VMIAX vs. FSDPX

Last updated Jun 3, 2026

VMIAX (Vanguard Materials Index Fund Admiral Shares) and FSDPX (Fidelity Select Materials Portfolio) are both mutual funds - VMIAX is a Materials fund managed by Vanguard, while FSDPX is a Energy Equities fund managed by Fidelity. Over the past 10 years, VMIAX returned 10.21%/yr vs 8.17%/yr for FSDPX. With a 0.97 correlation, they move nearly in lockstep. VMIAX charges 0.10%/yr vs 0.74%/yr for FSDPX.

Performance

VMIAX vs. FSDPX - Performance Comparison

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

Returns By Period

In the year-to-date period, VMIAX achieves a 12.01% return, which is significantly lower than FSDPX's 14.91% return. Over the past 10 years, VMIAX has outperformed FSDPX with an annualized return of 10.21%, while FSDPX has yielded a comparatively lower 8.17% annualized return.

VMIAX

• 1D: -0.46%
• 1M: -0.08%
• YTD: 12.01%
• 6M: 16.01%
• 1Y: 22.76%
• 3Y*: 12.05%
• 5Y*: 5.58%
• 10Y*: 10.21%

FSDPX

• 1D: -0.35%
• 1M: -0.11%
• YTD: 14.91%
• 6M: 18.89%
• 1Y: 21.69%
• 3Y*: 9.58%
• 5Y*: 4.95%
• 10Y*: 8.17%

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

VMIAX vs. FSDPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMIAX Vanguard Materials Index Fund Admiral Shares	12.01%	12.26%	0.45%	13.69%	-11.77%	27.15%	19.37%	23.59%	-17.38%	23.68%
FSDPX Fidelity Select Materials Portfolio	14.91%	11.32%	-2.95%	7.29%	-9.86%	31.66%	21.78%	12.40%	-23.74%	25.99%

Correlation

The correlation between VMIAX and FSDPX is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Feb 3, 2004	0.97

The correlation between VMIAX and FSDPX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

VMIAX vs. FSDPX — Risk / Return Rank

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

VMIAX

VMIAX Risk / Return Rank: 20
VMIAX Sharpe Ratio Rank: 20
VMIAX Sortino Ratio Rank: 19
VMIAX Omega Ratio Rank: 18
VMIAX Calmar Ratio Rank: 21
VMIAX Martin Ratio Rank: 21

FSDPX

FSDPX Risk / Return Rank: 21
FSDPX Sharpe Ratio Rank: 20
FSDPX Sortino Ratio Rank: 18
FSDPX Omega Ratio Rank: 18
FSDPX Calmar Ratio Rank: 24
FSDPX Martin Ratio Rank: 22

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. FSDPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Materials Index Fund Admiral Shares (VMIAX) and Fidelity Select Materials Portfolio (FSDPX). 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	FSDPX	Difference
Sharpe ratio Return per unit of total volatility	1.33	1.32	+0.01
Sortino ratio Return per unit of downside risk	1.91	1.86	+0.05
Omega ratio Gain probability vs. loss probability	1.23	1.23	0.00
Calmar ratio Return relative to maximum drawdown	1.74	1.88	-0.14
Martin ratio Return relative to average drawdown	5.72	5.99	-0.27
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. FSDPX - Sharpe Ratio Comparison

The current VMIAX Sharpe Ratio is 1.33, which is comparable to the FSDPX Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of VMIAX and FSDPX, 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	FSDPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	1.32	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.25	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.38	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.43	-0.04

Drawdowns

VMIAX vs. FSDPX - Drawdown Comparison

The maximum VMIAX drawdown since its inception was -62.17%, roughly equal to the maximum FSDPX drawdown of -64.19%. Use the drawdown chart below to compare losses from any high point for VMIAX and FSDPX.

Drawdown Indicators

	VMIAX	FSDPX	Difference
Max Drawdown Largest peak-to-trough decline	-62.17%	-64.19%	+2.02%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-12.16%	-1.25%
Max Drawdown (3Y) Largest decline over 3 years	-23.21%	-22.13%	-1.08%
Max Drawdown (5Y) Largest decline over 5 years	-25.45%	-25.39%	-0.06%
Max Drawdown (10Y) Largest decline over 10 years	-41.02%	-49.89%	+8.87%
Current Drawdown Current decline from peak	-4.78%	-3.14%	-1.64%
Average Drawdown Average peak-to-trough decline	-9.63%	-11.30%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	3.81%	+0.27%

Volatility

VMIAX vs. FSDPX - Volatility Comparison

Vanguard Materials Index Fund Admiral Shares (VMIAX) and Fidelity Select Materials Portfolio (FSDPX) have volatilities of 6.23% and 6.16%, 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

	VMIAX	FSDPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.23%	6.16%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	13.85%	13.92%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	17.66%	17.27%	+0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.66%	20.30%	-0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.22%	21.70%	-0.48%

VMIAX vs. FSDPX - Expense Ratio Comparison

VMIAX has a 0.10% expense ratio, which is lower than FSDPX's 0.74% expense ratio.

Dividends

VMIAX vs. FSDPX - Dividend Comparison

VMIAX's dividend yield for the trailing twelve months is around 1.38%, less than FSDPX's 4.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSDPX Fidelity Select Materials Portfolio	4.89%	1.94%	12.46%	5.46%	3.34%	0.71%	0.68%	1.22%	12.89%	5.08%	1.05%	2.42%
VMIAX Vanguard Materials Index Fund Admiral Shares	1.38%	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 FSDPX in my portfolio?

With a correlation of 0.98, VMIAX and FSDPX 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, VMIAX or FSDPX?

VMIAX has higher volatility (6.23%) compared to FSDPX (6.16%). In terms of maximum drawdown, VMIAX dropped -62.17% vs FSDPX's -64.19%.

Which has better risk-adjusted returns?

VMIAX currently has the higher Sharpe Ratio (1.33 vs 1.32), 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.