NFFFX vs. FHKFX

Last updated Jul 11, 2026

NFFFX (American Funds New World Fund) and FHKFX (Fidelity Series Emerging Markets Fund) are both Emerging Markets Equities funds. Over the past 5 years, NFFFX returned 6.69%/yr vs 7.60%/yr for FHKFX. Their correlation of 0.89 suggests significant overlap in exposure. NFFFX charges 0.68%/yr vs 0.01%/yr for FHKFX.

Performance

NFFFX vs. FHKFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds New World Fund (NFFFX) and Fidelity Series Emerging Markets Fund (FHKFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NFFFX achieves a 15.07% return, which is significantly lower than FHKFX's 26.49% return.

NFFFX

• 1D: 0.90%
• 1M: 0.80%
• 6M: 10.70%
• YTD: 15.07%
• 1Y: 27.94%
• 3Y*: 18.35%
• 5Y*: 6.69%
• 10Y*: 10.95%

FHKFX

• 1D: 0.47%
• 1M: -2.30%
• 6M: 20.05%
• YTD: 26.49%
• 1Y: 48.80%
• 3Y*: 24.67%
• 5Y*: 7.60%
• 10Y*: —

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

NFFFX vs. FHKFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
NFFFX American Funds New World Fund	15.07%	28.52%	6.78%	16.11%	-21.86%	4.98%	25.17%	27.89%	-9.85%
FHKFX Fidelity Series Emerging Markets Fund	26.49%	38.51%	5.42%	12.10%	-24.50%	-4.15%	17.85%	9.64%	-8.52%

Correlation

The correlation between NFFFX and FHKFX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 29, 2018	0.89

The correlation between NFFFX and FHKFX has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

Return for Risk

NFFFX vs. FHKFX — Risk / Return Rank

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

NFFFX

NFFFX Risk / Return Rank: 52
NFFFX Sharpe Ratio Rank: 53
NFFFX Sortino Ratio Rank: 50
NFFFX Omega Ratio Rank: 58
NFFFX Calmar Ratio Rank: 47
NFFFX Martin Ratio Rank: 51

FHKFX

FHKFX Risk / Return Rank: 84
FHKFX Sharpe Ratio Rank: 84
FHKFX Sortino Ratio Rank: 73
FHKFX Omega Ratio Rank: 81
FHKFX Calmar Ratio Rank: 92
FHKFX Martin Ratio Rank: 89

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.

NFFFX vs. FHKFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds New World Fund (NFFFX) 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.

	NFFFX	FHKFX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	2.19	-0.56
Sortino ratio: Return per unit of downside risk	2.26	2.72	-0.46
Omega ratio: Gain probability vs. loss probability	1.31	1.40	-0.09
Calmar ratio: Return relative to maximum drawdown	2.10	3.90	-1.79
Martin ratio: Return relative to average drawdown	8.23	13.09	-4.86

NFFFX vs. FHKFX - Sharpe Ratio Comparison

The current NFFFX Sharpe Ratio is 1.63, which is comparable to the FHKFX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of NFFFX 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

NFFFX vs. FHKFX - Drawdown Comparison

The maximum NFFFX drawdown since its inception was -50.17%, which is greater than FHKFX's maximum drawdown of -45.47%. Use the drawdown chart below to compare losses from any high point for NFFFX and FHKFX.

Drawdown Indicators

	NFFFX	FHKFX	Difference
Max Drawdown Largest peak-to-trough decline	-50.17%	-45.47%	-4.70%
Max Drawdown (1Y) Largest decline over 1 year	-13.01%	-12.54%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	-15.05%	-16.71%	+1.66%
Max Drawdown (5Y) Largest decline over 5 years	-33.48%	-40.45%	+6.97%
Max Drawdown (10Y) Largest decline over 10 years	-33.48%	—	—
Current Drawdown Current decline from peak	-3.10%	-6.43%	+3.33%
Average Drawdown Average peak-to-trough decline	-9.77%	-17.07%	+7.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	3.73%	-0.41%

Volatility

NFFFX vs. FHKFX - Volatility Comparison

The current volatility for American Funds New World Fund (NFFFX) is 7.33%, while Fidelity Series Emerging Markets Fund (FHKFX) has a volatility of 10.23%. This indicates that NFFFX 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

	NFFFX	FHKFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.33%	10.23%	-2.90%
Volatility (6M) Calculated over the trailing 6-month period	14.94%	20.10%	-5.16%
Volatility (1Y) Calculated over the trailing 1-year period	16.77%	22.33%	-5.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.84%	19.76%	-3.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.22%	20.05%	-3.83%

NFFFX vs. FHKFX - Expense Ratio Comparison

NFFFX has a 0.68% expense ratio, which is higher than FHKFX's 0.01% expense ratio.

Dividends

NFFFX vs. FHKFX - Dividend Comparison

NFFFX's dividend yield for the trailing twelve months is around 5.22%, more than FHKFX's 1.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHKFX Fidelity Series Emerging Markets Fund	1.88%	2.38%	2.86%	2.43%	2.56%	3.46%	1.38%	2.28%	0.42%	0.00%	0.00%	0.00%
NFFFX American Funds New World Fund	5.22%	6.01%	4.01%	2.78%	1.21%	7.23%	0.35%	3.95%	2.62%	2.17%	1.28%	0.94%

Frequently Asked Questions

Can I hold both NFFFX and FHKFX in my portfolio?

NFFFX and FHKFX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFFFX or FHKFX?

FHKFX has higher volatility (10.23%) compared to NFFFX (7.33%). In terms of maximum drawdown, NFFFX dropped -50.17% vs FHKFX's -45.47%.

Which has better risk-adjusted returns?

FHKFX currently has the higher Sharpe Ratio (2.19 vs 1.63), 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.