FHKFX vs. FZAEX

Last updated Jun 4, 2026

FHKFX (Fidelity Series Emerging Markets Fund) and FZAEX (Fidelity Advisor Focused Emerging Markets Fund Class Z) are both Emerging Markets Equities funds from Fidelity. Over the past 5 years, FHKFX returned 8.35%/yr vs 9.78%/yr for FZAEX. With a 0.95 correlation, they move nearly in lockstep. FHKFX charges 0.01%/yr vs 0.90%/yr for FZAEX.

Performance

FHKFX vs. FZAEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Emerging Markets Fund (FHKFX) and Fidelity Advisor Focused Emerging Markets Fund Class Z (FZAEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FHKFX having a 35.18% return and FZAEX slightly lower at 33.80%.

FHKFX

• 1D: 1.34%
• 1M: 9.00%
• YTD: 35.18%
• 6M: 38.31%
• 1Y: 68.41%
• 3Y*: 27.98%
• 5Y*: 8.35%
• 10Y*: —

FZAEX

• 1D: 2.01%
• 1M: 13.71%
• YTD: 33.80%
• 6M: 37.74%
• 1Y: 70.56%
• 3Y*: 29.27%
• 5Y*: 9.78%
• 10Y*: 13.42%

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

FHKFX vs. FZAEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FHKFX Fidelity Series Emerging Markets Fund	35.18%	38.51%	5.42%	12.10%	-24.50%	-4.15%	17.85%	9.64%	-8.52%
FZAEX Fidelity Advisor Focused Emerging Markets Fund Class Z	33.80%	40.25%	9.43%	8.60%	-19.75%	-2.50%	30.63%	29.94%	-12.27%

Correlation

The correlation between FHKFX and FZAEX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 30, 2018	0.95

The correlation between FHKFX and FZAEX has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

FHKFX vs. FZAEX — Risk / Return Rank

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

FHKFX

FHKFX Risk / Return Rank: 93
FHKFX Sharpe Ratio Rank: 97
FHKFX Sortino Ratio Rank: 90
FHKFX Omega Ratio Rank: 90
FHKFX Calmar Ratio Rank: 94
FHKFX Martin Ratio Rank: 94

FZAEX

FZAEX Risk / Return Rank: 95
FZAEX Sharpe Ratio Rank: 98
FZAEX Sortino Ratio Rank: 94
FZAEX Omega Ratio Rank: 94
FZAEX Calmar Ratio Rank: 93
FZAEX Martin Ratio Rank: 94

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. FZAEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Emerging Markets Fund (FHKFX) and Fidelity Advisor Focused Emerging Markets Fund Class Z (FZAEX). 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	FZAEX	Difference
Sharpe ratio: Return per unit of total volatility	3.62	3.95	-0.33
Sortino ratio: Return per unit of downside risk	4.40	4.88	-0.48
Omega ratio: Gain probability vs. loss probability	1.65	1.72	-0.07
Calmar ratio: Return relative to maximum drawdown	5.49	5.18	+0.31
Martin ratio: Return relative to average drawdown	20.76	21.14	-0.38
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. FZAEX - Sharpe Ratio Comparison

The current FHKFX Sharpe Ratio is 3.62, which is comparable to the FZAEX Sharpe Ratio of 3.95. The chart below compares the historical Sharpe Ratios of FHKFX and FZAEX, 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

	FHKFX	FZAEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.62	3.95	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.52	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.60	-0.16

Drawdowns

FHKFX vs. FZAEX - Drawdown Comparison

The maximum FHKFX drawdown since its inception was -45.47%, which is greater than FZAEX's maximum drawdown of -41.73%. Use the drawdown chart below to compare losses from any high point for FHKFX and FZAEX.

Drawdown Indicators

	FHKFX	FZAEX	Difference
Max Drawdown Largest peak-to-trough decline	-45.47%	-41.73%	-3.74%
Max Drawdown (1Y) Largest decline over 1 year	-12.54%	-13.71%	+1.17%
Max Drawdown (3Y) Largest decline over 3 years	-16.71%	-18.69%	+1.98%
Max Drawdown (5Y) Largest decline over 5 years	-42.10%	-40.39%	-1.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.73%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-17.23%	-12.39%	-4.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	3.35%	-0.04%

Volatility

FHKFX vs. FZAEX - Volatility Comparison

Fidelity Series Emerging Markets Fund (FHKFX) and Fidelity Advisor Focused Emerging Markets Fund Class Z (FZAEX) have volatilities of 7.75% and 7.86%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHKFX	FZAEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.75%	7.86%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	16.26%	15.43%	+0.83%
Volatility (1Y) Calculated over the trailing 1-year period	19.01%	17.99%	+1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.08%	18.92%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.70%	18.81%	+0.89%

FHKFX vs. FZAEX - Expense Ratio Comparison

FHKFX has a 0.01% expense ratio, which is lower than FZAEX's 0.90% expense ratio.

Dividends

FHKFX vs. FZAEX - Dividend Comparison

FHKFX's dividend yield for the trailing twelve months is around 1.76%, more than FZAEX's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHKFX Fidelity Series Emerging Markets Fund	1.76%	2.38%	2.86%	2.43%	2.56%	3.46%	1.38%	2.28%	0.42%	0.00%	0.00%	0.00%
FZAEX Fidelity Advisor Focused Emerging Markets Fund Class Z	1.24%	1.65%	1.36%	1.69%	1.23%	5.35%	2.23%	11.13%	0.78%	0.10%	0.63%	0.34%

Frequently Asked Questions

Can I hold both FHKFX and FZAEX in my portfolio?

With a correlation of 0.95, FHKFX and FZAEX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FHKFX or FZAEX?

FZAEX has higher volatility (7.86%) compared to FHKFX (7.75%). In terms of maximum drawdown, FHKFX dropped -45.47% vs FZAEX's -41.73%.

Which has better risk-adjusted returns?

FZAEX currently has the higher Sharpe Ratio (3.95 vs 3.62), 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.