AZMIX vs. FPADX

Last updated Aug 4, 2026

AZMIX (Virtus NFJ Emerging Markets Value Fund) and FPADX (Fidelity Emerging Markets Index Fund) are both Emerging Markets Equities funds. Over the past 10 years, AZMIX returned 7.31%/yr vs 8.62%/yr for FPADX. Their correlation of 0.90 means they have usually moved in the same direction. AZMIX charges 0.89%/yr vs 0.07%/yr for FPADX.

Performance

AZMIX vs. FPADX - Performance Comparison

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

Returns By Period

In the year-to-date period, AZMIX achieves a 15.92% return, which is significantly lower than FPADX's 18.42% return. Over the past 10 years, AZMIX has underperformed FPADX with an annualized return of 7.31%, while FPADX has yielded a comparatively higher 8.62% annualized return.

AZMIX

• 1D: 3.95%
• 1M: -3.06%
• 6M: 7.98%
• YTD: 15.92%
• 1Y: 34.14%
• 3Y*: 13.64%
• 5Y*: 3.87%
• 10Y*: 7.31%
• ALL TIME*: 5.73%

FPADX

• 1D: 1.63%
• 1M: -1.88%
• 6M: 9.46%
• YTD: 18.42%
• 1Y: 36.51%
• 3Y*: 18.76%
• 5Y*: 7.50%
• 10Y*: 8.62%
• ALL TIME*: 5.71%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AZMIX Virtus NFJ Emerging Markets Value Fund	$0.00	$0.00	$0.00
FPADX Fidelity Emerging Markets Index Fund	$0.00	$0.00	$0.00

AZMIX vs. FPADX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AZMIX Virtus NFJ Emerging Markets Value Fund	15.92%	33.20%	0.98%	7.15%	-27.76%	2.53%	22.61%	21.90%	-19.63%	36.72%
FPADX Fidelity Emerging Markets Index Fund	18.42%	33.90%	6.80%	9.51%	-20.06%	-3.07%	17.84%	18.28%	-14.65%	35.16%

Correlation

The correlation between AZMIX and FPADX is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Dec 24, 2012	0.90

The correlation between AZMIX and FPADX has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.

Return for Risk

AZMIX vs. FPADX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AZMIX

AZMIX Risk / Return Rank: 44
AZMIX Sharpe Ratio Rank: 43
AZMIX Sortino Ratio Rank: 37
AZMIX Omega Ratio Rank: 46
AZMIX Calmar Ratio Rank: 51
AZMIX Martin Ratio Rank: 44

FPADX

FPADX Risk / Return Rank: 61
FPADX Sharpe Ratio Rank: 58
FPADX Sortino Ratio Rank: 49
FPADX Omega Ratio Rank: 63
FPADX Calmar Ratio Rank: 76
FPADX Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AZMIX vs. FPADX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus NFJ Emerging Markets Value Fund (AZMIX) and Fidelity Emerging Markets Index Fund (FPADX). 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	FPADX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.55	-0.20
Sortino ratio: Return per unit of downside risk	1.80	2.06	-0.26
Omega ratio: Gain probability vs. loss probability	1.26	1.30	-0.04
Calmar ratio: Return relative to maximum drawdown	2.02	2.56	-0.53
Martin ratio: Return relative to average drawdown	6.70	8.08	-1.38

AZMIX vs. FPADX - Sharpe Ratio Comparison

The current AZMIX Sharpe Ratio is 1.35, which is comparable to the FPADX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of AZMIX and FPADX, 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. FPADX - Drawdown Comparison

The maximum AZMIX drawdown since its inception was -44.57%, which is greater than FPADX's maximum drawdown of -39.16%. Use the drawdown chart below to compare losses from any high point for AZMIX and FPADX.

Drawdown Indicators

	AZMIX	FPADX	Difference
Max Drawdown Largest peak-to-trough decline	-44.57%	-39.16%	-5.41%
Max Drawdown (1Y) Largest decline over 1 year	-16.01%	-13.83%	-2.18%
Max Drawdown (3Y) Largest decline over 3 years	-17.91%	-16.09%	-1.82%
Max Drawdown (5Y) Largest decline over 5 years	-41.33%	-34.43%	-6.90%
Max Drawdown (10Y) Largest decline over 10 years	-44.57%	-39.16%	-5.41%
Current Drawdown Current decline from peak	-9.61%	-8.94%	-0.67%
Average Drawdown Average peak-to-trough decline	-14.15%	-13.18%	-0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.82%	4.37%	+0.45%

Volatility

AZMIX vs. FPADX - Volatility Comparison

Virtus NFJ Emerging Markets Value Fund (AZMIX) has a higher volatility of 10.72% compared to Fidelity Emerging Markets Index Fund (FPADX) at 9.43%. This indicates that AZMIX's price experiences larger fluctuations and is considered to be riskier than FPADX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AZMIX	FPADX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.72%	9.43%	+1.29%
Volatility (6M) Calculated over the trailing 6-month period	21.30%	20.97%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	23.91%	22.76%	+1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.51%	18.13%	+2.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.99%	18.25%	+0.74%

AZMIX vs. FPADX - Expense Ratio Comparison

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

Dividends

AZMIX vs. FPADX - Dividend Comparison

AZMIX's dividend yield for the trailing twelve months is around 2.72%, more than FPADX's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AZMIX Virtus NFJ Emerging Markets Value Fund	2.72%	3.15%	1.57%	1.80%	2.08%	0.57%	1.68%	2.96%	3.07%	1.70%	2.41%	3.62%
FPADX Fidelity Emerging Markets Index Fund	1.99%	2.35%	2.70%	2.68%	2.47%	2.14%	1.50%	2.59%	2.20%	0.12%	1.69%	2.47%

Frequently Asked Questions

Can I hold both AZMIX and FPADX in my portfolio?

AZMIX and FPADX have a correlation of 0.81, 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 FPADX?

AZMIX has higher volatility (10.72%) compared to FPADX (9.43%). In terms of maximum drawdown, AZMIX dropped -44.57% vs FPADX's -39.16%.

Which has better risk-adjusted returns?

FPADX currently has the higher Sharpe Ratio (1.55 vs 1.35), 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.