FIONX vs. FSPSX

Last updated Jun 24, 2026

FIONX (Fidelity SAI International Index Fund) and FSPSX (Fidelity International Index Fund) are both Foreign Large Cap Equities funds from Fidelity. Over the past 5 years, FIONX returned 9.31%/yr vs 9.39%/yr for FSPSX. With a 0.99 correlation, they move nearly in lockstep. FIONX charges 0.04%/yr vs 0.04%/yr for FSPSX.

Performance

FIONX vs. FSPSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI International Index Fund (FIONX) and Fidelity International Index Fund (FSPSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FIONX having a 10.71% return and FSPSX slightly higher at 10.74%.

FIONX

• 1D: 0.16%
• 1M: 2.11%
• YTD: 10.71%
• 6M: 10.33%
• 1Y: 24.65%
• 3Y*: 17.60%
• 5Y*: 9.31%
• 10Y*: —

FSPSX

• 1D: 0.18%
• 1M: 2.11%
• YTD: 10.74%
• 6M: 10.40%
• 1Y: 24.77%
• 3Y*: 17.73%
• 5Y*: 9.39%
• 10Y*: 10.29%

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

FIONX vs. FSPSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIONX Fidelity SAI International Index Fund	10.71%	31.85%	3.64%	18.22%	-14.19%	11.24%	8.17%	22.09%	-13.59%	22.53%
FSPSX Fidelity International Index Fund	10.74%	31.98%	3.70%	18.31%	-14.23%	11.45%	8.16%	22.03%	-13.55%	25.37%

Correlation

The correlation between FIONX and FSPSX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.99

The correlation between FIONX and FSPSX has been stable across timeframes, ranging from 0.97 to 1.00 - a consistent structural relationship.

Return for Risk

FIONX vs. FSPSX — Risk / Return Rank

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

FIONX

FIONX Risk / Return Rank: 39
FIONX Sharpe Ratio Rank: 39
FIONX Sortino Ratio Rank: 38
FIONX Omega Ratio Rank: 38
FIONX Calmar Ratio Rank: 39
FIONX Martin Ratio Rank: 42

FSPSX

FSPSX Risk / Return Rank: 39
FSPSX Sharpe Ratio Rank: 40
FSPSX Sortino Ratio Rank: 38
FSPSX Omega Ratio Rank: 38
FSPSX Calmar Ratio Rank: 39
FSPSX Martin Ratio Rank: 42

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.

FIONX vs. FSPSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI International Index Fund (FIONX) and Fidelity International Index Fund (FSPSX). 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.

	FIONX	FSPSX	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.69	0.00
Sortino ratio: Return per unit of downside risk	2.39	2.39	-0.01
Omega ratio: Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	2.26	2.26	0.00
Martin ratio: Return relative to average drawdown	8.46	8.48	-0.02

FIONX vs. FSPSX - Sharpe Ratio Comparison

The current FIONX Sharpe Ratio is 1.69, which is comparable to the FSPSX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of FIONX and FSPSX, 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

FIONX vs. FSPSX - Drawdown Comparison

The maximum FIONX drawdown since its inception was -33.69%, roughly equal to the maximum FSPSX drawdown of -33.69%. Use the drawdown chart below to compare losses from any high point for FIONX and FSPSX.

Drawdown Indicators

	FIONX	FSPSX	Difference
Max Drawdown Largest peak-to-trough decline	-33.69%	-33.69%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-11.40%	-11.39%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-13.62%	-13.58%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-29.49%	-29.41%	-0.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.69%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.34%	-6.53%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	3.04%	0.00%

Volatility

FIONX vs. FSPSX - Volatility Comparison

Fidelity SAI International Index Fund (FIONX) and Fidelity International Index Fund (FSPSX) have volatilities of 4.84% and 4.77%, 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

	FIONX	FSPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	4.77%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	12.72%	12.68%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	15.29%	15.26%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.12%	16.07%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.56%	16.53%	+0.03%

FIONX vs. FSPSX - Expense Ratio Comparison

FIONX has a 0.04% expense ratio, which is lower than FSPSX's 0.04% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FIONX vs. FSPSX - Dividend Comparison

FIONX's dividend yield for the trailing twelve months is around 2.96%, more than FSPSX's 2.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIONX Fidelity SAI International Index Fund	2.96%	3.28%	3.06%	2.18%	3.34%	2.65%	1.91%	3.16%	3.00%	0.52%	0.00%	0.00%
FSPSX Fidelity International Index Fund	2.85%	3.15%	3.27%	2.79%	2.66%	3.07%	1.84%	3.18%	2.79%	2.50%	3.08%	2.79%

Frequently Asked Questions

Can I hold both FIONX and FSPSX in my portfolio?

With a correlation of 1.00, FIONX and FSPSX 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, FIONX or FSPSX?

FIONX has higher volatility (4.84%) compared to FSPSX (4.77%). In terms of maximum drawdown, FIONX dropped -33.69% vs FSPSX's -33.69%.

Which has better risk-adjusted returns?

FSPSX currently has the higher Sharpe Ratio (1.69 vs 1.69), 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.