VEUPX vs. FHJMX

Last updated Jun 4, 2026

VEUPX (Vanguard European Stock Index Fund Institutional Plus Shares) and FHJMX (Fidelity Advisor Europe Fund Class I) are both Europe Equities funds. Over the past 10 years, VEUPX returned 9.41%/yr vs 8.19%/yr for FHJMX. Their correlation of 0.95 suggests significant overlap in exposure. VEUPX charges 0.07%/yr vs 1.06%/yr for FHJMX.

Performance

VEUPX vs. FHJMX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with VEUPX having a 7.09% return and FHJMX slightly higher at 7.26%. Over the past 10 years, VEUPX has outperformed FHJMX with an annualized return of 9.41%, while FHJMX has yielded a comparatively lower 8.19% annualized return.

VEUPX

• 1D: 0.41%
• 1M: 3.96%
• YTD: 7.09%
• 6M: 10.14%
• 1Y: 19.65%
• 3Y*: 16.90%
• 5Y*: 8.72%
• 10Y*: 9.41%

FHJMX

• 1D: 0.52%
• 1M: 4.66%
• YTD: 7.26%
• 6M: 10.48%
• 1Y: 18.84%
• 3Y*: 17.11%
• 5Y*: 5.87%
• 10Y*: 8.19%

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

VEUPX vs. FHJMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEUPX Vanguard European Stock Index Fund Institutional Plus Shares	7.09%	35.46%	2.04%	20.01%	-16.03%	16.31%	6.46%	24.25%	-14.77%	27.12%
FHJMX Fidelity Advisor Europe Fund Class I	7.26%	37.51%	4.20%	13.70%	-20.60%	6.63%	18.31%	24.49%	-17.19%	29.18%

Correlation

The correlation between VEUPX and FHJMX 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 Mar 26, 2014	0.95

The correlation between VEUPX and FHJMX has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

VEUPX vs. FHJMX — Risk / Return Rank

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

VEUPX

VEUPX Risk / Return Rank: 19
VEUPX Sharpe Ratio Rank: 19
VEUPX Sortino Ratio Rank: 18
VEUPX Omega Ratio Rank: 18
VEUPX Calmar Ratio Rank: 19
VEUPX Martin Ratio Rank: 23

FHJMX

FHJMX Risk / Return Rank: 17
FHJMX Sharpe Ratio Rank: 16
FHJMX Sortino Ratio Rank: 16
FHJMX Omega Ratio Rank: 16
FHJMX Calmar Ratio Rank: 17
FHJMX Martin Ratio Rank: 22

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.

VEUPX vs. FHJMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard European Stock Index Fund Institutional Plus Shares (VEUPX) and Fidelity Advisor Europe Fund Class I (FHJMX). 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.

	VEUPX	FHJMX	Difference
Sharpe ratio Return per unit of total volatility	1.24	1.14	+0.10
Sortino ratio Return per unit of downside risk	1.80	1.69	+0.11
Omega ratio Gain probability vs. loss probability	1.22	1.21	+0.02
Calmar ratio Return relative to maximum drawdown	1.57	1.50	+0.07
Martin ratio Return relative to average drawdown	5.81	5.57	+0.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEUPX vs. FHJMX - Sharpe Ratio Comparison

The current VEUPX Sharpe Ratio is 1.24, which is comparable to the FHJMX Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of VEUPX and FHJMX, 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

	VEUPX	FHJMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	1.14	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.34	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.46	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.37	+0.03

Drawdowns

VEUPX vs. FHJMX - Drawdown Comparison

The maximum VEUPX drawdown since its inception was -36.83%, roughly equal to the maximum FHJMX drawdown of -38.02%. Use the drawdown chart below to compare losses from any high point for VEUPX and FHJMX.

Drawdown Indicators

	VEUPX	FHJMX	Difference
Max Drawdown Largest peak-to-trough decline	-36.83%	-38.02%	+1.19%
Max Drawdown (1Y) Largest decline over 1 year	-11.96%	-12.37%	+0.41%
Max Drawdown (3Y) Largest decline over 3 years	-13.96%	-13.27%	-0.69%
Max Drawdown (5Y) Largest decline over 5 years	-32.69%	-38.02%	+5.33%
Max Drawdown (10Y) Largest decline over 10 years	-36.83%	-38.02%	+1.19%
Current Drawdown Current decline from peak	-1.14%	-0.50%	-0.64%
Average Drawdown Average peak-to-trough decline	-8.38%	-9.83%	+1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	3.32%	-0.09%

Volatility

VEUPX vs. FHJMX - Volatility Comparison

The current volatility for Vanguard European Stock Index Fund Institutional Plus Shares (VEUPX) is 5.48%, while Fidelity Advisor Europe Fund Class I (FHJMX) has a volatility of 6.32%. This indicates that VEUPX experiences smaller price fluctuations and is considered to be less risky than FHJMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEUPX	FHJMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.48%	6.32%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	12.53%	14.01%	-1.48%
Volatility (1Y) Calculated over the trailing 1-year period	15.21%	16.33%	-1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.38%	17.30%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.24%	17.94%	+0.30%

VEUPX vs. FHJMX - Expense Ratio Comparison

VEUPX has a 0.07% expense ratio, which is lower than FHJMX's 1.06% expense ratio.

Dividends

VEUPX vs. FHJMX - Dividend Comparison

VEUPX's dividend yield for the trailing twelve months is around 2.79%, more than FHJMX's 2.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHJMX Fidelity Advisor Europe Fund Class I	2.17%	2.33%	3.09%	1.64%	0.00%	16.02%	1.20%	7.46%	11.95%	2.58%	1.59%	1.66%
VEUPX Vanguard European Stock Index Fund Institutional Plus Shares	2.79%	2.87%	3.61%	3.15%	3.26%	3.05%	2.11%	3.29%	3.96%	2.73%	3.54%	3.29%

Frequently Asked Questions

Can I hold both VEUPX and FHJMX in my portfolio?

With a correlation of 0.95, VEUPX and FHJMX 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, VEUPX or FHJMX?

FHJMX has higher volatility (6.32%) compared to VEUPX (5.48%). In terms of maximum drawdown, VEUPX dropped -36.83% vs FHJMX's -38.02%.

Which has better risk-adjusted returns?

VEUPX currently has the higher Sharpe Ratio (1.24 vs 1.14), 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.