FEDIX vs. LZEMX

Last updated Aug 4, 2026

FEDIX (Fidelity Advisor Emerging Markets Discovery Fund Class I) and LZEMX (Lazard Emerging Markets Equity Portfolio) are both Emerging Markets Equities funds. Over the past 10 years, FEDIX returned 9.92%/yr vs 10.11%/yr for LZEMX. Their correlation of 0.85 means they have usually moved in the same direction. FEDIX charges 1.19%/yr vs 1.06%/yr for LZEMX.

Performance

FEDIX vs. LZEMX - Performance Comparison

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

Returns By Period

In the year-to-date period, FEDIX achieves a 17.63% return, which is significantly lower than LZEMX's 25.47% return. Both investments have delivered pretty close results over the past 10 years, with FEDIX having a 9.92% annualized return and LZEMX not far ahead at 10.11%.

FEDIX

• 1D: -0.44%
• 1M: -1.35%
• 6M: 8.80%
• YTD: 17.63%
• 1Y: 33.40%
• 3Y*: 15.63%
• 5Y*: 8.67%
• 10Y*: 9.92%
• ALL TIME*: 8.23%

LZEMX

• 1D: 1.10%
• 1M: 3.35%
• 6M: 14.87%
• YTD: 25.47%
• 1Y: 48.51%
• 3Y*: 25.92%
• 5Y*: 14.58%
• 10Y*: 10.11%
• ALL TIME*: 7.80%

*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)
FEDIX Fidelity Advisor Emerging Markets Discovery Fund Class I	$0.00	$0.00	$0.00
LZEMX Lazard Emerging Markets Equity Portfolio	$0.00	$0.00	$0.00

FEDIX vs. LZEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEDIX Fidelity Advisor Emerging Markets Discovery Fund Class I	17.63%	31.82%	-3.64%	20.77%	-11.82%	6.67%	16.93%	19.64%	-18.89%	36.50%
LZEMX Lazard Emerging Markets Equity Portfolio	25.47%	41.35%	7.60%	22.44%	-14.86%	5.37%	-0.07%	18.06%	-18.11%	28.02%

Correlation

The correlation between FEDIX and LZEMX is 0.82, 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.	0.82
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 Nov 2, 2011	0.85

The correlation between FEDIX and LZEMX has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

Return for Risk

FEDIX vs. LZEMX — Risk / Return Rank

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

FEDIX

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

LZEMX

LZEMX Risk / Return Rank: 95
LZEMX Sharpe Ratio Rank: 98
LZEMX Sortino Ratio Rank: 95
LZEMX Omega Ratio Rank: 94
LZEMX Calmar Ratio Rank: 96
LZEMX Martin Ratio Rank: 94

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.

FEDIX vs. LZEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Emerging Markets Discovery Fund Class I (FEDIX) and Lazard Emerging Markets Equity Portfolio (LZEMX). 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.

	FEDIX	LZEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.19	3.15	-0.96
Sortino ratio: Return per unit of downside risk	2.91	4.04	-1.14
Omega ratio: Gain probability vs. loss probability	1.40	1.55	-0.16
Calmar ratio: Return relative to maximum drawdown	3.43	4.49	-1.05
Martin ratio: Return relative to average drawdown	11.63	15.23	-3.60

FEDIX vs. LZEMX - Sharpe Ratio Comparison

The current FEDIX Sharpe Ratio is 2.19, which is lower than the LZEMX Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of FEDIX and LZEMX, 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

FEDIX vs. LZEMX - Drawdown Comparison

The maximum FEDIX drawdown since its inception was -42.98%, smaller than the maximum LZEMX drawdown of -60.08%. Use the drawdown chart below to compare losses from any high point for FEDIX and LZEMX.

Drawdown Indicators

	FEDIX	LZEMX	Difference
Max Drawdown Largest peak-to-trough decline	-42.98%	-60.08%	+17.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.58%	-10.42%	+0.84%
Max Drawdown (3Y) Largest decline over 3 years	-17.33%	-14.27%	-3.06%
Max Drawdown (5Y) Largest decline over 5 years	-27.42%	-29.13%	+1.71%
Max Drawdown (10Y) Largest decline over 10 years	-42.98%	-44.08%	+1.10%
Current Drawdown Current decline from peak	-3.83%	-1.17%	-2.66%
Average Drawdown Average peak-to-trough decline	-8.71%	-16.56%	+7.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	3.07%	-0.25%

Volatility

FEDIX vs. LZEMX - Volatility Comparison

Fidelity Advisor Emerging Markets Discovery Fund Class I (FEDIX) has a higher volatility of 5.54% compared to Lazard Emerging Markets Equity Portfolio (LZEMX) at 5.20%. This indicates that FEDIX's price experiences larger fluctuations and is considered to be riskier than LZEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEDIX	LZEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.54%	5.20%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	13.13%	13.00%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	15.06%	14.88%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.42%	14.59%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.82%	16.37%	-0.55%

FEDIX vs. LZEMX - Expense Ratio Comparison

FEDIX has a 1.19% expense ratio, which is higher than LZEMX's 1.06% expense ratio.

Dividends

FEDIX vs. LZEMX - Dividend Comparison

FEDIX's dividend yield for the trailing twelve months is around 3.99%, more than LZEMX's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEDIX Fidelity Advisor Emerging Markets Discovery Fund Class I	3.99%	4.70%	4.01%	2.11%	1.79%	11.83%	0.55%	1.05%	1.84%	1.49%	1.44%	0.83%
LZEMX Lazard Emerging Markets Equity Portfolio	1.63%	2.05%	3.11%	3.76%	5.92%	4.89%	2.11%	2.45%	2.10%	1.99%	1.48%	2.14%

Frequently Asked Questions

Can I hold both FEDIX and LZEMX in my portfolio?

FEDIX and LZEMX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEDIX or LZEMX?

FEDIX has higher volatility (5.54%) compared to LZEMX (5.20%). In terms of maximum drawdown, FEDIX dropped -42.98% vs LZEMX's -60.08%.

Which has better risk-adjusted returns?

LZEMX currently has the higher Sharpe Ratio (3.15 vs 2.19), 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.