FSZZX vs. COBYX

Last updated Aug 1, 2026

FSZZX (Fidelity Sustainable Emerging Markets Equity Fund) and COBYX (The Cook & Bynum Fund) are both Emerging Markets Equities funds. Over the past 3 years, FSZZX returned 19.90%/yr vs 7.48%/yr for COBYX. Their 0.45 correlation means their historical movements had little consistent relationship. FSZZX charges 1.15%/yr vs 1.49%/yr for COBYX.

Performance

FSZZX vs. COBYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Sustainable Emerging Markets Equity Fund (FSZZX) and The Cook & Bynum Fund (COBYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSZZX achieves a 19.20% return, which is significantly higher than COBYX's 11.82% return.

FSZZX

• 1D: 3.76%
• 1M: -3.09%
• 6M: 9.06%
• YTD: 19.20%
• 1Y: 39.43%
• 3Y*: 19.90%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.80%

COBYX

• 1D: 0.46%
• 1M: 0.41%
• 6M: 8.19%
• YTD: 11.82%
• 1Y: 20.62%
• 3Y*: 7.48%
• 5Y*: 9.02%
• 10Y*: 4.78%
• ALL TIME*: 4.78%

*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)
COBYX The Cook & Bynum Fund	$0.00	$0.00	$0.00
FSZZX Fidelity Sustainable Emerging Markets Equity Fund	$0.00	$0.00	$0.00

FSZZX vs. COBYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FSZZX Fidelity Sustainable Emerging Markets Equity Fund	19.20%	39.03%	6.12%	11.47%	-22.70%
COBYX The Cook & Bynum Fund	11.82%	20.50%	-10.32%	16.73%	5.52%

Correlation

The correlation between FSZZX and COBYX is 0.26, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.26
Correlation (3Y) Balances recent behavior with more history.	0.37
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022	0.45

The correlation between FSZZX and COBYX shifts across timeframes, from 0.26 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSZZX vs. COBYX — Risk / Return Rank

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

FSZZX

FSZZX Risk / Return Rank: 64
FSZZX Sharpe Ratio Rank: 63
FSZZX Sortino Ratio Rank: 52
FSZZX Omega Ratio Rank: 62
FSZZX Calmar Ratio Rank: 80
FSZZX Martin Ratio Rank: 61

COBYX

COBYX Risk / Return Rank: 66
COBYX Sharpe Ratio Rank: 71
COBYX Sortino Ratio Rank: 71
COBYX Omega Ratio Rank: 68
COBYX Calmar Ratio Rank: 66
COBYX Martin Ratio Rank: 55

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.

FSZZX vs. COBYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Sustainable Emerging Markets Equity Fund (FSZZX) and The Cook & Bynum Fund (COBYX). 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.

	FSZZX	COBYX	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.64	-0.06
Sortino ratio: Return per unit of downside risk	2.09	2.39	-0.30
Omega ratio: Gain probability vs. loss probability	1.29	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	2.74	2.17	+0.58
Martin ratio: Return relative to average drawdown	8.23	7.33	+0.90

FSZZX vs. COBYX - Sharpe Ratio Comparison

The current FSZZX Sharpe Ratio is 1.58, which is comparable to the COBYX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of FSZZX and COBYX, 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

FSZZX vs. COBYX - Drawdown Comparison

The maximum FSZZX drawdown since its inception was -33.67%, roughly equal to the maximum COBYX drawdown of -34.18%. Use the drawdown chart below to compare losses from any high point for FSZZX and COBYX.

Drawdown Indicators

	FSZZX	COBYX	Difference
Max Drawdown Largest peak-to-trough decline	-33.67%	-34.18%	+0.51%
Max Drawdown (1Y) Largest decline over 1 year	-13.61%	-8.95%	-4.66%
Max Drawdown (3Y) Largest decline over 3 years	-17.12%	-16.29%	-0.83%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.10%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.18%	—
Current Drawdown Current decline from peak	-10.37%	-0.15%	-10.22%
Average Drawdown Average peak-to-trough decline	-11.12%	-6.74%	-4.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.53%	2.68%	+1.85%

Volatility

FSZZX vs. COBYX - Volatility Comparison

Fidelity Sustainable Emerging Markets Equity Fund (FSZZX) has a higher volatility of 8.92% compared to The Cook & Bynum Fund (COBYX) at 3.16%. This indicates that FSZZX's price experiences larger fluctuations and is considered to be riskier than COBYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSZZX	COBYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.92%	3.16%	+5.76%
Volatility (6M) Calculated over the trailing 6-month period	21.23%	9.77%	+11.46%
Volatility (1Y) Calculated over the trailing 1-year period	23.58%	11.82%	+11.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.79%	13.96%	+6.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.79%	13.67%	+7.12%

FSZZX vs. COBYX - Expense Ratio Comparison

FSZZX has a 1.15% expense ratio, which is lower than COBYX's 1.49% expense ratio.

Dividends

FSZZX vs. COBYX - Dividend Comparison

FSZZX's dividend yield for the trailing twelve months is around 0.86%, less than COBYX's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
COBYX The Cook & Bynum Fund	1.05%	1.18%	0.00%	1.01%	1.16%	2.18%	0.32%	0.69%	12.60%	1.88%	5.09%
FSZZX Fidelity Sustainable Emerging Markets Equity Fund	0.86%	1.02%	1.48%	1.74%	0.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSZZX and COBYX in my portfolio?

FSZZX and COBYX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSZZX or COBYX?

FSZZX has higher volatility (8.92%) compared to COBYX (3.16%). In terms of maximum drawdown, FSZZX dropped -33.67% vs COBYX's -34.18%.

Which has better risk-adjusted returns?

COBYX currently has the higher Sharpe Ratio (1.64 vs 1.58), 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.