FEDCX vs. DBLEX

Last updated Jun 4, 2026

FEDCX (Fidelity Series Emerging Markets Debt Fund) and DBLEX (DoubleLine Emerging Markets Fixed Income Fund) are both Emerging Markets Bonds funds. Over the past 10 years, FEDCX returned 4.40%/yr vs 3.86%/yr for DBLEX. A 0.67 correlation means they provide meaningful diversification when combined. FEDCX charges 0.00%/yr vs 0.90%/yr for DBLEX.

Performance

FEDCX vs. DBLEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Emerging Markets Debt Fund (FEDCX) and DoubleLine Emerging Markets Fixed Income Fund (DBLEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEDCX achieves a 4.03% return, which is significantly higher than DBLEX's 1.39% return. Over the past 10 years, FEDCX has outperformed DBLEX with an annualized return of 4.40%, while DBLEX has yielded a comparatively lower 3.86% annualized return.

FEDCX

• 1D: 0.35%
• 1M: 1.18%
• YTD: 4.03%
• 6M: 4.70%
• 1Y: 15.94%
• 3Y*: 12.26%
• 5Y*: 3.84%
• 10Y*: 4.40%

DBLEX

• 1D: 0.11%
• 1M: 0.36%
• YTD: 1.39%
• 6M: 1.64%
• 1Y: 6.51%
• 3Y*: 8.33%
• 5Y*: 2.18%
• 10Y*: 3.86%

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

FEDCX vs. DBLEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEDCX Fidelity Series Emerging Markets Debt Fund	4.03%	14.91%	7.39%	11.92%	-16.08%	-1.28%	4.78%	10.50%	-4.55%	10.59%
DBLEX DoubleLine Emerging Markets Fixed Income Fund	1.39%	8.39%	8.20%	9.64%	-15.30%	1.97%	4.85%	11.80%	-3.20%	8.48%

Correlation

The correlation between FEDCX and DBLEX is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Mar 30, 2011	0.67

The correlation between FEDCX and DBLEX shifts across timeframes, from 0.63 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FEDCX vs. DBLEX — Risk / Return Rank

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

FEDCX

FEDCX Risk / Return Rank: 93
FEDCX Sharpe Ratio Rank: 96
FEDCX Sortino Ratio Rank: 97
FEDCX Omega Ratio Rank: 95
FEDCX Calmar Ratio Rank: 85
FEDCX Martin Ratio Rank: 90

DBLEX

DBLEX Risk / Return Rank: 89
DBLEX Sharpe Ratio Rank: 94
DBLEX Sortino Ratio Rank: 94
DBLEX Omega Ratio Rank: 95
DBLEX Calmar Ratio Rank: 80
DBLEX Martin Ratio Rank: 80

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.

FEDCX vs. DBLEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Emerging Markets Debt Fund (FEDCX) and DoubleLine Emerging Markets Fixed Income Fund (DBLEX). 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.

	FEDCX	DBLEX	Difference
Sharpe ratio: Return per unit of total volatility	3.55	3.23	+0.32
Sortino ratio: Return per unit of downside risk	5.94	4.91	+1.03
Omega ratio: Gain probability vs. loss probability	1.77	1.76	+0.01
Calmar ratio: Return relative to maximum drawdown	4.04	3.68	+0.36
Martin ratio: Return relative to average drawdown	18.17	15.00	+3.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEDCX vs. DBLEX - Sharpe Ratio Comparison

The current FEDCX Sharpe Ratio is 3.55, which is comparable to the DBLEX Sharpe Ratio of 3.23. The chart below compares the historical Sharpe Ratios of FEDCX and DBLEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FEDCX	DBLEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.55	3.23	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.49	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.83	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	1.01	-0.25

Drawdowns

FEDCX vs. DBLEX - Drawdown Comparison

The maximum FEDCX drawdown since its inception was -26.00%, roughly equal to the maximum DBLEX drawdown of -25.43%. Use the drawdown chart below to compare losses from any high point for FEDCX and DBLEX.

Drawdown Indicators

	FEDCX	DBLEX	Difference
Max Drawdown Largest peak-to-trough decline	-26.00%	-25.43%	-0.57%
Max Drawdown (1Y) Largest decline over 1 year	-4.07%	-1.81%	-2.26%
Max Drawdown (3Y) Largest decline over 3 years	-6.42%	-4.54%	-1.88%
Max Drawdown (5Y) Largest decline over 5 years	-26.00%	-25.43%	-0.57%
Max Drawdown (10Y) Largest decline over 10 years	-26.00%	-25.43%	-0.57%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.36%	-3.49%	-0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.44%	+0.46%

Volatility

FEDCX vs. DBLEX - Volatility Comparison

Fidelity Series Emerging Markets Debt Fund (FEDCX) has a higher volatility of 1.64% compared to DoubleLine Emerging Markets Fixed Income Fund (DBLEX) at 0.74%. This indicates that FEDCX's price experiences larger fluctuations and is considered to be riskier than DBLEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEDCX	DBLEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	0.74%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	3.75%	1.54%	+2.21%
Volatility (1Y) Calculated over the trailing 1-year period	4.64%	2.06%	+2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.35%	4.52%	+1.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.62%	4.65%	+1.97%

FEDCX vs. DBLEX - Expense Ratio Comparison

FEDCX has a 0.00% expense ratio, which is lower than DBLEX's 0.90% expense ratio.

Dividends

FEDCX vs. DBLEX - Dividend Comparison

FEDCX's dividend yield for the trailing twelve months is around 5.82%, more than DBLEX's 5.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBLEX DoubleLine Emerging Markets Fixed Income Fund	5.58%	5.59%	5.97%	5.54%	4.77%	4.00%	4.37%	4.57%	3.83%	4.33%	4.54%	5.21%
FEDCX Fidelity Series Emerging Markets Debt Fund	5.82%	5.97%	5.18%	5.55%	3.84%	3.81%	4.99%	5.89%	6.08%	7.33%	7.03%	5.61%

Frequently Asked Questions

Can I hold both FEDCX and DBLEX in my portfolio?

FEDCX and DBLEX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEDCX or DBLEX?

FEDCX has higher volatility (1.64%) compared to DBLEX (0.74%). In terms of maximum drawdown, FEDCX dropped -26.00% vs DBLEX's -25.43%.

Which has better risk-adjusted returns?

FEDCX currently has the higher Sharpe Ratio (3.55 vs 3.23), 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.