FHKFX vs. FZROX

Last updated Jun 4, 2026

FHKFX (Fidelity Series Emerging Markets Fund) and FZROX (Fidelity ZERO Total Market Index Fund) are both mutual funds - FHKFX is a Emerging Markets Equities fund managed by Fidelity, while FZROX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FHKFX returned 8.35%/yr vs 13.30%/yr for FZROX. A 0.66 correlation means they provide meaningful diversification when combined. FHKFX charges 0.01%/yr vs 0.00%/yr for FZROX.

Performance

FHKFX vs. FZROX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Emerging Markets Fund (FHKFX) and Fidelity ZERO Total Market Index Fund (FZROX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHKFX achieves a 35.18% return, which is significantly higher than FZROX's 12.01% return.

FHKFX

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

FZROX

• 1D: 0.23%
• 1M: 5.79%
• YTD: 12.01%
• 6M: 11.92%
• 1Y: 29.16%
• 3Y*: 22.49%
• 5Y*: 13.30%
• 10Y*: —

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

FHKFX vs. FZROX - 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%
FZROX Fidelity ZERO Total Market Index Fund	12.01%	17.23%	23.94%	26.20%	-19.21%	26.00%	20.51%	31.15%	-15.00%

Correlation

The correlation between FHKFX and FZROX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Aug 30, 2018	0.66

The correlation between FHKFX and FZROX has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.

Return for Risk

FHKFX vs. FZROX — 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

FZROX

FZROX Risk / Return Rank: 72
FZROX Sharpe Ratio Rank: 72
FZROX Sortino Ratio Rank: 65
FZROX Omega Ratio Rank: 63
FZROX Calmar Ratio Rank: 75
FZROX Martin Ratio Rank: 83

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. FZROX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Emerging Markets Fund (FHKFX) and Fidelity ZERO Total Market Index Fund (FZROX). 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	FZROX	Difference
Sharpe ratio: Return per unit of total volatility	3.62	2.47	+1.15
Sortino ratio: Return per unit of downside risk	4.40	3.36	+1.04
Omega ratio: Gain probability vs. loss probability	1.65	1.45	+0.21
Calmar ratio: Return relative to maximum drawdown	5.49	3.39	+2.09
Martin ratio: Return relative to average drawdown	20.76	15.66	+5.10
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. FZROX - Sharpe Ratio Comparison

The current FHKFX Sharpe Ratio is 3.62, which is higher than the FZROX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of FHKFX and FZROX, 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	FZROX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.62	2.47	+1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.77	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.73	-0.29

Drawdowns

FHKFX vs. FZROX - Drawdown Comparison

The maximum FHKFX drawdown since its inception was -45.47%, which is greater than FZROX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for FHKFX and FZROX.

Drawdown Indicators

	FHKFX	FZROX	Difference
Max Drawdown Largest peak-to-trough decline	-45.47%	-34.96%	-10.51%
Max Drawdown (1Y) Largest decline over 1 year	-12.54%	-8.89%	-3.65%
Max Drawdown (3Y) Largest decline over 3 years	-16.71%	-19.38%	+2.67%
Max Drawdown (5Y) Largest decline over 5 years	-42.10%	-25.12%	-16.98%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-17.23%	-5.51%	-11.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	1.92%	+1.39%

Volatility

FHKFX vs. FZROX - Volatility Comparison

Fidelity Series Emerging Markets Fund (FHKFX) has a higher volatility of 7.75% compared to Fidelity ZERO Total Market Index Fund (FZROX) at 2.99%. This indicates that FHKFX's price experiences larger fluctuations and is considered to be riskier than FZROX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHKFX	FZROX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.75%	2.99%	+4.76%
Volatility (6M) Calculated over the trailing 6-month period	16.26%	9.22%	+7.04%
Volatility (1Y) Calculated over the trailing 1-year period	19.01%	12.22%	+6.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.08%	17.44%	+1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.70%	20.13%	-0.43%

FHKFX vs. FZROX - Expense Ratio Comparison

FHKFX has a 0.01% expense ratio, which is higher than FZROX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FHKFX vs. FZROX - Dividend Comparison

FHKFX's dividend yield for the trailing twelve months is around 1.76%, more than FZROX's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FHKFX Fidelity Series Emerging Markets Fund	1.76%	2.38%	2.86%	2.43%	2.56%	3.46%	1.38%	2.28%	0.42%
FZROX Fidelity ZERO Total Market Index Fund	0.91%	1.02%	1.16%	1.36%	1.57%	1.25%	1.27%	1.51%	0.00%

Frequently Asked Questions

Can I hold both FHKFX and FZROX in my portfolio?

FHKFX and FZROX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHKFX or FZROX?

FHKFX has higher volatility (7.75%) compared to FZROX (2.99%). In terms of maximum drawdown, FHKFX dropped -45.47% vs FZROX's -34.96%.

Which has better risk-adjusted returns?

FHKFX currently has the higher Sharpe Ratio (3.62 vs 2.47), 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.