FTMKX vs. ESCIX

Last updated Aug 1, 2026

FTMKX (Fidelity Advisor Focused Emerging Markets Fund Class M) and ESCIX (Ashmore Emerging Markets Small Cap Equity Fund) are both Emerging Markets Equities funds. Over the past 10 years, FTMKX returned 10.89%/yr vs 9.13%/yr for ESCIX. Their 0.73 correlation means they have sometimes moved together and sometimes differently. FTMKX charges 1.61%/yr vs 1.52%/yr for ESCIX.

Performance

FTMKX vs. ESCIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Focused Emerging Markets Fund Class M (FTMKX) and Ashmore Emerging Markets Small Cap Equity Fund (ESCIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTMKX achieves a 20.17% return, which is significantly higher than ESCIX's 8.91% return. Over the past 10 years, FTMKX has outperformed ESCIX with an annualized return of 10.89%, while ESCIX has yielded a comparatively lower 9.13% annualized return.

FTMKX

• 1D: 4.16%
• 1M: -2.87%
• 6M: 8.70%
• YTD: 20.17%
• 1Y: 41.50%
• 3Y*: 21.10%
• 5Y*: 8.69%
• 10Y*: 10.89%
• ALL TIME*: 8.74%

ESCIX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.50%
• YTD: 8.91%
• 1Y: 23.63%
• 3Y*: 13.53%
• 5Y*: 4.21%
• 10Y*: 9.13%
• ALL TIME*: 6.55%

*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)
ESCIX Ashmore Emerging Markets Small Cap Equity Fund	$0.00	$0.00	$0.00
FTMKX Fidelity Advisor Focused Emerging Markets Fund Class M	$0.00	$0.00	$0.00

FTMKX vs. ESCIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTMKX Fidelity Advisor Focused Emerging Markets Fund Class M	20.17%	39.38%	8.73%	7.84%	-20.29%	-3.19%	29.65%	28.95%	-18.56%	46.33%
ESCIX Ashmore Emerging Markets Small Cap Equity Fund	8.91%	26.07%	3.55%	19.64%	-24.45%	11.93%	43.41%	15.24%	-22.01%	28.57%

Correlation

The correlation between FTMKX and ESCIX is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (3Y) Balances recent behavior with more history.	0.59
Correlation (5Y) Shows whether the relationship held over a longer period.	0.65
Correlation (10Y) Provides a long-term view across more market conditions.	0.70
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011	0.73

Over the past year, the correlation between FTMKX and ESCIX has dropped to 0.41 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

FTMKX vs. ESCIX — Risk / Return Rank

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

FTMKX

FTMKX Risk / Return Rank: 71
FTMKX Sharpe Ratio Rank: 73
FTMKX Sortino Ratio Rank: 64
FTMKX Omega Ratio Rank: 72
FTMKX Calmar Ratio Rank: 82
FTMKX Martin Ratio Rank: 66

ESCIX

ESCIX Risk / Return Rank: 92
ESCIX Sharpe Ratio Rank: 88
ESCIX Sortino Ratio Rank: 87
ESCIX Omega Ratio Rank: 92
ESCIX Calmar Ratio Rank: 94
ESCIX Martin Ratio Rank: 96

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.

FTMKX vs. ESCIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Focused Emerging Markets Fund Class M (FTMKX) and Ashmore Emerging Markets Small Cap Equity Fund (ESCIX). 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.

	FTMKX	ESCIX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.18	-0.43
Sortino ratio: Return per unit of downside risk	2.32	3.21	-0.89
Omega ratio: Gain probability vs. loss probability	1.32	1.53	-0.21
Calmar ratio: Return relative to maximum drawdown	2.84	3.92	-1.08
Martin ratio: Return relative to average drawdown	8.66	17.72	-9.06

FTMKX vs. ESCIX - Sharpe Ratio Comparison

The current FTMKX Sharpe Ratio is 1.75, which is comparable to the ESCIX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of FTMKX and ESCIX, 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

FTMKX vs. ESCIX - Drawdown Comparison

The maximum FTMKX drawdown since its inception was -70.17%, which is greater than ESCIX's maximum drawdown of -48.76%. Use the drawdown chart below to compare losses from any high point for FTMKX and ESCIX.

Drawdown Indicators

	FTMKX	ESCIX	Difference
Max Drawdown Largest peak-to-trough decline	-70.17%	-48.76%	-21.41%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-5.70%	-8.05%
Max Drawdown (3Y) Largest decline over 3 years	-18.94%	-19.97%	+1.03%
Max Drawdown (5Y) Largest decline over 5 years	-37.17%	-36.59%	-0.58%
Max Drawdown (10Y) Largest decline over 10 years	-42.43%	-48.76%	+6.33%
Current Drawdown Current decline from peak	-9.96%	-0.74%	-9.22%
Average Drawdown Average peak-to-trough decline	-20.88%	-13.21%	-7.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.50%	1.49%	+3.01%

Volatility

FTMKX vs. ESCIX - Volatility Comparison

Fidelity Advisor Focused Emerging Markets Fund Class M (FTMKX) has a higher volatility of 9.09% compared to Ashmore Emerging Markets Small Cap Equity Fund (ESCIX) at 0.00%. This indicates that FTMKX's price experiences larger fluctuations and is considered to be riskier than ESCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTMKX	ESCIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.09%	0.00%	+9.09%
Volatility (6M) Calculated over the trailing 6-month period	20.32%	5.66%	+14.66%
Volatility (1Y) Calculated over the trailing 1-year period	22.33%	10.28%	+12.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.72%	15.57%	+4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.19%	17.48%	+1.71%

FTMKX vs. ESCIX - Expense Ratio Comparison

FTMKX has a 1.61% expense ratio, which is higher than ESCIX's 1.52% expense ratio.

Dividends

FTMKX vs. ESCIX - Dividend Comparison

FTMKX's dividend yield for the trailing twelve months is around 0.86%, more than ESCIX's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ESCIX Ashmore Emerging Markets Small Cap Equity Fund	0.42%	0.91%	0.00%	0.56%	0.60%	0.00%	0.00%	0.13%	0.11%	1.66%	1.16%
FTMKX Fidelity Advisor Focused Emerging Markets Fund Class M	0.86%	1.04%	0.78%	0.98%	0.47%	4.58%	1.62%	10.48%	0.00%	0.08%	0.00%

Frequently Asked Questions

Can I hold both FTMKX and ESCIX in my portfolio?

FTMKX and ESCIX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTMKX or ESCIX?

FTMKX has higher volatility (9.09%) compared to ESCIX (0.00%). In terms of maximum drawdown, FTMKX dropped -70.17% vs ESCIX's -48.76%.

Which has better risk-adjusted returns?

ESCIX currently has the higher Sharpe Ratio (2.17 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.