FGVMX vs. DLENX

Last updated Jul 2, 2026

FGVMX (Fidelity Advisor New Markets Income Fund Class A) and DLENX (DoubleLine Emerging Markets Fixed Income Fund Class N) are both Emerging Markets Bonds funds. Over the past 5 years, FGVMX returned 3.59%/yr vs 1.71%/yr for DLENX. A 0.71 correlation means they provide meaningful diversification when combined. FGVMX charges 1.13%/yr vs 1.18%/yr for DLENX.

Performance

FGVMX vs. DLENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor New Markets Income Fund Class A (FGVMX) and DoubleLine Emerging Markets Fixed Income Fund Class N (DLENX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGVMX achieves a 4.29% return, which is significantly higher than DLENX's 1.55% return.

FGVMX

• 1D: 0.44%
• 1M: 0.73%
• YTD: 4.29%
• 6M: 4.29%
• 1Y: 13.14%
• 3Y*: 11.82%
• 5Y*: 3.59%
• 10Y*: —

DLENX

• 1D: -0.06%
• 1M: 0.38%
• YTD: 1.55%
• 6M: 1.55%
• 1Y: 5.22%
• 3Y*: 7.82%
• 5Y*: 1.71%
• 10Y*: 3.48%

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

FGVMX vs. DLENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FGVMX Fidelity Advisor New Markets Income Fund Class A	4.29%	14.54%	6.49%	13.64%	-16.28%	-2.62%	4.21%	10.58%	0.12%
DLENX DoubleLine Emerging Markets Fixed Income Fund Class N	1.55%	8.11%	7.92%	9.36%	-15.50%	1.71%	4.66%	11.71%	-0.02%

Correlation

The correlation between FGVMX and DLENX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Dec 4, 2018	0.71

The correlation between FGVMX and DLENX shifts across timeframes, from 0.63 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FGVMX vs. DLENX — Risk / Return Rank

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

FGVMX

FGVMX Risk / Return Rank: 93
FGVMX Sharpe Ratio Rank: 97
FGVMX Sortino Ratio Rank: 97
FGVMX Omega Ratio Rank: 93
FGVMX Calmar Ratio Rank: 86
FGVMX Martin Ratio Rank: 92

DLENX

DLENX Risk / Return Rank: 86
DLENX Sharpe Ratio Rank: 93
DLENX Sortino Ratio Rank: 91
DLENX Omega Ratio Rank: 91
DLENX Calmar Ratio Rank: 77
DLENX Martin Ratio Rank: 77

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.

FGVMX vs. DLENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor New Markets Income Fund Class A (FGVMX) and DoubleLine Emerging Markets Fixed Income Fund Class N (DLENX). 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.

	FGVMX	DLENX	Difference
Sharpe ratio: Return per unit of total volatility	3.10	2.76	+0.34
Sortino ratio: Return per unit of downside risk	5.12	4.04	+1.08
Omega ratio: Gain probability vs. loss probability	1.65	1.61	+0.04
Calmar ratio: Return relative to maximum drawdown	3.56	2.93	+0.63
Martin ratio: Return relative to average drawdown	15.56	11.63	+3.92

FGVMX vs. DLENX - Sharpe Ratio Comparison

The current FGVMX Sharpe Ratio is 3.10, which is comparable to the DLENX Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of FGVMX and DLENX, 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

FGVMX vs. DLENX - Drawdown Comparison

The maximum FGVMX drawdown since its inception was -27.36%, which is greater than DLENX's maximum drawdown of -25.64%. Use the drawdown chart below to compare losses from any high point for FGVMX and DLENX.

Drawdown Indicators

	FGVMX	DLENX	Difference
Max Drawdown Largest peak-to-trough decline	-27.36%	-25.64%	-1.72%
Max Drawdown (1Y) Largest decline over 1 year	-3.80%	-1.83%	-1.97%
Max Drawdown (3Y) Largest decline over 3 years	-6.47%	-4.58%	-1.89%
Max Drawdown (5Y) Largest decline over 5 years	-27.36%	-25.64%	-1.72%
Max Drawdown (10Y) Largest decline over 10 years	—	-25.64%	—
Current Drawdown Current decline from peak	-0.13%	-0.17%	+0.04%
Average Drawdown Average peak-to-trough decline	-6.29%	-3.59%	-2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.46%	+0.41%

Volatility

FGVMX vs. DLENX - Volatility Comparison

Fidelity Advisor New Markets Income Fund Class A (FGVMX) has a higher volatility of 1.16% compared to DoubleLine Emerging Markets Fixed Income Fund Class N (DLENX) at 0.58%. This indicates that FGVMX's price experiences larger fluctuations and is considered to be riskier than DLENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGVMX	DLENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	0.58%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	3.65%	1.49%	+2.16%
Volatility (1Y) Calculated over the trailing 1-year period	4.41%	1.94%	+2.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.61%	4.55%	+2.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.25%	4.65%	+2.60%

FGVMX vs. DLENX - Expense Ratio Comparison

FGVMX has a 1.13% expense ratio, which is lower than DLENX's 1.18% expense ratio.

Dividends

FGVMX vs. DLENX - Dividend Comparison

FGVMX's dividend yield for the trailing twelve months is around 4.62%, less than DLENX's 5.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLENX DoubleLine Emerging Markets Fixed Income Fund Class N	5.25%	5.33%	5.71%	5.29%	4.49%	3.74%	4.11%	4.49%	3.57%	4.07%	4.29%	4.94%
FGVMX Fidelity Advisor New Markets Income Fund Class A	4.62%	4.80%	4.42%	4.86%	3.68%	3.20%	3.76%	4.56%	0.40%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FGVMX and DLENX in my portfolio?

FGVMX and DLENX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGVMX or DLENX?

FGVMX has higher volatility (1.16%) compared to DLENX (0.58%). In terms of maximum drawdown, FGVMX dropped -27.36% vs DLENX's -25.64%.

Which has better risk-adjusted returns?

FGVMX currently has the higher Sharpe Ratio (3.10 vs 2.76), 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.