Mutual funds combine individual stock together and make a package. So they have different levels of risks depending on the type. As an example for Vanguard Target Retirement 2045 Fund :Asset allocation as of 09/30/2017 is 90.01% Stocks 9.97% Bonds 0.02% Short-term reserves. Meaning this fund is very aggressive so has higher risk potential. This would be best suited for people in their 30s who want to retire around 2045-2050, for them short term volatility does not matter, even if market goes down couple years like 2008 it will rebound say 2017 market. As time passes, the allocation will be changed to more bonds and less stocks.
Vanguard vs Fedility chain I cannot answer, but they are very similar in nature. It all depends on who you want to invest your money with. Best way to compare them is the management fees and how much it costs to buy funds and shares. Hope this helped. Here is the fund I used for example:
https://personal.vanguard.com/us/funds/snapshot?FundId=0306&FundIntExt=INT#tab=0