VOX vs. FDIS

Last updated Jun 13, 2026

VOX (Vanguard Communication Services ETF) and FDIS (Fidelity MSCI Consumer Discretionary Index ETF) are both exchange-traded funds - VOX is a Communications Equities fund tracking the MSCI US Investable Market Communication Services 25/50 Index, while FDIS is a Consumer Discretionary Equities fund tracking the MSCI USA IMI Consumer Discretionary Index. Both are passively managed. Over the past 10 years, VOX returned 8.94%/yr vs 13.98%/yr for FDIS. A 0.73 correlation means they provide meaningful diversification when combined. VOX charges 0.09%/yr vs 0.08%/yr for FDIS.

Performance

VOX vs. FDIS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Communication Services ETF (VOX) and Fidelity MSCI Consumer Discretionary Index ETF (FDIS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VOX achieves a -3.01% return, which is significantly lower than FDIS's 0.01% return. Over the past 10 years, VOX has underperformed FDIS with an annualized return of 8.94%, while FDIS has yielded a comparatively higher 13.98% annualized return.

VOX

• 1D: 0.03%
• 1M: -5.20%
• YTD: -3.01%
• 6M: -1.76%
• 1Y: 16.53%
• 3Y*: 22.49%
• 5Y*: 6.96%
• 10Y*: 8.94%

FDIS

• 1D: 0.20%
• 1M: 0.16%
• YTD: 0.01%
• 6M: -1.14%
• 1Y: 12.39%
• 3Y*: 13.37%
• 5Y*: 6.04%
• 10Y*: 13.98%

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

VOX vs. FDIS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOX Vanguard Communication Services ETF	-3.01%	26.27%	33.12%	44.81%	-38.85%	13.83%	29.12%	28.03%	-16.75%	-5.50%
FDIS Fidelity MSCI Consumer Discretionary Index ETF	0.01%	5.67%	24.43%	40.48%	-35.23%	24.25%	49.50%	27.44%	-0.88%	22.96%

Correlation

The correlation between VOX and FDIS is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.73

The correlation between VOX and FDIS shifts across timeframes, from 0.67 (1 year) to 0.78 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VOX vs. FDIS — Risk / Return Rank

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

VOX

VOX Risk / Return Rank: 30
VOX Sharpe Ratio Rank: 31
VOX Sortino Ratio Rank: 32
VOX Omega Ratio Rank: 30
VOX Calmar Ratio Rank: 27
VOX Martin Ratio Rank: 32

FDIS

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

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.

VOX vs. FDIS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Communication Services ETF (VOX) and Fidelity MSCI Consumer Discretionary Index ETF (FDIS). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VOX	FDIS	Difference
Sharpe ratio: Return per unit of total volatility	1.00	0.61	+0.39
Sortino ratio: Return per unit of downside risk	1.53	0.97	+0.56
Omega ratio: Gain probability vs. loss probability	1.18	1.11	+0.07
Calmar ratio: Return relative to maximum drawdown	1.14	0.72	+0.42
Martin ratio: Return relative to average drawdown	4.20	2.24	+1.97

VOX vs. FDIS - Sharpe Ratio Comparison

The current VOX Sharpe Ratio is 1.00, which is higher than the FDIS Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of VOX and FDIS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VOX vs. FDIS - Drawdown Comparison

The maximum VOX drawdown since its inception was -57.18%, which is greater than FDIS's maximum drawdown of -39.16%. Use the drawdown chart below to compare losses from any high point for VOX and FDIS.

Drawdown Indicators

	VOX	FDIS	Difference
Max Drawdown Largest peak-to-trough decline	-57.18%	-39.16%	-18.02%
Max Drawdown (1Y) Largest decline over 1 year	-13.56%	-15.50%	+1.94%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-27.43%	+6.28%
Max Drawdown (5Y) Largest decline over 5 years	-46.76%	-39.16%	-7.60%
Max Drawdown (10Y) Largest decline over 10 years	-46.76%	-39.16%	-7.60%
Current Drawdown Current decline from peak	-6.27%	-4.58%	-1.69%
Average Drawdown Average peak-to-trough decline	-11.90%	-7.49%	-4.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	5.01%	-1.34%

Volatility

VOX vs. FDIS - Volatility Comparison

The current volatility for Vanguard Communication Services ETF (VOX) is 4.01%, while Fidelity MSCI Consumer Discretionary Index ETF (FDIS) has a volatility of 6.19%. This indicates that VOX experiences smaller price fluctuations and is considered to be less risky than FDIS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOX	FDIS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	6.19%	-2.18%
Volatility (6M) Calculated over the trailing 6-month period	11.29%	13.44%	-2.15%
Volatility (1Y) Calculated over the trailing 1-year period	15.48%	18.52%	-3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	23.92%	-2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.90%	22.32%	-1.42%

VOX vs. FDIS - Expense Ratio Comparison

VOX has a 0.09% expense ratio, which is higher than FDIS's 0.08% 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

VOX vs. FDIS - Dividend Comparison

VOX's dividend yield for the trailing twelve months is around 1.01%, more than FDIS's 0.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDIS Fidelity MSCI Consumer Discretionary Index ETF	0.73%	0.75%	0.69%	0.78%	1.00%	0.58%	0.59%	1.14%	1.29%	1.00%	1.62%	1.25%
VOX Vanguard Communication Services ETF	1.01%	0.95%	1.05%	1.03%	0.88%	0.93%	0.73%	0.90%	2.77%	3.83%	2.67%	3.55%

Frequently Asked Questions

Can I hold both VOX and FDIS in my portfolio?

VOX and FDIS have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOX or FDIS?

FDIS has higher volatility (6.19%) compared to VOX (4.01%). In terms of maximum drawdown, VOX dropped -57.18% vs FDIS's -39.16%.

Which ETF is better, VOX or FDIS?

On 10-year performance, FDIS leads with 13.98% vs 8.94% for VOX. On fees, FDIS is cheaper at 0.08% per year. On volatility, VOX has been the lower-risk option at 4.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOX or FDIS?

Over the 10-year period, FDIS has performed better with a 13.98% return vs 8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOX or FDIS?

FDIS is cheaper with a 0.08% expense ratio, compared with 0.09% for VOX.

Which ETF pays a higher dividend yield, VOX or FDIS?

VOX has the higher dividend yield at 1.01%, compared with 0.73% for FDIS.

What is the main difference between VOX and FDIS?

VOX is categorized as Communications Equities, while FDIS is Consumer Discretionary Equities. VOX tracks MSCI US Investable Market Communication Services 25/50 Index, while FDIS tracks MSCI USA IMI Consumer Discretionary Index. They also come from different issuers: Vanguard and Fidelity. Their fees differ too: 0.09% for VOX and 0.08% for FDIS.

Which has better risk-adjusted returns?

VOX currently has the higher Sharpe Ratio (1.00 vs 0.61), 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.