FECMX vs. FPADX

Last updated Aug 1, 2026

FECMX (Fidelity Advisor Emerging Markets Fund Class I) and FPADX (Fidelity Emerging Markets Index Fund) are both Emerging Markets Equities funds from Fidelity. FECMX is actively managed, while FPADX is passively managed. Over the past 5 years, FECMX returned 6.05%/yr vs 7.16%/yr for FPADX. Their 0.95 correlation means they have historically moved very closely together. FECMX charges 0.87%/yr vs 0.07%/yr for FPADX.

Performance

FECMX vs. FPADX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Emerging Markets Fund Class I (FECMX) 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, FECMX achieves a 13.90% return, which is significantly lower than FPADX's 16.52% return.

FECMX

• 1D: 3.85%
• 1M: -4.45%
• 6M: 6.73%
• YTD: 13.90%
• 1Y: 33.27%
• 3Y*: 16.56%
• 5Y*: 6.05%
• 10Y*: —
• ALL TIME*: 5.60%

FPADX

• 1D: 3.98%
• 1M: -3.45%
• 6M: 7.70%
• YTD: 16.52%
• 1Y: 34.32%
• 3Y*: 17.79%
• 5Y*: 7.16%
• 10Y*: 8.35%
• ALL TIME*: 5.60%

*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)
FECMX Fidelity Advisor Emerging Markets Fund Class I	$0.00	$0.00	$0.00
FPADX Fidelity Emerging Markets Index Fund	$0.00	$0.00	$0.00

FECMX vs. FPADX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FECMX Fidelity Advisor Emerging Markets Fund Class I	13.90%	31.00%	7.13%	15.15%	-27.49%	-0.57%
FPADX Fidelity Emerging Markets Index Fund	16.52%	33.90%	6.80%	9.51%	-20.06%	-6.38%

Correlation

The correlation between FECMX and FPADX is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (All Time) Calculated using the full available price history since May 19, 2021	0.95

The correlation between FECMX and FPADX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

FECMX vs. FPADX — Risk / Return Rank

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

FECMX

FECMX Risk / Return Rank: 44
FECMX Sharpe Ratio Rank: 41
FECMX Sortino Ratio Rank: 36
FECMX Omega Ratio Rank: 44
FECMX Calmar Ratio Rank: 55
FECMX Martin Ratio Rank: 46

FPADX

FPADX Risk / Return Rank: 62
FPADX Sharpe Ratio Rank: 60
FPADX Sortino Ratio Rank: 53
FPADX Omega Ratio Rank: 64
FPADX Calmar Ratio Rank: 74
FPADX Martin Ratio Rank: 59

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.

FECMX vs. FPADX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Emerging Markets Fund Class I (FECMX) 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.

	FECMX	FPADX	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.42	-0.14
Sortino ratio: Return per unit of downside risk	1.74	1.92	-0.17
Omega ratio: Gain probability vs. loss probability	1.24	1.27	-0.03
Calmar ratio: Return relative to maximum drawdown	2.06	2.34	-0.28
Martin ratio: Return relative to average drawdown	6.74	7.44	-0.70

FECMX vs. FPADX - Sharpe Ratio Comparison

The current FECMX Sharpe Ratio is 1.28, which is comparable to the FPADX Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of FECMX 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

FECMX vs. FPADX - Drawdown Comparison

The maximum FECMX drawdown since its inception was -40.89%, roughly equal to the maximum FPADX drawdown of -39.16%. Use the drawdown chart below to compare losses from any high point for FECMX and FPADX.

Drawdown Indicators

	FECMX	FPADX	Difference
Max Drawdown Largest peak-to-trough decline	-40.89%	-39.16%	-1.73%
Max Drawdown (1Y) Largest decline over 1 year	-14.94%	-13.83%	-1.11%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	-16.09%	-3.05%
Max Drawdown (5Y) Largest decline over 5 years	-40.50%	-34.43%	-6.07%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.16%	—
Current Drawdown Current decline from peak	-11.67%	-10.40%	-1.27%
Average Drawdown Average peak-to-trough decline	-15.61%	-13.18%	-2.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	4.33%	+0.23%

Volatility

FECMX vs. FPADX - Volatility Comparison

Fidelity Advisor Emerging Markets Fund Class I (FECMX) and Fidelity Emerging Markets Index Fund (FPADX) have volatilities of 9.60% and 9.49%, 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

	FECMX	FPADX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.60%	9.49%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	21.95%	20.91%	+1.04%
Volatility (1Y) Calculated over the trailing 1-year period	24.10%	22.72%	+1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.99%	18.12%	+1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.81%	18.25%	+1.56%

FECMX vs. FPADX - Expense Ratio Comparison

FECMX has a 0.87% expense ratio, which is higher than FPADX's 0.08% expense ratio.

Dividends

FECMX vs. FPADX - Dividend Comparison

FECMX's dividend yield for the trailing twelve months is around 0.04%, less than FPADX's 2.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FECMX Fidelity Advisor Emerging Markets Fund Class I	0.04%	0.04%	0.64%	1.13%	0.86%	6.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FPADX Fidelity Emerging Markets Index Fund	2.02%	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 FECMX and FPADX in my portfolio?

With a correlation of 0.97, FECMX and FPADX 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, FECMX or FPADX?

FECMX has higher volatility (9.60%) compared to FPADX (9.49%). In terms of maximum drawdown, FECMX dropped -40.89% vs FPADX's -39.16%.

Which has better risk-adjusted returns?

FPADX currently has the higher Sharpe Ratio (1.42 vs 1.28), 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.