FEDAX vs. RLEMX

Last updated Aug 1, 2026

FEDAX (Fidelity Advisor Emerging Markets Discovery Fund Class A) and RLEMX (Lazard Emerging Markets Equity Portfolio Class R6) are both Emerging Markets Equities funds. Over the past 10 years, FEDAX returned 9.59%/yr vs 9.84%/yr for RLEMX. Their correlation of 0.87 means they have usually moved in the same direction. FEDAX charges 1.49%/yr vs 1.38%/yr for RLEMX.

Performance

FEDAX vs. RLEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Emerging Markets Discovery Fund Class A (FEDAX) and Lazard Emerging Markets Equity Portfolio Class R6 (RLEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEDAX achieves a 18.02% return, which is significantly lower than RLEMX's 24.08% return. Both investments have delivered pretty close results over the past 10 years, with FEDAX having a 9.59% annualized return and RLEMX not far ahead at 9.84%.

FEDAX

• 1D: 2.79%
• 1M: -0.93%
• 6M: 8.61%
• YTD: 18.02%
• 1Y: 33.66%
• 3Y*: 15.13%
• 5Y*: 8.46%
• 10Y*: 9.59%
• ALL TIME*: 7.99%

RLEMX

• 1D: 2.12%
• 1M: 2.22%
• 6M: 13.36%
• YTD: 24.08%
• 1Y: 46.85%
• 3Y*: 25.12%
• 5Y*: 14.34%
• 10Y*: 9.84%
• ALL TIME*: 11.56%

*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)
FEDAX Fidelity Advisor Emerging Markets Discovery Fund Class A	$0.00	$0.00	$0.00
RLEMX Lazard Emerging Markets Equity Portfolio Class R6	$0.00	$0.00	$0.00

FEDAX vs. RLEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEDAX Fidelity Advisor Emerging Markets Discovery Fund Class A	18.02%	31.49%	-3.90%	20.38%	-12.13%	6.39%	16.62%	19.32%	-19.19%	36.46%
RLEMX Lazard Emerging Markets Equity Portfolio Class R6	24.08%	41.38%	7.60%	22.42%	-14.86%	5.43%	-0.02%	17.99%	-18.11%	28.02%

Correlation

The correlation between FEDAX and RLEMX is 0.83, 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.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.87

The correlation between FEDAX and RLEMX has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

Return for Risk

FEDAX vs. RLEMX — Risk / Return Rank

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

FEDAX

FEDAX Risk / Return Rank: 85
FEDAX Sharpe Ratio Rank: 86
FEDAX Sortino Ratio Rank: 81
FEDAX Omega Ratio Rank: 82
FEDAX Calmar Ratio Rank: 89
FEDAX Martin Ratio Rank: 87

RLEMX

RLEMX Risk / Return Rank: 94
RLEMX Sharpe Ratio Rank: 97
RLEMX Sortino Ratio Rank: 94
RLEMX Omega Ratio Rank: 92
RLEMX Calmar Ratio Rank: 95
RLEMX Martin Ratio Rank: 93

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.

FEDAX vs. RLEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Emerging Markets Discovery Fund Class A (FEDAX) and Lazard Emerging Markets Equity Portfolio Class R6 (RLEMX). 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.

	FEDAX	RLEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.94	-0.82
Sortino ratio: Return per unit of downside risk	2.82	3.80	-0.97
Omega ratio: Gain probability vs. loss probability	1.38	1.52	-0.13
Calmar ratio: Return relative to maximum drawdown	3.34	4.18	-0.85
Martin ratio: Return relative to average drawdown	11.31	14.19	-2.88

FEDAX vs. RLEMX - Sharpe Ratio Comparison

The current FEDAX Sharpe Ratio is 2.12, which is comparable to the RLEMX Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of FEDAX and RLEMX, 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

FEDAX vs. RLEMX - Drawdown Comparison

The maximum FEDAX drawdown since its inception was -43.35%, roughly equal to the maximum RLEMX drawdown of -44.12%. Use the drawdown chart below to compare losses from any high point for FEDAX and RLEMX.

Drawdown Indicators

	FEDAX	RLEMX	Difference
Max Drawdown Largest peak-to-trough decline	-43.35%	-44.12%	+0.77%
Max Drawdown (1Y) Largest decline over 1 year	-9.58%	-10.41%	+0.83%
Max Drawdown (3Y) Largest decline over 3 years	-17.42%	-14.25%	-3.17%
Max Drawdown (5Y) Largest decline over 5 years	-27.68%	-29.17%	+1.49%
Max Drawdown (10Y) Largest decline over 10 years	-43.35%	-44.12%	+0.77%
Current Drawdown Current decline from peak	-3.44%	-2.25%	-1.19%
Average Drawdown Average peak-to-trough decline	-8.91%	-10.36%	+1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	3.07%	-0.24%

Volatility

FEDAX vs. RLEMX - Volatility Comparison

Fidelity Advisor Emerging Markets Discovery Fund Class A (FEDAX) has a higher volatility of 5.57% compared to Lazard Emerging Markets Equity Portfolio Class R6 (RLEMX) at 5.13%. This indicates that FEDAX's price experiences larger fluctuations and is considered to be riskier than RLEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEDAX	RLEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	5.13%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	13.15%	12.94%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	15.12%	14.84%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.44%	14.60%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.85%	16.39%	-0.54%

FEDAX vs. RLEMX - Expense Ratio Comparison

FEDAX has a 1.49% expense ratio, which is higher than RLEMX's 1.38% expense ratio.

Dividends

FEDAX vs. RLEMX - Dividend Comparison

FEDAX's dividend yield for the trailing twelve months is around 3.87%, more than RLEMX's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEDAX Fidelity Advisor Emerging Markets Discovery Fund Class A	3.87%	4.57%	3.79%	1.85%	1.41%	11.64%	0.31%	0.74%	1.54%	1.50%	1.13%	0.52%
RLEMX Lazard Emerging Markets Equity Portfolio Class R6	1.65%	2.05%	3.10%	3.76%	5.92%	4.89%	2.11%	2.45%	2.10%	1.99%	1.48%	0.00%

Frequently Asked Questions

Can I hold both FEDAX and RLEMX in my portfolio?

FEDAX and RLEMX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEDAX or RLEMX?

FEDAX has higher volatility (5.57%) compared to RLEMX (5.13%). In terms of maximum drawdown, FEDAX dropped -43.35% vs RLEMX's -44.12%.

Which has better risk-adjusted returns?

RLEMX currently has the higher Sharpe Ratio (2.94 vs 2.12), 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.