FZAEX vs. IEMG
FZAEX (Fidelity Advisor Focused Emerging Markets Fund Class Z) and IEMG (iShares Core MSCI Emerging Markets ETF) are both Emerging Markets Equities funds. Over the past 10 years, FZAEX returned 11.61%/yr vs 8.84%/yr for IEMG. Their correlation of 0.92 means they have usually moved in the same direction. 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 20.59% return, which is significantly higher than IEMG's 16.38% return. Over the past 10 years, FZAEX has outperformed IEMG with an annualized return of 11.61%, while IEMG has yielded a comparatively lower 8.84% 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%
IEMG
- 1D
- 0.73%
- 1M
- -2.79%
- 6M
- 7.82%
- YTD
- 16.38%
- 1Y
- 32.88%
- 3Y*
- 18.00%
- 5Y*
- 7.26%
- 10Y*
- 8.84%
- ALL TIME*
- 6.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $833.06M | $972.69M | $1.09B |
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 | 20.59% | 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 | 16.38% | 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 0.92, 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. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 0.92 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 | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.26 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 2.33 | +0.58 |
| Martin ratioReturn relative to average drawdown | 8.90 | 7.16 | +1.74 |
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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% | -13.78% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -18.69% | -17.21% | -1.48% |
Max Drawdown (5Y)Largest decline over 5 years | -36.67% | -33.61% | -3.06% |
Max Drawdown (10Y)Largest decline over 10 years | -41.73% | -38.71% | -3.02% |
Current DrawdownCurrent decline from peak | -9.87% | -9.76% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -12.32% | -12.89% | +0.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.48% | 4.47% | +0.01% |
Volatility
FZAEX vs. IEMG - Volatility Comparison
Fidelity Advisor Focused Emerging Markets Fund Class Z (FZAEX) and iShares Core MSCI Emerging Markets ETF (IEMG) have volatilities of 9.09% and 8.73%, 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.
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Volatility by Period
| FZAEX | IEMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.09% | 8.73% | +0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 20.32% | 21.74% | -1.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.33% | 23.71% | -1.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.71% | 19.27% | +0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.18% | 20.32% | -1.14% |
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 1.37%, less than IEMG's 2.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IEMG iShares Core MSCI Emerging Markets ETF | 2.32% | 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 0.92, 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.
FZAEX has higher volatility (9.09%) compared to IEMG (8.73%). In terms of maximum drawdown, FZAEX dropped -41.73% vs IEMG's -38.71%.
FZAEX currently has the higher Sharpe Ratio (1.79 vs 1.35), 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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