FERGX vs. FSISX

Last updated Jun 24, 2026

FERGX (Fidelity SAI Emerging Markets Index Fund) and FSISX (Fidelity SAI International Small Cap Index Fund) are both mutual funds - FERGX is a Emerging Markets Diversified fund managed by Fidelity, while FSISX is a Foreign Small & Mid Cap Equities fund managed by Fidelity. Over the past 5 years, FERGX returned 8.07%/yr vs 5.75%/yr for FSISX. A 0.70 correlation means they provide meaningful diversification when combined. FERGX charges 0.07%/yr vs 0.10%/yr for FSISX.

Performance

FERGX vs. FSISX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI Emerging Markets Index Fund (FERGX) and Fidelity SAI International Small Cap Index Fund (FSISX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FERGX achieves a 29.63% return, which is significantly higher than FSISX's 9.14% return.

FERGX

• 1D: 0.18%
• 1M: 7.53%
• YTD: 29.63%
• 6M: 30.89%
• 1Y: 54.54%
• 3Y*: 24.63%
• 5Y*: 8.07%
• 10Y*: —

FSISX

• 1D: -0.26%
• 1M: -0.53%
• YTD: 9.14%
• 6M: 9.14%
• 1Y: 23.34%
• 3Y*: 16.89%
• 5Y*: 5.75%
• 10Y*: —

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

FERGX vs. FSISX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FERGX Fidelity SAI Emerging Markets Index Fund	29.63%	33.86%	6.59%	9.41%	-20.19%	-7.87%
FSISX Fidelity SAI International Small Cap Index Fund	9.14%	32.61%	1.74%	13.23%	-21.18%	-0.40%

Correlation

The correlation between FERGX and FSISX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since May 27, 2021	0.70

The correlation between FERGX and FSISX has been stable across timeframes, ranging from 0.67 to 0.71 - a consistent structural relationship.

Return for Risk

FERGX vs. FSISX — Risk / Return Rank

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

FERGX

FERGX Risk / Return Rank: 86
FERGX Sharpe Ratio Rank: 90
FERGX Sortino Ratio Rank: 79
FERGX Omega Ratio Rank: 85
FERGX Calmar Ratio Rank: 89
FERGX Martin Ratio Rank: 88

FSISX

FSISX Risk / Return Rank: 39
FSISX Sharpe Ratio Rank: 42
FSISX Sortino Ratio Rank: 41
FSISX Omega Ratio Rank: 42
FSISX Calmar Ratio Rank: 34
FSISX Martin Ratio Rank: 36

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.

FERGX vs. FSISX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Emerging Markets Index Fund (FERGX) and Fidelity SAI International Small Cap Index Fund (FSISX). 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.

	FERGX	FSISX	Difference
Sharpe ratio: Return per unit of total volatility	2.77	1.76	+1.01
Sortino ratio: Return per unit of downside risk	3.44	2.51	+0.93
Omega ratio: Gain probability vs. loss probability	1.53	1.32	+0.21
Calmar ratio: Return relative to maximum drawdown	4.20	2.07	+2.12
Martin ratio: Return relative to average drawdown	15.70	7.59	+8.11

FERGX vs. FSISX - Sharpe Ratio Comparison

The current FERGX Sharpe Ratio is 2.77, which is higher than the FSISX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of FERGX and FSISX, 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

FERGX vs. FSISX - Drawdown Comparison

The maximum FERGX drawdown since its inception was -39.27%, which is greater than FSISX's maximum drawdown of -36.84%. Use the drawdown chart below to compare losses from any high point for FERGX and FSISX.

Drawdown Indicators

	FERGX	FSISX	Difference
Max Drawdown Largest peak-to-trough decline	-39.27%	-36.84%	-2.43%
Max Drawdown (1Y) Largest decline over 1 year	-13.32%	-11.73%	-1.59%
Max Drawdown (3Y) Largest decline over 3 years	-16.20%	-14.75%	-1.45%
Max Drawdown (5Y) Largest decline over 5 years	-36.97%	-36.84%	-0.13%
Current Drawdown Current decline from peak	-0.09%	-2.33%	+2.24%
Average Drawdown Average peak-to-trough decline	-14.27%	-13.00%	-1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.55%	3.19%	+0.36%

Volatility

FERGX vs. FSISX - Volatility Comparison

Fidelity SAI Emerging Markets Index Fund (FERGX) has a higher volatility of 10.85% compared to Fidelity SAI International Small Cap Index Fund (FSISX) at 4.39%. This indicates that FERGX's price experiences larger fluctuations and is considered to be riskier than FSISX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FERGX	FSISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.85%	4.39%	+6.46%
Volatility (6M) Calculated over the trailing 6-month period	18.20%	11.37%	+6.83%
Volatility (1Y) Calculated over the trailing 1-year period	20.24%	13.85%	+6.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.77%	15.95%	+1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.22%	15.89%	+2.33%

FERGX vs. FSISX - Expense Ratio Comparison

FERGX has a 0.08% expense ratio, which is lower than FSISX's 0.10% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FERGX vs. FSISX - Dividend Comparison

FERGX's dividend yield for the trailing twelve months is around 2.06%, less than FSISX's 3.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FERGX Fidelity SAI Emerging Markets Index Fund	2.06%	2.67%	2.40%	2.67%	2.51%	2.90%	1.49%	2.49%	2.58%	0.58%
FSISX Fidelity SAI International Small Cap Index Fund	3.39%	3.70%	3.33%	3.13%	3.02%	1.30%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FERGX and FSISX in my portfolio?

FERGX and FSISX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FERGX or FSISX?

FERGX has higher volatility (10.85%) compared to FSISX (4.39%). In terms of maximum drawdown, FERGX dropped -39.27% vs FSISX's -36.84%.

Which has better risk-adjusted returns?

FERGX currently has the higher Sharpe Ratio (2.77 vs 1.76), 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.