FPADX vs. FGKPX

Last updated Aug 6, 2026

FPADX (Fidelity Emerging Markets Index Fund) and FGKPX (Fidelity SAI Emerging Markets Low Volatility Index Fund) are both Emerging Markets Equities funds from Fidelity. Over the past 5 years, FPADX returned 7.72%/yr vs 7.34%/yr for FGKPX. Their correlation of 0.88 means they have usually moved in the same direction. FPADX charges 0.07%/yr vs 0.23%/yr for FGKPX.

Performance

FPADX vs. FGKPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Markets Index Fund (FPADX) and Fidelity SAI Emerging Markets Low Volatility Index Fund (FGKPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPADX achieves a 21.78% return, which is significantly higher than FGKPX's 15.44% return.

FPADX

• 1D: 2.02%
• 1M: -2.29%
• 6M: 12.80%
• YTD: 21.78%
• 1Y: 38.23%
• 3Y*: 20.77%
• 5Y*: 7.72%
• 10Y*: 8.74%
• ALL TIME*: 5.91%

FGKPX

• 1D: 1.37%
• 1M: 1.99%
• 6M: 12.04%
• YTD: 15.44%
• 1Y: 17.68%
• 3Y*: 13.13%
• 5Y*: 7.34%
• 10Y*: —
• ALL TIME*: 7.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FGKPX Fidelity SAI Emerging Markets Low Volatility Index Fund	$0.00	$0.00	$0.00
FPADX Fidelity Emerging Markets Index Fund	$0.00	$0.00	$0.00

FPADX vs. FGKPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FPADX Fidelity Emerging Markets Index Fund	21.78%	33.90%	6.80%	9.51%	-20.06%	-3.07%	17.84%	8.50%
FGKPX Fidelity SAI Emerging Markets Low Volatility Index Fund	15.44%	12.56%	5.96%	15.28%	-12.98%	10.75%	5.22%	3.48%

Correlation

The correlation between FPADX and FGKPX is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.88

The correlation between FPADX and FGKPX has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

Return for Risk

FPADX vs. FGKPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FPADX

FPADX Risk / Return Rank: 60
FPADX Sharpe Ratio Rank: 58
FPADX Sortino Ratio Rank: 47
FPADX Omega Ratio Rank: 60
FPADX Calmar Ratio Rank: 77
FPADX Martin Ratio Rank: 58

FGKPX

FGKPX Risk / Return Rank: 53
FGKPX Sharpe Ratio Rank: 49
FGKPX Sortino Ratio Rank: 47
FGKPX Omega Ratio Rank: 54
FGKPX Calmar Ratio Rank: 73
FGKPX Martin Ratio Rank: 42

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FPADX vs. FGKPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Index Fund (FPADX) and Fidelity SAI Emerging Markets Low Volatility Index Fund (FGKPX). 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.

	FPADX	FGKPX	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.59	+0.13
Sortino ratio: Return per unit of downside risk	2.24	2.25	-0.01
Omega ratio: Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio: Return relative to maximum drawdown	2.83	2.71	+0.11
Martin ratio: Return relative to average drawdown	8.83	6.94	+1.89

FPADX vs. FGKPX - Sharpe Ratio Comparison

The current FPADX Sharpe Ratio is 1.72, which is comparable to the FGKPX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of FPADX and FGKPX, 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

FPADX vs. FGKPX - Drawdown Comparison

The maximum FPADX drawdown since its inception was -39.16%, which is greater than FGKPX's maximum drawdown of -32.05%. Use the drawdown chart below to compare losses from any high point for FPADX and FGKPX.

Drawdown Indicators

	FPADX	FGKPX	Difference
Max Drawdown Largest peak-to-trough decline	-39.16%	-32.05%	-7.11%
Max Drawdown (1Y) Largest decline over 1 year	-13.83%	-6.93%	-6.90%
Max Drawdown (3Y) Largest decline over 3 years	-16.09%	-12.67%	-3.42%
Max Drawdown (5Y) Largest decline over 5 years	-34.43%	-20.69%	-13.74%
Max Drawdown (10Y) Largest decline over 10 years	-39.16%	—	—
Current Drawdown Current decline from peak	-6.35%	-2.06%	-4.29%
Average Drawdown Average peak-to-trough decline	-13.18%	-5.28%	-7.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.42%	2.70%	+1.72%

Volatility

FPADX vs. FGKPX - Volatility Comparison

Fidelity Emerging Markets Index Fund (FPADX) has a higher volatility of 8.90% compared to Fidelity SAI Emerging Markets Low Volatility Index Fund (FGKPX) at 4.49%. This indicates that FPADX's price experiences larger fluctuations and is considered to be riskier than FGKPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPADX	FGKPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.90%	4.49%	+4.41%
Volatility (6M) Calculated over the trailing 6-month period	20.96%	10.92%	+10.04%
Volatility (1Y) Calculated over the trailing 1-year period	22.81%	11.86%	+10.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.15%	10.63%	+7.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.27%	12.67%	+5.60%

FPADX vs. FGKPX - Expense Ratio Comparison

FPADX has a 0.08% expense ratio, which is lower than FGKPX's 0.23% 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

FPADX vs. FGKPX - Dividend Comparison

FPADX's dividend yield for the trailing twelve months is around 1.93%, less than FGKPX's 6.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGKPX Fidelity SAI Emerging Markets Low Volatility Index Fund	6.71%	7.75%	5.07%	2.91%	1.88%	2.30%	1.77%	1.88%	0.00%	0.00%	0.00%	0.00%
FPADX Fidelity Emerging Markets Index Fund	1.93%	2.35%	2.70%	2.68%	2.47%	2.14%	1.50%	2.59%	2.20%	0.12%	1.69%	2.47%

Frequently Asked Questions

Can I hold both FPADX and FGKPX in my portfolio?

FPADX and FGKPX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPADX or FGKPX?

FPADX has higher volatility (8.90%) compared to FGKPX (4.49%). In terms of maximum drawdown, FPADX dropped -39.16% vs FGKPX's -32.05%.

Which has better risk-adjusted returns?

FPADX currently has the higher Sharpe Ratio (1.72 vs 1.59), 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.