FZAEX vs. WXCIX

Last updated Jun 26, 2026

FZAEX (Fidelity Advisor Focused Emerging Markets Fund Class Z) and WXCIX (William Blair Emerging Markets ex China Growth Fund Class I) are both Emerging Markets Equities funds. Over the past 3 years, FZAEX returned 26.61%/yr vs 34.30%/yr for WXCIX. A 0.59 correlation means they provide meaningful diversification when combined. FZAEX charges 0.90%/yr vs 0.99%/yr for WXCIX.

Performance

FZAEX vs. WXCIX - 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 William Blair Emerging Markets ex China Growth Fund Class I (WXCIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FZAEX achieves a 26.75% return, which is significantly lower than WXCIX's 50.75% return.

FZAEX

• 1D: 0.81%
• 1M: -1.09%
• YTD: 26.75%
• 6M: 27.74%
• 1Y: 54.49%
• 3Y*: 26.61%
• 5Y*: 8.70%
• 10Y*: 13.08%

WXCIX

• 1D: -0.86%
• 1M: 2.42%
• YTD: 50.75%
• 6M: 53.44%
• 1Y: 80.44%
• 3Y*: 34.30%
• 5Y*: —
• 10Y*: —

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

FZAEX vs. WXCIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FZAEX Fidelity Advisor Focused Emerging Markets Fund Class Z	26.75%	40.25%	9.43%	6.29%
WXCIX William Blair Emerging Markets ex China Growth Fund Class I	50.75%	28.21%	13.49%	15.55%

Correlation

The correlation between FZAEX and WXCIX is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (All Time) Calculated using the full available price history since May 17, 2023	0.59

The correlation between FZAEX and WXCIX has been stable across timeframes, ranging from 0.59 to 0.63 - a consistent structural relationship.

Return for Risk

FZAEX vs. WXCIX — Risk / Return Rank

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

FZAEX

FZAEX Risk / Return Rank: 88
FZAEX Sharpe Ratio Rank: 92
FZAEX Sortino Ratio Rank: 82
FZAEX Omega Ratio Rank: 86
FZAEX Calmar Ratio Rank: 90
FZAEX Martin Ratio Rank: 90

WXCIX

WXCIX Risk / Return Rank: 94
WXCIX Sharpe Ratio Rank: 97
WXCIX Sortino Ratio Rank: 89
WXCIX Omega Ratio Rank: 89
WXCIX Calmar Ratio Rank: 97
WXCIX Martin Ratio Rank: 96

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. WXCIX - 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 William Blair Emerging Markets ex China Growth Fund Class I (WXCIX). 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	WXCIX	Difference
Sharpe ratio: Return per unit of total volatility	2.69	3.20	-0.50
Sortino ratio: Return per unit of downside risk	3.31	3.81	-0.49
Omega ratio: Gain probability vs. loss probability	1.50	1.56	-0.05
Calmar ratio: Return relative to maximum drawdown	4.01	5.55	-1.54
Martin ratio: Return relative to average drawdown	15.25	19.14	-3.88

FZAEX vs. WXCIX - Sharpe Ratio Comparison

The current FZAEX Sharpe Ratio is 2.69, which is comparable to the WXCIX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of FZAEX and WXCIX, 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. WXCIX - Drawdown Comparison

The maximum FZAEX drawdown since its inception was -41.73%, which is greater than WXCIX's maximum drawdown of -19.66%. Use the drawdown chart below to compare losses from any high point for FZAEX and WXCIX.

Drawdown Indicators

	FZAEX	WXCIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.73%	-19.66%	-22.07%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-14.78%	+1.07%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	-19.66%	+0.97%
Max Drawdown (5Y) Largest decline over 5 years	-39.45%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.73%	—	—
Current Drawdown Current decline from peak	-5.27%	-5.56%	+0.29%
Average Drawdown Average peak-to-trough decline	-12.35%	-3.15%	-9.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	4.26%	-0.66%

Volatility

FZAEX vs. WXCIX - Volatility Comparison

The current volatility for Fidelity Advisor Focused Emerging Markets Fund Class Z (FZAEX) is 11.56%, while William Blair Emerging Markets ex China Growth Fund Class I (WXCIX) has a volatility of 13.73%. This indicates that FZAEX experiences smaller price fluctuations and is considered to be less risky than WXCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZAEX	WXCIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.56%	13.73%	-2.17%
Volatility (6M) Calculated over the trailing 6-month period	18.50%	23.15%	-4.65%
Volatility (1Y) Calculated over the trailing 1-year period	20.54%	25.77%	-5.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.44%	19.22%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.01%	19.22%	-0.21%

FZAEX vs. WXCIX - Expense Ratio Comparison

FZAEX has a 0.90% expense ratio, which is lower than WXCIX's 0.99% expense ratio.

Dividends

FZAEX vs. WXCIX - Dividend Comparison

FZAEX's dividend yield for the trailing twelve months is around 1.30%, less than WXCIX's 3.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZAEX Fidelity Advisor Focused Emerging Markets Fund Class Z	1.30%	1.65%	1.36%	1.69%	1.23%	5.35%	2.23%	11.13%	0.78%	0.10%	0.63%	0.34%
WXCIX William Blair Emerging Markets ex China Growth Fund Class I	3.66%	5.52%	0.00%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FZAEX and WXCIX in my portfolio?

FZAEX and WXCIX have a correlation of 0.63, 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 WXCIX?

WXCIX has higher volatility (13.73%) compared to FZAEX (11.56%). In terms of maximum drawdown, FZAEX dropped -41.73% vs WXCIX's -19.66%.

Which has better risk-adjusted returns?

WXCIX currently has the higher Sharpe Ratio (3.20 vs 2.69), 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.