VFWSX vs. FZILX

Last updated Jun 4, 2026

VFWSX (Vanguard FTSE All-World ex-US Index Fund Institutional Shares) and FZILX (Fidelity ZERO International Index Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, VFWSX returned 9.08%/yr vs 9.43%/yr for FZILX. With a 0.99 correlation, they move nearly in lockstep. VFWSX charges 0.08%/yr vs 0.00%/yr for FZILX.

Performance

VFWSX vs. FZILX - 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 ZERO International Index Fund (FZILX). 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 VFWSX having a 15.78% return and FZILX slightly higher at 16.29%.

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%

FZILX

• 1D: 0.71%
• 1M: 6.20%
• YTD: 16.29%
• 6M: 19.11%
• 1Y: 34.60%
• 3Y*: 20.62%
• 5Y*: 9.43%
• 10Y*: —

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

VFWSX vs. FZILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
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%	-8.95%
FZILX Fidelity ZERO International Index Fund	16.29%	33.52%	5.32%	16.28%	-15.96%	8.19%	11.06%	21.69%	-9.38%

Correlation

The correlation between VFWSX and FZILX 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 (All Time) Calculated using the full available price history since Aug 17, 2018	0.99

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

Return for Risk

VFWSX vs. FZILX — 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

FZILX

FZILX Risk / Return Rank: 60
FZILX Sharpe Ratio Rank: 64
FZILX Sortino Ratio Rank: 57
FZILX Omega Ratio Rank: 60
FZILX Calmar Ratio Rank: 62
FZILX Martin Ratio Rank: 60

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. FZILX - 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 ZERO International Index Fund (FZILX). 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	FZILX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.34	-0.02
Sortino ratio: Return per unit of downside risk	3.15	3.18	-0.03
Omega ratio: Gain probability vs. loss probability	1.43	1.43	0.00
Calmar ratio: Return relative to maximum drawdown	2.94	3.04	-0.10
Martin ratio: Return relative to average drawdown	11.55	11.91	-0.35
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. FZILX - Sharpe Ratio Comparison

The current VFWSX Sharpe Ratio is 2.32, which is comparable to the FZILX Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of VFWSX and FZILX, 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	FZILX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	2.34	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.61	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.59	-0.31

Drawdowns

VFWSX vs. FZILX - Drawdown Comparison

The maximum VFWSX drawdown since its inception was -61.60%, which is greater than FZILX's maximum drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for VFWSX and FZILX.

Drawdown Indicators

	VFWSX	FZILX	Difference
Max Drawdown Largest peak-to-trough decline	-61.60%	-34.37%	-27.23%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-11.24%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-13.26%	-13.47%	+0.21%
Max Drawdown (5Y) Largest decline over 5 years	-29.37%	-29.87%	+0.50%
Max Drawdown (10Y) Largest decline over 10 years	-34.87%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-13.25%	-6.69%	-6.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	2.86%	+0.02%

Volatility

VFWSX vs. FZILX - Volatility Comparison

Vanguard FTSE All-World ex-US Index Fund Institutional Shares (VFWSX) and Fidelity ZERO International Index Fund (FZILX) have volatilities of 4.89% and 4.96%, 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

	VFWSX	FZILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	4.96%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	12.06%	12.26%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	14.41%	14.62%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.18%	15.52%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	17.32%	-1.24%

VFWSX vs. FZILX - Expense Ratio Comparison

VFWSX has a 0.08% expense ratio, which is higher than FZILX's 0.00% 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

VFWSX vs. FZILX - Dividend Comparison

VFWSX's dividend yield for the trailing twelve months is around 2.57%, more than FZILX's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZILX Fidelity ZERO International Index Fund	2.30%	2.67%	3.00%	2.98%	2.71%	2.61%	1.64%	2.37%	0.02%	0.00%	0.00%	0.00%
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 FZILX in my portfolio?

With a correlation of 0.99, VFWSX and FZILX 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, VFWSX or FZILX?

FZILX has higher volatility (4.96%) compared to VFWSX (4.89%). In terms of maximum drawdown, VFWSX dropped -61.60% vs FZILX's -34.37%.

Which has better risk-adjusted returns?

FZILX currently has the higher Sharpe Ratio (2.34 vs 2.32), 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.