FEDTX vs. PZIEX

Last updated Jun 24, 2026

FEDTX (Fidelity Advisor Emerging Markets Discovery Fund Class M) and PZIEX (Pzena Emerging Markets Value Fund Institutional Class) are both Emerging Markets Equities funds. Over the past 10 years, FEDTX returned 10.63%/yr vs 12.25%/yr for PZIEX. A 0.72 correlation means they provide meaningful diversification when combined. FEDTX charges 1.76%/yr vs 1.08%/yr for PZIEX.

Performance

FEDTX vs. PZIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Emerging Markets Discovery Fund Class M (FEDTX) and Pzena Emerging Markets Value Fund Institutional Class (PZIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEDTX achieves a 19.94% return, which is significantly higher than PZIEX's 10.89% return. Over the past 10 years, FEDTX has underperformed PZIEX with an annualized return of 10.63%, while PZIEX has yielded a comparatively higher 12.25% annualized return.

FEDTX

• 1D: -1.00%
• 1M: 0.84%
• YTD: 19.94%
• 6M: 21.34%
• 1Y: 38.04%
• 3Y*: 17.86%
• 5Y*: 8.16%
• 10Y*: 10.63%

PZIEX

• 1D: -0.53%
• 1M: -2.13%
• YTD: 10.89%
• 6M: 12.13%
• 1Y: 34.10%
• 3Y*: 19.23%
• 5Y*: 10.94%
• 10Y*: 12.25%

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

FEDTX vs. PZIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEDTX Fidelity Advisor Emerging Markets Discovery Fund Class M	19.94%	31.19%	-4.16%	20.12%	-12.35%	6.05%	16.31%	18.91%	-19.40%	36.42%
PZIEX Pzena Emerging Markets Value Fund Institutional Class	10.89%	35.49%	4.54%	20.73%	-5.67%	6.65%	8.43%	13.57%	-10.23%	29.98%

Correlation

The correlation between FEDTX and PZIEX is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.72

The correlation between FEDTX and PZIEX shifts across timeframes, from 0.53 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FEDTX vs. PZIEX — Risk / Return Rank

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

FEDTX

FEDTX Risk / Return Rank: 86
FEDTX Sharpe Ratio Rank: 90
FEDTX Sortino Ratio Rank: 83
FEDTX Omega Ratio Rank: 83
FEDTX Calmar Ratio Rank: 87
FEDTX Martin Ratio Rank: 86

PZIEX

PZIEX Risk / Return Rank: 56
PZIEX Sharpe Ratio Rank: 66
PZIEX Sortino Ratio Rank: 59
PZIEX Omega Ratio Rank: 61
PZIEX Calmar Ratio Rank: 53
PZIEX Martin Ratio Rank: 42

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.

FEDTX vs. PZIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Emerging Markets Discovery Fund Class M (FEDTX) and Pzena Emerging Markets Value Fund Institutional Class (PZIEX). 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.

	FEDTX	PZIEX	Difference
Sharpe ratio: Return per unit of total volatility	2.77	2.19	+0.58
Sortino ratio: Return per unit of downside risk	3.61	2.95	+0.66
Omega ratio: Gain probability vs. loss probability	1.51	1.39	+0.11
Calmar ratio: Return relative to maximum drawdown	4.06	2.66	+1.39
Martin ratio: Return relative to average drawdown	15.07	8.40	+6.67

FEDTX vs. PZIEX - Sharpe Ratio Comparison

The current FEDTX Sharpe Ratio is 2.77, which is comparable to the PZIEX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of FEDTX and PZIEX, 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

FEDTX vs. PZIEX - Drawdown Comparison

The maximum FEDTX drawdown since its inception was -43.70%, roughly equal to the maximum PZIEX drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for FEDTX and PZIEX.

Drawdown Indicators

	FEDTX	PZIEX	Difference
Max Drawdown Largest peak-to-trough decline	-43.70%	-44.59%	+0.89%
Max Drawdown (1Y) Largest decline over 1 year	-9.62%	-12.79%	+3.17%
Max Drawdown (3Y) Largest decline over 3 years	-17.51%	-16.40%	-1.11%
Max Drawdown (5Y) Largest decline over 5 years	-27.91%	-24.22%	-3.69%
Max Drawdown (10Y) Largest decline over 10 years	-43.70%	-44.59%	+0.89%
Current Drawdown Current decline from peak	-1.72%	-7.45%	+5.73%
Average Drawdown Average peak-to-trough decline	-9.14%	-9.56%	+0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	4.05%	-1.46%

Volatility

FEDTX vs. PZIEX - Volatility Comparison

Fidelity Advisor Emerging Markets Discovery Fund Class M (FEDTX) has a higher volatility of 6.29% compared to Pzena Emerging Markets Value Fund Institutional Class (PZIEX) at 5.49%. This indicates that FEDTX's price experiences larger fluctuations and is considered to be riskier than PZIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEDTX	PZIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.29%	5.49%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	11.83%	13.46%	-1.63%
Volatility (1Y) Calculated over the trailing 1-year period	14.11%	15.56%	-1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.27%	14.87%	-0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.78%	15.39%	+0.39%

FEDTX vs. PZIEX - Expense Ratio Comparison

FEDTX has a 1.76% expense ratio, which is higher than PZIEX's 1.08% expense ratio.

Dividends

FEDTX vs. PZIEX - Dividend Comparison

FEDTX's dividend yield for the trailing twelve months is around 3.59%, less than PZIEX's 4.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEDTX Fidelity Advisor Emerging Markets Discovery Fund Class M	3.59%	4.31%	3.30%	1.63%	1.10%	11.36%	0.05%	0.48%	0.87%	1.51%	0.95%	0.22%
PZIEX Pzena Emerging Markets Value Fund Institutional Class	4.33%	4.81%	7.38%	5.79%	2.08%	2.79%	1.28%	6.32%	1.28%	1.41%	0.98%	2.23%

Frequently Asked Questions

Can I hold both FEDTX and PZIEX in my portfolio?

FEDTX and PZIEX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEDTX or PZIEX?

FEDTX has higher volatility (6.29%) compared to PZIEX (5.49%). In terms of maximum drawdown, FEDTX dropped -43.70% vs PZIEX's -44.59%.

Which has better risk-adjusted returns?

FEDTX currently has the higher Sharpe Ratio (2.77 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.