FECMX vs. SFENX

Last updated Jun 24, 2026

FECMX (Fidelity Advisor Emerging Markets Fund Class I) and SFENX (Schwab Fundamental Emerging Markets Equity Index Fund) are both Emerging Markets Equities funds. FECMX is actively managed, while SFENX is passively managed. Over the past 5 years, FECMX returned 7.56%/yr vs 9.76%/yr for SFENX. Their correlation of 0.83 suggests significant overlap in exposure. FECMX charges 0.87%/yr vs 0.39%/yr for SFENX.

Performance

FECMX vs. SFENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Emerging Markets Fund Class I (FECMX) and Schwab Fundamental Emerging Markets Equity Index Fund (SFENX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FECMX achieves a 28.94% return, which is significantly higher than SFENX's 13.84% return.

FECMX

• 1D: 0.82%
• 1M: 8.02%
• YTD: 28.94%
• 6M: 30.19%
• 1Y: 55.89%
• 3Y*: 23.77%
• 5Y*: 7.56%
• 10Y*: —

SFENX

• 1D: 0.23%
• 1M: 1.33%
• YTD: 13.84%
• 6M: 14.25%
• 1Y: 32.69%
• 3Y*: 20.69%
• 5Y*: 9.76%
• 10Y*: 11.13%

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

FECMX vs. SFENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FECMX Fidelity Advisor Emerging Markets Fund Class I	28.94%	31.00%	7.13%	15.15%	-27.49%	-0.57%
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	13.84%	29.19%	12.31%	14.90%	-15.50%	1.54%

Correlation

The correlation between FECMX and SFENX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since May 19, 2021	0.83

The correlation between FECMX and SFENX has been stable across timeframes, ranging from 0.83 to 0.84 - a consistent structural relationship.

Return for Risk

FECMX vs. SFENX — Risk / Return Rank

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

FECMX

FECMX Risk / Return Rank: 83
FECMX Sharpe Ratio Rank: 87
FECMX Sortino Ratio Rank: 72
FECMX Omega Ratio Rank: 81
FECMX Calmar Ratio Rank: 90
FECMX Martin Ratio Rank: 88

SFENX

SFENX Risk / Return Rank: 75
SFENX Sharpe Ratio Rank: 80
SFENX Sortino Ratio Rank: 73
SFENX Omega Ratio Rank: 75
SFENX Calmar Ratio Rank: 81
SFENX Martin Ratio Rank: 67

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.

FECMX vs. SFENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Emerging Markets Fund Class I (FECMX) and Schwab Fundamental Emerging Markets Equity Index Fund (SFENX). 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	SFENX	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.41	+0.21
Sortino ratio: Return per unit of downside risk	3.24	3.24	0.00
Omega ratio: Gain probability vs. loss probability	1.49	1.44	+0.04
Calmar ratio: Return relative to maximum drawdown	4.35	3.52	+0.83
Martin ratio: Return relative to average drawdown	15.53	12.26	+3.27

FECMX vs. SFENX - Sharpe Ratio Comparison

The current FECMX Sharpe Ratio is 2.62, which is comparable to the SFENX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of FECMX and SFENX, 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. SFENX - Drawdown Comparison

The maximum FECMX drawdown since its inception was -40.89%, smaller than the maximum SFENX drawdown of -47.19%. Use the drawdown chart below to compare losses from any high point for FECMX and SFENX.

Drawdown Indicators

	FECMX	SFENX	Difference
Max Drawdown Largest peak-to-trough decline	-40.89%	-47.19%	+6.30%
Max Drawdown (1Y) Largest decline over 1 year	-13.02%	-9.45%	-3.57%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	-16.51%	-2.63%
Max Drawdown (5Y) Largest decline over 5 years	-40.89%	-29.26%	-11.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.59%	—
Current Drawdown Current decline from peak	0.00%	-2.93%	+2.93%
Average Drawdown Average peak-to-trough decline	-15.77%	-12.86%	-2.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	2.71%	+0.93%

Volatility

FECMX vs. SFENX - Volatility Comparison

Fidelity Advisor Emerging Markets Fund Class I (FECMX) has a higher volatility of 11.80% compared to Schwab Fundamental Emerging Markets Equity Index Fund (SFENX) at 5.29%. This indicates that FECMX's price experiences larger fluctuations and is considered to be riskier than SFENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FECMX	SFENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.80%	5.29%	+6.51%
Volatility (6M) Calculated over the trailing 6-month period	19.28%	11.50%	+7.78%
Volatility (1Y) Calculated over the trailing 1-year period	21.65%	13.82%	+7.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.51%	15.49%	+4.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.39%	16.89%	+2.50%

FECMX vs. SFENX - Expense Ratio Comparison

FECMX has a 0.87% expense ratio, which is higher than SFENX's 0.39% expense ratio.

Dividends

FECMX vs. SFENX - Dividend Comparison

FECMX's dividend yield for the trailing twelve months is around 0.03%, less than SFENX's 3.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FECMX Fidelity Advisor Emerging Markets Fund Class I	0.03%	0.04%	0.64%	1.13%	0.86%	6.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	3.45%	3.93%	4.67%	5.00%	5.46%	4.61%	2.95%	3.82%	2.90%	2.37%	2.16%	3.23%

Frequently Asked Questions

Can I hold both FECMX and SFENX in my portfolio?

FECMX and SFENX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FECMX or SFENX?

FECMX has higher volatility (11.80%) compared to SFENX (5.29%). In terms of maximum drawdown, FECMX dropped -40.89% vs SFENX's -47.19%.

Which has better risk-adjusted returns?

FECMX currently has the higher Sharpe Ratio (2.62 vs 2.41), 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.