FSZZX vs. DODEX

Last updated Aug 1, 2026

FSZZX (Fidelity Sustainable Emerging Markets Equity Fund) and DODEX (Dodge & Cox Emerging Markets Stock Fund) are both Emerging Markets Equities funds. Over the past 3 years, FSZZX returned 19.90%/yr vs 20.86%/yr for DODEX. Their correlation of 0.91 means they have usually moved in the same direction. FSZZX charges 1.15%/yr vs 0.70%/yr for DODEX.

Performance

FSZZX vs. DODEX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with FSZZX having a 19.20% return and DODEX slightly higher at 19.88%.

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%

DODEX

• 1D: 3.08%
• 1M: -1.89%
• 6M: 8.75%
• YTD: 19.88%
• 1Y: 41.63%
• 3Y*: 20.86%
• 5Y*: 10.47%
• 10Y*: —
• ALL TIME*: 8.91%

*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)
DODEX Dodge & Cox Emerging Markets Stock Fund	$0.00	$0.00	$0.00
FSZZX Fidelity Sustainable Emerging Markets Equity Fund	$0.00	$0.00	$0.00

FSZZX vs. DODEX - 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%
DODEX Dodge & Cox Emerging Markets Stock Fund	19.88%	38.64%	7.47%	13.37%	-16.97%

Correlation

The correlation between FSZZX and DODEX is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022	0.91

The correlation between FSZZX and DODEX has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

Return for Risk

FSZZX vs. DODEX — 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

DODEX

DODEX Risk / Return Rank: 88
DODEX Sharpe Ratio Rank: 90
DODEX Sortino Ratio Rank: 83
DODEX Omega Ratio Rank: 84
DODEX Calmar Ratio Rank: 92
DODEX Martin Ratio Rank: 90

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. DODEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Sustainable Emerging Markets Equity Fund (FSZZX) and Dodge & Cox Emerging Markets Stock Fund (DODEX). 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	DODEX	Difference
Sharpe ratio: Return per unit of total volatility	1.58	2.25	-0.66
Sortino ratio: Return per unit of downside risk	2.09	2.91	-0.82
Omega ratio: Gain probability vs. loss probability	1.29	1.40	-0.11
Calmar ratio: Return relative to maximum drawdown	2.74	3.53	-0.78
Martin ratio: Return relative to average drawdown	8.23	12.12	-3.89

FSZZX vs. DODEX - Sharpe Ratio Comparison

The current FSZZX Sharpe Ratio is 1.58, which is comparable to the DODEX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of FSZZX and DODEX, 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. DODEX - Drawdown Comparison

The maximum FSZZX drawdown since its inception was -33.67%, smaller than the maximum DODEX drawdown of -37.01%. Use the drawdown chart below to compare losses from any high point for FSZZX and DODEX.

Drawdown Indicators

	FSZZX	DODEX	Difference
Max Drawdown Largest peak-to-trough decline	-33.67%	-37.01%	+3.34%
Max Drawdown (1Y) Largest decline over 1 year	-13.61%	-10.97%	-2.64%
Max Drawdown (3Y) Largest decline over 3 years	-17.12%	-16.15%	-0.97%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.05%	—
Current Drawdown Current decline from peak	-10.37%	-4.81%	-5.56%
Average Drawdown Average peak-to-trough decline	-11.12%	-12.50%	+1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.53%	3.19%	+1.34%

Volatility

FSZZX vs. DODEX - Volatility Comparison

Fidelity Sustainable Emerging Markets Equity Fund (FSZZX) has a higher volatility of 8.92% compared to Dodge & Cox Emerging Markets Stock Fund (DODEX) at 6.48%. This indicates that FSZZX's price experiences larger fluctuations and is considered to be riskier than DODEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSZZX	DODEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.92%	6.48%	+2.44%
Volatility (6M) Calculated over the trailing 6-month period	21.23%	15.26%	+5.97%
Volatility (1Y) Calculated over the trailing 1-year period	23.58%	17.22%	+6.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.79%	17.21%	+3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.79%	17.10%	+3.69%

FSZZX vs. DODEX - Expense Ratio Comparison

FSZZX has a 1.15% expense ratio, which is higher than DODEX's 0.70% expense ratio.

Dividends

FSZZX vs. DODEX - Dividend Comparison

FSZZX's dividend yield for the trailing twelve months is around 0.86%, less than DODEX's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021
DODEX Dodge & Cox Emerging Markets Stock Fund	2.36%	2.83%	1.94%	1.92%	1.93%	1.38%
FSZZX Fidelity Sustainable Emerging Markets Equity Fund	0.86%	1.02%	1.48%	1.74%	0.71%	0.00%

Frequently Asked Questions

Can I hold both FSZZX and DODEX in my portfolio?

FSZZX and DODEX have a correlation of 0.86, 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 DODEX?

FSZZX has higher volatility (8.92%) compared to DODEX (6.48%). In terms of maximum drawdown, FSZZX dropped -33.67% vs DODEX's -37.01%.

Which has better risk-adjusted returns?

DODEX currently has the higher Sharpe Ratio (2.25 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.