FIWCX vs. IVLU

Last updated Jun 5, 2026

FIWCX (Fidelity SAI International Value Index Fund) and IVLU (iShares MSCI Intl Value Factor ETF) are both Foreign Large Cap Equities funds. Over the past 5 years, FIWCX returned 12.93%/yr vs 14.14%/yr for IVLU. With a 0.96 correlation, they move nearly in lockstep. FIWCX charges 0.17%/yr vs 0.30%/yr for IVLU.

Performance

FIWCX vs. IVLU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI International Value Index Fund (FIWCX) and iShares MSCI Intl Value Factor ETF (IVLU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FIWCX having a 13.74% return and IVLU slightly lower at 13.30%.

FIWCX

• 1D: -0.62%
• 1M: 3.39%
• YTD: 13.74%
• 6M: 17.20%
• 1Y: 34.59%
• 3Y*: 23.57%
• 5Y*: 12.93%
• 10Y*: —

IVLU

• 1D: 0.58%
• 1M: 3.85%
• YTD: 13.30%
• 6M: 16.60%
• 1Y: 36.14%
• 3Y*: 25.00%
• 5Y*: 14.14%
• 10Y*: 10.93%

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

FIWCX vs. IVLU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIWCX Fidelity SAI International Value Index Fund	13.74%	43.38%	4.94%	18.99%	-5.96%	13.88%	-3.94%	17.30%	-16.13%	0.77%
IVLU iShares MSCI Intl Value Factor ETF	13.30%	46.09%	6.76%	20.07%	-5.73%	15.60%	-4.50%	15.60%	-15.10%	1.02%

Correlation

The correlation between FIWCX and IVLU is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 20, 2017	0.96

The correlation between FIWCX and IVLU has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

FIWCX vs. IVLU — Risk / Return Rank

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

FIWCX

FIWCX Risk / Return Rank: 64
FIWCX Sharpe Ratio Rank: 67
FIWCX Sortino Ratio Rank: 61
FIWCX Omega Ratio Rank: 60
FIWCX Calmar Ratio Rank: 68
FIWCX Martin Ratio Rank: 62

IVLU

IVLU Risk / Return Rank: 70
IVLU Sharpe Ratio Rank: 75
IVLU Sortino Ratio Rank: 74
IVLU Omega Ratio Rank: 74
IVLU Calmar Ratio Rank: 63
IVLU Martin Ratio Rank: 66

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.

FIWCX vs. IVLU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI International Value Index Fund (FIWCX) and iShares MSCI Intl Value Factor ETF (IVLU). 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.

	FIWCX	IVLU	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.41	-0.02
Sortino ratio: Return per unit of downside risk	3.27	3.28	-0.01
Omega ratio: Gain probability vs. loss probability	1.43	1.43	0.00
Calmar ratio: Return relative to maximum drawdown	3.14	3.10	+0.03
Martin ratio: Return relative to average drawdown	12.14	11.83	+0.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIWCX vs. IVLU - Sharpe Ratio Comparison

The current FIWCX Sharpe Ratio is 2.39, which is comparable to the IVLU Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of FIWCX and IVLU, 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

	FIWCX	IVLU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.41	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.86	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.48	+0.02

Drawdowns

FIWCX vs. IVLU - Drawdown Comparison

The maximum FIWCX drawdown since its inception was -42.73%, roughly equal to the maximum IVLU drawdown of -41.85%. Use the drawdown chart below to compare losses from any high point for FIWCX and IVLU.

Drawdown Indicators

	FIWCX	IVLU	Difference
Max Drawdown Largest peak-to-trough decline	-42.73%	-41.85%	-0.88%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	-11.69%	+0.56%
Max Drawdown (3Y) Largest decline over 3 years	-14.83%	-15.48%	+0.65%
Max Drawdown (5Y) Largest decline over 5 years	-28.49%	-26.04%	-2.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.85%	—
Current Drawdown Current decline from peak	-0.62%	-0.23%	-0.39%
Average Drawdown Average peak-to-trough decline	-9.08%	-8.59%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	3.06%	-0.20%

Volatility

FIWCX vs. IVLU - Volatility Comparison

The current volatility for Fidelity SAI International Value Index Fund (FIWCX) is 4.24%, while iShares MSCI Intl Value Factor ETF (IVLU) has a volatility of 4.48%. This indicates that FIWCX experiences smaller price fluctuations and is considered to be less risky than IVLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIWCX	IVLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	4.48%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	11.48%	12.20%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	14.65%	15.08%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.16%	16.48%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.22%	17.65%	+0.57%

FIWCX vs. IVLU - Expense Ratio Comparison

FIWCX has a 0.17% expense ratio, which is lower than IVLU's 0.30% expense ratio.

Dividends

FIWCX vs. IVLU - Dividend Comparison

FIWCX's dividend yield for the trailing twelve months is around 6.13%, more than IVLU's 3.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIWCX Fidelity SAI International Value Index Fund	6.13%	6.97%	4.26%	5.88%	4.66%	8.74%	1.58%	3.40%	2.18%	0.07%	0.00%	0.00%
IVLU iShares MSCI Intl Value Factor ETF	3.27%	3.71%	4.46%	4.69%	3.59%	3.47%	2.05%	3.53%	2.82%	2.87%	2.53%	0.93%

Frequently Asked Questions

Can I hold both FIWCX and IVLU in my portfolio?

With a correlation of 0.96, FIWCX and IVLU 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, FIWCX or IVLU?

IVLU has higher volatility (4.48%) compared to FIWCX (4.24%). In terms of maximum drawdown, FIWCX dropped -42.73% vs IVLU's -41.85%.

Which has better risk-adjusted returns?

IVLU currently has the higher Sharpe Ratio (2.41 vs 2.39), 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.