FIONX vs. PPYPX

Last updated Jun 4, 2026

FIONX (Fidelity SAI International Index Fund) and PPYPX (PIMCO RAE International Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, FIONX returned 8.83%/yr vs 8.51%/yr for PPYPX. Their correlation of 0.92 suggests significant overlap in exposure. FIONX charges 0.04%/yr vs 0.60%/yr for PPYPX.

Performance

FIONX vs. PPYPX - Performance Comparison

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

Returns By Period

In the year-to-date period, FIONX achieves a 9.51% return, which is significantly lower than PPYPX's 13.80% return.

FIONX

• 1D: 0.42%
• 1M: 4.08%
• YTD: 9.51%
• 6M: 12.10%
• 1Y: 22.45%
• 3Y*: 17.15%
• 5Y*: 8.83%
• 10Y*: —

PPYPX

• 1D: 0.10%
• 1M: 2.11%
• YTD: 13.80%
• 6M: 12.84%
• 1Y: 28.07%
• 3Y*: 18.03%
• 5Y*: 8.51%
• 10Y*: 8.89%

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

FIONX vs. PPYPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIONX Fidelity SAI International Index Fund	9.51%	31.85%	3.64%	18.22%	-14.19%	11.24%	8.17%	22.09%	-13.59%	22.53%
PPYPX PIMCO RAE International Fund	13.80%	31.34%	-1.15%	18.13%	-8.73%	10.68%	2.05%	16.43%	-15.49%	23.67%

Correlation

The correlation between FIONX and PPYPX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.92

The correlation between FIONX and PPYPX has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.

Return for Risk

FIONX vs. PPYPX — Risk / Return Rank

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

FIONX

FIONX Risk / Return Rank: 27
FIONX Sharpe Ratio Rank: 26
FIONX Sortino Ratio Rank: 25
FIONX Omega Ratio Rank: 26
FIONX Calmar Ratio Rank: 26
FIONX Martin Ratio Rank: 31

PPYPX

PPYPX Risk / Return Rank: 58
PPYPX Sharpe Ratio Rank: 53
PPYPX Sortino Ratio Rank: 46
PPYPX Omega Ratio Rank: 49
PPYPX Calmar Ratio Rank: 80
PPYPX Martin Ratio Rank: 61

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. PPYPX - Risk-Adjusted Trends Comparison

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

	FIONX	PPYPX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	2.14	-0.67
Sortino ratio: Return per unit of downside risk	2.10	2.86	-0.76
Omega ratio: Gain probability vs. loss probability	1.27	1.38	-0.12
Calmar ratio: Return relative to maximum drawdown	1.91	3.64	-1.74
Martin ratio: Return relative to average drawdown	7.14	12.09	-4.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIONX vs. PPYPX - Sharpe Ratio Comparison

The current FIONX Sharpe Ratio is 1.47, which is lower than the PPYPX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of FIONX and PPYPX, 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

	FIONX	PPYPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	2.14	-0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.44	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.47	+0.11

Drawdowns

FIONX vs. PPYPX - Drawdown Comparison

The maximum FIONX drawdown since its inception was -33.69%, smaller than the maximum PPYPX drawdown of -42.48%. Use the drawdown chart below to compare losses from any high point for FIONX and PPYPX.

Drawdown Indicators

	FIONX	PPYPX	Difference
Max Drawdown Largest peak-to-trough decline	-33.69%	-42.48%	+8.79%
Max Drawdown (1Y) Largest decline over 1 year	-11.40%	-7.48%	-3.92%
Max Drawdown (3Y) Largest decline over 3 years	-13.62%	-14.00%	+0.38%
Max Drawdown (5Y) Largest decline over 5 years	-29.49%	-35.65%	+6.16%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.48%	—
Current Drawdown Current decline from peak	-0.47%	-1.46%	+0.99%
Average Drawdown Average peak-to-trough decline	-6.37%	-10.15%	+3.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	2.25%	+0.78%

Volatility

FIONX vs. PPYPX - Volatility Comparison

Fidelity SAI International Index Fund (FIONX) has a higher volatility of 4.63% compared to PIMCO RAE International Fund (PPYPX) at 3.03%. This indicates that FIONX's price experiences larger fluctuations and is considered to be riskier than PPYPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIONX	PPYPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.63%	3.03%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	12.04%	9.93%	+2.11%
Volatility (1Y) Calculated over the trailing 1-year period	14.82%	12.77%	+2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	19.54%	-3.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.54%	19.02%	-2.48%

FIONX vs. PPYPX - Expense Ratio Comparison

FIONX has a 0.04% expense ratio, which is lower than PPYPX's 0.60% expense ratio.

Dividends

FIONX vs. PPYPX - Dividend Comparison

FIONX's dividend yield for the trailing twelve months is around 2.99%, less than PPYPX's 6.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FIONX Fidelity SAI International Index Fund	2.99%	3.28%	3.06%	2.18%	3.34%	2.65%	1.91%	3.16%	3.00%	0.52%	0.00%
PPYPX PIMCO RAE International Fund	6.84%	7.78%	6.57%	10.09%	7.20%	27.06%	2.23%	4.20%	5.96%	2.53%	2.41%

Frequently Asked Questions

Can I hold both FIONX and PPYPX in my portfolio?

FIONX and PPYPX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIONX or PPYPX?

FIONX has higher volatility (4.63%) compared to PPYPX (3.03%). In terms of maximum drawdown, FIONX dropped -33.69% vs PPYPX's -42.48%.

Which has better risk-adjusted returns?

PPYPX currently has the higher Sharpe Ratio (2.14 vs 1.47), 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.