VMIAX vs. FNARX

Last updated Jun 4, 2026

VMIAX (Vanguard Materials Index Fund Admiral Shares) and FNARX (Fidelity Natural Resources Fund) are both mutual funds - VMIAX is a Materials fund managed by Vanguard, while FNARX is a Energy Equities fund managed by Fidelity. Over the past 10 years, VMIAX returned 10.36%/yr vs 11.13%/yr for FNARX. A 0.73 correlation means they provide meaningful diversification when combined. VMIAX charges 0.10%/yr vs 0.82%/yr for FNARX.

Performance

VMIAX vs. FNARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Materials Index Fund Admiral Shares (VMIAX) and Fidelity Natural Resources Fund (FNARX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMIAX achieves a 13.48% return, which is significantly lower than FNARX's 26.41% return. Over the past 10 years, VMIAX has underperformed FNARX with an annualized return of 10.36%, while FNARX has yielded a comparatively higher 11.13% annualized return.

VMIAX

• 1D: 1.31%
• 1M: 2.84%
• YTD: 13.48%
• 6M: 16.50%
• 1Y: 23.03%
• 3Y*: 12.54%
• 5Y*: 5.88%
• 10Y*: 10.36%

FNARX

• 1D: 1.53%
• 1M: -0.14%
• YTD: 26.41%
• 6M: 25.73%
• 1Y: 49.46%
• 3Y*: 22.36%
• 5Y*: 20.77%
• 10Y*: 11.13%

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

VMIAX vs. FNARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMIAX Vanguard Materials Index Fund Admiral Shares	13.48%	12.26%	0.45%	13.69%	-11.77%	27.15%	19.37%	23.59%	-17.38%	23.68%
FNARX Fidelity Natural Resources Fund	26.41%	28.67%	3.76%	6.41%	41.01%	39.34%	-20.86%	19.09%	-24.28%	-0.11%

Correlation

The correlation between VMIAX and FNARX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Feb 3, 2004	0.73

Over the past year, the correlation between VMIAX and FNARX has dropped to 0.41 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

VMIAX vs. FNARX — Risk / Return Rank

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

VMIAX

VMIAX Risk / Return Rank: 23
VMIAX Sharpe Ratio Rank: 23
VMIAX Sortino Ratio Rank: 23
VMIAX Omega Ratio Rank: 21
VMIAX Calmar Ratio Rank: 24
VMIAX Martin Ratio Rank: 24

FNARX

FNARX Risk / Return Rank: 87
FNARX Sharpe Ratio Rank: 89
FNARX Sortino Ratio Rank: 81
FNARX Omega Ratio Rank: 72
FNARX Calmar Ratio Rank: 98
FNARX Martin Ratio Rank: 96

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.

VMIAX vs. FNARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Materials Index Fund Admiral Shares (VMIAX) and Fidelity Natural Resources Fund (FNARX). 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.

	VMIAX	FNARX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	2.93	-1.54
Sortino ratio: Return per unit of downside risk	1.98	3.82	-1.83
Omega ratio: Gain probability vs. loss probability	1.24	1.48	-0.24
Calmar ratio: Return relative to maximum drawdown	1.83	8.80	-6.98
Martin ratio: Return relative to average drawdown	5.98	23.35	-17.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMIAX vs. FNARX - Sharpe Ratio Comparison

The current VMIAX Sharpe Ratio is 1.39, which is lower than the FNARX Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of VMIAX and FNARX, 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

	VMIAX	FNARX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	2.93	-1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.84	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.41	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.30	+0.08

Drawdowns

VMIAX vs. FNARX - Drawdown Comparison

The maximum VMIAX drawdown since its inception was -62.17%, smaller than the maximum FNARX drawdown of -71.04%. Use the drawdown chart below to compare losses from any high point for VMIAX and FNARX.

Drawdown Indicators

	VMIAX	FNARX	Difference
Max Drawdown Largest peak-to-trough decline	-62.17%	-71.04%	+8.87%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-5.74%	-7.67%
Max Drawdown (3Y) Largest decline over 3 years	-23.21%	-20.64%	-2.57%
Max Drawdown (5Y) Largest decline over 5 years	-25.45%	-29.93%	+4.48%
Max Drawdown (10Y) Largest decline over 10 years	-41.02%	-64.10%	+23.08%
Current Drawdown Current decline from peak	-3.53%	-3.04%	-0.49%
Average Drawdown Average peak-to-trough decline	-9.63%	-20.05%	+10.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	2.16%	+1.92%

Volatility

VMIAX vs. FNARX - Volatility Comparison

Vanguard Materials Index Fund Admiral Shares (VMIAX) has a higher volatility of 6.36% compared to Fidelity Natural Resources Fund (FNARX) at 5.16%. This indicates that VMIAX's price experiences larger fluctuations and is considered to be riskier than FNARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMIAX	FNARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.36%	5.16%	+1.20%
Volatility (6M) Calculated over the trailing 6-month period	13.89%	14.12%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	17.66%	17.31%	+0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.67%	24.99%	-5.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.23%	26.95%	-5.72%

VMIAX vs. FNARX - Expense Ratio Comparison

VMIAX has a 0.10% expense ratio, which is lower than FNARX's 0.82% expense ratio.

Dividends

VMIAX vs. FNARX - Dividend Comparison

VMIAX's dividend yield for the trailing twelve months is around 1.36%, less than FNARX's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNARX Fidelity Natural Resources Fund	1.74%	1.89%	1.51%	1.60%	2.42%	1.46%	1.79%	1.42%	1.17%	1.38%	0.62%	0.78%
VMIAX Vanguard Materials Index Fund Admiral Shares	1.36%	1.55%	1.70%	1.72%	1.98%	1.33%	1.67%	1.94%	2.02%	1.63%	1.73%	2.31%

Frequently Asked Questions

Can I hold both VMIAX and FNARX in my portfolio?

VMIAX and FNARX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMIAX or FNARX?

VMIAX has higher volatility (6.36%) compared to FNARX (5.16%). In terms of maximum drawdown, VMIAX dropped -62.17% vs FNARX's -71.04%.

Which has better risk-adjusted returns?

FNARX currently has the higher Sharpe Ratio (2.93 vs 1.39), 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.