FHKFX vs. CNWIX

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Series Emerging Markets Fund (FHKFX) and Calamos Evolving World Growth Fund Class I (CNWIX).

FHKFX is managed by Fidelity. It was launched on Aug 29, 2018. CNWIX is managed by Calamos.

Performance

FHKFX vs. CNWIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Emerging Markets Fund (FHKFX) and Calamos Evolving World Growth Fund Class I (CNWIX). The values are adjusted to include any dividend payments, if applicable.

FHKFX vs. CNWIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FHKFX Fidelity Series Emerging Markets Fund	4.00%	38.51%	5.42%	12.10%	-24.50%	-4.15%	17.85%	9.64%	-8.52%
CNWIX Calamos Evolving World Growth Fund Class I	7.40%	19.29%	14.99%	6.60%	-24.35%	-4.70%	54.23%	20.76%	-11.13%

Returns By Period

In the year-to-date period, FHKFX achieves a 4.00% return, which is significantly lower than CNWIX's 7.40% return.

FHKFX

• 1D: -0.73%
• 1M: -10.61%
• YTD: 4.00%
• 6M: 7.33%
• 1Y: 36.06%
• 3Y*: 17.32%
• 5Y*: 3.63%
• 10Y*: —

CNWIX

• 1D: 2.49%
• 1M: -13.56%
• YTD: 7.40%
• 6M: 5.59%
• 1Y: 30.77%
• 3Y*: 14.38%
• 5Y*: 2.25%
• 10Y*: 8.63%

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

FHKFX vs. CNWIX - Expense Ratio Comparison

FHKFX has a 0.01% expense ratio, which is lower than CNWIX's 1.05% expense ratio.

CNWIX

Calamos Evolving World Growth Fund Class I

FHKFX

Fidelity Series Emerging Markets Fund

Return for Risk

FHKFX vs. CNWIX — Risk / Return Rank

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

FHKFX

FHKFX Risk / Return Rank: 89
FHKFX Sharpe Ratio Rank: 90
FHKFX Sortino Ratio Rank: 88
FHKFX Omega Ratio Rank: 87
FHKFX Calmar Ratio Rank: 91
FHKFX Martin Ratio Rank: 90

CNWIX

CNWIX Risk / Return Rank: 73
CNWIX Sharpe Ratio Rank: 79
CNWIX Sortino Ratio Rank: 74
CNWIX Omega Ratio Rank: 72
CNWIX Calmar Ratio Rank: 73
CNWIX Martin Ratio Rank: 68

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.

FHKFX vs. CNWIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Emerging Markets Fund (FHKFX) and Calamos Evolving World Growth Fund Class I (CNWIX). 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.

	FHKFX	CNWIX	Difference
Sharpe ratio Return per unit of total volatility	1.88	1.53	+0.35
Sortino ratio Return per unit of downside risk	2.44	1.96	+0.47
Omega ratio Gain probability vs. loss probability	1.36	1.29	+0.07
Calmar ratio Return relative to maximum drawdown	2.68	1.87	+0.81
Martin ratio Return relative to average drawdown	10.08	7.15	+2.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHKFX vs. CNWIX - Sharpe Ratio Comparison

The current FHKFX Sharpe Ratio is 1.88, which is comparable to the CNWIX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of FHKFX and CNWIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FHKFX	CNWIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	1.53	+0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.13	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.27	-0.01

Correlation

The correlation between FHKFX and CNWIX is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FHKFX vs. CNWIX - Dividend Comparison

FHKFX's dividend yield for the trailing twelve months is around 2.29%, more than CNWIX's 0.06% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHKFX Fidelity Series Emerging Markets Fund	2.29%	2.38%	2.86%	2.43%	2.56%	3.46%	1.38%	2.28%	0.42%	0.00%	0.00%	0.00%
CNWIX Calamos Evolving World Growth Fund Class I	0.06%	0.06%	0.00%	0.54%	0.97%	2.79%	2.01%	1.04%	0.00%	0.42%	0.00%	0.38%

Drawdowns

FHKFX vs. CNWIX - Drawdown Comparison

The maximum FHKFX drawdown since its inception was -45.47%, roughly equal to the maximum CNWIX drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for FHKFX and CNWIX.

Drawdown Indicators

	FHKFX	CNWIX	Difference
Max Drawdown Largest peak-to-trough decline	-45.47%	-43.57%	-1.90%
Max Drawdown (1Y) Largest decline over 1 year	-12.54%	-16.28%	+3.74%
Max Drawdown (5Y) Largest decline over 5 years	-42.10%	-37.47%	-4.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.57%	—
Current Drawdown Current decline from peak	-12.54%	-14.20%	+1.66%
Average Drawdown Average peak-to-trough decline	-17.58%	-16.56%	-1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	4.26%	-0.93%

Volatility

FHKFX vs. CNWIX - Volatility Comparison

The current volatility for Fidelity Series Emerging Markets Fund (FHKFX) is 9.56%, while Calamos Evolving World Growth Fund Class I (CNWIX) has a volatility of 11.15%. This indicates that FHKFX experiences smaller price fluctuations and is considered to be less risky than CNWIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHKFX	CNWIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.56%	11.15%	-1.59%
Volatility (6M) Calculated over the trailing 6-month period	14.63%	17.00%	-2.37%
Volatility (1Y) Calculated over the trailing 1-year period	19.29%	20.27%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.69%	17.56%	+1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.54%	24.08%	-4.54%