GQGIX vs. FIQGX

Last updated Apr 2, 2026

Compare and contrast key facts about GQG Partners Emerging Markets Equity Fund Institutional Shares (GQGIX) and Fidelity Advisor Emerging Markets Discovery Fund Class Z (FIQGX).

GQGIX is managed by GQG Partners. FIQGX is managed by Fidelity. It was launched on Oct 2, 2018.

Performance

GQGIX vs. FIQGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GQG Partners Emerging Markets Equity Fund Institutional Shares (GQGIX) and Fidelity Advisor Emerging Markets Discovery Fund Class Z (FIQGX). The values are adjusted to include any dividend payments, if applicable.

GQGIX vs. FIQGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GQGIX GQG Partners Emerging Markets Equity Fund Institutional Shares	2.19%	9.92%	6.19%	28.81%	-20.85%	-2.37%	33.98%	21.08%	2.00%
FIQGX Fidelity Advisor Emerging Markets Discovery Fund Class Z	6.15%	31.96%	-3.54%	20.94%	-11.74%	6.86%	17.11%	19.81%	-1.18%

Returns By Period

In the year-to-date period, GQGIX achieves a 2.19% return, which is significantly lower than FIQGX's 6.15% return.

GQGIX

• 1D: 1.73%
• 1M: -4.61%
• YTD: 2.19%
• 6M: 5.33%
• 1Y: 12.60%
• 3Y*: 14.20%
• 5Y*: 3.39%
• 10Y*: —

FIQGX

• 1D: 1.90%
• 1M: -6.09%
• YTD: 6.15%
• 6M: 11.78%
• 1Y: 36.85%
• 3Y*: 15.79%
• 5Y*: 7.98%
• 10Y*: —

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

GQGIX vs. FIQGX - Expense Ratio Comparison

GQGIX has a 0.98% expense ratio, which is lower than FIQGX's 1.05% expense ratio.

FIQGX

Fidelity Advisor Emerging Markets Discovery Fund Class Z

GQGIX

GQG Partners Emerging Markets Equity Fund Institutional Shares

Return for Risk

GQGIX vs. FIQGX — Risk / Return Rank

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

GQGIX

GQGIX Risk / Return Rank: 48
GQGIX Sharpe Ratio Rank: 50
GQGIX Sortino Ratio Rank: 48
GQGIX Omega Ratio Rank: 40
GQGIX Calmar Ratio Rank: 55
GQGIX Martin Ratio Rank: 46

FIQGX

FIQGX Risk / Return Rank: 96
FIQGX Sharpe Ratio Rank: 97
FIQGX Sortino Ratio Rank: 95
FIQGX Omega Ratio Rank: 94
FIQGX Calmar Ratio Rank: 96
FIQGX Martin Ratio Rank: 95

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.

GQGIX vs. FIQGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GQG Partners Emerging Markets Equity Fund Institutional Shares (GQGIX) and Fidelity Advisor Emerging Markets Discovery Fund Class Z (FIQGX). 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.

	GQGIX	FIQGX	Difference
Sharpe ratio Return per unit of total volatility	1.01	2.64	-1.63
Sortino ratio Return per unit of downside risk	1.44	3.28	-1.84
Omega ratio Gain probability vs. loss probability	1.19	1.50	-0.31
Calmar ratio Return relative to maximum drawdown	1.38	3.70	-2.32
Martin ratio Return relative to average drawdown	4.75	14.41	-9.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GQGIX vs. FIQGX - Sharpe Ratio Comparison

The current GQGIX Sharpe Ratio is 1.01, which is lower than the FIQGX Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of GQGIX and FIQGX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GQGIX	FIQGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	2.64	-1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.57	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.64	-0.10

Correlation

The correlation between GQGIX and FIQGX is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GQGIX vs. FIQGX - Dividend Comparison

GQGIX's dividend yield for the trailing twelve months is around 2.08%, less than FIQGX's 4.59% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GQGIX GQG Partners Emerging Markets Equity Fund Institutional Shares	2.08%	2.13%	1.70%	2.71%	5.67%	3.91%	0.24%	1.16%	0.81%	0.25%
FIQGX Fidelity Advisor Emerging Markets Discovery Fund Class Z	4.59%	4.87%	4.07%	2.20%	1.86%	12.04%	0.71%	1.22%	2.16%	0.00%

Drawdowns

GQGIX vs. FIQGX - Drawdown Comparison

The maximum GQGIX drawdown since its inception was -33.50%, smaller than the maximum FIQGX drawdown of -38.41%. Use the drawdown chart below to compare losses from any high point for GQGIX and FIQGX.

Drawdown Indicators

	GQGIX	FIQGX	Difference
Max Drawdown Largest peak-to-trough decline	-33.50%	-38.41%	+4.91%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-9.94%	+0.83%
Max Drawdown (5Y) Largest decline over 5 years	-29.89%	-27.36%	-2.53%
Current Drawdown Current decline from peak	-7.38%	-7.83%	+0.45%
Average Drawdown Average peak-to-trough decline	-11.54%	-7.02%	-4.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	2.55%	+0.09%

Volatility

GQGIX vs. FIQGX - Volatility Comparison

The current volatility for GQG Partners Emerging Markets Equity Fund Institutional Shares (GQGIX) is 5.96%, while Fidelity Advisor Emerging Markets Discovery Fund Class Z (FIQGX) has a volatility of 6.78%. This indicates that GQGIX experiences smaller price fluctuations and is considered to be less risky than FIQGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GQGIX	FIQGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.96%	6.78%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	9.03%	9.92%	-0.89%
Volatility (1Y) Calculated over the trailing 1-year period	12.60%	14.45%	-1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.74%	14.01%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.00%	16.77%	-0.77%