FAMKX vs. CNWIX

Last updated Aug 2, 2026

FAMKX (Fidelity Advisor Focused Emerging Markets Fund Class A) and CNWIX (Calamos Evolving World Growth Fund Class I) are both Emerging Markets Equities funds. Over the past 10 years, FAMKX returned 11.17%/yr vs 9.45%/yr for CNWIX. Their correlation of 0.91 means they have usually moved in the same direction. FAMKX charges 1.32%/yr vs 1.05%/yr for CNWIX.

Performance

FAMKX vs. CNWIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Focused Emerging Markets Fund Class A (FAMKX) and Calamos Evolving World Growth Fund Class I (CNWIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAMKX achieves a 20.34% return, which is significantly lower than CNWIX's 21.73% return. Over the past 10 years, FAMKX has outperformed CNWIX with an annualized return of 11.17%, while CNWIX has yielded a comparatively lower 9.45% annualized return.

FAMKX

• 1D: 4.16%
• 1M: -2.85%
• 6M: 8.85%
• YTD: 20.34%
• 1Y: 41.86%
• 3Y*: 21.40%
• 5Y*: 8.98%
• 10Y*: 11.17%
• ALL TIME*: 9.02%

CNWIX

• 1D: 3.40%
• 1M: -10.76%
• 6M: 6.84%
• YTD: 21.73%
• 1Y: 32.42%
• 3Y*: 18.04%
• 5Y*: 5.56%
• 10Y*: 9.45%
• ALL TIME*: 6.57%

*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)
CNWIX Calamos Evolving World Growth Fund Class I	$0.00	$0.00	$0.00
FAMKX Fidelity Advisor Focused Emerging Markets Fund Class A	$0.00	$0.00	$0.00

FAMKX vs. CNWIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAMKX Fidelity Advisor Focused Emerging Markets Fund Class A	20.34%	39.76%	9.01%	8.12%	-20.09%	-2.90%	30.05%	29.29%	-18.32%	46.52%
CNWIX Calamos Evolving World Growth Fund Class I	21.73%	19.29%	14.99%	6.60%	-24.35%	-4.70%	54.23%	20.76%	-17.74%	36.97%

Correlation

The correlation between FAMKX and CNWIX 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.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Aug 18, 2008	0.91

The correlation between FAMKX and CNWIX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

FAMKX vs. CNWIX — Risk / Return Rank

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

FAMKX

FAMKX Risk / Return Rank: 75
FAMKX Sharpe Ratio Rank: 75
FAMKX Sortino Ratio Rank: 69
FAMKX Omega Ratio Rank: 74
FAMKX Calmar Ratio Rank: 84
FAMKX Martin Ratio Rank: 71

CNWIX

CNWIX Risk / Return Rank: 32
CNWIX Sharpe Ratio Rank: 32
CNWIX Sortino Ratio Rank: 30
CNWIX Omega Ratio Rank: 37
CNWIX Calmar Ratio Rank: 31
CNWIX Martin Ratio Rank: 32

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.

FAMKX vs. CNWIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Focused Emerging Markets Fund Class A (FAMKX) and Calamos Evolving World Growth Fund Class I (CNWIX). 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.

	FAMKX	CNWIX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.04	+0.73
Sortino ratio: Return per unit of downside risk	2.34	1.46	+0.87
Omega ratio: Gain probability vs. loss probability	1.33	1.21	+0.12
Calmar ratio: Return relative to maximum drawdown	2.87	1.38	+1.50
Martin ratio: Return relative to average drawdown	8.76	4.77	+3.98

FAMKX vs. CNWIX - Sharpe Ratio Comparison

The current FAMKX Sharpe Ratio is 1.77, which is higher than the CNWIX Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of FAMKX and CNWIX, 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

FAMKX vs. CNWIX - Drawdown Comparison

The maximum FAMKX drawdown since its inception was -70.11%, which is greater than CNWIX's maximum drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for FAMKX and CNWIX.

Drawdown Indicators

	FAMKX	CNWIX	Difference
Max Drawdown Largest peak-to-trough decline	-70.11%	-43.57%	-26.54%
Max Drawdown (1Y) Largest decline over 1 year	-13.73%	-22.46%	+8.73%
Max Drawdown (3Y) Largest decline over 3 years	-18.84%	-22.46%	+3.62%
Max Drawdown (5Y) Largest decline over 5 years	-36.99%	-36.91%	-0.08%
Max Drawdown (10Y) Largest decline over 10 years	-42.16%	-43.57%	+1.41%
Current Drawdown Current decline from peak	-9.92%	-19.82%	+9.90%
Average Drawdown Average peak-to-trough decline	-20.36%	-16.37%	-3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.49%	6.46%	-1.97%

Volatility

FAMKX vs. CNWIX - Volatility Comparison

The current volatility for Fidelity Advisor Focused Emerging Markets Fund Class A (FAMKX) is 9.09%, while Calamos Evolving World Growth Fund Class I (CNWIX) has a volatility of 12.13%. This indicates that FAMKX experiences smaller price fluctuations and is considered to be less risky than CNWIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAMKX	CNWIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.09%	12.13%	-3.04%
Volatility (6M) Calculated over the trailing 6-month period	20.31%	27.59%	-7.28%
Volatility (1Y) Calculated over the trailing 1-year period	22.33%	29.78%	-7.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.71%	20.23%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.18%	25.13%	-5.95%

FAMKX vs. CNWIX - Expense Ratio Comparison

FAMKX has a 1.32% expense ratio, which is higher than CNWIX's 1.05% expense ratio.

Dividends

FAMKX vs. CNWIX - Dividend Comparison

FAMKX's dividend yield for the trailing twelve months is around 1.10%, more than CNWIX's 0.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNWIX Calamos Evolving World Growth Fund Class I	0.05%	0.06%	0.00%	0.54%	0.97%	2.79%	2.01%	1.04%	0.00%	0.42%	0.00%	0.38%
FAMKX Fidelity Advisor Focused Emerging Markets Fund Class A	1.10%	1.33%	0.74%	1.25%	0.76%	4.87%	1.84%	10.64%	0.17%	0.10%	0.03%	0.00%

Frequently Asked Questions

Can I hold both FAMKX and CNWIX in my portfolio?

With a correlation of 0.91, FAMKX and CNWIX 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, FAMKX or CNWIX?

CNWIX has higher volatility (12.13%) compared to FAMKX (9.09%). In terms of maximum drawdown, FAMKX dropped -70.11% vs CNWIX's -43.57%.

Which has better risk-adjusted returns?

FAMKX currently has the higher Sharpe Ratio (1.77 vs 1.04), 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.