KF vs. FZAEX

Last updated Jun 5, 2026

KF (The Korea Fund Inc) and FZAEX (Fidelity Advisor Focused Emerging Markets Fund Class Z) are both Emerging Markets Equities funds. Over the past 10 years, KF returned 16.73%/yr vs 13.25%/yr for FZAEX. A 0.68 correlation means they provide meaningful diversification when combined. KF charges 0.01%/yr vs 0.90%/yr for FZAEX.

Performance

KF vs. FZAEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Korea Fund Inc (KF) and Fidelity Advisor Focused Emerging Markets Fund Class Z (FZAEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KF achieves a 105.08% return, which is significantly higher than FZAEX's 31.77% return. Over the past 10 years, KF has outperformed FZAEX with an annualized return of 16.73%, while FZAEX has yielded a comparatively lower 13.25% annualized return.

KF

• 1D: -3.45%
• 1M: 15.18%
• YTD: 105.08%
• 6M: 113.60%
• 1Y: 211.84%
• 3Y*: 47.04%
• 5Y*: 19.46%
• 10Y*: 16.73%

FZAEX

• 1D: -1.52%
• 1M: 10.11%
• YTD: 31.77%
• 6M: 35.29%
• 1Y: 66.35%
• 3Y*: 28.62%
• 5Y*: 9.20%
• 10Y*: 13.25%

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

KF vs. FZAEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KF The Korea Fund Inc	105.08%	99.36%	-19.29%	12.34%	-30.02%	8.44%	37.14%	6.83%	-19.26%	42.50%
FZAEX Fidelity Advisor Focused Emerging Markets Fund Class Z	31.77%	40.25%	9.43%	8.60%	-19.75%	-2.50%	30.63%	29.94%	-17.95%	46.69%

Correlation

The correlation between KF and FZAEX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Aug 21, 2013	0.68

The correlation between KF and FZAEX has been stable across timeframes, ranging from 0.66 to 0.70 - a consistent structural relationship.

Return for Risk

KF vs. FZAEX — Risk / Return Rank

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

KF

KF Risk / Return Rank: 96
KF Sharpe Ratio Rank: 99
KF Sortino Ratio Rank: 94
KF Omega Ratio Rank: 93
KF Calmar Ratio Rank: 98
KF Martin Ratio Rank: 98

FZAEX

FZAEX Risk / Return Rank: 93
FZAEX Sharpe Ratio Rank: 98
FZAEX Sortino Ratio Rank: 93
FZAEX Omega Ratio Rank: 91
FZAEX Calmar Ratio Rank: 92
FZAEX Martin Ratio Rank: 93

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.

KF vs. FZAEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Korea Fund Inc (KF) and Fidelity Advisor Focused Emerging Markets Fund Class Z (FZAEX). 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.

	KF	FZAEX	Difference
Sharpe ratio: Return per unit of total volatility	5.31	3.78	+1.53
Sortino ratio: Return per unit of downside risk	4.94	4.70	+0.24
Omega ratio: Gain probability vs. loss probability	1.72	1.69	+0.03
Calmar ratio: Return relative to maximum drawdown	8.39	4.98	+3.41
Martin ratio: Return relative to average drawdown	31.42	20.34	+11.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KF vs. FZAEX - Sharpe Ratio Comparison

The current KF Sharpe Ratio is 5.31, which is higher than the FZAEX Sharpe Ratio of 3.78. The chart below compares the historical Sharpe Ratios of KF and FZAEX, 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

	KF	FZAEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.31	3.78	+1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.49	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.71	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.59	-0.37

Drawdowns

KF vs. FZAEX - Drawdown Comparison

The maximum KF drawdown since its inception was -85.25%, which is greater than FZAEX's maximum drawdown of -41.73%. Use the drawdown chart below to compare losses from any high point for KF and FZAEX.

Drawdown Indicators

	KF	FZAEX	Difference
Max Drawdown Largest peak-to-trough decline	-85.25%	-41.73%	-43.52%
Max Drawdown (1Y) Largest decline over 1 year	-25.42%	-13.71%	-11.71%
Max Drawdown (3Y) Largest decline over 3 years	-28.04%	-18.69%	-9.35%
Max Drawdown (5Y) Largest decline over 5 years	-47.62%	-40.39%	-7.23%
Max Drawdown (10Y) Largest decline over 10 years	-52.91%	-41.73%	-11.18%
Current Drawdown Current decline from peak	-5.23%	-1.52%	-3.71%
Average Drawdown Average peak-to-trough decline	-37.89%	-12.39%	-25.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.77%	3.35%	+3.42%

Volatility

KF vs. FZAEX - Volatility Comparison

The Korea Fund Inc (KF) has a higher volatility of 20.50% compared to Fidelity Advisor Focused Emerging Markets Fund Class Z (FZAEX) at 8.16%. This indicates that KF's price experiences larger fluctuations and is considered to be riskier than FZAEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KF	FZAEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.50%	8.16%	+12.34%
Volatility (6M) Calculated over the trailing 6-month period	36.05%	15.54%	+20.51%
Volatility (1Y) Calculated over the trailing 1-year period	40.36%	18.06%	+22.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.41%	18.93%	+8.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.92%	18.82%	+7.10%

KF vs. FZAEX - Expense Ratio Comparison

KF has a 0.02% expense ratio, which is lower than FZAEX's 0.90% expense ratio.

Dividends

KF vs. FZAEX - Dividend Comparison

KF's dividend yield for the trailing twelve months is around 0.59%, less than FZAEX's 1.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZAEX Fidelity Advisor Focused Emerging Markets Fund Class Z	1.25%	1.65%	1.36%	1.69%	1.23%	5.35%	2.23%	11.13%	0.78%	0.10%	0.63%	0.34%
KF The Korea Fund Inc	0.59%	1.20%	2.46%	0.00%	15.93%	26.50%	1.30%	0.24%	18.67%	9.75%	1.03%	13.66%

Frequently Asked Questions

Can I hold both KF and FZAEX in my portfolio?

KF and FZAEX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KF or FZAEX?

KF has higher volatility (20.50%) compared to FZAEX (8.16%). In terms of maximum drawdown, KF dropped -85.25% vs FZAEX's -41.73%.

Which has better risk-adjusted returns?

KF currently has the higher Sharpe Ratio (5.31 vs 3.78), 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.