, which is comparable to the FIEUX Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of VESIX and FIEUX, 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

VESIX vs. FIEUX - Drawdown Comparison

The maximum VESIX drawdown since its inception was -63.25%, which is greater than FIEUX's maximum drawdown of -59.96%. Use the drawdown chart below to compare losses from any high point for VESIX and FIEUX.

Drawdown Indicators

	VESIX	FIEUX	Difference
Max Drawdown Largest peak-to-trough decline	-63.25%	-59.96%	-3.29%
Max Drawdown (1Y) Largest decline over 1 year	-11.96%	-12.38%	+0.42%
Max Drawdown (3Y) Largest decline over 3 years	-13.94%	-13.27%	-0.67%
Max Drawdown (5Y) Largest decline over 5 years	-32.68%	-38.04%	+5.36%
Max Drawdown (10Y) Largest decline over 10 years	-36.85%	-38.04%	+1.19%
Current Drawdown Current decline from peak	-0.81%	0.00%	-0.81%
Average Drawdown Average peak-to-trough decline	-15.20%	-14.02%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	3.33%	-0.09%

Volatility

VESIX vs. FIEUX - Volatility Comparison

The current volatility for Vanguard European Stock Index Fund Institutional Shares (VESIX) is 5.02%, while Fidelity Europe Fund (FIEUX) has a volatility of 6.15%. This indicates that VESIX experiences smaller price fluctuations and is considered to be less risky than FIEUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VESIX	FIEUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	6.15%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	13.08%	14.84%	-1.76%
Volatility (1Y) Calculated over the trailing 1-year period	15.56%	17.00%	-1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	17.43%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.21%	17.95%	+0.26%

VESIX vs. FIEUX - Expense Ratio Comparison

VESIX has a 0.08% expense ratio, which is lower than FIEUX's 1.06% expense ratio.

Dividends

VESIX vs. FIEUX - Dividend Comparison

VESIX's dividend yield for the trailing twelve months is around 2.91%, more than FIEUX's 2.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIEUX Fidelity Europe Fund	2.06%	2.23%	3.28%	1.62%	0.00%	16.10%	1.15%	7.42%	11.93%	2.52%	1.51%	0.43%
VESIX Vanguard European Stock Index Fund Institutional Shares	2.91%	2.86%	3.60%	3.15%	3.25%	3.04%	2.10%	3.28%	3.95%	2.72%	3.54%	3.27%

Frequently Asked Questions

Can I hold both VESIX and FIEUX in my portfolio?

With a correlation of 0.95, VESIX and FIEUX 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, VESIX or FIEUX?

FIEUX has higher volatility (6.15%) compared to VESIX (5.02%). In terms of maximum drawdown, VESIX dropped -63.25% vs FIEUX's -59.96%.

Which has better risk-adjusted returns?

VESIX currently has the higher Sharpe Ratio (1.36 vs 1.26), 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.