VWO vs. FDGRX

Last updated Jun 18, 2026

VWO (Vanguard FTSE Emerging Markets ETF) and FDGRX (Fidelity Growth Company Fund) are both funds - VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index, while FDGRX is a Large Cap Growth Equities fund actively managed by Fidelity. VWO is passively managed, while FDGRX is actively managed. Over the past 10 years, VWO returned 8.92%/yr vs 23.23%/yr for FDGRX. A 0.70 correlation means they provide meaningful diversification when combined. VWO charges 0.08%/yr vs 0.52%/yr for FDGRX.

Performance

VWO vs. FDGRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Emerging Markets ETF (VWO) and Fidelity Growth Company Fund (FDGRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWO achieves a 11.25% return, which is significantly lower than FDGRX's 22.31% return. Over the past 10 years, VWO has underperformed FDGRX with an annualized return of 8.92%, while FDGRX has yielded a comparatively higher 23.23% annualized return.

VWO

• 1D: -0.58%
• 1M: 2.27%
• YTD: 11.25%
• 6M: 14.78%
• 1Y: 27.34%
• 3Y*: 16.18%
• 5Y*: 5.51%
• 10Y*: 8.92%

FDGRX

• 1D: -1.17%
• 1M: 3.47%
• YTD: 22.31%
• 6M: 20.57%
• 1Y: 46.04%
• 3Y*: 29.83%
• 5Y*: 16.15%
• 10Y*: 23.23%

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

VWO vs. FDGRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWO Vanguard FTSE Emerging Markets ETF	11.25%	25.60%	10.59%	9.25%	-17.98%	1.26%	15.17%	20.75%	-14.76%	31.49%
FDGRX Fidelity Growth Company Fund	22.31%	18.54%	37.18%	47.25%	-33.86%	22.57%	67.42%	38.40%	-4.14%	36.76%

Correlation

The correlation between VWO and FDGRX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Mar 10, 2005	0.70

The correlation between VWO and FDGRX has been stable across timeframes, ranging from 0.61 to 0.71 - a consistent structural relationship.

VWO vs. FDGRX - Sectors Allocation Comparison

Sectors	VWO	FDGRX
Technology	29.6%	53.5%
Financial Services	19.5%	3.0%
Consumer Cyclical	10.7%	11.5%
Industrials	8.0%	2.7%
Basic Materials	8.0%	0.6%
Communication Services	7.1%	14.1%
Energy	4.6%	0.5%
Healthcare	3.9%	11.3%
Consumer Defensive	3.7%	2.6%
Utilities	2.9%	-
Real Estate	2.2%	0.2%

Return for Risk

VWO vs. FDGRX — Risk / Return Rank

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

VWO

VWO Risk / Return Rank: 51
VWO Sharpe Ratio Rank: 51
VWO Sortino Ratio Rank: 50
VWO Omega Ratio Rank: 52
VWO Calmar Ratio Rank: 52
VWO Martin Ratio Rank: 53

FDGRX

FDGRX Risk / Return Rank: 68
FDGRX Sharpe Ratio Rank: 74
FDGRX Sortino Ratio Rank: 54
FDGRX Omega Ratio Rank: 59
FDGRX Calmar Ratio Rank: 81
FDGRX Martin Ratio Rank: 73

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.

VWO vs. FDGRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets ETF (VWO) and Fidelity Growth Company Fund (FDGRX). 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.

	VWO	FDGRX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.34	-0.68
Sortino ratio: Return per unit of downside risk	2.31	2.90	-0.59
Omega ratio: Gain probability vs. loss probability	1.31	1.40	-0.09
Calmar ratio: Return relative to maximum drawdown	2.46	3.60	-1.14
Martin ratio: Return relative to average drawdown	8.67	13.24	-4.57

VWO vs. FDGRX - Sharpe Ratio Comparison

The current VWO Sharpe Ratio is 1.66, which is comparable to the FDGRX Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of VWO and FDGRX, 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

VWO vs. FDGRX - Drawdown Comparison

The maximum VWO drawdown since its inception was -67.68%, smaller than the maximum FDGRX drawdown of -71.62%. Use the drawdown chart below to compare losses from any high point for VWO and FDGRX.

Drawdown Indicators

	VWO	FDGRX	Difference
Max Drawdown Largest peak-to-trough decline	-67.68%	-71.62%	+3.94%
Max Drawdown (1Y) Largest decline over 1 year	-11.17%	-12.60%	+1.43%
Max Drawdown (3Y) Largest decline over 3 years	-17.37%	-26.19%	+8.82%
Max Drawdown (5Y) Largest decline over 5 years	-32.60%	-40.25%	+7.65%
Max Drawdown (10Y) Largest decline over 10 years	-36.39%	-40.25%	+3.86%
Current Drawdown Current decline from peak	-2.26%	-1.17%	-1.09%
Average Drawdown Average peak-to-trough decline	-15.80%	-15.89%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	3.42%	-0.26%

Volatility

VWO vs. FDGRX - Volatility Comparison

The current volatility for Vanguard FTSE Emerging Markets ETF (VWO) is 6.59%, while Fidelity Growth Company Fund (FDGRX) has a volatility of 7.29%. This indicates that VWO experiences smaller price fluctuations and is considered to be less risky than FDGRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWO	FDGRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.59%	7.29%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	14.21%	15.82%	-1.61%
Volatility (1Y) Calculated over the trailing 1-year period	16.63%	19.47%	-2.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.51%	24.09%	-6.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.24%	23.47%	-4.23%

VWO vs. FDGRX - Expense Ratio Comparison

VWO has a 0.08% expense ratio, which is lower than FDGRX's 0.52% expense ratio.

Dividends

VWO vs. FDGRX - Dividend Comparison

VWO's dividend yield for the trailing twelve months is around 2.43%, while FDGRX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDGRX Fidelity Growth Company Fund	0.00%	0.00%	8.86%	3.83%	7.20%	10.67%	8.86%	3.84%	6.38%	4.73%	6.16%	3.92%
VWO Vanguard FTSE Emerging Markets ETF	2.43%	2.79%	3.20%	3.52%	4.11%	2.63%	1.91%	3.23%	2.88%	2.30%	2.52%	3.26%

Frequently Asked Questions

Can I hold both VWO and FDGRX in my portfolio?

VWO and FDGRX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWO or FDGRX?

FDGRX has higher volatility (7.29%) compared to VWO (6.59%). In terms of maximum drawdown, VWO dropped -67.68% vs FDGRX's -71.62%.

Which has better risk-adjusted returns?

FDGRX currently has the higher Sharpe Ratio (2.34 vs 1.66), 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.