MXINX vs. FHLFX

Last updated Jun 4, 2026

MXINX (Great-West International Index Fund) and FHLFX (Fidelity Series International Index Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, MXINX returned 8.21%/yr vs 8.85%/yr for FHLFX. Their correlation of 0.94 suggests significant overlap in exposure. MXINX charges 0.65%/yr vs 0.01%/yr for FHLFX.

Performance

MXINX vs. FHLFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Great-West International Index Fund (MXINX) and Fidelity Series International Index Fund (FHLFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MXINX having a 9.45% return and FHLFX slightly higher at 9.53%.

MXINX

• 1D: 0.29%
• 1M: 4.10%
• YTD: 9.45%
• 6M: 11.85%
• 1Y: 21.92%
• 3Y*: 16.46%
• 5Y*: 8.21%
• 10Y*: 8.58%

FHLFX

• 1D: 0.42%
• 1M: 4.09%
• YTD: 9.53%
• 6M: 12.09%
• 1Y: 22.51%
• 3Y*: 17.18%
• 5Y*: 8.85%
• 10Y*: —

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

MXINX vs. FHLFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MXINX Great-West International Index Fund	9.45%	30.90%	2.92%	17.56%	-14.75%	10.32%	7.97%	21.26%	-10.92%
FHLFX Fidelity Series International Index Fund	9.53%	31.96%	3.67%	18.16%	-14.17%	11.23%	8.09%	21.66%	-10.70%

Correlation

The correlation between MXINX and FHLFX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 5, 2018	0.94

The correlation between MXINX and FHLFX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

MXINX vs. FHLFX — Risk / Return Rank

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

MXINX

MXINX Risk / Return Rank: 27
MXINX Sharpe Ratio Rank: 25
MXINX Sortino Ratio Rank: 24
MXINX Omega Ratio Rank: 25
MXINX Calmar Ratio Rank: 27
MXINX Martin Ratio Rank: 31

FHLFX

FHLFX Risk / Return Rank: 27
FHLFX Sharpe Ratio Rank: 26
FHLFX Sortino Ratio Rank: 26
FHLFX Omega Ratio Rank: 26
FHLFX Calmar Ratio Rank: 26
FHLFX Martin Ratio Rank: 31

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.

MXINX vs. FHLFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Great-West International Index Fund (MXINX) and Fidelity Series International Index Fund (FHLFX). 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.

	MXINX	FHLFX	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.47	-0.04
Sortino ratio: Return per unit of downside risk	2.06	2.10	-0.04
Omega ratio: Gain probability vs. loss probability	1.26	1.27	-0.01
Calmar ratio: Return relative to maximum drawdown	1.93	1.91	+0.02
Martin ratio: Return relative to average drawdown	7.19	7.17	+0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MXINX vs. FHLFX - Sharpe Ratio Comparison

The current MXINX Sharpe Ratio is 1.43, which is comparable to the FHLFX Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of MXINX and FHLFX, 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

	MXINX	FHLFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	1.47	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.56	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.53	-0.21

Drawdowns

MXINX vs. FHLFX - Drawdown Comparison

The maximum MXINX drawdown since its inception was -34.59%, roughly equal to the maximum FHLFX drawdown of -33.58%. Use the drawdown chart below to compare losses from any high point for MXINX and FHLFX.

Drawdown Indicators

	MXINX	FHLFX	Difference
Max Drawdown Largest peak-to-trough decline	-34.59%	-33.58%	-1.01%
Max Drawdown (1Y) Largest decline over 1 year	-11.43%	-11.37%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-13.70%	-13.62%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	-29.75%	-29.36%	-0.39%
Max Drawdown (10Y) Largest decline over 10 years	-34.59%	—	—
Current Drawdown Current decline from peak	-0.46%	-0.42%	-0.04%
Average Drawdown Average peak-to-trough decline	-8.58%	-6.11%	-2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	3.03%	-0.03%

Volatility

MXINX vs. FHLFX - Volatility Comparison

Great-West International Index Fund (MXINX) and Fidelity Series International Index Fund (FHLFX) have volatilities of 4.73% and 4.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXINX	FHLFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.73%	4.64%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	12.39%	12.08%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	15.46%	14.83%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.80%	15.98%	+0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	17.64%	-0.62%

MXINX vs. FHLFX - Expense Ratio Comparison

MXINX has a 0.65% expense ratio, which is higher than FHLFX's 0.01% expense ratio.

Dividends

MXINX vs. FHLFX - Dividend Comparison

MXINX's dividend yield for the trailing twelve months is around 3.05%, less than FHLFX's 3.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FHLFX Fidelity Series International Index Fund	3.16%	3.46%	2.98%	2.86%	2.60%	2.47%	1.92%	1.95%	0.62%	0.00%
MXINX Great-West International Index Fund	3.05%	3.34%	2.20%	4.38%	1.80%	5.73%	2.45%	2.64%	3.55%	2.63%

Frequently Asked Questions

Can I hold both MXINX and FHLFX in my portfolio?

With a correlation of 0.94, MXINX and FHLFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MXINX or FHLFX?

MXINX has higher volatility (4.73%) compared to FHLFX (4.64%). In terms of maximum drawdown, MXINX dropped -34.59% vs FHLFX's -33.58%.

Which has better risk-adjusted returns?

FHLFX currently has the higher Sharpe Ratio (1.47 vs 1.43), 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.