VWIGX vs. FZAJX

Last updated Jun 5, 2026

VWIGX (Vanguard International Growth Fund Investor Shares) and FZAJX (Fidelity Advisor International Growth Fund Class Z) are both mutual funds - VWIGX is a Large Cap Growth Equities fund managed by Vanguard, while FZAJX is a Foreign Large Cap Equities fund managed by Fidelity. Over the past 10 years, VWIGX returned 9.88%/yr vs 9.35%/yr for FZAJX. Their correlation of 0.89 suggests significant overlap in exposure. VWIGX charges 0.43%/yr vs 0.87%/yr for FZAJX.

Performance

VWIGX vs. FZAJX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard International Growth Fund Investor Shares (VWIGX) and Fidelity Advisor International Growth Fund Class Z (FZAJX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWIGX achieves a 4.77% return, which is significantly lower than FZAJX's 6.84% return. Over the past 10 years, VWIGX has outperformed FZAJX with an annualized return of 9.88%, while FZAJX has yielded a comparatively lower 9.35% annualized return.

VWIGX

• 1D: -1.34%
• 1M: 1.95%
• YTD: 4.77%
• 6M: 5.11%
• 1Y: 11.11%
• 3Y*: 11.89%
• 5Y*: -1.46%
• 10Y*: 9.88%

FZAJX

• 1D: -0.33%
• 1M: 0.96%
• YTD: 6.84%
• 6M: 7.83%
• 1Y: 13.44%
• 3Y*: 12.35%
• 5Y*: 5.49%
• 10Y*: 9.35%

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

VWIGX vs. FZAJX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWIGX Vanguard International Growth Fund Investor Shares	4.77%	19.96%	9.07%	14.65%	-30.86%	-11.18%	59.57%	31.36%	-12.68%	42.98%
FZAJX Fidelity Advisor International Growth Fund Class Z	6.84%	18.02%	5.02%	21.03%	-23.11%	15.55%	17.11%	34.21%	-11.40%	28.88%

Correlation

The correlation between VWIGX and FZAJX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 21, 2013	0.89

The correlation between VWIGX and FZAJX has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.

Return for Risk

VWIGX vs. FZAJX — Risk / Return Rank

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

VWIGX

VWIGX Risk / Return Rank: 9
VWIGX Sharpe Ratio Rank: 8
VWIGX Sortino Ratio Rank: 9
VWIGX Omega Ratio Rank: 8
VWIGX Calmar Ratio Rank: 9
VWIGX Martin Ratio Rank: 10

FZAJX

FZAJX Risk / Return Rank: 11
FZAJX Sharpe Ratio Rank: 10
FZAJX Sortino Ratio Rank: 11
FZAJX Omega Ratio Rank: 11
FZAJX Calmar Ratio Rank: 11
FZAJX Martin Ratio Rank: 14

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.

VWIGX vs. FZAJX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard International Growth Fund Investor Shares (VWIGX) and Fidelity Advisor International Growth Fund Class Z (FZAJX). 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.

	VWIGX	FZAJX	Difference
Sharpe ratio: Return per unit of total volatility	0.68	0.78	-0.10
Sortino ratio: Return per unit of downside risk	1.06	1.23	-0.18
Omega ratio: Gain probability vs. loss probability	1.13	1.15	-0.02
Calmar ratio: Return relative to maximum drawdown	0.87	1.02	-0.15
Martin ratio: Return relative to average drawdown	2.79	3.77	-0.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VWIGX vs. FZAJX - Sharpe Ratio Comparison

The current VWIGX Sharpe Ratio is 0.68, which is comparable to the FZAJX Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of VWIGX and FZAJX, 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

	VWIGX	FZAJX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	0.78	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	0.31	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.53	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.50	-0.02

Drawdowns

VWIGX vs. FZAJX - Drawdown Comparison

The maximum VWIGX drawdown since its inception was -59.58%, which is greater than FZAJX's maximum drawdown of -34.84%. Use the drawdown chart below to compare losses from any high point for VWIGX and FZAJX.

Drawdown Indicators

	VWIGX	FZAJX	Difference
Max Drawdown Largest peak-to-trough decline	-59.58%	-34.84%	-24.74%
Max Drawdown (1Y) Largest decline over 1 year	-14.06%	-13.96%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-20.04%	-16.51%	-3.53%
Max Drawdown (5Y) Largest decline over 5 years	-52.69%	-34.84%	-17.85%
Max Drawdown (10Y) Largest decline over 10 years	-53.25%	-34.84%	-18.41%
Current Drawdown Current decline from peak	-14.63%	-2.50%	-12.13%
Average Drawdown Average peak-to-trough decline	-13.80%	-6.64%	-7.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	3.77%	+0.60%

Volatility

VWIGX vs. FZAJX - Volatility Comparison

The current volatility for Vanguard International Growth Fund Investor Shares (VWIGX) is 4.91%, while Fidelity Advisor International Growth Fund Class Z (FZAJX) has a volatility of 7.16%. This indicates that VWIGX experiences smaller price fluctuations and is considered to be less risky than FZAJX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWIGX	FZAJX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.91%	7.16%	-2.25%
Volatility (6M) Calculated over the trailing 6-month period	14.50%	15.88%	-1.38%
Volatility (1Y) Calculated over the trailing 1-year period	18.00%	18.25%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.25%	18.08%	+5.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.60%	17.83%	+3.77%

VWIGX vs. FZAJX - Expense Ratio Comparison

VWIGX has a 0.43% expense ratio, which is lower than FZAJX's 0.87% expense ratio.

Dividends

VWIGX vs. FZAJX - Dividend Comparison

VWIGX's dividend yield for the trailing twelve months is around 6.44%, more than FZAJX's 3.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZAJX Fidelity Advisor International Growth Fund Class Z	3.42%	3.65%	1.00%	0.61%	1.81%	2.03%	0.22%	1.11%	1.04%	0.12%	1.40%	0.92%
VWIGX Vanguard International Growth Fund Investor Shares	6.44%	6.74%	9.68%	1.82%	6.90%	2.36%	2.28%	1.20%	5.34%	0.84%	1.26%	1.39%

Frequently Asked Questions

Can I hold both VWIGX and FZAJX in my portfolio?

VWIGX and FZAJX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWIGX or FZAJX?

FZAJX has higher volatility (7.16%) compared to VWIGX (4.91%). In terms of maximum drawdown, VWIGX dropped -59.58% vs FZAJX's -34.84%.

Which has better risk-adjusted returns?

FZAJX currently has the higher Sharpe Ratio (0.78 vs 0.68), 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.