FZAEX vs. IEMG
FZAEX (Fidelity Advisor Focused Emerging Markets Fund Class Z) and IEMG (iShares Core MSCI Emerging Markets ETF) are both funds - FZAEX is a Emerging Markets Equities fund managed by Fidelity, while IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). Over the past 10 years, FZAEX returned 13.49%/yr vs 10.38%/yr for IEMG. Their correlation of 0.92 suggests significant overlap in exposure. FZAEX charges 0.90%/yr vs 0.09%/yr for IEMG.
Performance
FZAEX vs. IEMG - Performance Comparison
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Returns By Period
In the year-to-date period, FZAEX achieves a 31.44% return, which is significantly higher than IEMG's 21.95% return. Over the past 10 years, FZAEX has outperformed IEMG with an annualized return of 13.49%, while IEMG has yielded a comparatively lower 10.38% annualized return.
FZAEX
- 1D
- -0.09%
- 1M
- 6.35%
- YTD
- 31.44%
- 6M
- 32.63%
- 1Y
- 64.35%
- 3Y*
- 28.15%
- 5Y*
- 9.84%
- 10Y*
- 13.49%
IEMG
- 1D
- -5.44%
- 1M
- 1.74%
- YTD
- 21.95%
- 6M
- 22.64%
- 1Y
- 43.66%
- 3Y*
- 22.14%
- 5Y*
- 7.05%
- 10Y*
- 10.38%
FZAEX vs. IEMG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FZAEX Fidelity Advisor Focused Emerging Markets Fund Class Z | 31.44% | 40.25% | 9.43% | 8.60% | -19.75% | -2.50% | 30.63% | 29.94% | -17.95% | 46.69% |
IEMG iShares Core MSCI Emerging Markets ETF | 21.95% | 32.56% | 6.50% | 11.52% | -19.98% | -0.64% | 17.87% | 17.81% | -14.92% | 37.38% |
Correlation
The correlation between FZAEX and IEMG is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Aug 20, 2013 | 0.92 |
The correlation between FZAEX and IEMG has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
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Return for Risk
FZAEX vs. IEMG — Risk / Return Rank
FZAEX
IEMG
FZAEX vs. IEMG - 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 iShares Core MSCI Emerging Markets ETF (IEMG). 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 | IEMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.27 | ||
| Sortino ratioReturn per unit of downside risk | +1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.38 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 4.75 | 3.32 | +1.43 |
| Martin ratioReturn relative to average drawdown | 18.24 | 12.15 | +6.10 |
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Drawdowns
FZAEX vs. IEMG - Drawdown Comparison
The maximum FZAEX drawdown since its inception was -41.73%, which is greater than IEMG's maximum drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for FZAEX and IEMG.
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Drawdown Indicators
| FZAEX | IEMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.73% | -38.71% | -3.02% |
Max Drawdown (1Y)Largest decline over 1 year | -13.71% | -13.21% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -18.69% | -17.21% | -1.48% |
Max Drawdown (5Y)Largest decline over 5 years | -39.45% | -35.75% | -3.70% |
Max Drawdown (10Y)Largest decline over 10 years | -41.73% | -38.71% | -3.02% |
Current DrawdownCurrent decline from peak | -1.76% | -5.44% | +3.68% |
Average DrawdownAverage peak-to-trough decline | -12.36% | -12.93% | +0.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.56% | 3.61% | -0.05% |
Volatility
FZAEX vs. IEMG - Volatility Comparison
The current volatility for Fidelity Advisor Focused Emerging Markets Fund Class Z (FZAEX) is 10.58%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 12.22%. This indicates that FZAEX experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FZAEX | IEMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.58% | 12.22% | -1.64% |
Volatility (6M)Calculated over the trailing 6-month period | 17.91% | 20.14% | -2.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.06% | 22.12% | -2.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.34% | 18.99% | +0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.01% | 20.20% | -1.19% |
FZAEX vs. IEMG - Expense Ratio Comparison
FZAEX has a 0.90% expense ratio, which is higher than IEMG's 0.09% expense ratio.
Dividends
FZAEX vs. IEMG - Dividend Comparison
FZAEX's dividend yield for the trailing twelve months is around 1.26%, less than IEMG's 2.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FZAEX Fidelity Advisor Focused Emerging Markets Fund Class Z | 1.26% | 1.65% | 1.36% | 1.69% | 1.23% | 5.35% | 2.23% | 11.13% | 0.78% | 0.10% | 0.63% | 0.34% |
IEMG iShares Core MSCI Emerging Markets ETF | 2.21% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
Frequently Asked Questions
With a correlation of 0.91, FZAEX and IEMG 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.
IEMG has higher volatility (12.22%) compared to FZAEX (10.58%). In terms of maximum drawdown, FZAEX dropped -41.73% vs IEMG's -38.71%.
FZAEX currently has the higher Sharpe Ratio (3.25 vs 1.98), 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.
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