VFWPX vs. FSGEX

Last updated Jun 26, 2026

VFWPX (Vanguard FTSE All-World ex-US Index Fund Institutional Plus Shares) and FSGEX (Fidelity Series Global ex U.S. Index Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, VFWPX returned 10.37%/yr vs 10.29%/yr for FSGEX. With a 0.99 correlation, they move nearly in lockstep. VFWPX charges 0.06%/yr vs 0.01%/yr for FSGEX.

Performance

VFWPX vs. FSGEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World ex-US Index Fund Institutional Plus Shares (VFWPX) and Fidelity Series Global ex U.S. Index Fund (FSGEX). 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 VFWPX having a 12.84% return and FSGEX slightly higher at 13.11%. Both investments have delivered pretty close results over the past 10 years, with VFWPX having a 10.37% annualized return and FSGEX not far behind at 10.29%.

VFWPX

• 1D: 0.01%
• 1M: -1.19%
• YTD: 12.84%
• 6M: 12.72%
• 1Y: 28.46%
• 3Y*: 19.13%
• 5Y*: 8.51%
• 10Y*: 10.37%

FSGEX

• 1D: 0.10%
• 1M: -0.86%
• YTD: 13.11%
• 6M: 13.11%
• 1Y: 28.66%
• 3Y*: 19.27%
• 5Y*: 8.51%
• 10Y*: 10.29%

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

VFWPX vs. FSGEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFWPX Vanguard FTSE All-World ex-US Index Fund Institutional Plus Shares	12.84%	32.40%	5.48%	15.63%	-15.47%	8.13%	11.40%	21.59%	-13.95%	27.28%
FSGEX Fidelity Series Global ex U.S. Index Fund	13.11%	32.99%	5.34%	15.56%	-15.75%	7.77%	10.75%	21.41%	-13.99%	27.47%

Correlation

The correlation between VFWPX 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 Dec 13, 2010	0.99

The correlation between VFWPX and FSGEX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

VFWPX vs. FSGEX — Risk / Return Rank

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

VFWPX

VFWPX Risk / Return Rank: 55
VFWPX Sharpe Ratio Rank: 56
VFWPX Sortino Ratio Rank: 50
VFWPX Omega Ratio Rank: 58
VFWPX Calmar Ratio Rank: 56
VFWPX Martin Ratio Rank: 55

FSGEX

FSGEX Risk / Return Rank: 55
FSGEX Sharpe Ratio Rank: 54
FSGEX Sortino Ratio Rank: 49
FSGEX Omega Ratio Rank: 57
FSGEX Calmar Ratio Rank: 58
FSGEX Martin Ratio Rank: 56

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.

VFWPX 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 Institutional Plus Shares (VFWPX) 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.

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.

	VFWPX	FSGEX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.81	+0.01
Sortino ratio: Return per unit of downside risk	2.46	2.46	0.00
Omega ratio: Gain probability vs. loss probability	1.34	1.34	0.00
Calmar ratio: Return relative to maximum drawdown	2.49	2.54	-0.05
Martin ratio: Return relative to average drawdown	9.61	9.75	-0.14

VFWPX vs. FSGEX - Sharpe Ratio Comparison

The current VFWPX Sharpe Ratio is 1.82, which is comparable to the FSGEX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of VFWPX and FSGEX, 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

VFWPX vs. FSGEX - Drawdown Comparison

The maximum VFWPX drawdown since its inception was -34.85%, roughly equal to the maximum FSGEX drawdown of -34.74%. Use the drawdown chart below to compare losses from any high point for VFWPX and FSGEX.

Drawdown Indicators

	VFWPX	FSGEX	Difference
Max Drawdown Largest peak-to-trough decline	-34.85%	-34.74%	-0.11%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-11.24%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-13.27%	-13.34%	+0.07%
Max Drawdown (5Y) Largest decline over 5 years	-29.16%	-29.44%	+0.28%
Max Drawdown (10Y) Largest decline over 10 years	-34.85%	-34.74%	-0.11%
Current Drawdown Current decline from peak	-3.04%	-2.77%	-0.27%
Average Drawdown Average peak-to-trough decline	-7.91%	-8.42%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.92%	+0.01%

Volatility

VFWPX vs. FSGEX - Volatility Comparison

Vanguard FTSE All-World ex-US Index Fund Institutional Plus Shares (VFWPX) and Fidelity Series Global ex U.S. Index Fund (FSGEX) have volatilities of 6.93% and 7.08%, 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

	VFWPX	FSGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.93%	7.08%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	13.84%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	15.61%	15.81%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.42%	15.65%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.97%	16.12%	-0.15%

VFWPX vs. FSGEX - Expense Ratio Comparison

VFWPX has a 0.06% 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

VFWPX vs. FSGEX - Dividend Comparison

VFWPX's dividend yield for the trailing twelve months is around 2.58%, less than FSGEX's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSGEX Fidelity Series Global ex U.S. Index Fund	2.67%	3.02%	2.98%	2.90%	2.78%	2.59%	1.68%	2.10%	2.86%	2.48%	2.56%	2.61%
VFWPX Vanguard FTSE All-World ex-US Index Fund Institutional Plus Shares	2.58%	3.10%	3.26%	3.33%	3.12%	3.08%	2.01%	3.12%	3.30%	2.70%	3.00%	2.99%

Frequently Asked Questions

Can I hold both VFWPX and FSGEX in my portfolio?

With a correlation of 0.99, VFWPX 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.

Which is riskier, VFWPX or FSGEX?

FSGEX has higher volatility (7.08%) compared to VFWPX (6.93%). In terms of maximum drawdown, VFWPX dropped -34.85% vs FSGEX's -34.74%.

Which has better risk-adjusted returns?

VFWPX currently has the higher Sharpe Ratio (1.82 vs 1.81), 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.