VFWAX vs. FSGEX
VFWAX (Vanguard FTSE All-World ex-US Index Fund Admiral Shares) and FSGEX (Fidelity Series Global ex U.S. Index Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, VFWAX returned 10.03%/yr vs 9.96%/yr for FSGEX. With a 0.99 correlation, they move nearly in lockstep. VFWAX charges 0.11%/yr vs 0.01%/yr for FSGEX.
Performance
VFWAX vs. FSGEX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VFWAX having a 15.78% return and FSGEX slightly higher at 15.85%. Both investments have delivered pretty close results over the past 10 years, with VFWAX having a 10.03% annualized return and FSGEX not far behind at 9.96%.
VFWAX
- 1D
- 0.67%
- 1M
- 5.91%
- YTD
- 15.78%
- 6M
- 18.57%
- 1Y
- 33.77%
- 3Y*
- 20.05%
- 5Y*
- 9.05%
- 10Y*
- 10.03%
FSGEX
- 1D
- 0.76%
- 1M
- 6.16%
- YTD
- 15.85%
- 6M
- 18.73%
- 1Y
- 33.95%
- 3Y*
- 20.16%
- 5Y*
- 9.06%
- 10Y*
- 9.96%
VFWAX vs. FSGEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VFWAX Vanguard FTSE All-World ex-US Index Fund Admiral Shares | 15.78% | 32.32% | 5.43% | 15.55% | -15.51% | 8.08% | 11.34% | 21.53% | -13.97% | 27.20% |
FSGEX Fidelity Series Global ex U.S. Index Fund | 15.85% | 32.99% | 5.34% | 15.56% | -15.75% | 7.77% | 10.75% | 21.41% | -13.99% | 27.47% |
Correlation
The correlation between VFWAX and FSGEX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2011 | 0.99 |
The correlation between VFWAX and FSGEX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
VFWAX vs. FSGEX — Risk / Return Rank
VFWAX
FSGEX
VFWAX vs. FSGEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US Index Fund Admiral Shares (VFWAX) and Fidelity Series Global ex U.S. Index Fund (FSGEX). 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.
| VFWAX | FSGEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.43 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.93 | 2.98 | -0.05 |
| Martin ratioReturn relative to average drawdown | 11.55 | 11.69 | -0.14 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VFWAX | FSGEX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.31 | 2.31 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.60 | 0.59 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | 0.62 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.42 | +0.11 |
Drawdowns
VFWAX vs. FSGEX - Drawdown Comparison
The maximum VFWAX drawdown since its inception was -34.93%, roughly equal to the maximum FSGEX drawdown of -34.74%. Use the drawdown chart below to compare losses from any high point for VFWAX and FSGEX.
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Drawdown Indicators
| VFWAX | FSGEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.93% | -34.74% | -0.19% |
Max Drawdown (1Y)Largest decline over 1 year | -11.34% | -11.24% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -13.25% | -13.34% | +0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -29.40% | -29.66% | +0.26% |
Max Drawdown (10Y)Largest decline over 10 years | -34.93% | -34.74% | -0.19% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -7.19% | -8.45% | +1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 2.86% | +0.02% |
Volatility
VFWAX vs. FSGEX - Volatility Comparison
Vanguard FTSE All-World ex-US Index Fund Admiral Shares (VFWAX) and Fidelity Series Global ex U.S. Index Fund (FSGEX) have volatilities of 4.89% and 4.95%, 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.
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Volatility by Period
| VFWAX | FSGEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.89% | 4.95% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 12.06% | 12.28% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.41% | 14.56% | -0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.19% | 15.40% | -0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 16.22% | -0.14% |
VFWAX vs. FSGEX - Expense Ratio Comparison
VFWAX has a 0.11% expense ratio, which is higher than FSGEX's 0.01% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VFWAX vs. FSGEX - Dividend Comparison
VFWAX's dividend yield for the trailing twelve months is around 2.55%, less than FSGEX's 2.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSGEX Fidelity Series Global ex U.S. Index Fund | 2.61% | 3.02% | 2.98% | 2.90% | 2.78% | 2.59% | 1.68% | 2.10% | 2.86% | 2.48% | 2.56% | 2.61% |
VFWAX Vanguard FTSE All-World ex-US Index Fund Admiral Shares | 2.55% | 3.05% | 3.20% | 3.28% | 3.07% | 3.03% | 1.97% | 3.07% | 3.24% | 2.67% | 2.96% | 2.95% |
Frequently Asked Questions
With a correlation of 0.99, VFWAX and FSGEX 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.
FSGEX has higher volatility (4.95%) compared to VFWAX (4.89%). In terms of maximum drawdown, VFWAX dropped -34.93% vs FSGEX's -34.74%.
VFWAX currently has the higher Sharpe Ratio (2.31 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.
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