CCWSX vs. FSGEX

Last updated Jun 4, 2026

CCWSX (Chautauqua International Growth Fund) and FSGEX (Fidelity Series Global ex U.S. Index Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, CCWSX returned 3.27%/yr vs 9.06%/yr for FSGEX. Their correlation of 0.87 suggests significant overlap in exposure. CCWSX charges 1.05%/yr vs 0.01%/yr for FSGEX.

Performance

CCWSX vs. FSGEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Chautauqua International Growth Fund (CCWSX) and Fidelity Series Global ex U.S. Index Fund (FSGEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CCWSX achieves a -4.40% return, which is significantly lower than FSGEX's 15.85% return.

CCWSX

• 1D: -0.09%
• 1M: 4.83%
• YTD: -4.40%
• 6M: -3.21%
• 1Y: 1.91%
• 3Y*: 8.06%
• 5Y*: 3.27%
• 10Y*: —

FSGEX

• 1D: 0.76%
• 1M: 6.16%
• YTD: 15.85%
• 6M: 18.73%
• 1Y: 33.95%
• 3Y*: 20.16%
• 5Y*: 9.06%
• 10Y*: 9.96%

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

CCWSX vs. FSGEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CCWSX Chautauqua International Growth Fund	-4.40%	19.17%	11.30%	12.16%	-18.05%	6.62%	39.37%	26.43%	-17.36%	34.60%
FSGEX Fidelity Series Global ex U.S. Index Fund	15.85%	32.99%	5.34%	15.56%	-15.75%	7.77%	10.75%	21.41%	-13.99%	26.75%

Correlation

The correlation between CCWSX and FSGEX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.87

The correlation between CCWSX and FSGEX has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

CCWSX vs. FSGEX — Risk / Return Rank

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

CCWSX

CCWSX Risk / Return Rank: 3
CCWSX Sharpe Ratio Rank: 3
CCWSX Sortino Ratio Rank: 3
CCWSX Omega Ratio Rank: 3
CCWSX Calmar Ratio Rank: 3
CCWSX Martin Ratio Rank: 3

FSGEX

FSGEX Risk / Return Rank: 59
FSGEX Sharpe Ratio Rank: 62
FSGEX Sortino Ratio Rank: 55
FSGEX Omega Ratio Rank: 59
FSGEX Calmar Ratio Rank: 60
FSGEX Martin Ratio Rank: 58

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.

CCWSX vs. FSGEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Chautauqua International Growth Fund (CCWSX) and Fidelity Series Global ex U.S. Index Fund (FSGEX). 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.

	CCWSX	FSGEX	Difference
Sharpe ratio: Return per unit of total volatility	0.08	2.31	-2.22
Sortino ratio: Return per unit of downside risk	0.24	3.13	-2.90
Omega ratio: Gain probability vs. loss probability	1.03	1.43	-0.40
Calmar ratio: Return relative to maximum drawdown	0.07	2.98	-2.91
Martin ratio: Return relative to average drawdown	0.19	11.69	-11.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CCWSX vs. FSGEX - Sharpe Ratio Comparison

The current CCWSX Sharpe Ratio is 0.08, which is lower than the FSGEX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of CCWSX and FSGEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CCWSX	FSGEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	2.31	-2.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.59	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.42	+0.12

Drawdowns

CCWSX vs. FSGEX - Drawdown Comparison

The maximum CCWSX drawdown since its inception was -34.59%, roughly equal to the maximum FSGEX drawdown of -34.74%. Use the drawdown chart below to compare losses from any high point for CCWSX and FSGEX.

Drawdown Indicators

	CCWSX	FSGEX	Difference
Max Drawdown Largest peak-to-trough decline	-34.59%	-34.74%	+0.15%
Max Drawdown (1Y) Largest decline over 1 year	-19.75%	-11.24%	-8.51%
Max Drawdown (3Y) Largest decline over 3 years	-19.75%	-13.34%	-6.41%
Max Drawdown (5Y) Largest decline over 5 years	-34.59%	-29.66%	-4.93%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.74%	—
Current Drawdown Current decline from peak	-8.59%	0.00%	-8.59%
Average Drawdown Average peak-to-trough decline	-8.88%	-8.45%	-0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.10%	2.86%	+4.24%

Volatility

CCWSX vs. FSGEX - Volatility Comparison

The current volatility for Chautauqua International Growth Fund (CCWSX) is 4.34%, while Fidelity Series Global ex U.S. Index Fund (FSGEX) has a volatility of 4.95%. This indicates that CCWSX experiences smaller price fluctuations and is considered to be less risky than FSGEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCWSX	FSGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	4.95%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	13.50%	12.28%	+1.22%
Volatility (1Y) Calculated over the trailing 1-year period	16.39%	14.56%	+1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.22%	15.40%	+2.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.46%	16.22%	+2.24%

CCWSX vs. FSGEX - Expense Ratio Comparison

CCWSX has a 1.05% expense ratio, which is higher than FSGEX's 0.01% expense ratio.

Dividends

CCWSX vs. FSGEX - Dividend Comparison

CCWSX's dividend yield for the trailing twelve months is around 1.49%, less than FSGEX's 2.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCWSX Chautauqua International Growth Fund	1.49%	1.43%	0.45%	0.16%	0.80%	0.47%	0.28%	1.85%	2.25%	3.31%	0.00%	0.00%
FSGEX Fidelity Series Global ex U.S. Index Fund	2.61%	3.02%	2.98%	2.90%	2.78%	2.59%	1.68%	2.10%	2.86%	2.48%	2.56%	2.61%

Frequently Asked Questions

Can I hold both CCWSX and FSGEX in my portfolio?

CCWSX and FSGEX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CCWSX or FSGEX?

FSGEX has higher volatility (4.95%) compared to CCWSX (4.34%). In terms of maximum drawdown, CCWSX dropped -34.59% vs FSGEX's -34.74%.

Which has better risk-adjusted returns?

FSGEX currently has the higher Sharpe Ratio (2.31 vs 0.08), 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.