DFCEX vs. FHKFX

Last updated Aug 2, 2026

DFCEX (DFA Emerging Markets Core Equity Fund) and FHKFX (Fidelity Series Emerging Markets Fund) are both Emerging Markets Equities funds. Over the past 5 years, DFCEX returned 8.27%/yr vs 7.54%/yr for FHKFX. Their correlation of 0.93 means they have usually moved in the same direction. DFCEX charges 0.40%/yr vs 0.01%/yr for FHKFX.

Performance

DFCEX vs. FHKFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Emerging Markets Core Equity Fund (DFCEX) and Fidelity Series Emerging Markets Fund (FHKFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFCEX achieves a 12.45% return, which is significantly lower than FHKFX's 20.27% return.

DFCEX

• 1D: 3.05%
• 1M: -4.22%
• 6M: 4.51%
• YTD: 12.45%
• 1Y: 27.11%
• 3Y*: 16.10%
• 5Y*: 8.27%
• 10Y*: 8.88%
• ALL TIME*: 8.16%

FHKFX

• 1D: 4.05%
• 1M: -3.49%
• 6M: 8.95%
• YTD: 20.27%
• 1Y: 41.07%
• 3Y*: 20.31%
• 5Y*: 7.54%
• 10Y*: —
• ALL TIME*: 6.80%

*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)
DFCEX DFA Emerging Markets Core Equity Fund	$0.00	$0.00	$0.00
FHKFX Fidelity Series Emerging Markets Fund	$0.00	$0.00	$0.00

DFCEX vs. FHKFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DFCEX DFA Emerging Markets Core Equity Fund	12.45%	28.79%	7.31%	15.45%	-16.44%	5.82%	13.86%	16.03%	-8.69%
FHKFX Fidelity Series Emerging Markets Fund	20.27%	38.51%	5.42%	12.10%	-24.50%	-4.15%	17.85%	9.64%	-8.52%

Correlation

The correlation between DFCEX and FHKFX is 0.91, 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.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (All Time) Calculated using the full available price history since Aug 29, 2018	0.93

The correlation between DFCEX and FHKFX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

DFCEX vs. FHKFX — Risk / Return Rank

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

DFCEX

DFCEX Risk / Return Rank: 49
DFCEX Sharpe Ratio Rank: 49
DFCEX Sortino Ratio Rank: 43
DFCEX Omega Ratio Rank: 53
DFCEX Calmar Ratio Rank: 56
DFCEX Martin Ratio Rank: 44

FHKFX

FHKFX Risk / Return Rank: 71
FHKFX Sharpe Ratio Rank: 70
FHKFX Sortino Ratio Rank: 62
FHKFX Omega Ratio Rank: 70
FHKFX Calmar Ratio Rank: 81
FHKFX Martin Ratio Rank: 72

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.

DFCEX vs. FHKFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Emerging Markets Core Equity Fund (DFCEX) and Fidelity Series Emerging Markets Fund (FHKFX). 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.

	DFCEX	FHKFX	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.63	-0.35
Sortino ratio: Return per unit of downside risk	1.75	2.14	-0.38
Omega ratio: Gain probability vs. loss probability	1.25	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	1.91	2.67	-0.76
Martin ratio: Return relative to average drawdown	6.20	8.71	-2.51

DFCEX vs. FHKFX - Sharpe Ratio Comparison

The current DFCEX Sharpe Ratio is 1.29, which is comparable to the FHKFX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of DFCEX and FHKFX, 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

DFCEX vs. FHKFX - Drawdown Comparison

The maximum DFCEX drawdown since its inception was -64.58%, which is greater than FHKFX's maximum drawdown of -45.47%. Use the drawdown chart below to compare losses from any high point for DFCEX and FHKFX.

Drawdown Indicators

	DFCEX	FHKFX	Difference
Max Drawdown Largest peak-to-trough decline	-64.58%	-45.47%	-19.11%
Max Drawdown (1Y) Largest decline over 1 year	-12.95%	-14.49%	+1.54%
Max Drawdown (3Y) Largest decline over 3 years	-16.74%	-16.71%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-28.41%	-39.01%	+10.60%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	—	—
Current Drawdown Current decline from peak	-10.30%	-11.03%	+0.73%
Average Drawdown Average peak-to-trough decline	-12.56%	-17.01%	+4.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.97%	4.43%	-0.46%

Volatility

DFCEX vs. FHKFX - Volatility Comparison

The current volatility for DFA Emerging Markets Core Equity Fund (DFCEX) is 8.15%, while Fidelity Series Emerging Markets Fund (FHKFX) has a volatility of 9.54%. This indicates that DFCEX experiences smaller price fluctuations and is considered to be less risky than FHKFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCEX	FHKFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.15%	9.54%	-1.39%
Volatility (6M) Calculated over the trailing 6-month period	17.78%	21.41%	-3.63%
Volatility (1Y) Calculated over the trailing 1-year period	19.26%	23.69%	-4.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.59%	19.95%	-4.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.24%	20.18%	-3.94%

DFCEX vs. FHKFX - Expense Ratio Comparison

DFCEX has a 0.40% expense ratio, which is higher than FHKFX's 0.01% expense ratio.

Dividends

DFCEX vs. FHKFX - Dividend Comparison

DFCEX's dividend yield for the trailing twelve months is around 2.66%, more than FHKFX's 1.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFCEX DFA Emerging Markets Core Equity Fund	2.66%	2.90%	3.43%	3.53%	3.78%	2.59%	1.70%	2.42%	2.33%	1.92%	1.99%	2.28%
FHKFX Fidelity Series Emerging Markets Fund	1.98%	2.38%	2.86%	2.43%	2.56%	3.46%	1.38%	2.28%	0.42%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFCEX and FHKFX in my portfolio?

With a correlation of 0.91, DFCEX and FHKFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DFCEX or FHKFX?

FHKFX has higher volatility (9.54%) compared to DFCEX (8.15%). In terms of maximum drawdown, DFCEX dropped -64.58% vs FHKFX's -45.47%.

Which has better risk-adjusted returns?

FHKFX currently has the higher Sharpe Ratio (1.63 vs 1.29), 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.