FPADX vs. FZAEX

Last updated Jun 4, 2026

FPADX (Fidelity Emerging Markets Index Fund) and FZAEX (Fidelity Advisor Focused Emerging Markets Fund Class Z) are both mutual funds - FPADX is a Emerging Markets Diversified fund managed by Fidelity, while FZAEX is a Emerging Markets Equities fund managed by Fidelity. Over the past 10 years, FPADX returned 10.42%/yr vs 13.42%/yr for FZAEX. With a 0.96 correlation, they move nearly in lockstep. FPADX charges 0.07%/yr vs 0.90%/yr for FZAEX.

Performance

FPADX vs. FZAEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Markets Index Fund (FPADX) 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, FPADX achieves a 30.04% return, which is significantly lower than FZAEX's 33.80% return. Over the past 10 years, FPADX has underperformed FZAEX with an annualized return of 10.42%, while FZAEX has yielded a comparatively higher 13.42% annualized return.

FPADX

• 1D: 1.25%
• 1M: 10.70%
• YTD: 30.04%
• 6M: 32.95%
• 1Y: 58.94%
• 3Y*: 24.97%
• 5Y*: 7.99%
• 10Y*: 10.42%

FZAEX

• 1D: 2.01%
• 1M: 13.71%
• YTD: 33.80%
• 6M: 37.74%
• 1Y: 70.56%
• 3Y*: 29.27%
• 5Y*: 9.78%
• 10Y*: 13.42%

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

FPADX vs. FZAEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPADX Fidelity Emerging Markets Index Fund	30.04%	33.90%	6.80%	9.51%	-20.06%	-3.07%	17.84%	18.28%	-14.65%	35.16%
FZAEX Fidelity Advisor Focused Emerging Markets Fund Class Z	33.80%	40.25%	9.43%	8.60%	-19.75%	-2.50%	30.63%	29.94%	-17.95%	46.69%

Correlation

The correlation between FPADX and FZAEX is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 21, 2013	0.96

The correlation between FPADX and FZAEX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

FPADX vs. FZAEX — Risk / Return Rank

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

FPADX

FPADX Risk / Return Rank: 90
FPADX Sharpe Ratio Rank: 95
FPADX Sortino Ratio Rank: 88
FPADX Omega Ratio Rank: 89
FPADX Calmar Ratio Rank: 89
FPADX Martin Ratio Rank: 89

FZAEX

FZAEX Risk / Return Rank: 95
FZAEX Sharpe Ratio Rank: 98
FZAEX Sortino Ratio Rank: 94
FZAEX Omega Ratio Rank: 94
FZAEX Calmar Ratio Rank: 93
FZAEX Martin Ratio Rank: 94

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.

FPADX vs. FZAEX - Risk-Adjusted Trends Comparison

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

	FPADX	FZAEX	Difference
Sharpe ratio: Return per unit of total volatility	3.34	3.95	-0.61
Sortino ratio: Return per unit of downside risk	4.23	4.88	-0.65
Omega ratio: Gain probability vs. loss probability	1.62	1.72	-0.10
Calmar ratio: Return relative to maximum drawdown	4.48	5.18	-0.70
Martin ratio: Return relative to average drawdown	17.77	21.14	-3.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPADX vs. FZAEX - Sharpe Ratio Comparison

The current FPADX Sharpe Ratio is 3.34, which is comparable to the FZAEX Sharpe Ratio of 3.95. The chart below compares the historical Sharpe Ratios of FPADX 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.

Sharpe Ratios by Period

	FPADX	FZAEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.34	3.95	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.52	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.72	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.60	-0.23

Drawdowns

FPADX vs. FZAEX - Drawdown Comparison

The maximum FPADX drawdown since its inception was -39.16%, smaller than the maximum FZAEX drawdown of -41.73%. Use the drawdown chart below to compare losses from any high point for FPADX and FZAEX.

Drawdown Indicators

	FPADX	FZAEX	Difference
Max Drawdown Largest peak-to-trough decline	-39.16%	-41.73%	+2.57%
Max Drawdown (1Y) Largest decline over 1 year	-13.28%	-13.71%	+0.43%
Max Drawdown (3Y) Largest decline over 3 years	-16.09%	-18.69%	+2.60%
Max Drawdown (5Y) Largest decline over 5 years	-37.00%	-40.39%	+3.39%
Max Drawdown (10Y) Largest decline over 10 years	-39.16%	-41.73%	+2.57%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-13.26%	-12.39%	-0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	3.35%	-0.01%

Volatility

FPADX vs. FZAEX - Volatility Comparison

Fidelity Emerging Markets Index Fund (FPADX) and Fidelity Advisor Focused Emerging Markets Fund Class Z (FZAEX) have volatilities of 7.57% and 7.86%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPADX	FZAEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.57%	7.86%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	15.40%	15.43%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	17.80%	17.99%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.11%	18.92%	-1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.82%	18.81%	-0.99%

FPADX vs. FZAEX - Expense Ratio Comparison

FPADX has a 0.08% expense ratio, which is lower than FZAEX's 0.90% expense ratio.

Dividends

FPADX vs. FZAEX - Dividend Comparison

FPADX's dividend yield for the trailing twelve months is around 1.81%, more than FZAEX's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPADX Fidelity Emerging Markets Index Fund	1.81%	2.35%	2.70%	2.68%	2.47%	2.14%	1.50%	2.59%	2.20%	0.12%	1.69%	2.47%
FZAEX Fidelity Advisor Focused Emerging Markets Fund Class Z	1.24%	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 FPADX and FZAEX in my portfolio?

With a correlation of 0.95, FPADX 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, FPADX or FZAEX?

FZAEX has higher volatility (7.86%) compared to FPADX (7.57%). In terms of maximum drawdown, FPADX dropped -39.16% vs FZAEX's -41.73%.

Which has better risk-adjusted returns?

FZAEX currently has the higher Sharpe Ratio (3.95 vs 3.34), 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.