FEMSX vs. PZVEX

Last updated Aug 4, 2026

FEMSX (Fidelity Series Emerging Markets Opportunities Fund) and PZVEX (Pzena Emerging Markets Value Fund) are both Emerging Markets Equities funds. Over the past 10 years, FEMSX returned 11.63%/yr vs 11.00%/yr for PZVEX. Their 0.70 correlation means they have sometimes moved together and sometimes differently. FEMSX charges 0.01%/yr vs 1.43%/yr for PZVEX.

Performance

FEMSX vs. PZVEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Emerging Markets Opportunities Fund (FEMSX) and Pzena Emerging Markets Value Fund (PZVEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEMSX achieves a 22.47% return, which is significantly higher than PZVEX's 13.76% return. Over the past 10 years, FEMSX has outperformed PZVEX with an annualized return of 11.63%, while PZVEX has yielded a comparatively lower 11.00% annualized return.

FEMSX

• 1D: 1.68%
• 1M: -1.85%
• 6M: 11.77%
• YTD: 22.47%
• 1Y: 44.47%
• 3Y*: 22.02%
• 5Y*: 8.45%
• 10Y*: 11.63%
• ALL TIME*: 10.56%

PZVEX

• 1D: 2.36%
• 1M: 4.96%
• 6M: 2.66%
• YTD: 13.76%
• 1Y: 30.95%
• 3Y*: 16.76%
• 5Y*: 11.92%
• 10Y*: 11.00%
• ALL TIME*: 9.08%

*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)
FEMSX Fidelity Series Emerging Markets Opportunities Fund	$0.00	$0.00	$0.00
PZVEX Pzena Emerging Markets Value Fund	$0.00	$0.00	$0.00

FEMSX vs. PZVEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEMSX Fidelity Series Emerging Markets Opportunities Fund	22.47%	37.92%	7.84%	14.23%	-23.95%	-5.14%	24.72%	28.87%	-16.20%	49.92%
PZVEX Pzena Emerging Markets Value Fund	13.76%	35.06%	4.11%	20.32%	-6.03%	6.41%	8.01%	13.17%	-10.59%	29.88%

Correlation

The correlation between FEMSX and PZVEX is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (3Y) Balances recent behavior with more history.	0.61
Correlation (5Y) Shows whether the relationship held over a longer period.	0.65
Correlation (10Y) Provides a long-term view across more market conditions.	0.68
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.70

Over the past year, the correlation between FEMSX and PZVEX has dropped to 0.47 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

Return for Risk

FEMSX vs. PZVEX — Risk / Return Rank

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

FEMSX

FEMSX Risk / Return Rank: 75
FEMSX Sharpe Ratio Rank: 74
FEMSX Sortino Ratio Rank: 64
FEMSX Omega Ratio Rank: 73
FEMSX Calmar Ratio Rank: 87
FEMSX Martin Ratio Rank: 78

PZVEX

PZVEX Risk / Return Rank: 65
PZVEX Sharpe Ratio Rank: 76
PZVEX Sortino Ratio Rank: 72
PZVEX Omega Ratio Rank: 72
PZVEX Calmar Ratio Rank: 66
PZVEX Martin Ratio Rank: 39

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.

FEMSX vs. PZVEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Emerging Markets Opportunities Fund (FEMSX) and Pzena Emerging Markets Value Fund (PZVEX). 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.

	FEMSX	PZVEX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.85	-0.04
Sortino ratio: Return per unit of downside risk	2.33	2.54	-0.21
Omega ratio: Gain probability vs. loss probability	1.33	1.33	0.00
Calmar ratio: Return relative to maximum drawdown	3.19	2.31	+0.88
Martin ratio: Return relative to average drawdown	9.98	6.02	+3.96

FEMSX vs. PZVEX - Sharpe Ratio Comparison

The current FEMSX Sharpe Ratio is 1.80, which is comparable to the PZVEX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of FEMSX and PZVEX, 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

FEMSX vs. PZVEX - Drawdown Comparison

The maximum FEMSX drawdown since its inception was -44.16%, roughly equal to the maximum PZVEX drawdown of -45.00%. Use the drawdown chart below to compare losses from any high point for FEMSX and PZVEX.

Drawdown Indicators

	FEMSX	PZVEX	Difference
Max Drawdown Largest peak-to-trough decline	-44.16%	-45.00%	+0.84%
Max Drawdown (1Y) Largest decline over 1 year	-13.47%	-12.80%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-17.04%	-16.52%	-0.52%
Max Drawdown (5Y) Largest decline over 5 years	-39.12%	-24.44%	-14.68%
Max Drawdown (10Y) Largest decline over 10 years	-44.16%	-45.00%	+0.84%
Current Drawdown Current decline from peak	-8.38%	-5.03%	-3.35%
Average Drawdown Average peak-to-trough decline	-13.34%	-9.75%	-3.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	4.91%	-0.61%

Volatility

FEMSX vs. PZVEX - Volatility Comparison

Fidelity Series Emerging Markets Opportunities Fund (FEMSX) has a higher volatility of 9.60% compared to Pzena Emerging Markets Value Fund (PZVEX) at 4.66%. This indicates that FEMSX's price experiences larger fluctuations and is considered to be riskier than PZVEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEMSX	PZVEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.60%	4.66%	+4.94%
Volatility (6M) Calculated over the trailing 6-month period	21.86%	13.92%	+7.94%
Volatility (1Y) Calculated over the trailing 1-year period	23.88%	16.10%	+7.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.97%	14.94%	+5.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.76%	15.32%	+4.44%

FEMSX vs. PZVEX - Expense Ratio Comparison

FEMSX has a 0.01% expense ratio, which is lower than PZVEX's 1.43% expense ratio.

Dividends

FEMSX vs. PZVEX - Dividend Comparison

FEMSX's dividend yield for the trailing twelve months is around 2.00%, less than PZVEX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMSX Fidelity Series Emerging Markets Opportunities Fund	2.00%	2.45%	2.08%	2.82%	2.39%	12.83%	2.99%	2.48%	9.42%	8.98%	1.46%	1.27%
PZVEX Pzena Emerging Markets Value Fund	4.03%	4.58%	7.03%	5.49%	1.80%	2.46%	1.08%	6.07%	0.97%	1.24%	0.71%	1.90%

Frequently Asked Questions

Can I hold both FEMSX and PZVEX in my portfolio?

FEMSX and PZVEX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEMSX or PZVEX?

FEMSX has higher volatility (9.60%) compared to PZVEX (4.66%). In terms of maximum drawdown, FEMSX dropped -44.16% vs PZVEX's -45.00%.

Which has better risk-adjusted returns?

PZVEX currently has the higher Sharpe Ratio (1.85 vs 1.80), 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.