VGT vs. FNCMX

Last updated Jun 6, 2026

VGT (Vanguard Information Technology ETF) and FNCMX (Fidelity NASDAQ Composite Index Fund) are both funds - VGT is a Technology Equities fund tracking the MSCI USA IMI Information Technology 25/50 Index, while FNCMX is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Both are passively managed. Over the past 10 years, VGT returned 24.81%/yr vs 19.27%/yr for FNCMX. Their correlation of 0.95 suggests significant overlap in exposure. VGT charges 0.09%/yr vs 0.29%/yr for FNCMX.

Performance

VGT vs. FNCMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Information Technology ETF (VGT) and Fidelity NASDAQ Composite Index Fund (FNCMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGT achieves a 22.48% return, which is significantly higher than FNCMX's 15.71% return. Over the past 10 years, VGT has outperformed FNCMX with an annualized return of 24.81%, while FNCMX has yielded a comparatively lower 19.27% annualized return.

VGT

• 1D: -6.14%
• 1M: 5.22%
• YTD: 22.48%
• 6M: 20.33%
• 1Y: 49.26%
• 3Y*: 30.47%
• 5Y*: 20.48%
• 10Y*: 24.81%

FNCMX

• 1D: -0.07%
• 1M: 3.93%
• YTD: 15.71%
• 6M: 14.10%
• 1Y: 39.89%
• 3Y*: 27.54%
• 5Y*: 15.15%
• 10Y*: 19.27%

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

VGT vs. FNCMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGT Vanguard Information Technology ETF	22.48%	21.77%	29.30%	52.66%	-29.70%	30.45%	46.04%	48.62%	2.46%	37.08%
FNCMX Fidelity NASDAQ Composite Index Fund	15.71%	21.11%	29.48%	45.13%	-32.40%	22.21%	44.57%	36.63%	-3.07%	28.35%

Correlation

The correlation between VGT and FNCMX 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	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Feb 2, 2004	0.95

The correlation between VGT and FNCMX has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Return for Risk

VGT vs. FNCMX — Risk / Return Rank

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

VGT

VGT Risk / Return Rank: 63
VGT Sharpe Ratio Rank: 72
VGT Sortino Ratio Rank: 62
VGT Omega Ratio Rank: 65
VGT Calmar Ratio Rank: 62
VGT Martin Ratio Rank: 56

FNCMX

FNCMX Risk / Return Rank: 64
FNCMX Sharpe Ratio Rank: 72
FNCMX Sortino Ratio Rank: 60
FNCMX Omega Ratio Rank: 59
FNCMX Calmar Ratio Rank: 65
FNCMX Martin Ratio Rank: 62

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.

VGT vs. FNCMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Information Technology ETF (VGT) and Fidelity NASDAQ Composite Index Fund (FNCMX). 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.

	VGT	FNCMX	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.40	-0.09
Sortino ratio: Return per unit of downside risk	2.84	3.15	-0.31
Omega ratio: Gain probability vs. loss probability	1.38	1.41	-0.03
Calmar ratio: Return relative to maximum drawdown	3.02	2.99	+0.03
Martin ratio: Return relative to average drawdown	9.59	11.76	-2.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGT vs. FNCMX - Sharpe Ratio Comparison

The current VGT Sharpe Ratio is 2.30, which is comparable to the FNCMX Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of VGT and FNCMX, 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

	VGT	FNCMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.40	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.68	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.01	0.88	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.58	+0.08

Drawdowns

VGT vs. FNCMX - Drawdown Comparison

The maximum VGT drawdown since its inception was -54.63%, roughly equal to the maximum FNCMX drawdown of -55.08%. Use the drawdown chart below to compare losses from any high point for VGT and FNCMX.

Drawdown Indicators

	VGT	FNCMX	Difference
Max Drawdown Largest peak-to-trough decline	-54.63%	-55.08%	+0.45%
Max Drawdown (1Y) Largest decline over 1 year	-16.40%	-13.01%	-3.39%
Max Drawdown (3Y) Largest decline over 3 years	-27.23%	-24.20%	-3.03%
Max Drawdown (5Y) Largest decline over 5 years	-35.07%	-35.64%	+0.57%
Max Drawdown (10Y) Largest decline over 10 years	-35.07%	-35.64%	+0.57%
Current Drawdown Current decline from peak	-8.34%	-0.95%	-7.39%
Average Drawdown Average peak-to-trough decline	-7.95%	-7.86%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.15%	3.30%	+1.85%

Volatility

VGT vs. FNCMX - Volatility Comparison

Vanguard Information Technology ETF (VGT) has a higher volatility of 9.29% compared to Fidelity NASDAQ Composite Index Fund (FNCMX) at 4.23%. This indicates that VGT's price experiences larger fluctuations and is considered to be riskier than FNCMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGT	FNCMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.29%	4.23%	+5.06%
Volatility (6M) Calculated over the trailing 6-month period	17.37%	12.13%	+5.24%
Volatility (1Y) Calculated over the trailing 1-year period	21.51%	16.24%	+5.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.31%	22.45%	+2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.68%	22.04%	+2.64%

VGT vs. FNCMX - Expense Ratio Comparison

VGT has a 0.09% expense ratio, which is lower than FNCMX's 0.29% expense ratio.

Dividends

VGT vs. FNCMX - Dividend Comparison

VGT's dividend yield for the trailing twelve months is around 0.33%, less than FNCMX's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNCMX Fidelity NASDAQ Composite Index Fund	0.44%	0.51%	0.61%	0.67%	0.88%	0.47%	0.67%	4.41%	1.93%	0.03%	1.01%	1.50%
VGT Vanguard Information Technology ETF	0.33%	0.40%	0.60%	0.65%	0.91%	0.64%	0.82%	1.11%	1.29%	0.99%	1.31%	1.28%

Frequently Asked Questions

Can I hold both VGT and FNCMX in my portfolio?

With a correlation of 0.92, VGT and FNCMX 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, VGT or FNCMX?

VGT has higher volatility (9.29%) compared to FNCMX (4.23%). In terms of maximum drawdown, VGT dropped -54.63% vs FNCMX's -55.08%.

Which has better risk-adjusted returns?

FNCMX currently has the higher Sharpe Ratio (2.40 vs 2.30), 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.