FHKFX vs. PZVEX

Last updated Aug 1, 2026

FHKFX (Fidelity Series Emerging Markets Fund) and PZVEX (Pzena Emerging Markets Value Fund) are both Emerging Markets Equities funds. Over the past 5 years, FHKFX returned 7.54%/yr vs 11.40%/yr for PZVEX. Their 0.67 correlation means they have sometimes moved together and sometimes differently. FHKFX charges 0.01%/yr vs 1.43%/yr for PZVEX.

Performance

FHKFX vs. PZVEX - Performance Comparison

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

Returns By Period

In the year-to-date period, FHKFX achieves a 20.27% return, which is significantly higher than PZVEX's 11.14% return.

FHKFX

• 1D: 4.05%
• 1M: -3.49%
• 6M: 8.95%
• YTD: 20.27%
• 1Y: 41.07%
• 3Y*: 20.31%
• 5Y*: 7.54%
• 10Y*: —
• ALL TIME*: 6.80%

PZVEX

• 1D: 0.36%
• 1M: 2.54%
• 6M: -1.28%
• YTD: 11.14%
• 1Y: 27.93%
• 3Y*: 15.59%
• 5Y*: 11.40%
• 10Y*: 10.64%
• ALL TIME*: 8.87%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FHKFX Fidelity Series Emerging Markets Fund	$0.00	$0.00	$0.00
PZVEX Pzena Emerging Markets Value Fund	$0.00	$0.00	$0.00

FHKFX vs. PZVEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FHKFX Fidelity Series Emerging Markets Fund	20.27%	38.51%	5.42%	12.10%	-24.50%	-4.15%	17.85%	9.64%	-8.52%
PZVEX Pzena Emerging Markets Value Fund	11.14%	35.06%	4.11%	20.32%	-6.03%	6.41%	8.01%	13.17%	-5.39%

Correlation

The correlation between FHKFX and PZVEX is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (3Y) Balances recent behavior with more history.	0.61
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (All Time) Calculated using the full available price history since Aug 29, 2018	0.67

The correlation between FHKFX and PZVEX shifts across timeframes, from 0.47 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FHKFX vs. PZVEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FHKFX

FHKFX Risk / Return Rank: 71
FHKFX Sharpe Ratio Rank: 70
FHKFX Sortino Ratio Rank: 62
FHKFX Omega Ratio Rank: 70
FHKFX Calmar Ratio Rank: 81
FHKFX Martin Ratio Rank: 72

PZVEX

PZVEX Risk / Return Rank: 55
PZVEX Sharpe Ratio Rank: 65
PZVEX Sortino Ratio Rank: 61
PZVEX Omega Ratio Rank: 62
PZVEX Calmar Ratio Rank: 54
PZVEX Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FHKFX vs. PZVEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Emerging Markets Fund (FHKFX) and Pzena Emerging Markets Value Fund (PZVEX). 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.

	FHKFX	PZVEX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.55	+0.08
Sortino ratio: Return per unit of downside risk	2.14	2.16	-0.02
Omega ratio: Gain probability vs. loss probability	1.30	1.28	+0.02
Calmar ratio: Return relative to maximum drawdown	2.67	1.93	+0.74
Martin ratio: Return relative to average drawdown	8.71	5.04	+3.67

FHKFX vs. PZVEX - Sharpe Ratio Comparison

The current FHKFX Sharpe Ratio is 1.63, which is comparable to the PZVEX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of FHKFX and PZVEX, 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

FHKFX vs. PZVEX - Drawdown Comparison

The maximum FHKFX drawdown since its inception was -45.47%, roughly equal to the maximum PZVEX drawdown of -45.00%. Use the drawdown chart below to compare losses from any high point for FHKFX and PZVEX.

Drawdown Indicators

	FHKFX	PZVEX	Difference
Max Drawdown Largest peak-to-trough decline	-45.47%	-45.00%	-0.47%
Max Drawdown (1Y) Largest decline over 1 year	-14.49%	-12.80%	-1.69%
Max Drawdown (3Y) Largest decline over 3 years	-16.71%	-16.52%	-0.19%
Max Drawdown (5Y) Largest decline over 5 years	-39.01%	-24.44%	-14.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.00%	—
Current Drawdown Current decline from peak	-11.03%	-7.22%	-3.81%
Average Drawdown Average peak-to-trough decline	-17.01%	-9.75%	-7.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.43%	4.90%	-0.47%

Volatility

FHKFX vs. PZVEX - Volatility Comparison

Fidelity Series Emerging Markets Fund (FHKFX) has a higher volatility of 9.54% compared to Pzena Emerging Markets Value Fund (PZVEX) at 4.14%. This indicates that FHKFX's price experiences larger fluctuations and is considered to be riskier than PZVEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHKFX	PZVEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.54%	4.14%	+5.40%
Volatility (6M) Calculated over the trailing 6-month period	21.41%	13.74%	+7.67%
Volatility (1Y) Calculated over the trailing 1-year period	23.69%	15.94%	+7.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.95%	14.91%	+5.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.18%	15.31%	+4.87%

FHKFX vs. PZVEX - Expense Ratio Comparison

FHKFX has a 0.01% expense ratio, which is lower than PZVEX's 1.43% expense ratio.

Dividends

FHKFX vs. PZVEX - Dividend Comparison

FHKFX's dividend yield for the trailing twelve months is around 1.98%, less than PZVEX's 4.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHKFX Fidelity Series Emerging Markets Fund	1.98%	2.38%	2.86%	2.43%	2.56%	3.46%	1.38%	2.28%	0.42%	0.00%	0.00%	0.00%
PZVEX Pzena Emerging Markets Value Fund	4.12%	4.58%	7.03%	5.49%	1.80%	2.46%	1.08%	6.07%	0.97%	1.24%	0.71%	1.90%

Frequently Asked Questions

Can I hold both FHKFX and PZVEX in my portfolio?

FHKFX and PZVEX have a correlation of 0.47, 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 PZVEX?

FHKFX has higher volatility (9.54%) compared to PZVEX (4.14%). In terms of maximum drawdown, FHKFX dropped -45.47% vs PZVEX's -45.00%.

Which has better risk-adjusted returns?

FHKFX currently has the higher Sharpe Ratio (1.63 vs 1.55), 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.