VFSNX vs. FIQIX

Last updated Jun 5, 2026

VFSNX (Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares) and FIQIX (Fidelity Advisor International Small Cap Fund Class Z) are both Foreign Small & Mid Cap Equities funds. Over the past 5 years, VFSNX returned 5.82%/yr vs 6.19%/yr for FIQIX. Their correlation of 0.93 suggests significant overlap in exposure. VFSNX charges 0.11%/yr vs 0.89%/yr for FIQIX.

Performance

VFSNX vs. FIQIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX) and Fidelity Advisor International Small Cap Fund Class Z (FIQIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFSNX achieves a 10.74% return, which is significantly higher than FIQIX's 9.73% return.

VFSNX

• 1D: -0.91%
• 1M: -0.06%
• YTD: 10.74%
• 6M: 13.41%
• 1Y: 26.54%
• 3Y*: 16.82%
• 5Y*: 5.82%
• 10Y*: 8.11%

FIQIX

• 1D: -0.47%
• 1M: 2.01%
• YTD: 9.73%
• 6M: 11.26%
• 1Y: 17.96%
• 3Y*: 14.37%
• 5Y*: 6.19%
• 10Y*: —

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

VFSNX vs. FIQIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VFSNX Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares	10.74%	29.97%	2.63%	15.18%	-21.26%	12.74%	11.92%	21.72%	-9.14%
FIQIX Fidelity Advisor International Small Cap Fund Class Z	9.73%	24.80%	0.14%	19.76%	-16.53%	13.56%	10.12%	21.61%	-7.47%

Correlation

The correlation between VFSNX and FIQIX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018	0.93

The correlation between VFSNX and FIQIX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

VFSNX vs. FIQIX — Risk / Return Rank

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

VFSNX

VFSNX Risk / Return Rank: 47
VFSNX Sharpe Ratio Rank: 50
VFSNX Sortino Ratio Rank: 47
VFSNX Omega Ratio Rank: 50
VFSNX Calmar Ratio Rank: 42
VFSNX Martin Ratio Rank: 45

FIQIX

FIQIX Risk / Return Rank: 27
FIQIX Sharpe Ratio Rank: 29
FIQIX Sortino Ratio Rank: 28
FIQIX Omega Ratio Rank: 30
FIQIX Calmar Ratio Rank: 23
FIQIX Martin Ratio Rank: 26

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.

VFSNX vs. FIQIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX) and Fidelity Advisor International Small Cap Fund Class Z (FIQIX). 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.

	VFSNX	FIQIX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.52	+0.54
Sortino ratio: Return per unit of downside risk	2.82	2.20	+0.62
Omega ratio: Gain probability vs. loss probability	1.38	1.29	+0.09
Calmar ratio: Return relative to maximum drawdown	2.40	1.73	+0.67
Martin ratio: Return relative to average drawdown	9.24	6.21	+3.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFSNX vs. FIQIX - Sharpe Ratio Comparison

The current VFSNX Sharpe Ratio is 2.06, which is higher than the FIQIX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of VFSNX and FIQIX, 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

	VFSNX	FIQIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	1.52	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.46	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.60	-0.01

Drawdowns

VFSNX vs. FIQIX - Drawdown Comparison

The maximum VFSNX drawdown since its inception was -43.65%, which is greater than FIQIX's maximum drawdown of -36.61%. Use the drawdown chart below to compare losses from any high point for VFSNX and FIQIX.

Drawdown Indicators

	VFSNX	FIQIX	Difference
Max Drawdown Largest peak-to-trough decline	-43.65%	-36.61%	-7.04%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-10.72%	-0.75%
Max Drawdown (3Y) Largest decline over 3 years	-14.70%	-12.65%	-2.05%
Max Drawdown (5Y) Largest decline over 5 years	-33.75%	-30.95%	-2.80%
Max Drawdown (10Y) Largest decline over 10 years	-43.65%	—	—
Current Drawdown Current decline from peak	-1.99%	-1.53%	-0.46%
Average Drawdown Average peak-to-trough decline	-9.49%	-6.76%	-2.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	2.99%	-0.01%

Volatility

VFSNX vs. FIQIX - Volatility Comparison

Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX) has a higher volatility of 4.40% compared to Fidelity Advisor International Small Cap Fund Class Z (FIQIX) at 3.83%. This indicates that VFSNX's price experiences larger fluctuations and is considered to be riskier than FIQIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFSNX	FIQIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	3.83%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	11.22%	10.16%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	13.40%	12.22%	+1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.03%	13.57%	+1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.76%	15.14%	+0.62%

VFSNX vs. FIQIX - Expense Ratio Comparison

VFSNX has a 0.11% expense ratio, which is lower than FIQIX's 0.89% expense ratio.

Dividends

VFSNX vs. FIQIX - Dividend Comparison

VFSNX's dividend yield for the trailing twelve months is around 3.03%, less than FIQIX's 3.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQIX Fidelity Advisor International Small Cap Fund Class Z	3.36%	3.68%	2.73%	1.99%	0.83%	7.39%	0.93%	2.47%	6.33%	0.00%	0.00%	0.00%
VFSNX Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares	3.03%	3.36%	3.41%	3.11%	2.26%	2.70%	1.90%	3.25%	2.81%	2.85%	2.93%	2.69%

Frequently Asked Questions

Can I hold both VFSNX and FIQIX in my portfolio?

With a correlation of 0.92, VFSNX and FIQIX 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, VFSNX or FIQIX?

VFSNX has higher volatility (4.40%) compared to FIQIX (3.83%). In terms of maximum drawdown, VFSNX dropped -43.65% vs FIQIX's -36.61%.

Which has better risk-adjusted returns?

VFSNX currently has the higher Sharpe Ratio (2.06 vs 1.52), 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.