AZMIX vs. FERGX

Last updated Jun 26, 2026

AZMIX (Virtus NFJ Emerging Markets Value Fund) and FERGX (Fidelity SAI Emerging Markets Index Fund) are both Emerging Markets Diversified funds. Over the past 5 years, AZMIX returned 4.00%/yr vs 6.79%/yr for FERGX. Their correlation of 0.89 suggests significant overlap in exposure. AZMIX charges 0.89%/yr vs 0.07%/yr for FERGX.

Performance

AZMIX vs. FERGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus NFJ Emerging Markets Value Fund (AZMIX) and Fidelity SAI Emerging Markets Index Fund (FERGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with AZMIX having a 23.18% return and FERGX slightly higher at 24.06%.

AZMIX

• 1D: 0.24%
• 1M: 1.57%
• YTD: 23.18%
• 6M: 23.31%
• 1Y: 41.12%
• 3Y*: 18.16%
• 5Y*: 4.00%
• 10Y*: 8.96%

FERGX

• 1D: 0.55%
• 1M: -0.27%
• YTD: 24.06%
• 6M: 25.06%
• 1Y: 44.11%
• 3Y*: 22.83%
• 5Y*: 6.79%
• 10Y*: —

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

AZMIX vs. FERGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AZMIX Virtus NFJ Emerging Markets Value Fund	23.18%	33.20%	0.98%	7.15%	-27.76%	2.53%	22.61%	21.90%	-19.63%	36.72%
FERGX Fidelity SAI Emerging Markets Index Fund	24.06%	33.86%	6.59%	9.41%	-20.19%	-3.05%	17.46%	18.22%	-14.52%	33.62%

Correlation

The correlation between AZMIX and FERGX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.89

The correlation between AZMIX and FERGX shifts across timeframes, from 0.78 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AZMIX vs. FERGX — Risk / Return Rank

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

AZMIX

AZMIX Risk / Return Rank: 70
AZMIX Sharpe Ratio Rank: 70
AZMIX Sortino Ratio Rank: 55
AZMIX Omega Ratio Rank: 72
AZMIX Calmar Ratio Rank: 84
AZMIX Martin Ratio Rank: 69

FERGX

FERGX Risk / Return Rank: 76
FERGX Sharpe Ratio Rank: 77
FERGX Sortino Ratio Rank: 64
FERGX Omega Ratio Rank: 78
FERGX Calmar Ratio Rank: 83
FERGX Martin Ratio Rank: 80

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.

AZMIX vs. FERGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus NFJ Emerging Markets Value Fund (AZMIX) and Fidelity SAI Emerging Markets Index Fund (FERGX). 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.

	AZMIX	FERGX	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.17	-0.16
Sortino ratio: Return per unit of downside risk	2.52	2.74	-0.22
Omega ratio: Gain probability vs. loss probability	1.39	1.42	-0.04
Calmar ratio: Return relative to maximum drawdown	3.41	3.37	+0.04
Martin ratio: Return relative to average drawdown	11.02	12.53	-1.50

AZMIX vs. FERGX - Sharpe Ratio Comparison

The current AZMIX Sharpe Ratio is 2.01, which is comparable to the FERGX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of AZMIX and FERGX, 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

AZMIX vs. FERGX - Drawdown Comparison

The maximum AZMIX drawdown since its inception was -44.57%, which is greater than FERGX's maximum drawdown of -39.27%. Use the drawdown chart below to compare losses from any high point for AZMIX and FERGX.

Drawdown Indicators

	AZMIX	FERGX	Difference
Max Drawdown Largest peak-to-trough decline	-44.57%	-39.27%	-5.30%
Max Drawdown (1Y) Largest decline over 1 year	-12.58%	-13.32%	+0.74%
Max Drawdown (3Y) Largest decline over 3 years	-17.91%	-16.20%	-1.71%
Max Drawdown (5Y) Largest decline over 5 years	-43.05%	-36.97%	-6.08%
Max Drawdown (10Y) Largest decline over 10 years	-44.57%	—	—
Current Drawdown Current decline from peak	-3.94%	-4.37%	+0.43%
Average Drawdown Average peak-to-trough decline	-14.20%	-14.26%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	3.57%	+0.31%

Volatility

AZMIX vs. FERGX - Volatility Comparison

Virtus NFJ Emerging Markets Value Fund (AZMIX) and Fidelity SAI Emerging Markets Index Fund (FERGX) have volatilities of 11.90% and 12.04%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AZMIX	FERGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.90%	12.04%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	18.72%	18.90%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	21.49%	20.81%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.08%	17.90%	+2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.70%	18.28%	+0.42%

AZMIX vs. FERGX - Expense Ratio Comparison

AZMIX has a 0.89% expense ratio, which is higher than FERGX's 0.08% expense ratio.

Dividends

AZMIX vs. FERGX - Dividend Comparison

AZMIX's dividend yield for the trailing twelve months is around 2.56%, more than FERGX's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AZMIX Virtus NFJ Emerging Markets Value Fund	2.56%	3.15%	1.57%	1.80%	2.08%	0.57%	1.68%	2.96%	3.07%	1.70%	2.41%	3.62%
FERGX Fidelity SAI Emerging Markets Index Fund	2.15%	2.67%	2.40%	2.67%	2.51%	2.90%	1.49%	2.49%	2.58%	0.58%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AZMIX and FERGX in my portfolio?

AZMIX and FERGX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AZMIX or FERGX?

FERGX has higher volatility (12.04%) compared to AZMIX (11.90%). In terms of maximum drawdown, AZMIX dropped -44.57% vs FERGX's -39.27%.

Which has better risk-adjusted returns?

FERGX currently has the higher Sharpe Ratio (2.17 vs 2.01), 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.