FEDCX vs. FSKAX

Last updated Aug 1, 2026

FEDCX (Fidelity Series Emerging Markets Debt Fund) and FSKAX (Fidelity Total Market Index Fund) are both mutual funds - FEDCX is a Emerging Markets Bonds fund managed by Fidelity, while FSKAX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 10 years, FEDCX returned 3.79%/yr vs 14.44%/yr for FSKAX. Their 0.30 correlation means their historical movements had little consistent relationship. FEDCX charges 0.00%/yr vs 0.01%/yr for FSKAX.

Performance

FEDCX vs. FSKAX - Performance Comparison

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

Returns By Period

In the year-to-date period, FEDCX achieves a 2.70% return, which is significantly lower than FSKAX's 9.87% return. Over the past 10 years, FEDCX has underperformed FSKAX with an annualized return of 3.79%, while FSKAX has yielded a comparatively higher 14.44% annualized return.

FEDCX

• 1D: -0.23%
• 1M: -1.62%
• 6M: 1.39%
• YTD: 2.70%
• 1Y: 10.13%
• 3Y*: 10.12%
• 5Y*: 3.36%
• 10Y*: 3.79%
• ALL TIME*: 4.63%

FSKAX

• 1D: 1.63%
• 1M: -0.80%
• 6M: 8.19%
• YTD: 9.87%
• 1Y: 20.99%
• 3Y*: 18.61%
• 5Y*: 11.63%
• 10Y*: 14.44%
• ALL TIME*: 14.45%

*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)
FEDCX Fidelity Series Emerging Markets Debt Fund	$0.00	$0.00	$0.00
FSKAX Fidelity Total Market Index Fund	$0.00	$0.00	$0.00

FEDCX vs. FSKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEDCX Fidelity Series Emerging Markets Debt Fund	2.70%	14.91%	7.39%	11.92%	-16.08%	-1.28%	4.78%	10.50%	-4.55%	10.59%
FSKAX Fidelity Total Market Index Fund	9.87%	17.06%	23.89%	26.12%	-19.53%	25.66%	20.79%	30.92%	-5.32%	20.85%

Correlation

The correlation between FEDCX and FSKAX is 0.44, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.44
Correlation (3Y) Balances recent behavior with more history.	0.33
Correlation (5Y) Shows whether the relationship held over a longer period.	0.35
Correlation (10Y) Provides a long-term view across more market conditions.	0.30
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011	0.30

The correlation between FEDCX and FSKAX shifts across timeframes, from 0.30 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FEDCX vs. FSKAX — Risk / Return Rank

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

FEDCX

FEDCX Risk / Return Rank: 89
FEDCX Sharpe Ratio Rank: 91
FEDCX Sortino Ratio Rank: 94
FEDCX Omega Ratio Rank: 89
FEDCX Calmar Ratio Rank: 81
FEDCX Martin Ratio Rank: 88

FSKAX

FSKAX Risk / Return Rank: 63
FSKAX Sharpe Ratio Rank: 59
FSKAX Sortino Ratio Rank: 57
FSKAX Omega Ratio Rank: 56
FSKAX Calmar Ratio Rank: 66
FSKAX Martin Ratio Rank: 77

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.

FEDCX vs. FSKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Emerging Markets Debt Fund (FEDCX) and Fidelity Total Market Index Fund (FSKAX). 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.

	FEDCX	FSKAX	Difference
Sharpe ratio: Return per unit of total volatility	2.34	1.41	+0.93
Sortino ratio: Return per unit of downside risk	3.80	1.98	+1.82
Omega ratio: Gain probability vs. loss probability	1.47	1.25	+0.22
Calmar ratio: Return relative to maximum drawdown	2.67	2.09	+0.58
Martin ratio: Return relative to average drawdown	11.52	8.96	+2.56

FEDCX vs. FSKAX - Sharpe Ratio Comparison

The current FEDCX Sharpe Ratio is 2.34, which is higher than the FSKAX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of FEDCX and FSKAX, 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

FEDCX vs. FSKAX - Drawdown Comparison

The maximum FEDCX drawdown since its inception was -26.00%, smaller than the maximum FSKAX drawdown of -35.01%. Use the drawdown chart below to compare losses from any high point for FEDCX and FSKAX.

Drawdown Indicators

	FEDCX	FSKAX	Difference
Max Drawdown Largest peak-to-trough decline	-26.00%	-35.01%	+9.01%
Max Drawdown (1Y) Largest decline over 1 year	-4.07%	-8.92%	+4.85%
Max Drawdown (3Y) Largest decline over 3 years	-5.55%	-19.43%	+13.88%
Max Drawdown (5Y) Largest decline over 5 years	-26.00%	-25.39%	-0.61%
Max Drawdown (10Y) Largest decline over 10 years	-26.00%	-35.01%	+9.01%
Current Drawdown Current decline from peak	-1.73%	-1.97%	+0.24%
Average Drawdown Average peak-to-trough decline	-4.32%	-3.99%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	2.08%	-1.14%

Volatility

FEDCX vs. FSKAX - Volatility Comparison

The current volatility for Fidelity Series Emerging Markets Debt Fund (FEDCX) is 0.90%, while Fidelity Total Market Index Fund (FSKAX) has a volatility of 3.43%. This indicates that FEDCX experiences smaller price fluctuations and is considered to be less risky than FSKAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEDCX	FSKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	3.43%	-2.53%
Volatility (6M) Calculated over the trailing 6-month period	3.82%	10.33%	-6.51%
Volatility (1Y) Calculated over the trailing 1-year period	4.64%	13.21%	-8.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.38%	17.52%	-11.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.60%	18.45%	-11.85%

FEDCX vs. FSKAX - Expense Ratio Comparison

FEDCX has a 0.00% expense ratio, which is lower than FSKAX's 0.02% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FEDCX vs. FSKAX - Dividend Comparison

FEDCX's dividend yield for the trailing twelve months is around 5.44%, more than FSKAX's 0.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEDCX Fidelity Series Emerging Markets Debt Fund	5.44%	5.97%	5.18%	5.55%	3.84%	3.81%	4.99%	5.89%	6.08%	7.33%	7.03%	5.61%
FSKAX Fidelity Total Market Index Fund	0.95%	1.01%	1.19%	1.41%	1.62%	1.15%	1.45%	1.94%	2.54%	2.07%	2.43%	0.82%

Frequently Asked Questions

Can I hold both FEDCX and FSKAX in my portfolio?

FEDCX and FSKAX have a correlation of 0.44, 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 FSKAX?

FSKAX has higher volatility (3.43%) compared to FEDCX (0.90%). In terms of maximum drawdown, FEDCX dropped -26.00% vs FSKAX's -35.01%.

Which has better risk-adjusted returns?

FEDCX currently has the higher Sharpe Ratio (2.34 vs 1.41), 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.