FSEAX vs. SPY

Last updated Jun 23, 2026

FSEAX (Fidelity Emerging Asia Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - FSEAX is a Asia Pacific Equities fund managed by Fidelity, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, FSEAX returned 16.18%/yr vs 15.70%/yr for SPY. At a 0.43 correlation, their price movements are largely independent. FSEAX charges 1.02%/yr vs 0.09%/yr for SPY.

Performance

FSEAX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Asia Fund (FSEAX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSEAX achieves a 40.01% return, which is significantly higher than SPY's 9.74% return. Both investments have delivered pretty close results over the past 10 years, with FSEAX having a 16.18% annualized return and SPY not far behind at 15.70%.

FSEAX

• 1D: 3.61%
• 1M: 8.30%
• YTD: 40.01%
• 6M: 42.44%
• 1Y: 71.14%
• 3Y*: 33.40%
• 5Y*: 8.63%
• 10Y*: 16.18%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

FSEAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSEAX Fidelity Emerging Asia Fund	40.01%	36.43%	21.80%	13.58%	-31.26%	-14.91%	73.43%	30.97%	-15.08%	45.13%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between FSEAX and SPY is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Apr 19, 1993	0.43

Over the past year, FSEAX and SPY have become more correlated (0.66) than their long-term average of 0.43, meaning their price movements have been converging.

Return for Risk

FSEAX vs. SPY — Risk / Return Rank

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

FSEAX

FSEAX Risk / Return Rank: 91
FSEAX Sharpe Ratio Rank: 96
FSEAX Sortino Ratio Rank: 85
FSEAX Omega Ratio Rank: 88
FSEAX Calmar Ratio Rank: 95
FSEAX Martin Ratio Rank: 93

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

FSEAX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Asia Fund (FSEAX) and State Street SPDR S&P 500 ETF (SPY). 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.

	FSEAX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	3.18	2.16	+1.02
Sortino ratio: Return per unit of downside risk	3.71	2.91	+0.80
Omega ratio: Gain probability vs. loss probability	1.58	1.39	+0.19
Calmar ratio: Return relative to maximum drawdown	5.31	3.01	+2.29
Martin ratio: Return relative to average drawdown	18.28	13.54	+4.75

FSEAX vs. SPY - Sharpe Ratio Comparison

The current FSEAX Sharpe Ratio is 3.18, which is higher than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of FSEAX and SPY, 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

FSEAX vs. SPY - Drawdown Comparison

The maximum FSEAX drawdown since its inception was -65.59%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FSEAX and SPY.

Drawdown Indicators

	FSEAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-65.59%	-55.19%	-10.40%
Max Drawdown (1Y) Largest decline over 1 year	-13.42%	-8.88%	-4.54%
Max Drawdown (3Y) Largest decline over 3 years	-17.54%	-18.76%	+1.22%
Max Drawdown (5Y) Largest decline over 5 years	-53.64%	-24.50%	-29.14%
Max Drawdown (10Y) Largest decline over 10 years	-58.07%	-33.72%	-24.35%
Current Drawdown Current decline from peak	0.00%	-1.75%	+1.75%
Average Drawdown Average peak-to-trough decline	-24.65%	-9.04%	-15.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	1.97%	+1.92%

Volatility

FSEAX vs. SPY - Volatility Comparison

Fidelity Emerging Asia Fund (FSEAX) has a higher volatility of 12.67% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that FSEAX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSEAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.67%	4.64%	+8.03%
Volatility (6M) Calculated over the trailing 6-month period	19.86%	9.75%	+10.11%
Volatility (1Y) Calculated over the trailing 1-year period	22.40%	12.43%	+9.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.38%	17.14%	+6.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.29%	17.99%	+3.30%

FSEAX vs. SPY - Expense Ratio Comparison

FSEAX has a 1.02% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FSEAX vs. SPY - Dividend Comparison

FSEAX's dividend yield for the trailing twelve months is around 0.15%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSEAX Fidelity Emerging Asia Fund	0.15%	0.22%	0.00%	0.08%	0.00%	14.14%	14.10%	6.15%	3.44%	0.05%	1.26%	0.44%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FSEAX and SPY in my portfolio?

FSEAX and SPY have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSEAX or SPY?

FSEAX has higher volatility (12.67%) compared to SPY (4.64%). In terms of maximum drawdown, FSEAX dropped -65.59% vs SPY's -55.19%.

Which has better risk-adjusted returns?

FSEAX currently has the higher Sharpe Ratio (3.18 vs 2.16), 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.