VPU vs. FCOM

Last updated Jun 13, 2026

VPU (Vanguard Utilities ETF) and FCOM (Fidelity MSCI Communication Services Index ETF) are both exchange-traded funds - VPU is a Utilities Equities fund tracking the MSCI US Investable Market Utilities 25/50 Index, while FCOM is a Large Cap Growth Equities fund tracking the MSCI USA IMI Telecommunication Services 25/50 Index. Both are passively managed. Over the past 10 years, VPU returned 9.06%/yr vs 11.60%/yr for FCOM. At a 0.33 correlation, their price movements are largely independent. VPU charges 0.09%/yr vs 0.08%/yr for FCOM.

Performance

VPU vs. FCOM - Performance Comparison

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

Returns By Period

In the year-to-date period, VPU achieves a 4.93% return, which is significantly higher than FCOM's -3.17% return. Over the past 10 years, VPU has underperformed FCOM with an annualized return of 9.06%, while FCOM has yielded a comparatively higher 11.60% annualized return.

VPU

• 1D: 1.15%
• 1M: -0.33%
• YTD: 4.93%
• 6M: 5.15%
• 1Y: 11.89%
• 3Y*: 13.65%
• 5Y*: 9.17%
• 10Y*: 9.06%

FCOM

• 1D: 0.08%
• 1M: -4.97%
• YTD: -3.17%
• 6M: -1.90%
• 1Y: 14.88%
• 3Y*: 22.19%
• 5Y*: 6.79%
• 10Y*: 11.60%

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

VPU vs. FCOM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VPU Vanguard Utilities ETF	4.93%	16.46%	23.04%	-7.45%	1.06%	17.40%	-0.74%	24.89%	4.38%	12.44%
FCOM Fidelity MSCI Communication Services Index ETF	-3.17%	26.06%	33.05%	44.65%	-38.97%	13.88%	28.33%	26.69%	-5.33%	8.20%

Correlation

The correlation between VPU and FCOM is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.33

The correlation between VPU and FCOM shifts across timeframes, from 0.17 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

VPU vs. FCOM - Sectors Allocation Comparison

Sectors	VPU	FCOM
Utilities	99.3%	-
Energy	0.5%	-
Industrials	0.2%	-
Basic Materials	-	-
Communication Services	-	98.5%
Consumer Cyclical	-	0.3%
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	0.1%
Technology	-	1.2%

Return for Risk

VPU vs. FCOM — Risk / Return Rank

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

VPU

VPU Risk / Return Rank: 26
VPU Sharpe Ratio Rank: 26
VPU Sortino Ratio Rank: 24
VPU Omega Ratio Rank: 25
VPU Calmar Ratio Rank: 31
VPU Martin Ratio Rank: 24

FCOM

FCOM Risk / Return Rank: 30
FCOM Sharpe Ratio Rank: 30
FCOM Sortino Ratio Rank: 31
FCOM Omega Ratio Rank: 29
FCOM Calmar Ratio Rank: 26
FCOM Martin Ratio Rank: 31

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.

VPU vs. FCOM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Utilities ETF (VPU) and Fidelity MSCI Communication Services Index ETF (FCOM). 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.

	VPU	FCOM	Difference
Sharpe ratio: Return per unit of total volatility	0.83	0.97	-0.14
Sortino ratio: Return per unit of downside risk	1.20	1.49	-0.29
Omega ratio: Gain probability vs. loss probability	1.15	1.18	-0.03
Calmar ratio: Return relative to maximum drawdown	1.34	1.11	+0.23
Martin ratio: Return relative to average drawdown	2.91	4.05	-1.15

VPU vs. FCOM - Sharpe Ratio Comparison

The current VPU Sharpe Ratio is 0.83, which is comparable to the FCOM Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of VPU and FCOM, 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

VPU vs. FCOM - Drawdown Comparison

The maximum VPU drawdown since its inception was -46.31%, roughly equal to the maximum FCOM drawdown of -46.76%. Use the drawdown chart below to compare losses from any high point for VPU and FCOM.

Drawdown Indicators

	VPU	FCOM	Difference
Max Drawdown Largest peak-to-trough decline	-46.31%	-46.76%	+0.45%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-13.48%	+4.58%
Max Drawdown (3Y) Largest decline over 3 years	-17.34%	-21.16%	+3.82%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	-46.76%	+21.61%
Max Drawdown (10Y) Largest decline over 10 years	-36.42%	-46.76%	+10.34%
Current Drawdown Current decline from peak	-5.69%	-6.40%	+0.71%
Average Drawdown Average peak-to-trough decline	-7.78%	-8.66%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	3.68%	+0.42%

Volatility

VPU vs. FCOM - Volatility Comparison

Vanguard Utilities ETF (VPU) has a higher volatility of 5.55% compared to Fidelity MSCI Communication Services Index ETF (FCOM) at 4.08%. This indicates that VPU's price experiences larger fluctuations and is considered to be riskier than FCOM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VPU	FCOM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	4.08%	+1.47%
Volatility (6M) Calculated over the trailing 6-month period	11.52%	11.19%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	14.41%	15.43%	-1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.07%	21.19%	-4.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.13%	20.96%	-1.83%

VPU vs. FCOM - Expense Ratio Comparison

VPU has a 0.09% expense ratio, which is higher than FCOM'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

VPU vs. FCOM - Dividend Comparison

VPU's dividend yield for the trailing twelve months is around 2.64%, more than FCOM's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCOM Fidelity MSCI Communication Services Index ETF	0.96%	0.88%	0.87%	0.77%	1.04%	0.90%	0.68%	0.86%	2.78%	11.70%	2.27%	2.92%
VPU Vanguard Utilities ETF	2.64%	2.73%	3.02%	3.49%	2.98%	2.70%	3.17%	2.83%	3.23%	3.18%	3.19%	3.63%

Frequently Asked Questions

Can I hold both VPU and FCOM in my portfolio?

VPU and FCOM have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPU or FCOM?

VPU has higher volatility (5.55%) compared to FCOM (4.08%). In terms of maximum drawdown, VPU dropped -46.31% vs FCOM's -46.76%.

Which ETF is better, VPU or FCOM?

On 10-year performance, FCOM leads with 11.60% vs 9.06% for VPU. On fees, FCOM is cheaper at 0.08% per year. On volatility, FCOM has been the lower-risk option at 4.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VPU or FCOM?

Over the 10-year period, FCOM has performed better with a 11.60% return vs 9.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VPU or FCOM?

FCOM is cheaper with a 0.08% expense ratio, compared with 0.09% for VPU.

Which ETF pays a higher dividend yield, VPU or FCOM?

VPU has the higher dividend yield at 2.64%, compared with 0.96% for FCOM.

What is the main difference between VPU and FCOM?

VPU is categorized as Utilities Equities, while FCOM is Large Cap Growth Equities. VPU tracks MSCI US Investable Market Utilities 25/50 Index, while FCOM tracks MSCI USA IMI Telecommunication Services 25/50 Index. They also come from different issuers: Vanguard and Fidelity. Their fees differ too: 0.09% for VPU and 0.08% for FCOM.

Which has better risk-adjusted returns?

FCOM currently has the higher Sharpe Ratio (0.97 vs 0.83), 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.