FIEUX vs. CEE

Last updated Jun 4, 2026

FIEUX (Fidelity Europe Fund) and CEE (The Central and Eastern Europe Fund) are both Europe Equities funds. Over the past 10 years, FIEUX returned 8.18%/yr vs 4.68%/yr for CEE. At a 0.48 correlation, their price movements are largely independent. FIEUX charges 1.06%/yr vs 1.26%/yr for CEE.

Performance

FIEUX vs. CEE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Europe Fund (FIEUX) and The Central and Eastern Europe Fund (CEE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIEUX achieves a 7.29% return, which is significantly lower than CEE's 19.15% return. Over the past 10 years, FIEUX has outperformed CEE with an annualized return of 8.18%, while CEE has yielded a comparatively lower 4.68% annualized return.

FIEUX

• 1D: 0.54%
• 1M: 4.69%
• YTD: 7.29%
• 6M: 10.52%
• 1Y: 18.87%
• 3Y*: 17.12%
• 5Y*: 5.87%
• 10Y*: 8.18%

CEE

• 1D: 0.09%
• 1M: 4.69%
• YTD: 19.15%
• 6M: 29.25%
• 1Y: 43.26%
• 3Y*: 39.34%
• 5Y*: -2.22%
• 10Y*: 4.68%

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

FIEUX vs. CEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIEUX Fidelity Europe Fund	7.29%	37.53%	4.21%	13.68%	-20.62%	6.63%	18.29%	24.43%	-17.22%	29.16%
CEE The Central and Eastern Europe Fund	19.15%	65.59%	15.52%	22.58%	-67.78%	13.62%	-11.76%	35.49%	-5.73%	21.34%

Correlation

The correlation between FIEUX and CEE is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Mar 1, 1990	0.48

The correlation between FIEUX and CEE shifts across timeframes, from 0.32 (3 years) to 0.48 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FIEUX vs. CEE — Risk / Return Rank

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

FIEUX

FIEUX Risk / Return Rank: 17
FIEUX Sharpe Ratio Rank: 16
FIEUX Sortino Ratio Rank: 16
FIEUX Omega Ratio Rank: 16
FIEUX Calmar Ratio Rank: 17
FIEUX Martin Ratio Rank: 21

CEE

CEE Risk / Return Rank: 38
CEE Sharpe Ratio Rank: 34
CEE Sortino Ratio Rank: 35
CEE Omega Ratio Rank: 31
CEE Calmar Ratio Rank: 61
CEE Martin Ratio Rank: 28

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.

FIEUX vs. CEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Europe Fund (FIEUX) and The Central and Eastern Europe Fund (CEE). 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.

	FIEUX	CEE	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.68	-0.54
Sortino ratio: Return per unit of downside risk	1.70	2.48	-0.79
Omega ratio: Gain probability vs. loss probability	1.21	1.29	-0.09
Calmar ratio: Return relative to maximum drawdown	1.50	3.00	-1.49
Martin ratio: Return relative to average drawdown	5.59	6.70	-1.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIEUX vs. CEE - Sharpe Ratio Comparison

The current FIEUX Sharpe Ratio is 1.14, which is lower than the CEE Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of FIEUX and CEE, 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

	FIEUX	CEE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	1.68	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	-0.06	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.14	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.10	+0.35

Drawdowns

FIEUX vs. CEE - Drawdown Comparison

The maximum FIEUX drawdown since its inception was -59.96%, smaller than the maximum CEE drawdown of -82.98%. Use the drawdown chart below to compare losses from any high point for FIEUX and CEE.

Drawdown Indicators

	FIEUX	CEE	Difference
Max Drawdown Largest peak-to-trough decline	-59.96%	-82.98%	+23.02%
Max Drawdown (1Y) Largest decline over 1 year	-12.38%	-14.51%	+2.13%
Max Drawdown (3Y) Largest decline over 3 years	-13.27%	-22.22%	+8.95%
Max Drawdown (5Y) Largest decline over 5 years	-38.04%	-79.89%	+41.85%
Max Drawdown (10Y) Largest decline over 10 years	-38.04%	-79.89%	+41.85%
Current Drawdown Current decline from peak	-0.48%	-33.71%	+33.23%
Average Drawdown Average peak-to-trough decline	-14.04%	-37.36%	+23.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	6.48%	-3.16%

Volatility

FIEUX vs. CEE - Volatility Comparison

The current volatility for Fidelity Europe Fund (FIEUX) is 6.31%, while The Central and Eastern Europe Fund (CEE) has a volatility of 7.63%. This indicates that FIEUX experiences smaller price fluctuations and is considered to be less risky than CEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIEUX	CEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.31%	7.63%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	14.02%	18.56%	-4.54%
Volatility (1Y) Calculated over the trailing 1-year period	16.32%	25.96%	-9.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	39.06%	-21.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.94%	32.55%	-14.61%

FIEUX vs. CEE - Expense Ratio Comparison

FIEUX has a 1.06% expense ratio, which is lower than CEE's 1.26% expense ratio.

Dividends

FIEUX vs. CEE - Dividend Comparison

FIEUX's dividend yield for the trailing twelve months is around 2.08%, more than CEE's 1.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEE The Central and Eastern Europe Fund	1.84%	2.19%	3.23%	3.74%	2.89%	3.61%	3.82%	5.17%	4.58%	2.30%	1.56%	2.92%
FIEUX Fidelity Europe Fund	2.08%	2.23%	3.28%	1.62%	0.00%	16.10%	1.15%	7.42%	11.93%	2.52%	1.51%	0.43%

Frequently Asked Questions

Can I hold both FIEUX and CEE in my portfolio?

FIEUX and CEE have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIEUX or CEE?

CEE has higher volatility (7.63%) compared to FIEUX (6.31%). In terms of maximum drawdown, FIEUX dropped -59.96% vs CEE's -82.98%.

Which has better risk-adjusted returns?

CEE currently has the higher Sharpe Ratio (1.68 vs 1.14), 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.