FKEMX vs. FZAEX

Last updated Jun 24, 2026

FKEMX (Fidelity Emerging Markets K) and FZAEX (Fidelity Advisor Focused Emerging Markets Fund Class Z) are both Emerging Markets Equities funds from Fidelity. Over the past 10 years, FKEMX returned 12.84%/yr vs 13.49%/yr for FZAEX. With a 0.96 correlation, they move nearly in lockstep. FKEMX charges 0.77%/yr vs 0.90%/yr for FZAEX.

Performance

FKEMX vs. FZAEX - Performance Comparison

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

Returns By Period

In the year-to-date period, FKEMX achieves a 29.03% return, which is significantly lower than FZAEX's 31.44% return. Over the past 10 years, FKEMX has underperformed FZAEX with an annualized return of 12.84%, while FZAEX has yielded a comparatively higher 13.49% annualized return.

FKEMX

• 1D: 0.83%
• 1M: 8.02%
• YTD: 29.03%
• 6M: 30.31%
• 1Y: 56.10%
• 3Y*: 23.94%
• 5Y*: 7.71%
• 10Y*: 12.84%

FZAEX

• 1D: -0.09%
• 1M: 6.35%
• YTD: 31.44%
• 6M: 32.63%
• 1Y: 64.35%
• 3Y*: 28.15%
• 5Y*: 9.84%
• 10Y*: 13.49%

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

FKEMX vs. FZAEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FKEMX Fidelity Emerging Markets K	29.03%	31.18%	7.26%	15.36%	-27.42%	1.40%	32.68%	33.86%	-17.92%	46.97%
FZAEX Fidelity Advisor Focused Emerging Markets Fund Class Z	31.44%	40.25%	9.43%	8.60%	-19.75%	-2.50%	30.63%	29.94%	-17.95%	46.69%

Correlation

The correlation between FKEMX and FZAEX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 20, 2013	0.96

The correlation between FKEMX and FZAEX has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

Return for Risk

FKEMX vs. FZAEX — Risk / Return Rank

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

FKEMX

FKEMX Risk / Return Rank: 84
FKEMX Sharpe Ratio Rank: 88
FKEMX Sortino Ratio Rank: 74
FKEMX Omega Ratio Rank: 81
FKEMX Calmar Ratio Rank: 91
FKEMX Martin Ratio Rank: 88

FZAEX

FZAEX Risk / Return Rank: 92
FZAEX Sharpe Ratio Rank: 96
FZAEX Sortino Ratio Rank: 88
FZAEX Omega Ratio Rank: 89
FZAEX Calmar Ratio Rank: 93
FZAEX Martin Ratio Rank: 93

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.

FKEMX vs. FZAEX - Risk-Adjusted Trends Comparison

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

	FKEMX	FZAEX	Difference
Sharpe ratio: Return per unit of total volatility	2.64	3.25	-0.61
Sortino ratio: Return per unit of downside risk	3.26	3.96	-0.71
Omega ratio: Gain probability vs. loss probability	1.49	1.60	-0.11
Calmar ratio: Return relative to maximum drawdown	4.40	4.75	-0.35
Martin ratio: Return relative to average drawdown	15.67	18.24	-2.58

FKEMX vs. FZAEX - Sharpe Ratio Comparison

The current FKEMX Sharpe Ratio is 2.64, which is comparable to the FZAEX Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of FKEMX and FZAEX, 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

FKEMX vs. FZAEX - Drawdown Comparison

The maximum FKEMX drawdown since its inception was -69.07%, which is greater than FZAEX's maximum drawdown of -41.73%. Use the drawdown chart below to compare losses from any high point for FKEMX and FZAEX.

Drawdown Indicators

	FKEMX	FZAEX	Difference
Max Drawdown Largest peak-to-trough decline	-69.07%	-41.73%	-27.34%
Max Drawdown (1Y) Largest decline over 1 year	-13.00%	-13.71%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	-19.08%	-18.69%	-0.39%
Max Drawdown (5Y) Largest decline over 5 years	-40.79%	-39.45%	-1.34%
Max Drawdown (10Y) Largest decline over 10 years	-43.13%	-41.73%	-1.40%
Current Drawdown Current decline from peak	0.00%	-1.76%	+1.76%
Average Drawdown Average peak-to-trough decline	-21.25%	-12.36%	-8.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	3.56%	+0.07%

Volatility

FKEMX vs. FZAEX - Volatility Comparison

Fidelity Emerging Markets K (FKEMX) has a higher volatility of 11.80% compared to Fidelity Advisor Focused Emerging Markets Fund Class Z (FZAEX) at 10.58%. This indicates that FKEMX's price experiences larger fluctuations and is considered to be riskier than FZAEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FKEMX	FZAEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.80%	10.58%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	19.30%	17.91%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	21.68%	20.06%	+1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.52%	19.34%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.97%	19.01%	-0.04%

FKEMX vs. FZAEX - Expense Ratio Comparison

FKEMX has a 0.77% expense ratio, which is lower than FZAEX's 0.90% expense ratio.

Dividends

FKEMX vs. FZAEX - Dividend Comparison

FKEMX's dividend yield for the trailing twelve months is around 0.05%, less than FZAEX's 1.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FKEMX Fidelity Emerging Markets K	0.05%	0.07%	0.78%	1.24%	0.89%	6.18%	1.46%	1.85%	1.00%	0.08%	0.84%	0.70%
FZAEX Fidelity Advisor Focused Emerging Markets Fund Class Z	1.26%	1.65%	1.36%	1.69%	1.23%	5.35%	2.23%	11.13%	0.78%	0.10%	0.63%	0.34%

Frequently Asked Questions

Can I hold both FKEMX and FZAEX in my portfolio?

With a correlation of 0.91, FKEMX and FZAEX 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, FKEMX or FZAEX?

FKEMX has higher volatility (11.80%) compared to FZAEX (10.58%). In terms of maximum drawdown, FKEMX dropped -69.07% vs FZAEX's -41.73%.

Which has better risk-adjusted returns?

FZAEX currently has the higher Sharpe Ratio (3.25 vs 2.64), 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.