Evidence and analysis
This post compares two portfolios constructed with HKD 20,000 allocated to each constituent:
- Vanguard ETF Portfolio — All available Vanguard ETFs on the Hong Kong authorised list
- Fidelity Fund Portfolio — The closest equivalent Fidelity fund for each Vanguard ETF
Both portfolios are evaluated on cost, diversification, return characteristics, and portfolio construction philosophy.
Portfolio Construction
Fidelity Fund Portfolio (79 Funds)
Each of the 79 Fidelity funds on the site receives HKD 20,000 for a total of HKD 1,580,000. The portfolio is equal-weight across all available funds. The full list is in the Appendix below.
Vanguard ETF Portfolio (Aggregated from Mapping)
Each Fidelity fund maps to its closest Vanguard equivalent. When multiple Fidelity funds map to the same Vanguard ETF, the allocation is aggregated. The result is a 32-position Vanguard portfolio where each position’s weight reflects how many Fidelity funds correspond to it.
| # | Ticker | Vanguard ETF / Fund | Fidelity Funds Mapped | Allocation (HKD) | Weight |
|---|---|---|---|---|---|
| 1 | VWO | FTSE Emerging Markets ETF | 13 | 260,000 | 16.5% |
| 2 | VGK | FTSE Europe ETF | 11 | 220,000 | 13.9% |
| 3 | VPL | FTSE Pacific ETF | 6 | 120,000 | 7.6% |
| 4 | VWOB | EM Government Bond ETF | 6 | 120,000 | 7.6% |
| 5 | VT | Total World Stock ETF | 5 | 100,000 | 6.3% |
| 6 | BNDX | Total International Bond ETF | 4 | 80,000 | 5.1% |
| 7 | VJP | FTSE Japan ETF | 3 | 60,000 | 3.8% |
| 8 | BND | Total Bond Market ETF | 3 | 60,000 | 3.8% |
| 9 | VIGI | Intl Dividend Appreciation ETF | 2 | 40,000 | 2.5% |
| 10 | VASGX | LifeStrategy Growth Fund | 2 | 40,000 | 2.5% |
| 11 | VGT | Information Technology ETF | 2 | 40,000 | 2.5% |
| 12 | VSS | FTSE All-World ex-US Small-Cap | 2 | 40,000 | 2.5% |
| 13–32 | (Various) | 1 fund each | 1 each | 20,000 each | 1.3% each |
| Total | 32 positions | 79 | HKD 1,580,000 | 100% |
Note: 2 Fidelity funds (Euro Cash Fund, Water & Waste Fund) have no direct Vanguard equivalent and are excluded from the Vanguard portfolio.
Weighted Average Expense Ratio:
- Vanguard Portfolio: ~0.06–0.12% (weighted by allocation; bond/Europe ETFs at low end, specialty ETFs at high end)
- Fidelity Portfolio: ~1.00–1.20% (estimated weighted average across 79 funds)
Cost Comparison
The most significant difference between these two portfolios is the cost structure:
| Cost Factor | Vanguard ETF Portfolio | Fidelity Fund Portfolio |
|---|---|---|
| Weighted Avg Expense Ratio | ~0.08% (est.) | ~1.10% (est.) |
| Annual Cost (HKD 1,580,000) | ~HKD 1,264 | ~HKD 17,380 |
| 10-Year Cost (HKD 1,580,000) | ~HKD 13,200 | ~HKD 181,500 |
| 20-Year Cost (HKD 1,580,000, 7% growth) | ~HKD 32,700 | ~HKD 446,000 |
| Platform / Custody Fees | Broker-dependent | Usually waived via Fidelity platform |
| Transaction Costs | Commission per trade | Typically nil (direct subscription) |
Note: Vanguard ETFs are listed on US exchanges (NYSE/NASDAQ) and require a brokerage account with international trading capability. Fidelity funds can be subscribed directly through Fidelity’s HK platform without brokerage commission.
The Fee Differential
At HKD 16,116/year more for the Fidelity portfolio:
- Over 10 years, the cost gap alone is ~HKD 168,300 — this is money that could have been compounding
- At a 7% annualised return, that HKD 168,300 in lost fees would have grown to ~HKD 330,000 over 20 years
- The Vanguard portfolio’s 0.08% weighted fee is approximately 14× cheaper than the Fidelity portfolio’s estimated 1.10%
Portfolio Overlap Analysis
Both portfolios have significant overlap in their underlying holdings because the Fidelity funds and Vanguard ETFs invest in similar markets.
Overlap by Market
| Market Exposure | Vanguard Source | Fidelity Source |
|---|---|---|
| US Large-Cap | VOO (direct), VTI (via total market) | US Equity Fund |
| US Total Market | VTI | America Fund |
| International Developed | VXUS, VEA | World Fund, Global Focus Fund |
| Emerging Markets | VXUS (partial) | Global Focus Fund (partial) |
| Real Estate | VNQ | Global Multi Asset Income Fund (partial) |
| Technology | VGT | Global Technology Fund |
| Fixed Income | VGSH, VCSH | US Dollar Bond Fund, Strategic Bond Fund |
Key Differences
| Aspect | Vanguard Portfolio | Fidelity Portfolio |
|---|---|---|
| Total holdings | ~4,500+ stocks + ~2,000+ bonds | ~500–1,000 stocks (estimated) |
| Rebalancing | Must be done manually | Fund manager handles (within mandates) |
| Dividend treatment | Cash dividends (reinvest manually) | Can accumulate (ACC share classes) |
| Currency risk | USD-denominated (FX cost to convert) | Multi-currency share classes available |
| Minimum investment | 1 share per ETF (~HKD 4,000–5,500) | Typically HKD 1,000–20,000 per fund |
Risk & Return Characteristics
Vanguard ETF Portfolio
| Metric | Estimated Value |
|---|---|
| Expected Annualised Return | ~7–9% (long-term, equity-weighted) |
| Expected Volatility (Std Dev) | ~12–15% |
| Bond Allocation | ~22% (2 of 9 holdings) |
| Equity Allocation | ~78% (7 of 9 holdings) |
| Dividend Yield | ~1.8–2.2% |
| Rebalancing Benefit | Tactical (investor-driven) |
Fidelity Fund Portfolio
| Metric | Estimated Value |
|---|---|
| Expected Annualised Return | ~6–8% (after fees) |
| Expected Volatility (Std Dev) | ~10–14% |
| Bond Allocation | ~22% (2 of 9 holdings) |
| Equity Allocation | ~78% (7 of 9 holdings) |
| Active Management Impact | Manager skill can add 0.5–2% alpha before fees |
| Rebalancing Benefit | Automatic (within fund) |
Return Drag From Fees
| Scenario | Vanguard Portfolio | Fidelity Portfolio | Difference |
|---|---|---|---|
| Gross Return (7% assumed) | 7.00% | 7.00% | 0.00% |
| Fees | −0.08% | −1.10% | |
| Net Return | 6.92% | 5.90% | |
| Final Value (HKD 1.58M, 20 years) | ~HKD 6,059,000 | ~HKD 4,960,000 |
The 1.02% annual fee gap compounds to a ~22% difference in terminal wealth over 20 years. This is the single most important factor in this comparison. With a portfolio this large (79 positions), fee savings scale dramatically.
Which Fund Matches Which ETF (Detailed)
VOO → US Equity Fund
| Aspect | VOO (Vanguard S&P 500 ETF) | Fidelity US Equity Fund |
|---|---|---|
| Strategy | Passive index tracking | Active stock selection |
| Benchmark | S&P 500 Index | S&P 500 Index |
| Fee | 0.03% | ~0.80–1.00% |
| Holdings | ~503 stocks | ~50–80 stocks (active picks) |
| Tracking | Exact index replication | Benchmark-relative |
VTI → America Fund
| Aspect | VTI (Vanguard Total Stock Market) | Fidelity America Fund |
|---|---|---|
| Strategy | Passive (CRSP US Total Market) | Active US equity |
| Fee | 0.03% | ~1.00% |
| Coverage | ~3,800 US stocks | ~60–100 active positions |
VXUS → World Fund
| Aspect | VXUS (Vanguard Total International) | Fidelity World Fund |
|---|---|---|
| Strategy | Passive (FTSE Global ex-US) | Active global equity |
| Fee | 0.07% | ~1.00% |
| Coverage | ~7,900 stocks globally | ~80–120 positions |
VT → Global Focus Fund
| Aspect | VT (Vanguard Total World) | Fidelity Global Focus Fund |
|---|---|---|
| Strategy | Passive (FTSE Global All Cap) | Active concentrated global |
| Fee | 0.07% | ~1.00% |
| Coverage | ~9,800 stocks globally | ~40–60 concentrated positions |
VNQ → Global Multi Asset Income Fund
| Aspect | VNQ (Vanguard Real Estate) | Fidelity Global Multi Asset Income |
|---|---|---|
| Strategy | Passive US REIT index | Active multi-asset income |
| Fee | 0.12% | ~1.00% |
| Coverage | ~170 US REITs | Global bonds, equities, REITs |
VYM → Global Dividend Fund
| Aspect | VYM (Vanguard High Dividend Yield) | Fidelity Global Dividend Fund |
|---|---|---|
| Strategy | Passive dividend yield index | Active global dividend stocks |
| Fee | 0.06% | ~0.90% |
| Coverage | ~400 US high-dividend stocks | ~60–80 global dividend stocks |
VGT → Global Technology Fund
| Aspect | VGT (Vanguard Information Technology) | Fidelity Global Technology Fund |
|---|---|---|
| Strategy | Passive (MSCI US IMI Info Tech) | Active global technology |
| Fee | 0.10% | ~0.90–1.00% |
| Coverage | ~320 US tech stocks | ~50–70 global tech stocks |
VGSH → US Dollar Bond Fund
| Aspect | VGSH (Vanguard Short-Term Treasury) | Fidelity US Dollar Bond Fund |
|---|---|---|
| Strategy | Passive short-term US Treasury | Active USD bond |
| Fee | 0.04% | ~0.70–0.80% |
| Duration | 1–3 years | Varies (manager discretion) |
| Credit Risk | US government (risk-free) | Investment grade + higher |
VCSH → Strategic Bond Fund
| Aspect | VCSH (Vanguard Short-Term Corp Bond) | Fidelity Strategic Bond Fund |
|---|---|---|
| Strategy | Passive short-term corp bond index | Active multi-sector bond |
| Fee | 0.04% | ~0.80% |
| Credit Risk | Investment grade corporate | IG + high yield + global |
Portfolio-Level Comparison
| Metric | Vanguard ETF Portfolio | Fidelity Fund Portfolio | Advantage |
|---|---|---|---|
| Annual Cost (HKD 1.58M) | ~HKD 1,264 | ~HKD 17,380 | |
| Net Return (7% gross, 20yr) | ~6.92% annualised | ~5.90% annualised | |
| Terminal Value (20yr) | ~HKD 6,059,000 | ~HKD 4,960,000 | |
| Number of Holdings | 32 ETFs | 79 funds | |
| Diversification | 10,000+ securities | ~1,500+ securities (est.) | |
| Active Management | None (passive only) | Fund manager discretion | Fidelity (potential alpha) |
| Currency Flexibility | USD only (FX cost) | HKD, USD, EUR share classes | Fidelity |
| Platform Convenience | Brokerage account needed | Direct subscription | Fidelity |
| Minimum Investment | ~HKD 4,000–5,500 per ETF | Varies (HKD 1,000–20,000) | Fidelity (can be lower) |
| Dividend Handling | Manual reinvestment | Automatic accumulation | Fidelity |
When Vanguard Wins
The Vanguard ETF portfolio is the clear winner when:
- You have a long time horizon (10+ years) — the fee compounding advantage is massive
- You believe markets are efficient — passive index tracking is optimal
- You can manage FX and brokerage — you have a USD-capable brokerage account
- You prefer full transparency — Vanguard publishes holdings daily
- Tax efficiency matters — US-domiciled ETFs have lower dividend tax leakage in some structures
When Fidelity Wins
The Fidelity fund portfolio is preferable when:
- You want automatic rebalancing — fund managers handle asset allocation within mandates
- You need HKD-denominated share classes — no FX cost on subscription/redemption
- You value fund manager expertise — active managers can add alpha in less efficient markets
- Platform simplicity matters — direct subscription without brokerage account
- You make regular small contributions — no need to buy full ETF shares
Hybrid Approach
A practical middle ground could be:
| Allocation | Vehicle | Rationale |
|---|---|---|
| 40% Core US Equity | VOO (0.03%) | Cheapest S&P 500 exposure |
| 20% International Equity | VXUS (0.07%) | Low-cost global diversification |
| 20% Fidelity Active Funds | Select 3–4 funds (e.g., Global Technology, Global Dividend) | Targeted alpha + regional expertise |
| 20% Bonds | VGSH + VCSH (0.04% each) | Low-cost fixed income |
This hybrid retains the cost advantage of ETFs for core holdings while using Fidelity funds for active management in specific sectors where manager skill can add value.
Conclusion
| Portfolio | Annual Cost | 20-Year Cost Impact | Best For |
|---|---|---|---|
| All Vanguard ETFs | ~HKD 1,264/year | Lowest fees, max compounding | Cost-conscious, long-term passive investors |
| All Fidelity Funds | ~HKD 17,380/year | ~HKD 1.1M opportunity cost | Active management believers, platform convenience |
| Hybrid (ETFs + Select Funds) | ~HKD 3,000–8,000/year | Balanced approach | Most practical for most investors |
The Vanguard portfolio delivers ~HKD 1.1 million more in terminal wealth over 20 years purely from the fee differential, assuming identical gross returns — and this advantage grows with larger portfolios. Whether active management can overcome this gap depends on fund manager skill, which is difficult to predict.
Appendix: Complete Fidelity Fund → Vanguard ETF Mapping
The table below maps all 81 Fidelity funds available on the site to their closest Vanguard ETF or fund equivalent. Mappings are based on benchmark index, investment policy, geographic focus, and asset class.
| # | Fidelity Fund | Benchmark | Vanguard Equivalent | Ticker | Rationale |
|---|---|---|---|---|---|
| 1 | America Fund | S&P 500 Index | Vanguard Total Stock Market ETF | VTI | Total US market exposure |
| 2 | ASEAN Fund | MSCI AC ASEAN Index | Vanguard FTSE Pacific ETF | VPL | Southeast Asian equity |
| 3 | Asia Pacific Dividend Fund | MSCI AC Asia Pacific ex Japan Index | Vanguard Intl High Dividend Yield ETF | VYMI | Asia Pacific dividend equity |
| 4 | Asia Pacific Opportunities Fund | MSCI AC Asia Pacific ex Japan Index | Vanguard FTSE Pacific ETF | VPL | Asia Pacific ex-Japan equity |
| 5 | Asia Pacific Strategic Income Fund | None | Vanguard FTSE Pacific ETF | VPL | Asia Pacific ex-Japan equity |
| 6 | Asian Bond Fund | ICE BofA Asia Dollar Investment Grade Index | Vanguard EM Govt Bond ETF | VWOB | Asian investment-grade bonds |
| 7 | Emerging Market Corporate Debt Fund | J.P. Morgan CEMBI Broad Diversified | Vanguard EM Govt Bond ETF | VWOB | Emerging market debt |
| 8 | Europe Equity ESG Fund | MSCI Europe Index | Vanguard FTSE Europe ETF | VGK | European equity ESG |
| 9 | European Dividend Fund | MSCI Europe Index | Vanguard Intl Dividend Appreciation ETF | VIGI | European dividend equity |
| 10 | FIRST All Country World Fund | MSCI ACWI Index | Vanguard Total World Stock ETF | VT | MSCI ACWI benchmark |
| 11 | Global Consumer Brands Fund | MSCI ACWI Index | Vanguard Consumer Staples ETF | VDC | Global consumer brands |
| 12 | Global Dividend Fund | MSCI ACWI Index | Vanguard Intl Dividend Appreciation ETF | VIGI | Global dividend growth |
| 13 | Global Dividend Plus Fund | MSCI ACWI Index | Vanguard High Dividend Yield ETF | VYM | Global high dividend yield |
| 14 | Global Focus Fund | MSCI ACWI Index | Vanguard Total World Stock ETF | VT | Concentrated ACWI equity |
| 15 | Global Healthcare Fund | MSCI AC World Health Care Index | Vanguard Health Care ETF | VHT | Global healthcare equity |
| 16 | Global Income Fund | None | Vanguard Global ex-US Real Estate ETF | VNQI | Global income-oriented |
| 17 | Global Multi Asset Dynamic Fund | 75% MSCI ACWI / 25% Bloomberg Global Agg | Vanguard LifeStrategy Growth Fund | VASGX | Multi-asset 75/25 |
| 18 | Global Short Duration Income Fund | None | Vanguard Short-Term Bond ETF | BSV | Short-duration global income |
| 19 | Global Technology Fund | MSCI AC World Info Tech Index | Vanguard Information Technology ETF | VGT | Global technology equity |
| 20 | Global Thematic Opportunities Fund | MSCI ACWI Index | Vanguard Total World Stock ETF | VT | Global thematic opportunities |
| 21 | Japan Equity ESG Fund | TOPIX Index | Vanguard FTSE Japan ETF | VJP | Japanese ESG equity |
| 22 | Japan Value Fund | TOPIX Index | Vanguard FTSE Japan ETF | VJP | Japanese value equity |
| 23 | Pacific Fund | MSCI AC Pacific Index | Vanguard FTSE Pacific ETF | VPL | Pacific region equity |
| 24 | World Fund | MSCI World Index | Vanguard Total World Stock ETF | VT | MSCI World benchmark |
| 25 | Euro Cash Fund | None | — | — | EUR cash (no Vanguard equivalent) |
| 26 | UK Special Situations Fund | FTSE All Share Index | Vanguard FTSE All-World ex-US ETF | VEU | UK equity |
| 27 | US Dollar Cash Fund | None | Vanguard Federal Money Market Fund | VMFXX | USD money market |
| 28 | Euro Bond Fund | ICE BofA Euro Large Cap Index | Vanguard Total International Bond ETF | BNDX | Euro-denominated bonds |
| 29 | US Dollar Bond Fund | ICE BofA Custom USD Aggregate | Vanguard Total Bond Market ETF | BND | USD-denominated bonds |
| 30 | Asian High Yield Fund | J.P. Morgan Asia Credit Non-IG Index | Vanguard EM Govt Bond ETF | VWOB | Asian high-yield bonds |
| 31 | Nordic Fund | VINX All-Share Index | Vanguard FTSE Europe ETF | VGK | Nordic equity |
| 32 | Emerging Market Debt Fund | J.P. Morgan EMBI Global Diversified | Vanguard EM Govt Bond ETF | VWOB | Emerging market debt |
| 33 | Global Inflation-linked Bond Fund | Bloomberg World Govt Inflation-Linked 1-10yr | Vanguard Short-Term TIPS ETF | VTIP | Global inflation-linked bonds |
| 34 | US High Yield Fund | ICE BofA US High Yield Constrained Index | Vanguard High-Yield Corporate Fund | VWEHX | US high-yield bonds |
| 35 | Global Industrials Fund | MSCI AC World Industrials + Materials + Energy | Vanguard Industrials ETF | VIS | Industrials/materials/energy |
| 36 | China Focus Fund | MSCI China Capped 10% Index | Vanguard FTSE Emerging Markets ETF | VWO | China equity |
| 37 | Euro 50 Index Fund | Solactive Euro 50 Index | Vanguard FTSE Europe ETF | VGK | Eurozone 50 index |
| 38 | Global Bond Fund | Bloomberg Global Aggregate Bond Index | Vanguard Total International Bond ETF | BNDX | Global aggregate bonds |
| 39 | European Larger Companies Fund | MSCI Europe Index | Vanguard FTSE Europe ETF | VGK | European large-cap equity |
| 40 | Iberia Fund | 80% IBEX35 / 20% PSI20 | Vanguard FTSE Europe ETF | VGK | Iberian equity |
| 41 | Asian Smaller Companies Fund | MSCI AC Asia Pacific ex Japan Small Cap | Vanguard FTSE All-World ex-US Small-Cap | VSS | Asia ex-Japan small-cap |
| 42 | Emerging Asia Fund | MSCI Emerging Markets Asia Index | Vanguard FTSE Emerging Markets ETF | VWO | Emerging markets equity |
| 43 | Global Bond Fund | Bloomberg Global Aggregate Bond Index | Vanguard Total International Bond ETF | BNDX | Global aggregate bonds |
| 44 | India Focus Fund | MSCI India Capped 8% Index | Vanguard FTSE Emerging Markets ETF | VWO | India equity |
| 45 | Fidelity Target 2025 Fund | Target-date | Vanguard Target Retirement 2025 | VTTVX | Target-date 2025 |
| 46 | Fidelity Target 2030 Fund | Target-date | Vanguard Target Retirement 2030 | VTHRX | Target-date 2030 |
| 47 | Technology Opportunities Fund | MSCI ACWI Info Tech + NASDAQ-100 | Vanguard Information Technology ETF | VGT | Global technology equity |
| 48 | Emerging Europe, Middle East and Africa Fund | MSCI Emerging EMEA Capped 5% Index | Vanguard FTSE Emerging Markets ETF | VWO | Emerging markets equity |
| 49 | European Multi Asset Income Fund | None | Vanguard LifeStrategy Conservative Growth | VSCGX | Multi-asset income |
| 50 | Global Financial Services Fund | MSCI AC World Financials Index | Vanguard Financials ETF | VFH | Global financial services |
| 51 | Germany Fund | N/A | Vanguard FTSE Europe ETF | VGK | German equity |
| 52 | Italy Fund | N/A | Vanguard FTSE Europe ETF | VGK | Italian equity |
| 53 | European Dynamic Growth Fund | N/A | Vanguard FTSE Europe ETF | VGK | European dynamic equity |
| 54 | European Smaller Companies Fund | MSCI Europe Small Cap Index | Vanguard FTSE All-World ex-US Small-Cap | VSS | European small-cap equity |
| 55 | Global Demographics Fund | N/A | Vanguard Total World Stock ETF | VT | Global demographic trends |
| 56 | Switzerland Fund | MSCI Switzerland IMI Index | Vanguard FTSE Europe ETF | VGK | Swiss equity |
| 57 | Asia Equity ESG Fund | MSCI AC Asia ex Japan Index | Vanguard FTSE Pacific ETF | VPL | Asia ex-Japan ESG equity |
| 58 | Asian Special Situations Fund | MSCI AC Asia ex Japan Index | Vanguard FTSE Pacific ETF | VPL | Asian special situations |
| 59 | China Consumer Fund | MSCI China Index | Vanguard FTSE Emerging Markets ETF | VWO | China equity |
| 60 | China High Yield Fund | ICE BofA Asian Dollar High Yield Corporate China | Vanguard EM Govt Bond ETF | VWOB | China high-yield bonds |
| 61 | China Innovation Fund | MSCI China All Share Index | Vanguard FTSE Emerging Markets ETF | VWO | China equity |
| 62 | China RMB Bond Fund | None | Vanguard EM Govt Bond ETF | VWOB | China RMB bonds |
| 63 | Emerging Markets Equity ESG Fund | MSCI Emerging Markets Index | Vanguard FTSE Emerging Markets ETF | VWO | Emerging markets ESG equity |
| 64 | Emerging Markets Fund | MSCI Emerging Markets Index | Vanguard FTSE Emerging Markets ETF | VWO | Emerging markets equity |
| 65 | European Growth Fund | MSCI Europe Index | Vanguard FTSE Europe ETF | VGK | European growth equity |
| 66 | European High Yield Fund | ICE BofA Global High Yield European Issuers | Vanguard International High Yield Bond | BNDX | European high-yield bonds |
| 67 | Flexible Bond Fund | ICE BofA Custom Blend | Vanguard Total Bond Market ETF | BND | Flexible multi-sector bonds |
| 68 | Global Multi Asset Growth & Income Fund | None | Vanguard LifeStrategy Growth Fund | VASGX | Growth multi-asset |
| 69 | Global Multi Asset Income Fund | None | Vanguard LifeStrategy Income Fund | VASIX | Income multi-asset |
| 70 | Global Multiple Opportunities Fund | None | Vanguard LifeStrategy Moderate Growth | VSMGX | Multi-strategy global |
| 71 | Global Value Fund | MSCI ACWI Value Index | Vanguard Value ETF | VTV | Global value equity |
| 72 | Greater China Fund | MSCI Golden Dragon 10/40 Index | Vanguard FTSE Emerging Markets ETF | VWO | Greater China equity |
| 73 | Indonesia Fund | MSCI Indonesia IMI Capped 8% | Vanguard FTSE Emerging Markets ETF | VWO | Indonesia equity |
| 74 | Institutional Emerging Markets Equity Fund | MSCI Emerging Markets Index | Vanguard FTSE Emerging Markets ETF | VWO | Emerging markets (institutional) |
| 75 | Japan Growth Fund | TOPIX Index | Vanguard FTSE Japan ETF | VJP | Japanese growth equity |
| 76 | Latin America Fund | MSCI EM Latin America Index | Vanguard FTSE Emerging Markets ETF | VWO | Latin American equity |
| 77 | Strategic Bond Fund | Bloomberg Global Aggregate Bond Index | Vanguard Total Bond Market ETF | BND | Multi-sector strategic bond |
| 78 | Sustainable Eurozone Equity Fund | MSCI EMU Index | Vanguard FTSE Europe ETF | VGK | Eurozone sustainable equity |
| 79 | Thailand Fund | Solactive GBS Thailand Index | Vanguard FTSE Emerging Markets ETF | VWO | Thailand equity |
| 80 | US Equity Fund | S&P 500 Index | Vanguard S&P 500 ETF | VOO | S&P 500 benchmark |
| 81 | Water & Waste Fund | MSCI ACWI IMI Water Filtered Index | — | — | Thematic (no direct Vanguard equivalent) |
Mapping Notes
- VTI (Vanguard Total Stock Market) covers the full US market including small-, mid-, and large-cap — the closest passive equivalent to Fidelity’s actively managed America Fund.
- VT (Vanguard Total World) is the broadest global equity ETF and maps to multiple Fidelity global funds (World, Global Focus, Global Thematic, Global Demographics, FIRST All Country World).
- VWO (Vanguard FTSE Emerging Markets) is the primary emerging markets proxy, mapping to 12+ Fidelity funds with emerging markets, China, and individual country focus.
- VGK (Vanguard FTSE Europe) maps to 10+ European-focused Fidelity funds since the site does not have individual country-level Vanguard ETFs (a single Europe ETF is the closest practical equivalent).
- VWOB (Vanguard Emerging Markets Government Bond ETF) serves as the closest proxy for Asian and emerging-market bond funds, though credit profiles differ.
- Target-date funds (VTTVX, VTHRX) map directly to Fidelity Target series.
- Where no Vanguard equivalent exists, the table marks — (Euro Cash Fund has no EUR-denominated Vanguard product; Water & Waste Fund is a thematic strategy without index-based equivalent).
Recommendation: Use Vanguard ETFs as the core (70–80% of portfolio) for their cost efficiency, and selectively add Fidelity funds for targeted active exposure in sectors or regions where alpha generation is more likely (e.g., emerging markets, technology, or small-cap).
This is an analytical comparison for educational purposes. Past performance does not guarantee future results. Consider your investment horizon, risk tolerance, and tax situation before choosing between ETFs and mutual funds. Expense ratios for Fidelity funds are estimates based on publicly available information; actual fees may vary by share class and platform.
VanguardFidelityETFMutual FundPortfolioCost ComparisonIndex Investing