FSEDX vs. FXAIX

Last updated Jun 4, 2026

FSEDX (Fidelity Series Emerging Markets Debt Local Currency Fund) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - FSEDX is a Emerging Markets Bonds fund managed by Fidelity, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, FSEDX returned 2.93%/yr vs 14.28%/yr for FXAIX. At a 0.42 correlation, their price movements are largely independent. FSEDX charges 0.00%/yr vs 0.02%/yr for FXAIX.

Performance

FSEDX vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Emerging Markets Debt Local Currency Fund (FSEDX) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSEDX achieves a 1.58% return, which is significantly lower than FXAIX's 11.71% return.

FSEDX

• 1D: 0.21%
• 1M: 1.47%
• YTD: 1.58%
• 6M: 2.55%
• 1Y: 10.87%
• 3Y*: 8.34%
• 5Y*: 2.93%
• 10Y*: —

FXAIX

• 1D: 0.13%
• 1M: 5.80%
• YTD: 11.71%
• 6M: 11.74%
• 1Y: 28.99%
• 3Y*: 22.75%
• 5Y*: 14.28%
• 10Y*: 15.66%

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

FSEDX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FSEDX Fidelity Series Emerging Markets Debt Local Currency Fund	1.58%	19.49%	-2.54%	13.58%	-7.94%	-9.28%	3.54%
FXAIX Fidelity 500 Index Fund	11.71%	17.84%	25.01%	26.29%	-18.14%	28.71%	5.15%

Correlation

The correlation between FSEDX and FXAIX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Nov 24, 2020	0.42

The correlation between FSEDX and FXAIX shifts across timeframes, from 0.40 (3 years) to 0.52 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FSEDX vs. FXAIX — Risk / Return Rank

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

FSEDX

FSEDX Risk / Return Rank: 32
FSEDX Sharpe Ratio Rank: 36
FSEDX Sortino Ratio Rank: 37
FSEDX Omega Ratio Rank: 41
FSEDX Calmar Ratio Rank: 23
FSEDX Martin Ratio Rank: 25

FXAIX

FXAIX Risk / Return Rank: 73
FXAIX Sharpe Ratio Rank: 76
FXAIX Sortino Ratio Rank: 67
FXAIX Omega Ratio Rank: 67
FXAIX Calmar Ratio Rank: 74
FXAIX Martin Ratio Rank: 83

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.

FSEDX vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Emerging Markets Debt Local Currency Fund (FSEDX) and Fidelity 500 Index Fund (FXAIX). 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.

	FSEDX	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.52	-0.77
Sortino ratio: Return per unit of downside risk	2.53	3.42	-0.89
Omega ratio: Gain probability vs. loss probability	1.35	1.46	-0.11
Calmar ratio: Return relative to maximum drawdown	1.77	3.36	-1.59
Martin ratio: Return relative to average drawdown	6.03	15.70	-9.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSEDX vs. FXAIX - Sharpe Ratio Comparison

The current FSEDX Sharpe Ratio is 1.75, which is lower than the FXAIX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of FSEDX and FXAIX, 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

	FSEDX	FXAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	2.52	-0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.85	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.82	-0.46

Drawdowns

FSEDX vs. FXAIX - Drawdown Comparison

The maximum FSEDX drawdown since its inception was -24.77%, smaller than the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FSEDX and FXAIX.

Drawdown Indicators

	FSEDX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-24.77%	-33.79%	+9.02%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	-8.89%	+2.79%
Max Drawdown (3Y) Largest decline over 3 years	-8.27%	-18.76%	+10.49%
Max Drawdown (5Y) Largest decline over 5 years	-23.00%	-24.50%	+1.50%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-2.03%	0.00%	-2.03%
Average Drawdown Average peak-to-trough decline	-8.01%	-3.79%	-4.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	1.90%	-0.11%

Volatility

FSEDX vs. FXAIX - Volatility Comparison

The current volatility for Fidelity Series Emerging Markets Debt Local Currency Fund (FSEDX) is 2.04%, while Fidelity 500 Index Fund (FXAIX) has a volatility of 2.83%. This indicates that FSEDX experiences smaller price fluctuations and is considered to be less risky than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSEDX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	2.83%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	5.36%	8.97%	-3.61%
Volatility (1Y) Calculated over the trailing 1-year period	6.20%	11.86%	-5.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.60%	16.91%	-9.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.68%	18.07%	-10.39%

FSEDX vs. FXAIX - Expense Ratio Comparison

FSEDX has a 0.00% expense ratio, which is lower than FXAIX's 0.02% 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

FSEDX vs. FXAIX - Dividend Comparison

FSEDX's dividend yield for the trailing twelve months is around 7.44%, more than FXAIX's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSEDX Fidelity Series Emerging Markets Debt Local Currency Fund	7.44%	6.97%	6.92%	5.14%	0.00%	3.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FXAIX Fidelity 500 Index Fund	1.03%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%

Frequently Asked Questions

Can I hold both FSEDX and FXAIX in my portfolio?

FSEDX and FXAIX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSEDX or FXAIX?

FXAIX has higher volatility (2.83%) compared to FSEDX (2.04%). In terms of maximum drawdown, FSEDX dropped -24.77% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (2.52 vs 1.75), 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.