FSEDX vs. SEDAX

Last updated Jun 4, 2026

FSEDX (Fidelity Series Emerging Markets Debt Local Currency Fund) and SEDAX (SEI Institutional Investments Trust Emerging Markets Debt Fund) are both Emerging Markets Bonds funds. Over the past 5 years, FSEDX returned 2.93%/yr vs 3.65%/yr for SEDAX. A 0.77 correlation means they provide meaningful diversification when combined. FSEDX charges 0.00%/yr vs 0.41%/yr for SEDAX.

Performance

FSEDX vs. SEDAX - 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 SEI Institutional Investments Trust Emerging Markets Debt Fund (SEDAX). 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 SEDAX's 4.04% return.

FSEDX

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

SEDAX

• 1D: 0.32%
• 1M: 1.39%
• YTD: 4.04%
• 6M: 4.76%
• 1Y: 16.93%
• 3Y*: 11.71%
• 5Y*: 3.65%
• 10Y*: 4.42%

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

FSEDX vs. SEDAX - 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%
SEDAX SEI Institutional Investments Trust Emerging Markets Debt Fund	4.04%	20.33%	3.13%	12.86%	-14.53%	-4.93%	3.70%

Correlation

The correlation between FSEDX and SEDAX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Nov 24, 2020	0.77

The correlation between FSEDX and SEDAX has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.

Return for Risk

FSEDX vs. SEDAX — 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

SEDAX

SEDAX Risk / Return Rank: 81
SEDAX Sharpe Ratio Rank: 91
SEDAX Sortino Ratio Rank: 94
SEDAX Omega Ratio Rank: 91
SEDAX Calmar Ratio Rank: 67
SEDAX Martin Ratio Rank: 65

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. SEDAX - 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 SEI Institutional Investments Trust Emerging Markets Debt Fund (SEDAX). 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	SEDAX	Difference
Sharpe ratio Return per unit of total volatility	1.75	3.04	-1.30
Sortino ratio Return per unit of downside risk	2.53	4.80	-2.26
Omega ratio Gain probability vs. loss probability	1.35	1.66	-0.32
Calmar ratio Return relative to maximum drawdown	1.77	3.14	-1.37
Martin ratio Return relative to average drawdown	6.03	12.71	-6.68
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. SEDAX - Sharpe Ratio Comparison

The current FSEDX Sharpe Ratio is 1.75, which is lower than the SEDAX Sharpe Ratio of 3.04. The chart below compares the historical Sharpe Ratios of FSEDX and SEDAX, 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	SEDAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	3.04	-1.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.52	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.42	-0.06

Drawdowns

FSEDX vs. SEDAX - Drawdown Comparison

The maximum FSEDX drawdown since its inception was -24.77%, smaller than the maximum SEDAX drawdown of -37.03%. Use the drawdown chart below to compare losses from any high point for FSEDX and SEDAX.

Drawdown Indicators

	FSEDX	SEDAX	Difference
Max Drawdown Largest peak-to-trough decline	-24.77%	-37.03%	+12.26%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	-5.49%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-8.27%	-9.44%	+1.17%
Max Drawdown (5Y) Largest decline over 5 years	-23.00%	-27.01%	+4.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.25%	—
Current Drawdown Current decline from peak	-2.03%	-0.32%	-1.71%
Average Drawdown Average peak-to-trough decline	-8.01%	-6.79%	-1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	1.36%	+0.43%

Volatility

FSEDX vs. SEDAX - Volatility Comparison

Fidelity Series Emerging Markets Debt Local Currency Fund (FSEDX) has a higher volatility of 2.04% compared to SEI Institutional Investments Trust Emerging Markets Debt Fund (SEDAX) at 1.94%. This indicates that FSEDX's price experiences larger fluctuations and is considered to be riskier than SEDAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSEDX	SEDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	1.94%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	5.36%	4.98%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	6.20%	5.68%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.60%	7.02%	+0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.68%	8.43%	-0.75%

FSEDX vs. SEDAX - Expense Ratio Comparison

FSEDX has a 0.00% expense ratio, which is lower than SEDAX's 0.41% expense ratio.

Dividends

FSEDX vs. SEDAX - Dividend Comparison

FSEDX's dividend yield for the trailing twelve months is around 7.44%, less than SEDAX's 8.67% 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%
SEDAX SEI Institutional Investments Trust Emerging Markets Debt Fund	8.67%	7.30%	7.24%	4.65%	2.08%	4.69%	1.52%	3.75%	3.17%	4.70%	3.59%	1.00%

Frequently Asked Questions

Can I hold both FSEDX and SEDAX in my portfolio?

FSEDX and SEDAX 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, FSEDX or SEDAX?

FSEDX has higher volatility (2.04%) compared to SEDAX (1.94%). In terms of maximum drawdown, FSEDX dropped -24.77% vs SEDAX's -37.03%.

Which has better risk-adjusted returns?

SEDAX currently has the higher Sharpe Ratio (3.04 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.