FGKPX vs. SFENX

Last updated Jun 25, 2026

FGKPX (Fidelity SAI Emerging Markets Low Volatility Index Fund) and SFENX (Schwab Fundamental Emerging Markets Equity Index Fund) are both Emerging Markets Equities funds. Over the past 5 years, FGKPX returned 6.43%/yr vs 9.04%/yr for SFENX. Their correlation of 0.84 suggests significant overlap in exposure. FGKPX charges 0.23%/yr vs 0.39%/yr for SFENX.

Performance

FGKPX vs. SFENX - 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 Schwab Fundamental Emerging Markets Equity Index Fund (SFENX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGKPX achieves a 13.01% return, which is significantly higher than SFENX's 11.20% return.

FGKPX

• 1D: -2.76%
• 1M: 1.32%
• YTD: 13.01%
• 6M: 12.91%
• 1Y: 16.44%
• 3Y*: 13.55%
• 5Y*: 6.43%
• 10Y*: —

SFENX

• 1D: -2.32%
• 1M: -1.02%
• YTD: 11.20%
• 6M: 11.59%
• 1Y: 27.09%
• 3Y*: 19.75%
• 5Y*: 9.04%
• 10Y*: 10.87%

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

FGKPX vs. SFENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FGKPX Fidelity SAI Emerging Markets Low Volatility Index Fund	13.01%	12.56%	5.96%	15.28%	-12.98%	10.75%	5.22%	3.48%
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	11.20%	29.19%	12.31%	14.90%	-15.50%	13.91%	-3.01%	9.14%

Correlation

The correlation between FGKPX and SFENX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.84

The correlation between FGKPX and SFENX has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

Return for Risk

FGKPX vs. SFENX — Risk / Return Rank

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

FGKPX

FGKPX Risk / Return Rank: 44
FGKPX Sharpe Ratio Rank: 40
FGKPX Sortino Ratio Rank: 38
FGKPX Omega Ratio Rank: 46
FGKPX Calmar Ratio Rank: 55
FGKPX Martin Ratio Rank: 42

SFENX

SFENX Risk / Return Rank: 62
SFENX Sharpe Ratio Rank: 62
SFENX Sortino Ratio Rank: 56
SFENX Omega Ratio Rank: 60
SFENX Calmar Ratio Rank: 73
SFENX Martin Ratio Rank: 58

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.

FGKPX vs. SFENX - 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 Schwab Fundamental Emerging Markets Equity Index Fund (SFENX). 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	SFENX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.12	-0.47
Sortino ratio: Return per unit of downside risk	2.34	2.86	-0.52
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	2.65	3.15	-0.50
Martin ratio: Return relative to average drawdown	8.27	10.89	-2.62

FGKPX vs. SFENX - Sharpe Ratio Comparison

The current FGKPX Sharpe Ratio is 1.65, which is comparable to the SFENX Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of FGKPX and SFENX, 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. SFENX - Drawdown Comparison

The maximum FGKPX drawdown since its inception was -32.05%, smaller than the maximum SFENX drawdown of -47.19%. Use the drawdown chart below to compare losses from any high point for FGKPX and SFENX.

Drawdown Indicators

	FGKPX	SFENX	Difference
Max Drawdown Largest peak-to-trough decline	-32.05%	-47.19%	+15.14%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-9.45%	+2.52%
Max Drawdown (3Y) Largest decline over 3 years	-12.67%	-16.51%	+3.84%
Max Drawdown (5Y) Largest decline over 5 years	-20.69%	-29.26%	+8.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.59%	—
Current Drawdown Current decline from peak	-4.12%	-5.19%	+1.07%
Average Drawdown Average peak-to-trough decline	-5.29%	-12.86%	+7.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	2.73%	-0.52%

Volatility

FGKPX vs. SFENX - Volatility Comparison

Fidelity SAI Emerging Markets Low Volatility Index Fund (FGKPX) has a higher volatility of 6.57% compared to Schwab Fundamental Emerging Markets Equity Index Fund (SFENX) at 5.83%. This indicates that FGKPX's price experiences larger fluctuations and is considered to be riskier than SFENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGKPX	SFENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	5.83%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	9.89%	11.74%	-1.85%
Volatility (1Y) Calculated over the trailing 1-year period	11.10%	14.01%	-2.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.52%	15.53%	-5.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.63%	16.84%	-4.21%

FGKPX vs. SFENX - Expense Ratio Comparison

FGKPX has a 0.23% expense ratio, which is lower than SFENX's 0.39% expense ratio.

Dividends

FGKPX vs. SFENX - Dividend Comparison

FGKPX's dividend yield for the trailing twelve months is around 6.85%, more than SFENX's 3.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGKPX Fidelity SAI Emerging Markets Low Volatility Index Fund	6.85%	7.75%	5.07%	2.91%	1.88%	2.30%	1.77%	1.88%	0.00%	0.00%	0.00%	0.00%
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	3.54%	3.93%	4.67%	5.00%	5.46%	4.61%	2.95%	3.82%	2.90%	2.37%	2.16%	3.23%

Frequently Asked Questions

Can I hold both FGKPX and SFENX in my portfolio?

FGKPX and SFENX have a correlation of 0.78, 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 SFENX?

FGKPX has higher volatility (6.57%) compared to SFENX (5.83%). In terms of maximum drawdown, FGKPX dropped -32.05% vs SFENX's -47.19%.

Which has better risk-adjusted returns?

SFENX currently has the higher Sharpe Ratio (2.12 vs 1.65), 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.