FEDDX vs. AFK

Last updated Aug 6, 2026

FEDDX (Fidelity Emerging Markets Discovery Fund) and AFK (VanEck Vectors Africa Index ETF) are both Emerging Markets Equities funds. Over the past 10 years, FEDDX returned 10.10%/yr vs 5.72%/yr for AFK. Their 0.61 correlation means they have sometimes moved together and sometimes differently. FEDDX charges 1.19%/yr vs 0.78%/yr for AFK.

Performance

FEDDX vs. AFK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Markets Discovery Fund (FEDDX) and VanEck Vectors Africa Index ETF (AFK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEDDX achieves a 21.51% return, which is significantly higher than AFK's 2.26% return. Over the past 10 years, FEDDX has outperformed AFK with an annualized return of 10.10%, while AFK has yielded a comparatively lower 5.72% annualized return.

FEDDX

• 1D: 2.06%
• 1M: 0.04%
• 6M: 11.20%
• YTD: 21.51%
• 1Y: 35.62%
• 3Y*: 17.58%
• 5Y*: 8.99%
• 10Y*: 10.10%
• ALL TIME*: 8.46%

AFK

• 1D: 2.34%
• 1M: 3.19%
• 6M: -3.27%
• YTD: 2.26%
• 1Y: 29.58%
• 3Y*: 22.55%
• 5Y*: 7.19%
• 10Y*: 5.72%
• ALL TIME*: 0.23%

*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)
AFK VanEck Vectors Africa Index ETF	$3.42M	$2.43M	$2.06M
FEDDX Fidelity Emerging Markets Discovery Fund	$0.00	$0.00	$0.00

FEDDX vs. AFK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEDDX Fidelity Emerging Markets Discovery Fund	21.51%	31.90%	-3.68%	20.76%	-11.83%	6.65%	16.96%	19.60%	-18.90%	36.59%
AFK VanEck Vectors Africa Index ETF	2.26%	74.71%	12.10%	-12.11%	-17.31%	3.00%	4.26%	9.90%	-19.55%	28.22%

Correlation

The correlation between FEDDX and AFK is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.58
Correlation (3Y) Balances recent behavior with more history.	0.55
Correlation (5Y) Shows whether the relationship held over a longer period.	0.61
Correlation (10Y) Provides a long-term view across more market conditions.	0.62
Correlation (All Time) Calculated using the full available price history since Nov 2, 2011	0.61

The correlation between FEDDX and AFK has been stable across timeframes, ranging from 0.55 to 0.62 - a consistent structural relationship.

FEDDX vs. AFK - Sectors Allocation Comparison

Sectors	FEDDX	AFK
Industrials	23.3%	3.3%
Financial Services	18.9%	33.3%
Technology	18.0%	-
Consumer Cyclical	11.9%	7.8%
Consumer Defensive	7.3%	1.9%
Healthcare	5.8%	0.6%
Basic Materials	5.8%	34.5%
Energy	4.1%	6.9%
Real Estate	2.4%	0.3%
Communication Services	1.3%	11.3%
Utilities	1.1%	0.2%

Return for Risk

FEDDX vs. AFK — Risk / Return Rank

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

FEDDX

FEDDX Risk / Return Rank: 88
FEDDX Sharpe Ratio Rank: 91
FEDDX Sortino Ratio Rank: 86
FEDDX Omega Ratio Rank: 86
FEDDX Calmar Ratio Rank: 91
FEDDX Martin Ratio Rank: 88

AFK

AFK Risk / Return Rank: 36
AFK Sharpe Ratio Rank: 38
AFK Sortino Ratio Rank: 36
AFK Omega Ratio Rank: 38
AFK Calmar Ratio Rank: 38
AFK Martin Ratio Rank: 32

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.

FEDDX vs. AFK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Discovery Fund (FEDDX) and VanEck Vectors Africa Index ETF (AFK). 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.

	FEDDX	AFK	Difference
Sharpe ratio: Return per unit of total volatility	2.42	1.09	+1.33
Sortino ratio: Return per unit of downside risk	3.20	1.53	+1.67
Omega ratio: Gain probability vs. loss probability	1.44	1.20	+0.23
Calmar ratio: Return relative to maximum drawdown	3.85	1.52	+2.33
Martin ratio: Return relative to average drawdown	13.01	3.35	+9.66

FEDDX vs. AFK - Sharpe Ratio Comparison

The current FEDDX Sharpe Ratio is 2.42, which is higher than the AFK Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of FEDDX and AFK, 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

FEDDX vs. AFK - Drawdown Comparison

The maximum FEDDX drawdown since its inception was -42.95%, smaller than the maximum AFK drawdown of -62.46%. Use the drawdown chart below to compare losses from any high point for FEDDX and AFK.

Drawdown Indicators

	FEDDX	AFK	Difference
Max Drawdown Largest peak-to-trough decline	-42.95%	-62.46%	+19.51%
Max Drawdown (1Y) Largest decline over 1 year	-9.54%	-19.54%	+10.00%
Max Drawdown (3Y) Largest decline over 3 years	-17.29%	-19.54%	+2.25%
Max Drawdown (5Y) Largest decline over 5 years	-27.45%	-37.62%	+10.17%
Max Drawdown (10Y) Largest decline over 10 years	-42.95%	-53.33%	+10.38%
Current Drawdown Current decline from peak	-0.68%	-10.49%	+9.81%
Average Drawdown Average peak-to-trough decline	-8.70%	-31.87%	+23.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	8.85%	-6.03%

Volatility

FEDDX vs. AFK - Volatility Comparison

Fidelity Emerging Markets Discovery Fund (FEDDX) and VanEck Vectors Africa Index ETF (AFK) have volatilities of 5.75% and 5.56%, 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

	FEDDX	AFK	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	5.56%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	13.28%	22.34%	-9.06%
Volatility (1Y) Calculated over the trailing 1-year period	15.19%	27.17%	-11.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.46%	22.50%	-8.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.84%	22.16%	-6.32%

FEDDX vs. AFK - Expense Ratio Comparison

FEDDX has a 1.19% expense ratio, which is higher than AFK's 0.78% expense ratio.

Dividends

FEDDX vs. AFK - Dividend Comparison

FEDDX's dividend yield for the trailing twelve months is around 3.83%, more than AFK's 0.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFK VanEck Vectors Africa Index ETF	0.99%	1.02%	0.00%	2.27%	3.59%	4.17%	3.91%	6.34%	1.71%	1.99%	2.67%	2.16%
FEDDX Fidelity Emerging Markets Discovery Fund	3.83%	4.65%	3.99%	2.05%	1.69%	11.90%	0.59%	1.05%	1.88%	1.50%	1.36%	0.81%

Frequently Asked Questions

Can I hold both FEDDX and AFK in my portfolio?

FEDDX and AFK have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEDDX or AFK?

FEDDX has higher volatility (5.75%) compared to AFK (5.56%). In terms of maximum drawdown, FEDDX dropped -42.95% vs AFK's -62.46%.

Which has better risk-adjusted returns?

FEDDX currently has the higher Sharpe Ratio (2.42 vs 1.09), 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.