FZAEX vs. FEMSX

Last updated Jun 4, 2026

FZAEX (Fidelity Advisor Focused Emerging Markets Fund Class Z) and FEMSX (Fidelity Series Emerging Markets Opportunities Fund) are both Emerging Markets Equities funds from Fidelity. Over the past 10 years, FZAEX returned 13.42%/yr vs 13.44%/yr for FEMSX. With a 0.96 correlation, they move nearly in lockstep. FZAEX charges 0.90%/yr vs 0.01%/yr for FEMSX.

Performance

FZAEX vs. FEMSX - 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 Fidelity Series Emerging Markets Opportunities Fund (FEMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FZAEX having a 33.80% return and FEMSX slightly lower at 33.67%. Both investments have delivered pretty close results over the past 10 years, with FZAEX having a 13.42% annualized return and FEMSX not far ahead at 13.44%.

FZAEX

• 1D: 2.01%
• 1M: 13.71%
• YTD: 33.80%
• 6M: 37.74%
• 1Y: 70.56%
• 3Y*: 29.27%
• 5Y*: 9.78%
• 10Y*: 13.42%

FEMSX

• 1D: 1.45%
• 1M: 10.61%
• YTD: 33.67%
• 6M: 37.91%
• 1Y: 67.03%
• 3Y*: 28.65%
• 5Y*: 8.84%
• 10Y*: 13.44%

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

FZAEX vs. FEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FZAEX Fidelity Advisor Focused Emerging Markets Fund Class Z	33.80%	40.25%	9.43%	8.60%	-19.75%	-2.50%	30.63%	29.94%	-17.95%	46.69%
FEMSX Fidelity Series Emerging Markets Opportunities Fund	33.67%	37.92%	7.84%	14.23%	-23.95%	-5.14%	24.72%	28.87%	-16.20%	49.92%

Correlation

The correlation between FZAEX and FEMSX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 21, 2013	0.96

The correlation between FZAEX and FEMSX has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

FZAEX vs. FEMSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FZAEX

FZAEX Risk / Return Rank: 95
FZAEX Sharpe Ratio Rank: 98
FZAEX Sortino Ratio Rank: 94
FZAEX Omega Ratio Rank: 94
FZAEX Calmar Ratio Rank: 93
FZAEX Martin Ratio Rank: 94

FEMSX

FEMSX Risk / Return Rank: 93
FEMSX Sharpe Ratio Rank: 96
FEMSX Sortino Ratio Rank: 91
FEMSX Omega Ratio Rank: 91
FEMSX Calmar Ratio Rank: 92
FEMSX Martin Ratio Rank: 93

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FZAEX vs. FEMSX - 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 Fidelity Series Emerging Markets Opportunities Fund (FEMSX). 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.

	FZAEX	FEMSX	Difference
Sharpe ratio Return per unit of total volatility	3.95	3.58	+0.37
Sortino ratio Return per unit of downside risk	4.88	4.41	+0.47
Omega ratio Gain probability vs. loss probability	1.72	1.66	+0.07
Calmar ratio Return relative to maximum drawdown	5.18	5.05	+0.12
Martin ratio Return relative to average drawdown	21.14	20.16	+0.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FZAEX vs. FEMSX - Sharpe Ratio Comparison

The current FZAEX Sharpe Ratio is 3.95, which is comparable to the FEMSX Sharpe Ratio of 3.58. The chart below compares the historical Sharpe Ratios of FZAEX and FEMSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FZAEX	FEMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.95	3.58	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.47	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	0.70	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.57	+0.03

Drawdowns

FZAEX vs. FEMSX - Drawdown Comparison

The maximum FZAEX drawdown since its inception was -41.73%, smaller than the maximum FEMSX drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for FZAEX and FEMSX.

Drawdown Indicators

	FZAEX	FEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-41.73%	-44.16%	+2.43%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-13.42%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	-17.04%	-1.65%
Max Drawdown (5Y) Largest decline over 5 years	-40.39%	-41.64%	+1.25%
Max Drawdown (10Y) Largest decline over 10 years	-41.73%	-44.16%	+2.43%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-12.39%	-13.41%	+1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	3.36%	-0.01%

Volatility

FZAEX vs. FEMSX - Volatility Comparison

Fidelity Advisor Focused Emerging Markets Fund Class Z (FZAEX) and Fidelity Series Emerging Markets Opportunities Fund (FEMSX) have volatilities of 7.86% and 7.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZAEX	FEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.86%	7.96%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	15.43%	16.40%	-0.97%
Volatility (1Y) Calculated over the trailing 1-year period	17.99%	18.95%	-0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.92%	19.03%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.81%	19.34%	-0.53%

FZAEX vs. FEMSX - Expense Ratio Comparison

FZAEX has a 0.90% expense ratio, which is higher than FEMSX's 0.01% expense ratio.

Dividends

FZAEX vs. FEMSX - Dividend Comparison

FZAEX's dividend yield for the trailing twelve months is around 1.24%, less than FEMSX's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMSX Fidelity Series Emerging Markets Opportunities Fund	1.83%	2.45%	2.08%	2.82%	2.39%	12.83%	2.99%	2.48%	9.42%	8.98%	1.46%	1.27%
FZAEX Fidelity Advisor Focused Emerging Markets Fund Class Z	1.24%	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 FEMSX in my portfolio?

With a correlation of 0.95, FZAEX and FEMSX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FZAEX or FEMSX?

FEMSX has higher volatility (7.96%) compared to FZAEX (7.86%). In terms of maximum drawdown, FZAEX dropped -41.73% vs FEMSX's -44.16%.

Which has better risk-adjusted returns?

FZAEX currently has the higher Sharpe Ratio (3.95 vs 3.58), 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.