FGKPX vs. COBYX

Last updated Aug 1, 2026

FGKPX (Fidelity SAI Emerging Markets Low Volatility Index Fund) and COBYX (The Cook & Bynum Fund) are both Emerging Markets Equities funds. Over the past 5 years, FGKPX returned 7.21%/yr vs 9.02%/yr for COBYX. Their 0.47 correlation means their historical movements had little consistent relationship. FGKPX charges 0.23%/yr vs 1.49%/yr for COBYX.

Performance

FGKPX vs. COBYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI Emerging Markets Low Volatility Index Fund (FGKPX) and The Cook & Bynum Fund (COBYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGKPX achieves a 12.75% return, which is significantly higher than COBYX's 11.82% return.

FGKPX

• 1D: 2.12%
• 1M: 1.09%
• 6M: 9.98%
• YTD: 12.75%
• 1Y: 16.85%
• 3Y*: 11.36%
• 5Y*: 7.21%
• 10Y*: —
• ALL TIME*: 6.73%

COBYX

• 1D: 0.46%
• 1M: 0.41%
• 6M: 8.19%
• YTD: 11.82%
• 1Y: 20.62%
• 3Y*: 7.48%
• 5Y*: 9.02%
• 10Y*: 4.78%
• ALL TIME*: 4.78%

*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)
COBYX The Cook & Bynum Fund	$0.00	$0.00	$0.00
FGKPX Fidelity SAI Emerging Markets Low Volatility Index Fund	$0.00	$0.00	$0.00

FGKPX vs. COBYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FGKPX Fidelity SAI Emerging Markets Low Volatility Index Fund	12.75%	12.56%	5.96%	15.28%	-12.98%	10.75%	5.22%	3.48%
COBYX The Cook & Bynum Fund	11.82%	20.50%	-10.32%	16.73%	9.28%	9.05%	-10.97%	1.27%

Correlation

The correlation between FGKPX and COBYX is 0.21, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.21
Correlation (3Y) Balances recent behavior with more history.	0.32
Correlation (5Y) Shows whether the relationship held over a longer period.	0.41
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.47

Over the past year, the correlation between FGKPX and COBYX has dropped to 0.21 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.

Return for Risk

FGKPX vs. COBYX — Risk / Return Rank

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

FGKPX

FGKPX Risk / Return Rank: 53
FGKPX Sharpe Ratio Rank: 50
FGKPX Sortino Ratio Rank: 49
FGKPX Omega Ratio Rank: 56
FGKPX Calmar Ratio Rank: 70
FGKPX Martin Ratio Rank: 41

COBYX

COBYX Risk / Return Rank: 66
COBYX Sharpe Ratio Rank: 71
COBYX Sortino Ratio Rank: 71
COBYX Omega Ratio Rank: 68
COBYX Calmar Ratio Rank: 66
COBYX Martin Ratio Rank: 55

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.

FGKPX vs. COBYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Emerging Markets Low Volatility Index Fund (FGKPX) and The Cook & Bynum Fund (COBYX). 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.

	FGKPX	COBYX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.64	-0.32
Sortino ratio: Return per unit of downside risk	1.89	2.39	-0.49
Omega ratio: Gain probability vs. loss probability	1.26	1.30	-0.04
Calmar ratio: Return relative to maximum drawdown	2.26	2.17	+0.09
Martin ratio: Return relative to average drawdown	5.82	7.33	-1.50

FGKPX vs. COBYX - Sharpe Ratio Comparison

The current FGKPX Sharpe Ratio is 1.33, which is comparable to the COBYX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of FGKPX and COBYX, 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

FGKPX vs. COBYX - Drawdown Comparison

The maximum FGKPX drawdown since its inception was -32.05%, smaller than the maximum COBYX drawdown of -34.18%. Use the drawdown chart below to compare losses from any high point for FGKPX and COBYX.

Drawdown Indicators

	FGKPX	COBYX	Difference
Max Drawdown Largest peak-to-trough decline	-32.05%	-34.18%	+2.13%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-8.95%	+2.02%
Max Drawdown (3Y) Largest decline over 3 years	-12.67%	-16.29%	+3.62%
Max Drawdown (5Y) Largest decline over 5 years	-20.69%	-17.10%	-3.59%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.18%	—
Current Drawdown Current decline from peak	-4.34%	-0.15%	-4.19%
Average Drawdown Average peak-to-trough decline	-5.28%	-6.74%	+1.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	2.68%	0.00%

Volatility

FGKPX vs. COBYX - Volatility Comparison

Fidelity SAI Emerging Markets Low Volatility Index Fund (FGKPX) has a higher volatility of 4.68% compared to The Cook & Bynum Fund (COBYX) at 3.16%. This indicates that FGKPX's price experiences larger fluctuations and is considered to be riskier than COBYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGKPX	COBYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	3.16%	+1.52%
Volatility (6M) Calculated over the trailing 6-month period	10.84%	9.77%	+1.07%
Volatility (1Y) Calculated over the trailing 1-year period	11.80%	11.82%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.62%	13.96%	-3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.66%	13.67%	-1.01%

FGKPX vs. COBYX - Expense Ratio Comparison

FGKPX has a 0.23% expense ratio, which is lower than COBYX's 1.49% expense ratio.

Dividends

FGKPX vs. COBYX - Dividend Comparison

FGKPX's dividend yield for the trailing twelve months is around 6.87%, more than COBYX's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
COBYX The Cook & Bynum Fund	1.05%	1.18%	0.00%	1.01%	1.16%	2.18%	0.32%	0.69%	12.60%	1.88%	5.09%
FGKPX Fidelity SAI Emerging Markets Low Volatility Index Fund	6.87%	7.75%	5.07%	2.91%	1.88%	2.30%	1.77%	1.88%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FGKPX and COBYX in my portfolio?

FGKPX and COBYX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGKPX or COBYX?

FGKPX has higher volatility (4.68%) compared to COBYX (3.16%). In terms of maximum drawdown, FGKPX dropped -32.05% vs COBYX's -34.18%.

Which has better risk-adjusted returns?

COBYX currently has the higher Sharpe Ratio (1.64 vs 1.33), 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.