FGZMX vs. EDF

Last updated Jun 4, 2026

FGZMX (Fidelity Advisor New Markets Income Fund Class I) and EDF (Virtus Stone Harbor Emerging Markets Income Fund) are both Emerging Markets Bonds funds. Over the past 5 years, FGZMX returned 3.85%/yr vs 5.04%/yr for EDF. At a 0.32 correlation, their price movements are largely independent. FGZMX charges 0.83%/yr vs 1.45%/yr for EDF.

Performance

FGZMX vs. EDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor New Markets Income Fund Class I (FGZMX) and Virtus Stone Harbor Emerging Markets Income Fund (EDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGZMX achieves a 3.94% return, which is significantly lower than EDF's 14.37% return.

FGZMX

• 1D: 0.21%
• 1M: 0.98%
• YTD: 3.94%
• 6M: 4.41%
• 1Y: 15.85%
• 3Y*: 12.91%
• 5Y*: 3.85%
• 10Y*: —

EDF

• 1D: -0.56%
• 1M: 4.45%
• YTD: 14.37%
• 6M: 17.21%
• 1Y: 23.80%
• 3Y*: 27.49%
• 5Y*: 5.04%
• 10Y*: 4.94%

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

FGZMX vs. EDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FGZMX Fidelity Advisor New Markets Income Fund Class I	3.94%	14.73%	6.85%	13.99%	-16.15%	-2.37%	4.53%	10.98%	0.14%
EDF Virtus Stone Harbor Emerging Markets Income Fund	14.37%	22.24%	25.54%	21.63%	-27.96%	-8.47%	-31.14%	45.06%	-6.73%

Correlation

The correlation between FGZMX and EDF is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (All Time) Calculated using the full available price history since Dec 6, 2018	0.32

The correlation between FGZMX and EDF shifts across timeframes, from 0.22 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FGZMX vs. EDF — Risk / Return Rank

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

FGZMX

FGZMX Risk / Return Rank: 94
FGZMX Sharpe Ratio Rank: 97
FGZMX Sortino Ratio Rank: 98
FGZMX Omega Ratio Rank: 95
FGZMX Calmar Ratio Rank: 87
FGZMX Martin Ratio Rank: 91

EDF

EDF Risk / Return Rank: 38
EDF Sharpe Ratio Rank: 34
EDF Sortino Ratio Rank: 35
EDF Omega Ratio Rank: 32
EDF Calmar Ratio Rank: 44
EDF Martin Ratio Rank: 46

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.

FGZMX vs. EDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor New Markets Income Fund Class I (FGZMX) and Virtus Stone Harbor Emerging Markets Income Fund (EDF). 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.

	FGZMX	EDF	Difference
Sharpe ratio: Return per unit of total volatility	3.74	1.67	+2.07
Sortino ratio: Return per unit of downside risk	6.21	2.47	+3.75
Omega ratio: Gain probability vs. loss probability	1.80	1.30	+0.51
Calmar ratio: Return relative to maximum drawdown	4.25	2.53	+1.72
Martin ratio: Return relative to average drawdown	18.73	9.68	+9.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FGZMX vs. EDF - Sharpe Ratio Comparison

The current FGZMX Sharpe Ratio is 3.74, which is higher than the EDF Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of FGZMX and EDF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FGZMX	EDF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.74	1.67	+2.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.20	+0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.13	+0.48

Drawdowns

FGZMX vs. EDF - Drawdown Comparison

The maximum FGZMX drawdown since its inception was -27.17%, smaller than the maximum EDF drawdown of -64.23%. Use the drawdown chart below to compare losses from any high point for FGZMX and EDF.

Drawdown Indicators

	FGZMX	EDF	Difference
Max Drawdown Largest peak-to-trough decline	-27.17%	-64.23%	+37.06%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-9.44%	+5.59%
Max Drawdown (3Y) Largest decline over 3 years	-6.50%	-24.32%	+17.82%
Max Drawdown (5Y) Largest decline over 5 years	-27.17%	-52.53%	+25.36%
Max Drawdown (10Y) Largest decline over 10 years	—	-64.23%	—
Current Drawdown Current decline from peak	0.00%	-6.20%	+6.20%
Average Drawdown Average peak-to-trough decline	-6.18%	-21.48%	+15.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	2.46%	-1.59%

Volatility

FGZMX vs. EDF - Volatility Comparison

The current volatility for Fidelity Advisor New Markets Income Fund Class I (FGZMX) is 1.52%, while Virtus Stone Harbor Emerging Markets Income Fund (EDF) has a volatility of 4.95%. This indicates that FGZMX experiences smaller price fluctuations and is considered to be less risky than EDF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGZMX	EDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	4.95%	-3.43%
Volatility (6M) Calculated over the trailing 6-month period	3.54%	11.48%	-7.94%
Volatility (1Y) Calculated over the trailing 1-year period	4.39%	14.39%	-10.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.62%	25.64%	-19.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.29%	30.69%	-23.40%

FGZMX vs. EDF - Expense Ratio Comparison

FGZMX has a 0.83% expense ratio, which is lower than EDF's 1.45% expense ratio.

Dividends

FGZMX vs. EDF - Dividend Comparison

FGZMX's dividend yield for the trailing twelve months is around 4.85%, less than EDF's 13.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EDF Virtus Stone Harbor Emerging Markets Income Fund	13.43%	14.49%	15.32%	16.71%	17.31%	12.91%	16.46%	15.67%	19.37%	13.58%	14.75%	17.93%
FGZMX Fidelity Advisor New Markets Income Fund Class I	4.85%	5.04%	4.68%	5.14%	3.93%	3.46%	4.05%	4.85%	0.42%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FGZMX and EDF in my portfolio?

FGZMX and EDF have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGZMX or EDF?

EDF has higher volatility (4.95%) compared to FGZMX (1.52%). In terms of maximum drawdown, FGZMX dropped -27.17% vs EDF's -64.23%.

Which has better risk-adjusted returns?

FGZMX currently has the higher Sharpe Ratio (3.74 vs 1.67), 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.