FZAJX vs. PNGAX

Last updated Jun 3, 2026

FZAJX (Fidelity Advisor International Growth Fund Class Z) and PNGAX (Putnam International Value Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, FZAJX returned 9.26%/yr vs 9.73%/yr for PNGAX. Their correlation of 0.85 suggests significant overlap in exposure. FZAJX charges 0.87%/yr vs 1.27%/yr for PNGAX.

Performance

FZAJX vs. PNGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor International Growth Fund Class Z (FZAJX) and Putnam International Value Fund (PNGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FZAJX achieves a 5.92% return, which is significantly lower than PNGAX's 8.69% return. Over the past 10 years, FZAJX has underperformed PNGAX with an annualized return of 9.26%, while PNGAX has yielded a comparatively higher 9.73% annualized return.

FZAJX

• 1D: -1.28%
• 1M: 0.54%
• YTD: 5.92%
• 6M: 8.29%
• 1Y: 13.02%
• 3Y*: 12.03%
• 5Y*: 5.38%
• 10Y*: 9.26%

PNGAX

• 1D: -0.42%
• 1M: 1.08%
• YTD: 8.69%
• 6M: 11.87%
• 1Y: 20.98%
• 3Y*: 18.94%
• 5Y*: 10.67%
• 10Y*: 9.73%

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

FZAJX vs. PNGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FZAJX Fidelity Advisor International Growth Fund Class Z	5.92%	18.02%	5.02%	21.03%	-23.11%	15.55%	17.11%	34.21%	-11.40%	28.88%
PNGAX Putnam International Value Fund	8.69%	34.66%	5.86%	18.50%	-6.85%	14.24%	4.19%	19.96%	-18.02%	24.09%

Correlation

The correlation between FZAJX and PNGAX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Aug 21, 2013	0.85

The correlation between FZAJX and PNGAX has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

Return for Risk

FZAJX vs. PNGAX — Risk / Return Rank

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

FZAJX

FZAJX Risk / Return Rank: 10
FZAJX Sharpe Ratio Rank: 9
FZAJX Sortino Ratio Rank: 10
FZAJX Omega Ratio Rank: 9
FZAJX Calmar Ratio Rank: 9
FZAJX Martin Ratio Rank: 12

PNGAX

PNGAX Risk / Return Rank: 31
PNGAX Sharpe Ratio Rank: 29
PNGAX Sortino Ratio Rank: 28
PNGAX Omega Ratio Rank: 30
PNGAX Calmar Ratio Rank: 31
PNGAX Martin Ratio Rank: 35

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.

FZAJX vs. PNGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor International Growth Fund Class Z (FZAJX) and Putnam International Value Fund (PNGAX). 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.

	FZAJX	PNGAX	Difference
Sharpe ratio Return per unit of total volatility	0.76	1.58	-0.82
Sortino ratio Return per unit of downside risk	1.20	2.24	-1.03
Omega ratio Gain probability vs. loss probability	1.15	1.29	-0.14
Calmar ratio Return relative to maximum drawdown	0.97	2.13	-1.16
Martin ratio Return relative to average drawdown	3.58	7.87	-4.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FZAJX vs. PNGAX - Sharpe Ratio Comparison

The current FZAJX Sharpe Ratio is 0.76, which is lower than the PNGAX Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of FZAJX and PNGAX, 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

	FZAJX	PNGAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	1.58	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.68	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.57	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.35	+0.14

Drawdowns

FZAJX vs. PNGAX - Drawdown Comparison

The maximum FZAJX drawdown since its inception was -34.84%, smaller than the maximum PNGAX drawdown of -64.78%. Use the drawdown chart below to compare losses from any high point for FZAJX and PNGAX.

Drawdown Indicators

	FZAJX	PNGAX	Difference
Max Drawdown Largest peak-to-trough decline	-34.84%	-64.78%	+29.94%
Max Drawdown (1Y) Largest decline over 1 year	-13.96%	-10.51%	-3.45%
Max Drawdown (3Y) Largest decline over 3 years	-16.51%	-13.87%	-2.64%
Max Drawdown (5Y) Largest decline over 5 years	-34.84%	-27.37%	-7.47%
Max Drawdown (10Y) Largest decline over 10 years	-34.84%	-41.58%	+6.74%
Current Drawdown Current decline from peak	-3.34%	-1.42%	-1.92%
Average Drawdown Average peak-to-trough decline	-6.64%	-15.82%	+9.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	2.84%	+0.92%

Volatility

FZAJX vs. PNGAX - Volatility Comparison

Fidelity Advisor International Growth Fund Class Z (FZAJX) has a higher volatility of 7.23% compared to Putnam International Value Fund (PNGAX) at 4.17%. This indicates that FZAJX's price experiences larger fluctuations and is considered to be riskier than PNGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZAJX	PNGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.23%	4.17%	+3.06%
Volatility (6M) Calculated over the trailing 6-month period	15.86%	11.40%	+4.46%
Volatility (1Y) Calculated over the trailing 1-year period	18.25%	14.29%	+3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.08%	15.75%	+2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.83%	17.06%	+0.77%

FZAJX vs. PNGAX - Expense Ratio Comparison

FZAJX has a 0.87% expense ratio, which is lower than PNGAX's 1.27% expense ratio.

Dividends

FZAJX vs. PNGAX - Dividend Comparison

FZAJX's dividend yield for the trailing twelve months is around 3.45%, more than PNGAX's 2.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZAJX Fidelity Advisor International Growth Fund Class Z	3.45%	3.65%	1.00%	0.61%	1.81%	2.03%	0.22%	1.11%	1.04%	0.12%	1.40%	0.92%
PNGAX Putnam International Value Fund	2.73%	2.97%	3.89%	2.35%	1.63%	5.70%	1.84%	3.91%	4.34%	1.11%	2.23%	1.09%

Frequently Asked Questions

Can I hold both FZAJX and PNGAX in my portfolio?

FZAJX and PNGAX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FZAJX or PNGAX?

FZAJX has higher volatility (7.23%) compared to PNGAX (4.17%). In terms of maximum drawdown, FZAJX dropped -34.84% vs PNGAX's -64.78%.

Which has better risk-adjusted returns?

PNGAX currently has the higher Sharpe Ratio (1.58 vs 0.76), 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.