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FIQGX vs. FKEMX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

FIQGX vs. FKEMX

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Advisor Emerging Markets Discovery Fund Class Z (FIQGX) and Fidelity Emerging Markets K (FKEMX).

FIQGX is managed by Fidelity. It was launched on Oct 2, 2018. FKEMX is managed by Fidelity. It was launched on May 9, 2008.

Performance

FIQGX vs. FKEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Emerging Markets Discovery Fund Class Z (FIQGX) and Fidelity Emerging Markets K (FKEMX). The values are adjusted to include any dividend payments, if applicable.

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FIQGX vs. FKEMX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
FIQGX
Fidelity Advisor Emerging Markets Discovery Fund Class Z		6.15%31.96%-3.54%20.94%-11.74%6.86%17.11%19.81%-1.18%
FKEMX
Fidelity Emerging Markets K		0.98%31.18%7.26%15.36%-27.42%1.40%32.68%33.86%-2.68%

Returns By Period

In the year-to-date period, FIQGX achieves a 6.15% return, which is significantly higher than FKEMX's 0.98% return.

FIQGX

1D
1.90%
1M
-6.09%
YTD
6.15%
6M
11.78%
1Y
36.85%
3Y*
15.79%
5Y*
7.98%
10Y*
—

FKEMX

1D
3.49%
1M
-7.62%
YTD
0.98%
6M
4.40%
1Y
33.13%
3Y*
14.76%
5Y*
3.11%
10Y*
10.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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Fidelity Advisor Emerging Markets Discovery Fund Class Z

Fidelity Emerging Markets K

Often compared with FIQGX:
FIQGX vs. FEDDXFIQGX vs. PZIEXFIQGX vs. FEDAXFIQGX vs. CNWIXFIQGX vs. JEMWXFIQGX vs. ODVIXFIQGX vs. VEIEX
Often compared with FKEMX:
FKEMX vs. FEMKXFKEMX vs. FZAEXFKEMX vs. GICIXFKEMX vs. FXAIXFKEMX vs. VWOFKEMX vs. FNILXFKEMX vs. FDGRX

FIQGX vs. FKEMX - Expense Ratio Comparison

FIQGX has a 1.05% expense ratio, which is higher than FKEMX's 0.77% expense ratio.

FIQGX
Fidelity Advisor Emerging Markets Discovery Fund Class Z
FKEMX
Fidelity Emerging Markets K

Return for Risk

FIQGX vs. FKEMX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FIQGX
FIQGX Risk / Return Rank: 9696
Overall Rank
FIQGX Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
FIQGX Sortino Ratio Rank: 9595
Sortino Ratio Rank
FIQGX Omega Ratio Rank: 9494
Omega Ratio Rank
FIQGX Calmar Ratio Rank: 9696
Calmar Ratio Rank
FIQGX Martin Ratio Rank: 9595
Martin Ratio Rank
FKEMX
FKEMX Risk / Return Rank: 8585
Overall Rank
FKEMX Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
FKEMX Sortino Ratio Rank: 8686
Sortino Ratio Rank
FKEMX Omega Ratio Rank: 8282
Omega Ratio Rank
FKEMX Calmar Ratio Rank: 8787
Calmar Ratio Rank
FKEMX Martin Ratio Rank: 8484
Martin Ratio Rank
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.

FIQGX vs. FKEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Emerging Markets Discovery Fund Class Z (FIQGX) and Fidelity Emerging Markets K (FKEMX). 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.

FIQGXFKEMXDifference

Sharpe ratio

Return per unit of total volatility

2.64

1.75

+0.89

Sortino ratio

Return per unit of downside risk

3.28

2.36

+0.92

Omega ratio

Gain probability vs. loss probability

1.50

1.34

+0.16

Calmar ratio

Return relative to maximum drawdown

3.70

2.36

+1.34

Martin ratio

Return relative to average drawdown

14.41

8.85

+5.56

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIQGX vs. FKEMX - Sharpe Ratio Comparison

The current FIQGX Sharpe Ratio is 2.64, which is higher than the FKEMX Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of FIQGX and FKEMX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

FIQGXFKEMXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.64

1.75

+0.89

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.57

0.17

+0.40

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.55

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.64

0.18

+0.47

Correlation

The correlation between FIQGX and FKEMX is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FIQGX vs. FKEMX - Dividend Comparison

FIQGX's dividend yield for the trailing twelve months is around 4.59%, more than FKEMX's 0.07% yield.

TTM20252024202320222021202020192018201720162015
FIQGX
Fidelity Advisor Emerging Markets Discovery Fund Class Z		4.59%4.87%4.07%2.20%1.86%12.04%0.71%1.22%2.16%0.00%0.00%0.00%
FKEMX
Fidelity Emerging Markets K		0.07%0.07%0.78%1.24%0.89%6.18%1.46%1.85%1.00%0.08%0.84%0.70%

Drawdowns

FIQGX vs. FKEMX - Drawdown Comparison

The maximum FIQGX drawdown since its inception was -38.41%, smaller than the maximum FKEMX drawdown of -69.07%. Use the drawdown chart below to compare losses from any high point for FIQGX and FKEMX.

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Drawdown Indicators

FIQGXFKEMXDifference

Max Drawdown

Largest peak-to-trough decline

-38.41%

-69.07%

+30.66%

Max Drawdown (1Y)

Largest decline over 1 year

-9.94%

-13.00%

+3.06%

Max Drawdown (5Y)

Largest decline over 5 years

-27.36%

-40.79%

+13.43%

Max Drawdown (10Y)

Largest decline over 10 years

—

-43.13%

—

Current Drawdown

Current decline from peak

-7.83%

-9.97%

+2.14%

Average Drawdown

Average peak-to-trough decline

-7.02%

-21.49%

+14.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.55%

3.47%

-0.92%

Volatility

FIQGX vs. FKEMX - Volatility Comparison

The current volatility for Fidelity Advisor Emerging Markets Discovery Fund Class Z (FIQGX) is 6.78%, while Fidelity Emerging Markets K (FKEMX) has a volatility of 9.99%. This indicates that FIQGX experiences smaller price fluctuations and is considered to be less risky than FKEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FIQGXFKEMXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.78%

9.99%

-3.21%

Volatility (6M)

Calculated over the trailing 6-month period

9.92%

14.56%

-4.64%

Volatility (1Y)

Calculated over the trailing 1-year period

14.45%

19.60%

-5.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.01%

18.56%

-4.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.77%

18.46%

-1.69%