VTILX vs. FCDSX

Last updated Jun 4, 2026

VTILX (Vanguard Total International Bond II Index Fund) and FCDSX (Fidelity Series International Credit Fund) are both Global Bonds funds. Over the past 5 years, VTILX returned 0.45%/yr vs 1.03%/yr for FCDSX. Their correlation of 0.84 suggests significant overlap in exposure. VTILX charges 0.07%/yr vs 0.00%/yr for FCDSX.

Performance

VTILX vs. FCDSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total International Bond II Index Fund (VTILX) and Fidelity Series International Credit Fund (FCDSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTILX achieves a 0.68% return, which is significantly lower than FCDSX's 0.86% return.

VTILX

• 1D: 0.08%
• 1M: 0.94%
• YTD: 0.68%
• 6M: 0.57%
• 1Y: 2.19%
• 3Y*: 4.18%
• 5Y*: 0.45%
• 10Y*: —

FCDSX

• 1D: 0.00%
• 1M: 0.72%
• YTD: 0.86%
• 6M: 0.79%
• 1Y: 5.26%
• 3Y*: 7.63%
• 5Y*: 1.03%
• 10Y*: —

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

VTILX vs. FCDSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VTILX Vanguard Total International Bond II Index Fund	0.68%	2.96%	3.91%	8.85%	-13.01%	0.38%
FCDSX Fidelity Series International Credit Fund	0.86%	7.22%	8.47%	7.64%	-17.34%	1.76%

Correlation

The correlation between VTILX and FCDSX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Feb 26, 2021	0.84

The correlation between VTILX and FCDSX has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.

Return for Risk

VTILX vs. FCDSX — Risk / Return Rank

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

VTILX

VTILX Risk / Return Rank: 8
VTILX Sharpe Ratio Rank: 9
VTILX Sortino Ratio Rank: 9
VTILX Omega Ratio Rank: 9
VTILX Calmar Ratio Rank: 8
VTILX Martin Ratio Rank: 7

FCDSX

FCDSX Risk / Return Rank: 37
FCDSX Sharpe Ratio Rank: 42
FCDSX Sortino Ratio Rank: 45
FCDSX Omega Ratio Rank: 44
FCDSX Calmar Ratio Rank: 27
FCDSX Martin Ratio Rank: 24

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.

VTILX vs. FCDSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Bond II Index Fund (VTILX) and Fidelity Series International Credit Fund (FCDSX). 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.

	VTILX	FCDSX	Difference
Sharpe ratio: Return per unit of total volatility	0.75	1.89	-1.14
Sortino ratio: Return per unit of downside risk	1.09	2.84	-1.75
Omega ratio: Gain probability vs. loss probability	1.14	1.36	-0.23
Calmar ratio: Return relative to maximum drawdown	0.78	1.94	-1.16
Martin ratio: Return relative to average drawdown	2.23	6.04	-3.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTILX vs. FCDSX - Sharpe Ratio Comparison

The current VTILX Sharpe Ratio is 0.75, which is lower than the FCDSX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of VTILX and FCDSX, 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

	VTILX	FCDSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	1.89	-1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.23	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.73	-0.62

Drawdowns

VTILX vs. FCDSX - Drawdown Comparison

The maximum VTILX drawdown since its inception was -15.85%, smaller than the maximum FCDSX drawdown of -22.33%. Use the drawdown chart below to compare losses from any high point for VTILX and FCDSX.

Drawdown Indicators

	VTILX	FCDSX	Difference
Max Drawdown Largest peak-to-trough decline	-15.85%	-22.33%	+6.48%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-2.78%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-2.90%	-2.78%	-0.12%
Max Drawdown (5Y) Largest decline over 5 years	-15.85%	-22.33%	+6.48%
Current Drawdown Current decline from peak	-1.18%	-1.13%	-0.05%
Average Drawdown Average peak-to-trough decline	-5.91%	-5.07%	-0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	0.89%	+0.13%

Volatility

VTILX vs. FCDSX - Volatility Comparison

Vanguard Total International Bond II Index Fund (VTILX) has a higher volatility of 1.30% compared to Fidelity Series International Credit Fund (FCDSX) at 0.99%. This indicates that VTILX's price experiences larger fluctuations and is considered to be riskier than FCDSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTILX	FCDSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	0.99%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	2.57%	2.24%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	3.03%	2.86%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.45%	4.44%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.37%	4.13%	+0.24%

VTILX vs. FCDSX - Expense Ratio Comparison

VTILX has a 0.07% expense ratio, which is higher than FCDSX's 0.00% 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

VTILX vs. FCDSX - Dividend Comparison

VTILX's dividend yield for the trailing twelve months is around 4.36%, more than FCDSX's 4.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCDSX Fidelity Series International Credit Fund	4.18%	4.58%	4.81%	3.67%	6.73%	3.04%	6.58%	7.12%	4.17%	1.90%
VTILX Vanguard Total International Bond II Index Fund	4.36%	4.27%	4.52%	4.22%	0.94%	0.62%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VTILX and FCDSX in my portfolio?

VTILX and FCDSX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTILX or FCDSX?

VTILX has higher volatility (1.30%) compared to FCDSX (0.99%). In terms of maximum drawdown, VTILX dropped -15.85% vs FCDSX's -22.33%.

Which has better risk-adjusted returns?

FCDSX currently has the higher Sharpe Ratio (1.89 vs 0.75), 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.