FIQGX vs. WCMEX

Last updated Jun 24, 2026

FIQGX (Fidelity Advisor Emerging Markets Discovery Fund Class Z) and WCMEX (WCM Focused Emerging Markets Fund Institutional Class) are both Emerging Markets Equities funds. Over the past 5 years, FIQGX returned 8.87%/yr vs 4.95%/yr for WCMEX. Their correlation of 0.85 suggests significant overlap in exposure. FIQGX charges 1.05%/yr vs 1.26%/yr for WCMEX.

Performance

FIQGX vs. WCMEX - 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 WCM Focused Emerging Markets Fund Institutional Class (WCMEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIQGX achieves a 20.33% return, which is significantly lower than WCMEX's 30.48% return.

FIQGX

• 1D: -0.99%
• 1M: 0.87%
• YTD: 20.33%
• 6M: 21.73%
• 1Y: 38.93%
• 3Y*: 18.61%
• 5Y*: 8.87%
• 10Y*: —

WCMEX

• 1D: 0.64%
• 1M: 8.35%
• YTD: 30.48%
• 6M: 31.98%
• 1Y: 49.53%
• 3Y*: 25.31%
• 5Y*: 4.95%
• 10Y*: 11.56%

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

FIQGX vs. WCMEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIQGX Fidelity Advisor Emerging Markets Discovery Fund Class Z	20.33%	31.96%	-3.54%	20.94%	-11.74%	6.86%	17.11%	19.81%	-1.18%
WCMEX WCM Focused Emerging Markets Fund Institutional Class	30.48%	31.46%	10.07%	4.54%	-30.70%	-1.67%	36.52%	37.58%	-2.73%

Correlation

The correlation between FIQGX and WCMEX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.85

The correlation between FIQGX and WCMEX has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

Return for Risk

FIQGX vs. WCMEX — Risk / Return Rank

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

FIQGX

FIQGX Risk / Return Rank: 87
FIQGX Sharpe Ratio Rank: 91
FIQGX Sortino Ratio Rank: 84
FIQGX Omega Ratio Rank: 84
FIQGX Calmar Ratio Rank: 89
FIQGX Martin Ratio Rank: 88

WCMEX

WCMEX Risk / Return Rank: 77
WCMEX Sharpe Ratio Rank: 77
WCMEX Sortino Ratio Rank: 61
WCMEX Omega Ratio Rank: 74
WCMEX Calmar Ratio Rank: 92
WCMEX Martin Ratio Rank: 80

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. WCMEX - 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 WCM Focused Emerging Markets Fund Institutional Class (WCMEX). 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.

	FIQGX	WCMEX	Difference
Sharpe ratio: Return per unit of total volatility	2.82	2.36	+0.46
Sortino ratio: Return per unit of downside risk	3.67	2.98	+0.69
Omega ratio: Gain probability vs. loss probability	1.52	1.44	+0.08
Calmar ratio: Return relative to maximum drawdown	4.17	4.66	-0.49
Martin ratio: Return relative to average drawdown	15.53	13.92	+1.61

FIQGX vs. WCMEX - Sharpe Ratio Comparison

The current FIQGX Sharpe Ratio is 2.82, which is comparable to the WCMEX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of FIQGX and WCMEX, 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

FIQGX vs. WCMEX - Drawdown Comparison

The maximum FIQGX drawdown since its inception was -38.41%, smaller than the maximum WCMEX drawdown of -46.05%. Use the drawdown chart below to compare losses from any high point for FIQGX and WCMEX.

Drawdown Indicators

	FIQGX	WCMEX	Difference
Max Drawdown Largest peak-to-trough decline	-38.41%	-46.05%	+7.64%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-10.74%	+1.19%
Max Drawdown (3Y) Largest decline over 3 years	-17.26%	-19.05%	+1.79%
Max Drawdown (5Y) Largest decline over 5 years	-27.36%	-44.77%	+17.41%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.05%	—
Current Drawdown Current decline from peak	-1.70%	0.00%	-1.70%
Average Drawdown Average peak-to-trough decline	-6.87%	-14.65%	+7.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	3.58%	-1.02%

Volatility

FIQGX vs. WCMEX - Volatility Comparison

The current volatility for Fidelity Advisor Emerging Markets Discovery Fund Class Z (FIQGX) is 6.27%, while WCM Focused Emerging Markets Fund Institutional Class (WCMEX) has a volatility of 10.58%. This indicates that FIQGX experiences smaller price fluctuations and is considered to be less risky than WCMEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIQGX	WCMEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.27%	10.58%	-4.31%
Volatility (6M) Calculated over the trailing 6-month period	11.85%	18.23%	-6.38%
Volatility (1Y) Calculated over the trailing 1-year period	14.15%	21.25%	-7.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.29%	19.10%	-4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.81%	18.96%	-2.15%

FIQGX vs. WCMEX - Expense Ratio Comparison

FIQGX has a 1.05% expense ratio, which is lower than WCMEX's 1.26% expense ratio.

Dividends

FIQGX vs. WCMEX - Dividend Comparison

FIQGX's dividend yield for the trailing twelve months is around 4.05%, while WCMEX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQGX Fidelity Advisor Emerging Markets Discovery Fund Class Z	4.05%	4.87%	4.07%	2.20%	1.86%	12.04%	0.71%	1.22%	2.16%	0.00%	0.00%	0.00%
WCMEX WCM Focused Emerging Markets Fund Institutional Class	0.00%	0.00%	0.00%	0.46%	0.47%	4.37%	0.87%	0.37%	0.76%	0.76%	0.76%	0.42%

Frequently Asked Questions

Can I hold both FIQGX and WCMEX in my portfolio?

FIQGX and WCMEX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIQGX or WCMEX?

WCMEX has higher volatility (10.58%) compared to FIQGX (6.27%). In terms of maximum drawdown, FIQGX dropped -38.41% vs WCMEX's -46.05%.

Which has better risk-adjusted returns?

FIQGX currently has the higher Sharpe Ratio (2.82 vs 2.36), 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.