PAIJX vs. FHKFX
PAIJX (T. Rowe Price Emerging Markets Discovery Stock Fund) and FHKFX (Fidelity Series Emerging Markets Fund) are both Emerging Markets Equities funds. Over the past 5 years, PAIJX returned 9.52%/yr vs 7.54%/yr for FHKFX. Their correlation of 0.91 means they have usually moved in the same direction. PAIJX charges 1.60%/yr vs 0.01%/yr for FHKFX.
Performance
PAIJX vs. FHKFX - Performance Comparison
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Returns By Period
In the year-to-date period, PAIJX achieves a 18.11% return, which is significantly lower than FHKFX's 20.27% return.
PAIJX
- 1D
- 4.01%
- 1M
- -1.36%
- 6M
- 7.20%
- YTD
- 18.11%
- 1Y
- 42.06%
- 3Y*
- 19.21%
- 5Y*
- 9.52%
- 10Y*
- 9.71%
- ALL TIME*
- 9.38%
FHKFX
- 1D
- 4.05%
- 1M
- -3.49%
- 6M
- 8.95%
- YTD
- 20.27%
- 1Y
- 41.07%
- 3Y*
- 20.31%
- 5Y*
- 7.54%
- 10Y*
- —
- ALL TIME*
- 6.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PAIJX vs. FHKFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PAIJX T. Rowe Price Emerging Markets Discovery Stock Fund | 18.11% | 37.89% | 5.37% | 10.72% | -16.04% | 4.03% | 6.46% | 15.99% | -4.91% |
FHKFX Fidelity Series Emerging Markets Fund | 20.27% | 38.51% | 5.42% | 12.10% | -24.50% | -4.15% | 17.85% | 9.64% | -8.52% |
Correlation
The correlation between PAIJX and FHKFX is 0.95, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (All Time) Calculated using the full available price history since Aug 29, 2018 | 0.91 |
The correlation between PAIJX and FHKFX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
PAIJX vs. FHKFX — Risk / Return Rank
PAIJX
FHKFX
PAIJX vs. FHKFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Emerging Markets Discovery Stock Fund (PAIJX) 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.
| PAIJX | FHKFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.30 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 2.67 | +0.30 |
| Martin ratioReturn relative to average drawdown | 8.90 | 8.71 | +0.19 |
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Drawdowns
PAIJX vs. FHKFX - Drawdown Comparison
The maximum PAIJX drawdown since its inception was -42.19%, smaller than the maximum FHKFX drawdown of -45.47%. Use the drawdown chart below to compare losses from any high point for PAIJX and FHKFX.
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Drawdown Indicators
| PAIJX | FHKFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.19% | -45.47% | +3.28% |
Max Drawdown (1Y)Largest decline over 1 year | -13.29% | -14.49% | +1.20% |
Max Drawdown (3Y)Largest decline over 3 years | -16.35% | -16.71% | +0.36% |
Max Drawdown (5Y)Largest decline over 5 years | -30.91% | -39.01% | +8.10% |
Max Drawdown (10Y)Largest decline over 10 years | -42.19% | — | — |
Current DrawdownCurrent decline from peak | -9.76% | -11.03% | +1.27% |
Average DrawdownAverage peak-to-trough decline | -10.29% | -17.01% | +6.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.43% | 4.43% | 0.00% |
Volatility
PAIJX vs. FHKFX - Volatility Comparison
T. Rowe Price Emerging Markets Discovery Stock Fund (PAIJX) and Fidelity Series Emerging Markets Fund (FHKFX) have volatilities of 9.40% and 9.54%, 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.
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Volatility by Period
| PAIJX | FHKFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.40% | 9.54% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 20.53% | 21.41% | -0.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.44% | 23.69% | -1.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.76% | 19.95% | -2.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.08% | 20.18% | -2.10% |
PAIJX vs. FHKFX - Expense Ratio Comparison
PAIJX has a 1.60% expense ratio, which is higher than FHKFX's 0.01% expense ratio.
Dividends
PAIJX vs. FHKFX - Dividend Comparison
PAIJX's dividend yield for the trailing twelve months is around 3.56%, more than FHKFX's 1.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FHKFX Fidelity Series Emerging Markets Fund | 1.98% | 2.38% | 2.86% | 2.43% | 2.56% | 3.46% | 1.38% | 2.28% | 0.42% | 0.00% | 0.00% | 0.00% |
PAIJX T. Rowe Price Emerging Markets Discovery Stock Fund | 3.56% | 4.20% | 2.72% | 2.71% | 1.85% | 2.24% | 0.00% | 2.49% | 1.24% | 3.68% | 3.00% | 1.53% |
Frequently Asked Questions
With a correlation of 0.95, PAIJX and FHKFX 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.
FHKFX has higher volatility (9.54%) compared to PAIJX (9.40%). In terms of maximum drawdown, PAIJX dropped -42.19% vs FHKFX's -45.47%.
PAIJX currently has the higher Sharpe Ratio (1.76 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.
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