FPADX vs. TEQLX

Last updated Jun 4, 2026

FPADX (Fidelity Emerging Markets Index Fund) and TEQLX (TIAA-CREF Emerging Markets Equity Index Fund) are both Emerging Markets Diversified funds. Over the past 10 years, FPADX returned 10.42%/yr vs 10.64%/yr for TEQLX. With a 0.98 correlation, they move nearly in lockstep. FPADX charges 0.07%/yr vs 0.19%/yr for TEQLX.

Performance

FPADX vs. TEQLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Markets Index Fund (FPADX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FPADX having a 30.04% return and TEQLX slightly higher at 30.13%. Both investments have delivered pretty close results over the past 10 years, with FPADX having a 10.42% annualized return and TEQLX not far ahead at 10.64%.

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%

TEQLX

• 1D: 1.22%
• 1M: 10.66%
• YTD: 30.13%
• 6M: 33.10%
• 1Y: 59.14%
• 3Y*: 24.95%
• 5Y*: 7.91%
• 10Y*: 10.64%

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

FPADX vs. TEQLX - 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%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	30.13%	34.10%	6.71%	9.23%	-20.22%	-3.07%	17.67%	18.59%	-14.60%	37.47%

Correlation

The correlation between FPADX and TEQLX is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Sep 12, 2011	0.98

The correlation between FPADX and TEQLX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

FPADX vs. TEQLX — 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

TEQLX

TEQLX Risk / Return Rank: 90
TEQLX Sharpe Ratio Rank: 95
TEQLX Sortino Ratio Rank: 87
TEQLX Omega Ratio Rank: 88
TEQLX Calmar Ratio Rank: 89
TEQLX Martin Ratio Rank: 89

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. TEQLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Index Fund (FPADX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). 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	TEQLX	Difference
Sharpe ratio: Return per unit of total volatility	3.34	3.33	+0.01
Sortino ratio: Return per unit of downside risk	4.23	4.18	+0.05
Omega ratio: Gain probability vs. loss probability	1.62	1.62	+0.01
Calmar ratio: Return relative to maximum drawdown	4.48	4.50	-0.01
Martin ratio: Return relative to average drawdown	17.77	17.79	-0.02
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. TEQLX - Sharpe Ratio Comparison

The current FPADX Sharpe Ratio is 3.34, which is comparable to the TEQLX Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of FPADX and TEQLX, 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	TEQLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.34	3.33	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.47	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.60	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.35	+0.02

Drawdowns

FPADX vs. TEQLX - Drawdown Comparison

The maximum FPADX drawdown since its inception was -39.16%, roughly equal to the maximum TEQLX drawdown of -39.33%. Use the drawdown chart below to compare losses from any high point for FPADX and TEQLX.

Drawdown Indicators

	FPADX	TEQLX	Difference
Max Drawdown Largest peak-to-trough decline	-39.16%	-39.33%	+0.17%
Max Drawdown (1Y) Largest decline over 1 year	-13.28%	-13.32%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-16.09%	-15.97%	-0.12%
Max Drawdown (5Y) Largest decline over 5 years	-37.00%	-37.05%	+0.05%
Max Drawdown (10Y) Largest decline over 10 years	-39.16%	-39.33%	+0.17%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-13.26%	-14.61%	+1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	3.35%	-0.01%

Volatility

FPADX vs. TEQLX - Volatility Comparison

Fidelity Emerging Markets Index Fund (FPADX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) have volatilities of 7.57% and 7.75%, 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	TEQLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.57%	7.75%	-0.18%
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%	17.98%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.11%	16.99%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.82%	17.68%	+0.14%

FPADX vs. TEQLX - Expense Ratio Comparison

FPADX has a 0.08% expense ratio, which is lower than TEQLX's 0.19% 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. TEQLX - Dividend Comparison

FPADX's dividend yield for the trailing twelve months is around 1.81%, less than TEQLX's 2.17% 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%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	2.17%	2.83%	2.93%	3.08%	2.51%	2.27%	2.04%	2.77%	2.43%	1.98%	1.88%	2.40%

Frequently Asked Questions

Can I hold both FPADX and TEQLX in my portfolio?

With a correlation of 0.97, FPADX and TEQLX 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 TEQLX?

TEQLX has higher volatility (7.75%) compared to FPADX (7.57%). In terms of maximum drawdown, FPADX dropped -39.16% vs TEQLX's -39.33%.

Which has better risk-adjusted returns?

FPADX currently has the higher Sharpe Ratio (3.34 vs 3.33), 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.