FEDGX vs. WCMEX

Last updated Jun 4, 2026

FEDGX (Fidelity Advisor Emerging Markets Discovery Fund Class C) and WCMEX (WCM Focused Emerging Markets Fund Institutional Class) are both Emerging Markets Equities funds. Over the past 10 years, FEDGX returned 9.86%/yr vs 10.81%/yr for WCMEX. Their correlation of 0.83 suggests significant overlap in exposure. FEDGX charges 2.25%/yr vs 1.26%/yr for WCMEX.

Performance

FEDGX vs. WCMEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Emerging Markets Discovery Fund Class C (FEDGX) and WCM Focused Emerging Markets Fund Institutional Class (WCMEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEDGX achieves a 19.51% return, which is significantly lower than WCMEX's 25.99% return. Over the past 10 years, FEDGX has underperformed WCMEX with an annualized return of 9.86%, while WCMEX has yielded a comparatively higher 10.81% annualized return.

FEDGX

• 1D: 0.64%
• 1M: 1.42%
• YTD: 19.51%
• 6M: 21.42%
• 1Y: 39.27%
• 3Y*: 17.77%
• 5Y*: 7.64%
• 10Y*: 9.86%

WCMEX

• 1D: 0.87%
• 1M: 7.15%
• YTD: 25.99%
• 6M: 27.57%
• 1Y: 48.96%
• 3Y*: 23.57%
• 5Y*: 4.42%
• 10Y*: 10.81%

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

FEDGX vs. WCMEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEDGX Fidelity Advisor Emerging Markets Discovery Fund Class C	19.51%	30.50%	-4.59%	19.45%	-12.76%	5.51%	15.73%	18.27%	-19.70%	35.93%
WCMEX WCM Focused Emerging Markets Fund Institutional Class	25.99%	31.46%	10.07%	4.54%	-30.70%	-1.67%	36.52%	37.58%	-12.67%	40.91%

Correlation

The correlation between FEDGX and WCMEX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jul 3, 2013	0.83

The correlation between FEDGX and WCMEX has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

Return for Risk

FEDGX vs. WCMEX — Risk / Return Rank

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

FEDGX

FEDGX Risk / Return Rank: 85
FEDGX Sharpe Ratio Rank: 90
FEDGX Sortino Ratio Rank: 82
FEDGX Omega Ratio Rank: 83
FEDGX Calmar Ratio Rank: 86
FEDGX Martin Ratio Rank: 83

WCMEX

WCMEX Risk / Return Rank: 78
WCMEX Sharpe Ratio Rank: 82
WCMEX Sortino Ratio Rank: 65
WCMEX Omega Ratio Rank: 75
WCMEX Calmar Ratio Rank: 90
WCMEX Martin Ratio Rank: 77

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.

FEDGX vs. WCMEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Emerging Markets Discovery Fund Class C (FEDGX) and WCM Focused Emerging Markets Fund Institutional Class (WCMEX). 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.

	FEDGX	WCMEX	Difference
Sharpe ratio: Return per unit of total volatility	3.02	2.70	+0.32
Sortino ratio: Return per unit of downside risk	3.88	3.38	+0.50
Omega ratio: Gain probability vs. loss probability	1.55	1.50	+0.06
Calmar ratio: Return relative to maximum drawdown	4.13	4.72	-0.59
Martin ratio: Return relative to average drawdown	15.78	14.54	+1.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEDGX vs. WCMEX - Sharpe Ratio Comparison

The current FEDGX Sharpe Ratio is 3.02, which is comparable to the WCMEX Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of FEDGX and WCMEX, 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

	FEDGX	WCMEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.02	2.70	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.24	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.58	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.44	+0.07

Drawdowns

FEDGX vs. WCMEX - Drawdown Comparison

The maximum FEDGX drawdown since its inception was -44.26%, roughly equal to the maximum WCMEX drawdown of -46.05%. Use the drawdown chart below to compare losses from any high point for FEDGX and WCMEX.

Drawdown Indicators

	FEDGX	WCMEX	Difference
Max Drawdown Largest peak-to-trough decline	-44.26%	-46.05%	+1.79%
Max Drawdown (1Y) Largest decline over 1 year	-9.66%	-10.74%	+1.08%
Max Drawdown (3Y) Largest decline over 3 years	-17.77%	-19.05%	+1.28%
Max Drawdown (5Y) Largest decline over 5 years	-28.29%	-44.77%	+16.48%
Max Drawdown (10Y) Largest decline over 10 years	-44.26%	-46.05%	+1.79%
Current Drawdown Current decline from peak	-1.16%	0.00%	-1.16%
Average Drawdown Average peak-to-trough decline	-9.53%	-14.70%	+5.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	3.47%	-0.95%

Volatility

FEDGX vs. WCMEX - Volatility Comparison

The current volatility for Fidelity Advisor Emerging Markets Discovery Fund Class C (FEDGX) is 4.38%, while WCM Focused Emerging Markets Fund Institutional Class (WCMEX) has a volatility of 6.86%. This indicates that FEDGX experiences smaller price fluctuations and is considered to be less risky than WCMEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEDGX	WCMEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	6.86%	-2.48%
Volatility (6M) Calculated over the trailing 6-month period	10.64%	15.43%	-4.79%
Volatility (1Y) Calculated over the trailing 1-year period	13.20%	18.79%	-5.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.11%	18.58%	-4.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.73%	18.73%	-3.00%

FEDGX vs. WCMEX - Expense Ratio Comparison

FEDGX has a 2.25% expense ratio, which is higher than WCMEX's 1.26% expense ratio.

Dividends

FEDGX vs. WCMEX - Dividend Comparison

FEDGX's dividend yield for the trailing twelve months is around 3.18%, while WCMEX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEDGX Fidelity Advisor Emerging Markets Discovery Fund Class C	3.18%	3.81%	3.01%	1.09%	0.57%	10.88%	0.00%	0.00%	0.49%	1.54%	0.58%	0.00%
WCMEX WCM Focused Emerging Markets Fund Institutional Class	0.00%	0.00%	0.00%	0.46%	0.47%	4.37%	0.87%	0.37%	0.76%	0.76%	0.76%	0.42%

Frequently Asked Questions

Can I hold both FEDGX and WCMEX in my portfolio?

FEDGX and WCMEX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEDGX or WCMEX?

WCMEX has higher volatility (6.86%) compared to FEDGX (4.38%). In terms of maximum drawdown, FEDGX dropped -44.26% vs WCMEX's -46.05%.

Which has better risk-adjusted returns?

FEDGX currently has the higher Sharpe Ratio (3.02 vs 2.70), 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.