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Fidelity versus Vanguard: Comparing the Performance of the Two Largest Mutual Fund Families

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  • Tower, Edward
  • Zheng, Wei

Abstract

This paper compares the risk and return of investing in equity mutual funds provided by the world's two largest mutual fund families: Fidelity and Vanguard over a long horizon. We believe this will help guide investors; this study is an example of the calculations that mutual fund companies should facilitate by being required to provide accurate, accessible and free data. Over the entire period 1977 through 2003 both Fidelity's (no load) and Vanguard's diversified U.S. funds out returned the Wilshire 5000 index; Fidelity's portfolio out returned Vanguard's portfolio by 0.62 % per year but under returned it by 0.39 % when risk adjusted.

Suggested Citation

  • Tower, Edward & Zheng, Wei, 2004. "Fidelity versus Vanguard: Comparing the Performance of the Two Largest Mutual Fund Families," Working Papers 04-08, Duke University, Department of Economics.
    • Handle: RePEc:duk:dukeec:04-08
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    JEL classification:

    • G - Financial Economics
    • G2 - Financial Economics - - Financial Institutions and Services

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