Hands down, "Raw Disks" is direct access to the physical disk and by far the fastest access and disk I/O, known as RDM. The downside is you cannot move the VM to another machine without imaging the physical disk that you mapped to that VM.
But, you asked which is the fastest "Virtual Disk". RDMs are not virtual disks.
And no, you cannot switch between virtual and raw types (unless I am missing an upgrade or something). EDIT: I think there are tools now that let you convert a physical disk to a VMDK. As for converting a VMDK to raw disk, I think you can just copy the contents to the physical drive (as long as it isn't a boot drive), and attach it normally to your VM.
As for which virtual disk is faster? Fixed size is much faster than that dynamic type, which has a cost of expansion. Fixed disk is close to speeds as Raw (as long as you aren't doing sequential writes with a database), but still much faster than dynamic.
Now, if you are asking if it makes a difference to break the files into chunks or have one single large file - there are many discussions on the net that go both ways. Personally, having them split up into multiples I feel increases your host OS' seek time as it must go and find all different files, especially if you defragged your local drive.