VFWSX vs. FAOIX

Last updated Jun 4, 2026

VFWSX (Vanguard FTSE All-World ex-US Index Fund Institutional Shares) and FAOIX (Fidelity Advisor Overseas Fund Class I) are both Foreign Large Cap Equities funds. Over the past 10 years, VFWSX returned 10.06%/yr vs 7.40%/yr for FAOIX. Their correlation of 0.93 suggests significant overlap in exposure. VFWSX charges 0.08%/yr vs 1.12%/yr for FAOIX.

Performance

VFWSX vs. FAOIX - Performance Comparison

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

Returns By Period

Over the past 10 years, VFWSX has outperformed FAOIX with an annualized return of 10.06%, while FAOIX has yielded a comparatively lower 7.40% annualized return.

VFWSX

• 1D: 0.66%
• 1M: 5.91%
• YTD: 15.78%
• 6M: 18.57%
• 1Y: 33.79%
• 3Y*: 20.08%
• 5Y*: 9.08%
• 10Y*: 10.06%

FAOIX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: -1.66%
• 3Y*: 8.78%
• 5Y*: 3.68%
• 10Y*: 7.40%

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

VFWSX vs. FAOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFWSX Vanguard FTSE All-World ex-US Index Fund Institutional Shares	15.78%	32.38%	5.45%	15.59%	-15.48%	8.11%	11.37%	21.58%	-13.97%	27.24%
FAOIX Fidelity Advisor Overseas Fund Class I	0.00%	15.25%	4.92%	20.35%	-24.38%	19.23%	15.08%	27.82%	-14.85%	30.05%

Correlation

The correlation between VFWSX and FAOIX is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Mar 9, 2007	0.93

Over the past year, the correlation between VFWSX and FAOIX has dropped to 0.55 - well below their long-term average of 0.93, suggesting their price drivers have been diverging.

Return for Risk

VFWSX vs. FAOIX — Risk / Return Rank

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

VFWSX

VFWSX Risk / Return Rank: 59
VFWSX Sharpe Ratio Rank: 62
VFWSX Sortino Ratio Rank: 55
VFWSX Omega Ratio Rank: 59
VFWSX Calmar Ratio Rank: 59
VFWSX Martin Ratio Rank: 58

FAOIX

FAOIX Risk / Return Rank: 1
FAOIX Sharpe Ratio Rank: 2
FAOIX Sortino Ratio Rank: 2
FAOIX Omega Ratio Rank: 1
FAOIX Calmar Ratio Rank: 1
FAOIX Martin Ratio Rank: 1

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.

VFWSX vs. FAOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US Index Fund Institutional Shares (VFWSX) and Fidelity Advisor Overseas Fund Class I (FAOIX). 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.

	VFWSX	FAOIX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	-0.28	+2.59
Sortino ratio: Return per unit of downside risk	3.15	-0.32	+3.47
Omega ratio: Gain probability vs. loss probability	1.43	0.95	+0.48
Calmar ratio: Return relative to maximum drawdown	2.94	-0.35	+3.28
Martin ratio: Return relative to average drawdown	11.55	-0.60	+12.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFWSX vs. FAOIX - Sharpe Ratio Comparison

The current VFWSX Sharpe Ratio is 2.32, which is higher than the FAOIX Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of VFWSX and FAOIX, 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

	VFWSX	FAOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	-0.28	+2.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.23	+0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.45	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.32	-0.04

Drawdowns

VFWSX vs. FAOIX - Drawdown Comparison

The maximum VFWSX drawdown since its inception was -61.60%, roughly equal to the maximum FAOIX drawdown of -59.86%. Use the drawdown chart below to compare losses from any high point for VFWSX and FAOIX.

Drawdown Indicators

	VFWSX	FAOIX	Difference
Max Drawdown Largest peak-to-trough decline	-61.60%	-59.86%	-1.74%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-7.28%	-4.06%
Max Drawdown (3Y) Largest decline over 3 years	-13.26%	-13.98%	+0.72%
Max Drawdown (5Y) Largest decline over 5 years	-29.37%	-36.33%	+6.96%
Max Drawdown (10Y) Largest decline over 10 years	-34.87%	-36.33%	+1.46%
Current Drawdown Current decline from peak	0.00%	-5.85%	+5.85%
Average Drawdown Average peak-to-trough decline	-13.25%	-14.20%	+0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	3.96%	-1.08%

Volatility

VFWSX vs. FAOIX - Volatility Comparison

Vanguard FTSE All-World ex-US Index Fund Institutional Shares (VFWSX) has a higher volatility of 4.89% compared to Fidelity Advisor Overseas Fund Class I (FAOIX) at 0.00%. This indicates that VFWSX's price experiences larger fluctuations and is considered to be riskier than FAOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFWSX	FAOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	0.00%	+4.89%
Volatility (6M) Calculated over the trailing 6-month period	12.06%	4.08%	+7.98%
Volatility (1Y) Calculated over the trailing 1-year period	14.41%	9.20%	+5.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.18%	16.74%	-1.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	16.70%	-0.62%

VFWSX vs. FAOIX - Expense Ratio Comparison

VFWSX has a 0.08% expense ratio, which is lower than FAOIX's 1.12% expense ratio.

Dividends

VFWSX vs. FAOIX - Dividend Comparison

VFWSX's dividend yield for the trailing twelve months is around 2.57%, less than FAOIX's 8.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAOIX Fidelity Advisor Overseas Fund Class I	8.49%	8.49%	1.66%	0.96%	0.63%	2.06%	0.00%	1.35%	5.09%	3.79%	1.49%	0.63%
VFWSX Vanguard FTSE All-World ex-US Index Fund Institutional Shares	2.57%	3.08%	3.23%	3.31%	3.10%	3.06%	1.99%	3.10%	3.28%	2.67%	2.97%	2.97%

Frequently Asked Questions

Can I hold both VFWSX and FAOIX in my portfolio?

VFWSX and FAOIX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFWSX or FAOIX?

VFWSX has higher volatility (4.89%) compared to FAOIX (0.00%). In terms of maximum drawdown, VFWSX dropped -61.60% vs FAOIX's -59.86%.

Which has better risk-adjusted returns?

VFWSX currently has the higher Sharpe Ratio (2.32 vs -0.28), 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.