FISZX vs. FSPSX

Last updated Jun 23, 2026

FISZX (Fidelity SAI International SMA Completion Fund) and FSPSX (Fidelity International Index Fund) are both Foreign Large Cap Equities funds from Fidelity. Over the past 5 years, FISZX returned 9.84%/yr vs 9.50%/yr for FSPSX. Their correlation of 0.89 suggests significant overlap in exposure. FISZX charges 0.00%/yr vs 0.04%/yr for FSPSX.

Performance

FISZX vs. FSPSX - Performance Comparison

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

Returns By Period

In the year-to-date period, FISZX achieves a 31.45% return, which is significantly higher than FSPSX's 10.54% return.

FISZX

• 1D: 2.96%
• 1M: 8.91%
• YTD: 31.45%
• 6M: 33.58%
• 1Y: 49.39%
• 3Y*: 22.96%
• 5Y*: 9.84%
• 10Y*: —

FSPSX

• 1D: 0.76%
• 1M: 1.93%
• YTD: 10.54%
• 6M: 11.05%
• 1Y: 25.44%
• 3Y*: 16.37%
• 5Y*: 9.50%
• 10Y*: 9.67%

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

FISZX vs. FSPSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FISZX Fidelity SAI International SMA Completion Fund	31.45%	31.77%	3.61%	15.83%	-28.32%	9.91%	23.49%	13.42%
FSPSX Fidelity International Index Fund	10.54%	31.98%	3.70%	18.31%	-14.23%	11.45%	8.16%	8.74%

Correlation

The correlation between FISZX and FSPSX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Apr 11, 2019	0.89

The correlation between FISZX and FSPSX has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

FISZX vs. FSPSX — Risk / Return Rank

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

FISZX

FISZX Risk / Return Rank: 73
FISZX Sharpe Ratio Rank: 77
FISZX Sortino Ratio Rank: 65
FISZX Omega Ratio Rank: 72
FISZX Calmar Ratio Rank: 79
FISZX Martin Ratio Rank: 74

FSPSX

FSPSX Risk / Return Rank: 36
FSPSX Sharpe Ratio Rank: 36
FSPSX Sortino Ratio Rank: 35
FSPSX Omega Ratio Rank: 35
FSPSX Calmar Ratio Rank: 36
FSPSX Martin Ratio Rank: 39

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.

FISZX vs. FSPSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI International SMA Completion Fund (FISZX) 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.

	FISZX	FSPSX	Difference
Sharpe ratio: Return per unit of total volatility	2.35	1.61	+0.74
Sortino ratio: Return per unit of downside risk	3.07	2.28	+0.78
Omega ratio: Gain probability vs. loss probability	1.43	1.29	+0.14
Calmar ratio: Return relative to maximum drawdown	3.38	2.15	+1.23
Martin ratio: Return relative to average drawdown	13.11	8.05	+5.06

FISZX vs. FSPSX - Sharpe Ratio Comparison

The current FISZX Sharpe Ratio is 2.35, which is higher than the FSPSX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of FISZX 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

FISZX vs. FSPSX - Drawdown Comparison

The maximum FISZX drawdown since its inception was -39.92%, which is greater than FSPSX's maximum drawdown of -33.69%. Use the drawdown chart below to compare losses from any high point for FISZX and FSPSX.

Drawdown Indicators

	FISZX	FSPSX	Difference
Max Drawdown Largest peak-to-trough decline	-39.92%	-33.69%	-6.23%
Max Drawdown (1Y) Largest decline over 1 year	-14.48%	-11.39%	-3.09%
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	-13.58%	-1.05%
Max Drawdown (5Y) Largest decline over 5 years	-39.92%	-29.41%	-10.51%
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	-12.30%	-6.53%	-5.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	3.04%	+0.68%

Volatility

FISZX vs. FSPSX - Volatility Comparison

Fidelity SAI International SMA Completion Fund (FISZX) has a higher volatility of 10.46% compared to Fidelity International Index Fund (FSPSX) at 4.93%. This indicates that FISZX's price experiences larger fluctuations and is considered to be riskier than FSPSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FISZX	FSPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.46%	4.93%	+5.53%
Volatility (6M) Calculated over the trailing 6-month period	18.55%	12.71%	+5.84%
Volatility (1Y) Calculated over the trailing 1-year period	20.87%	15.26%	+5.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.29%	16.07%	+2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.53%	16.56%	+1.97%

FISZX vs. FSPSX - Expense Ratio Comparison

FISZX has a 0.00% 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

FISZX vs. FSPSX - Dividend Comparison

FISZX's dividend yield for the trailing twelve months is around 1.46%, less than FSPSX's 2.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FISZX Fidelity SAI International SMA Completion Fund	1.46%	1.92%	2.55%	1.89%	1.37%	6.08%	0.90%	0.27%	0.00%	0.00%	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 FISZX and FSPSX in my portfolio?

FISZX and FSPSX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FISZX or FSPSX?

FISZX has higher volatility (10.46%) compared to FSPSX (4.93%). In terms of maximum drawdown, FISZX dropped -39.92% vs FSPSX's -33.69%.

Which has better risk-adjusted returns?

FISZX currently has the higher Sharpe Ratio (2.35 vs 1.61), 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.