FZAEX vs. EDIV

Last updated Aug 1, 2026

FZAEX (Fidelity Advisor Focused Emerging Markets Fund Class Z) and EDIV (SPDR S&P Emerging Markets Dividend ETF) are both Emerging Markets Equities funds. Over the past 10 years, FZAEX returned 11.61%/yr vs 8.24%/yr for EDIV. Their 0.78 correlation means they have sometimes moved together and sometimes differently. FZAEX charges 0.90%/yr vs 0.49%/yr for EDIV.

Performance

FZAEX vs. EDIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Focused Emerging Markets Fund Class Z (FZAEX) and SPDR S&P Emerging Markets Dividend ETF (EDIV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FZAEX achieves a 20.59% return, which is significantly higher than EDIV's 7.94% return. Over the past 10 years, FZAEX has outperformed EDIV with an annualized return of 11.61%, while EDIV has yielded a comparatively lower 8.24% annualized return.

FZAEX

• 1D: 4.16%
• 1M: -2.83%
• 6M: 9.02%
• YTD: 20.59%
• 1Y: 42.36%
• 3Y*: 21.86%
• 5Y*: 9.41%
• 10Y*: 11.61%
• ALL TIME*: 9.70%

EDIV

• 1D: -0.70%
• 1M: 0.49%
• 6M: 2.77%
• YTD: 7.94%
• 1Y: 13.69%
• 3Y*: 15.33%
• 5Y*: 12.12%
• 10Y*: 8.24%
• ALL TIME*: 3.13%

*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)
EDIV SPDR S&P Emerging Markets Dividend ETF	$4.15M	$4.91M	$5.47M
FZAEX Fidelity Advisor Focused Emerging Markets Fund Class Z	$0.00	$0.00	$0.00

FZAEX vs. EDIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FZAEX Fidelity Advisor Focused Emerging Markets Fund Class Z	20.59%	40.25%	9.43%	8.60%	-19.75%	-2.50%	30.63%	29.94%	-17.95%	46.69%
EDIV SPDR S&P Emerging Markets Dividend ETF	7.94%	16.45%	12.75%	41.91%	-15.31%	11.21%	-9.95%	11.80%	-6.16%	28.20%

Correlation

The correlation between FZAEX and EDIV 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.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.74
Correlation (10Y) Provides a long-term view across more market conditions.	0.77
Correlation (All Time) Calculated using the full available price history since Aug 20, 2013	0.78

The correlation between FZAEX and EDIV has been stable across timeframes, ranging from 0.74 to 0.78 - a consistent structural relationship.

Return for Risk

FZAEX vs. EDIV — Risk / Return Rank

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

FZAEX

FZAEX Risk / Return Rank: 76
FZAEX Sharpe Ratio Rank: 77
FZAEX Sortino Ratio Rank: 70
FZAEX Omega Ratio Rank: 75
FZAEX Calmar Ratio Rank: 85
FZAEX Martin Ratio Rank: 74

EDIV

EDIV Risk / Return Rank: 41
EDIV Sharpe Ratio Rank: 43
EDIV Sortino Ratio Rank: 43
EDIV Omega Ratio Rank: 43
EDIV Calmar Ratio Rank: 38
EDIV Martin Ratio Rank: 38

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.

FZAEX vs. EDIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Focused Emerging Markets Fund Class Z (FZAEX) and SPDR S&P Emerging Markets Dividend ETF (EDIV). 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.

	FZAEX	EDIV	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.08	+0.71
Sortino ratio: Return per unit of downside risk	2.36	1.57	+0.79
Omega ratio: Gain probability vs. loss probability	1.33	1.20	+0.13
Calmar ratio: Return relative to maximum drawdown	2.91	1.35	+1.57
Martin ratio: Return relative to average drawdown	8.90	3.93	+4.97

FZAEX vs. EDIV - Sharpe Ratio Comparison

The current FZAEX Sharpe Ratio is 1.79, which is higher than the EDIV Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of FZAEX and EDIV, 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

FZAEX vs. EDIV - Drawdown Comparison

The maximum FZAEX drawdown since its inception was -41.73%, smaller than the maximum EDIV drawdown of -53.36%. Use the drawdown chart below to compare losses from any high point for FZAEX and EDIV.

Drawdown Indicators

	FZAEX	EDIV	Difference
Max Drawdown Largest peak-to-trough decline	-41.73%	-53.36%	+11.63%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-10.36%	-3.35%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	-13.84%	-4.85%
Max Drawdown (5Y) Largest decline over 5 years	-36.67%	-28.32%	-8.35%
Max Drawdown (10Y) Largest decline over 10 years	-41.73%	-40.76%	-0.97%
Current Drawdown Current decline from peak	-9.87%	-2.70%	-7.17%
Average Drawdown Average peak-to-trough decline	-12.32%	-19.19%	+6.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	3.54%	+0.94%

Volatility

FZAEX vs. EDIV - Volatility Comparison

Fidelity Advisor Focused Emerging Markets Fund Class Z (FZAEX) has a higher volatility of 9.09% compared to SPDR S&P Emerging Markets Dividend ETF (EDIV) at 4.22%. This indicates that FZAEX's price experiences larger fluctuations and is considered to be riskier than EDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZAEX	EDIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.09%	4.22%	+4.87%
Volatility (6M) Calculated over the trailing 6-month period	20.32%	11.16%	+9.16%
Volatility (1Y) Calculated over the trailing 1-year period	22.33%	12.94%	+9.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.71%	13.95%	+5.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.18%	17.31%	+1.87%

FZAEX vs. EDIV - Expense Ratio Comparison

FZAEX has a 0.90% expense ratio, which is higher than EDIV's 0.49% expense ratio.

Dividends

FZAEX vs. EDIV - Dividend Comparison

FZAEX's dividend yield for the trailing twelve months is around 1.37%, less than EDIV's 4.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EDIV SPDR S&P Emerging Markets Dividend ETF	4.21%	4.69%	3.94%	4.26%	4.94%	3.84%	3.52%	3.83%	3.41%	2.99%	4.94%	5.33%
FZAEX Fidelity Advisor Focused Emerging Markets Fund Class Z	1.37%	1.65%	1.36%	1.69%	1.23%	5.35%	2.23%	11.13%	0.78%	0.10%	0.63%	0.34%

Frequently Asked Questions

Can I hold both FZAEX and EDIV in my portfolio?

FZAEX and EDIV 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, FZAEX or EDIV?

FZAEX has higher volatility (9.09%) compared to EDIV (4.22%). In terms of maximum drawdown, FZAEX dropped -41.73% vs EDIV's -53.36%.

Which has better risk-adjusted returns?

FZAEX currently has the higher Sharpe Ratio (1.79 vs 1.08), 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.