IHD vs. FHKFX

Last updated Aug 4, 2026

IHD (Voya Emerging Markets High Dividend Equity Fund) and FHKFX (Fidelity Series Emerging Markets Fund) are both Emerging Markets Equities funds. Over the past 5 years, IHD returned 12.05%/yr vs 7.88%/yr for FHKFX. Their 0.74 correlation means they have sometimes moved together and sometimes differently. IHD charges 0.01%/yr vs 0.01%/yr for FHKFX.

Performance

IHD vs. FHKFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Emerging Markets High Dividend Equity Fund (IHD) and Fidelity Series Emerging Markets Fund (FHKFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with IHD having a 23.02% return and FHKFX slightly lower at 22.15%.

IHD

• 1D: 0.62%
• 1M: -3.09%
• 6M: 12.69%
• YTD: 23.02%
• 1Y: 40.57%
• 3Y*: 25.72%
• 5Y*: 12.05%
• 10Y*: 10.60%
• ALL TIME*: 4.22%

FHKFX

• 1D: 1.56%
• 1M: -1.98%
• 6M: 10.56%
• YTD: 22.15%
• 1Y: 43.27%
• 3Y*: 21.30%
• 5Y*: 7.88%
• 10Y*: —
• ALL TIME*: 7.01%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FHKFX Fidelity Series Emerging Markets Fund	$0.00	$0.00	$0.00
IHD Voya Emerging Markets High Dividend Equity Fund	$347.08K	$414.88K	$706.95K

IHD vs. FHKFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IHD Voya Emerging Markets High Dividend Equity Fund	23.02%	41.70%	7.80%	13.95%	-17.18%	7.39%	1.73%	20.55%	-2.11%
FHKFX Fidelity Series Emerging Markets Fund	22.15%	38.51%	5.42%	12.10%	-24.50%	-4.15%	17.85%	9.64%	-8.52%

Correlation

The correlation between IHD and FHKFX is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (5Y) Shows whether the relationship held over a longer period.	0.74
Correlation (All Time) Calculated using the full available price history since Aug 29, 2018	0.74

The correlation between IHD and FHKFX has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.

Return for Risk

IHD vs. FHKFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IHD

IHD Risk / Return Rank: 82
IHD Sharpe Ratio Rank: 84
IHD Sortino Ratio Rank: 78
IHD Omega Ratio Rank: 78
IHD Calmar Ratio Rank: 91
IHD Martin Ratio Rank: 81

FHKFX

FHKFX Risk / Return Rank: 71
FHKFX Sharpe Ratio Rank: 72
FHKFX Sortino Ratio Rank: 60
FHKFX Omega Ratio Rank: 70
FHKFX Calmar Ratio Rank: 83
FHKFX Martin Ratio Rank: 71

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IHD vs. FHKFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Emerging Markets High Dividend Equity Fund (IHD) and Fidelity Series Emerging Markets Fund (FHKFX). 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.

	IHD	FHKFX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.76	+0.31
Sortino ratio: Return per unit of downside risk	2.75	2.28	+0.48
Omega ratio: Gain probability vs. loss probability	1.36	1.32	+0.04
Calmar ratio: Return relative to maximum drawdown	3.66	2.88	+0.77
Martin ratio: Return relative to average drawdown	10.49	9.33	+1.17

IHD vs. FHKFX - Sharpe Ratio Comparison

The current IHD Sharpe Ratio is 2.07, which is comparable to the FHKFX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of IHD and FHKFX, 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

IHD vs. FHKFX - Drawdown Comparison

The maximum IHD drawdown since its inception was -48.76%, which is greater than FHKFX's maximum drawdown of -45.47%. Use the drawdown chart below to compare losses from any high point for IHD and FHKFX.

Drawdown Indicators

	IHD	FHKFX	Difference
Max Drawdown Largest peak-to-trough decline	-48.76%	-45.47%	-3.29%
Max Drawdown (1Y) Largest decline over 1 year	-11.15%	-14.49%	+3.34%
Max Drawdown (3Y) Largest decline over 3 years	-14.35%	-16.71%	+2.36%
Max Drawdown (5Y) Largest decline over 5 years	-30.04%	-39.01%	+8.97%
Max Drawdown (10Y) Largest decline over 10 years	-42.81%	—	—
Current Drawdown Current decline from peak	-7.51%	-9.64%	+2.13%
Average Drawdown Average peak-to-trough decline	-17.82%	-17.01%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	4.47%	-0.59%

Volatility

IHD vs. FHKFX - Volatility Comparison

The current volatility for Voya Emerging Markets High Dividend Equity Fund (IHD) is 5.13%, while Fidelity Series Emerging Markets Fund (FHKFX) has a volatility of 9.49%. This indicates that IHD experiences smaller price fluctuations and is considered to be less risky than FHKFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IHD	FHKFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	9.49%	-4.36%
Volatility (6M) Calculated over the trailing 6-month period	16.88%	21.46%	-4.58%
Volatility (1Y) Calculated over the trailing 1-year period	19.71%	23.72%	-4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.06%	19.95%	-1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.58%	20.18%	-0.60%

IHD vs. FHKFX - Expense Ratio Comparison

IHD has a 0.01% expense ratio, which is higher than FHKFX's 0.01% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IHD vs. FHKFX - Dividend Comparison

IHD's dividend yield for the trailing twelve months is around 9.78%, more than FHKFX's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHKFX Fidelity Series Emerging Markets Fund	1.95%	2.38%	2.86%	2.43%	2.56%	3.46%	1.38%	2.28%	0.42%	0.00%	0.00%	0.00%
IHD Voya Emerging Markets High Dividend Equity Fund	9.78%	11.40%	13.67%	10.21%	13.95%	10.14%	9.92%	9.14%	10.15%	8.31%	11.74%	14.00%

Frequently Asked Questions

Can I hold both IHD and FHKFX in my portfolio?

IHD and FHKFX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IHD or FHKFX?

FHKFX has higher volatility (9.49%) compared to IHD (5.13%). In terms of maximum drawdown, IHD dropped -48.76% vs FHKFX's -45.47%.

Which has better risk-adjusted returns?

IHD currently has the higher Sharpe Ratio (2.07 vs 1.76), 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.