FSSEX vs. RWIIX

Last updated Aug 1, 2026

FSSEX (Fidelity SAI Sustainable International Equity Fund) and RWIIX (Redwood AlphaFactor Tactical International Fund) are both Foreign Large Cap Equities funds. Over the past 3 years, FSSEX returned 15.76%/yr vs 3.06%/yr for RWIIX. Their 0.65 correlation means they have sometimes moved together and sometimes differently. FSSEX charges 0.75%/yr vs 1.22%/yr for RWIIX.

Performance

FSSEX vs. RWIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI Sustainable International Equity Fund (FSSEX) and Redwood AlphaFactor Tactical International Fund (RWIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSSEX achieves a 11.76% return, which is significantly higher than RWIIX's 8.02% return.

FSSEX

• 1D: 3.10%
• 1M: -0.61%
• 6M: 5.93%
• YTD: 11.76%
• 1Y: 25.78%
• 3Y*: 15.76%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.39%

RWIIX

• 1D: 1.08%
• 1M: 1.89%
• 6M: 3.85%
• YTD: 8.02%
• 1Y: 18.70%
• 3Y*: 3.06%
• 5Y*: 2.07%
• 10Y*: —
• ALL TIME*: 3.77%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSSEX Fidelity SAI Sustainable International Equity Fund	$0.00	$0.00	$0.00
RWIIX Redwood AlphaFactor Tactical International Fund	$0.00	$0.00	$0.00

FSSEX vs. RWIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FSSEX Fidelity SAI Sustainable International Equity Fund	11.76%	26.56%	7.65%	13.37%	-8.26%
RWIIX Redwood AlphaFactor Tactical International Fund	8.02%	7.87%	-6.03%	9.07%	-2.98%

Correlation

The correlation between FSSEX and RWIIX is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (All Time) Calculated using the full available price history since Apr 25, 2022	0.65

The correlation between FSSEX and RWIIX has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.

Return for Risk

FSSEX vs. RWIIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSSEX

FSSEX Risk / Return Rank: 40
FSSEX Sharpe Ratio Rank: 39
FSSEX Sortino Ratio Rank: 39
FSSEX Omega Ratio Rank: 38
FSSEX Calmar Ratio Rank: 40
FSSEX Martin Ratio Rank: 43

RWIIX

RWIIX Risk / Return Rank: 60
RWIIX Sharpe Ratio Rank: 61
RWIIX Sortino Ratio Rank: 56
RWIIX Omega Ratio Rank: 63
RWIIX Calmar Ratio Rank: 77
RWIIX Martin Ratio Rank: 42

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FSSEX vs. RWIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Sustainable International Equity Fund (FSSEX) and Redwood AlphaFactor Tactical International Fund (RWIIX). 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.

	FSSEX	RWIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.48	-0.21
Sortino ratio: Return per unit of downside risk	1.84	2.03	-0.19
Omega ratio: Gain probability vs. loss probability	1.23	1.28	-0.05
Calmar ratio: Return relative to maximum drawdown	1.78	2.48	-0.71
Martin ratio: Return relative to average drawdown	6.58	6.02	+0.56

FSSEX vs. RWIIX - Sharpe Ratio Comparison

The current FSSEX Sharpe Ratio is 1.27, which is comparable to the RWIIX Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of FSSEX and RWIIX, 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

FSSEX vs. RWIIX - Drawdown Comparison

The maximum FSSEX drawdown since its inception was -21.07%, roughly equal to the maximum RWIIX drawdown of -20.34%. Use the drawdown chart below to compare losses from any high point for FSSEX and RWIIX.

Drawdown Indicators

	FSSEX	RWIIX	Difference
Max Drawdown Largest peak-to-trough decline	-21.07%	-20.34%	-0.73%
Max Drawdown (1Y) Largest decline over 1 year	-13.24%	-6.94%	-6.30%
Max Drawdown (3Y) Largest decline over 3 years	-16.81%	-20.34%	+3.53%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.34%	—
Current Drawdown Current decline from peak	-2.14%	-1.89%	-0.25%
Average Drawdown Average peak-to-trough decline	-4.31%	-7.73%	+3.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	2.86%	+0.70%

Volatility

FSSEX vs. RWIIX - Volatility Comparison

Fidelity SAI Sustainable International Equity Fund (FSSEX) has a higher volatility of 5.49% compared to Redwood AlphaFactor Tactical International Fund (RWIIX) at 3.20%. This indicates that FSSEX's price experiences larger fluctuations and is considered to be riskier than RWIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSSEX	RWIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	3.20%	+2.29%
Volatility (6M) Calculated over the trailing 6-month period	15.70%	9.42%	+6.28%
Volatility (1Y) Calculated over the trailing 1-year period	18.45%	11.68%	+6.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.23%	11.70%	+5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.23%	10.98%	+6.25%

FSSEX vs. RWIIX - Expense Ratio Comparison

FSSEX has a 0.75% expense ratio, which is lower than RWIIX's 1.22% expense ratio.

Dividends

FSSEX vs. RWIIX - Dividend Comparison

FSSEX's dividend yield for the trailing twelve months is around 2.14%, less than RWIIX's 8.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSSEX Fidelity SAI Sustainable International Equity Fund	2.14%	2.40%	1.41%	0.72%	0.64%	0.00%	0.00%	0.00%	0.00%	0.00%
RWIIX Redwood AlphaFactor Tactical International Fund	8.09%	8.74%	0.00%	6.82%	1.72%	14.15%	6.51%	1.84%	0.86%	0.02%

Frequently Asked Questions

Can I hold both FSSEX and RWIIX in my portfolio?

FSSEX and RWIIX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSSEX or RWIIX?

FSSEX has higher volatility (5.49%) compared to RWIIX (3.20%). In terms of maximum drawdown, FSSEX dropped -21.07% vs RWIIX's -20.34%.

Which has better risk-adjusted returns?

RWIIX currently has the higher Sharpe Ratio (1.48 vs 1.27), 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.