PRIJX vs. FEDDX

Last updated Jul 14, 2026

PRIJX (T. Rowe Price Emerging Markets Discovery Stock Fund Investor Class) and FEDDX (Fidelity Emerging Markets Discovery Fund) are both Emerging Markets Equities funds. Over the past 10 years, PRIJX returned 11.02%/yr vs 10.37%/yr for FEDDX. Their correlation of 0.87 suggests significant overlap in exposure. PRIJX charges 1.13%/yr vs 1.19%/yr for FEDDX.

Performance

PRIJX vs. FEDDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Emerging Markets Discovery Stock Fund Investor Class (PRIJX) and Fidelity Emerging Markets Discovery Fund (FEDDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRIJX achieves a 22.65% return, which is significantly higher than FEDDX's 19.17% return. Over the past 10 years, PRIJX has outperformed FEDDX with an annualized return of 11.02%, while FEDDX has yielded a comparatively lower 10.37% annualized return.

PRIJX

• 1D: 0.45%
• 1M: -2.30%
• 6M: 15.17%
• YTD: 22.65%
• 1Y: 45.36%
• 3Y*: 23.10%
• 5Y*: 10.22%
• 10Y*: 11.02%

FEDDX

• 1D: 0.88%
• 1M: -1.04%
• 6M: 15.03%
• YTD: 19.17%
• 1Y: 32.20%
• 3Y*: 17.24%
• 5Y*: 8.65%
• 10Y*: 10.37%

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

PRIJX vs. FEDDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRIJX T. Rowe Price Emerging Markets Discovery Stock Fund Investor Class	22.65%	38.56%	5.75%	11.13%	-15.64%	4.50%	6.87%	16.63%	-9.91%	32.57%
FEDDX Fidelity Emerging Markets Discovery Fund	19.17%	31.90%	-3.68%	20.76%	-11.83%	6.65%	16.96%	19.60%	-18.90%	36.59%

Correlation

The correlation between PRIJX and FEDDX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.87

The correlation between PRIJX and FEDDX has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.

Return for Risk

PRIJX vs. FEDDX — Risk / Return Rank

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

PRIJX

PRIJX Risk / Return Rank: 81
PRIJX Sharpe Ratio Rank: 82
PRIJX Sortino Ratio Rank: 72
PRIJX Omega Ratio Rank: 81
PRIJX Calmar Ratio Rank: 87
PRIJX Martin Ratio Rank: 83

FEDDX

FEDDX Risk / Return Rank: 82
FEDDX Sharpe Ratio Rank: 84
FEDDX Sortino Ratio Rank: 78
FEDDX Omega Ratio Rank: 80
FEDDX Calmar Ratio Rank: 86
FEDDX Martin Ratio Rank: 84

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.

PRIJX vs. FEDDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Emerging Markets Discovery Stock Fund Investor Class (PRIJX) and Fidelity Emerging Markets Discovery Fund (FEDDX). 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.

	PRIJX	FEDDX	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.19	-0.07
Sortino ratio: Return per unit of downside risk	2.67	2.90	-0.22
Omega ratio: Gain probability vs. loss probability	1.41	1.40	+0.01
Calmar ratio: Return relative to maximum drawdown	3.40	3.34	+0.06
Martin ratio: Return relative to average drawdown	11.76	11.98	-0.22

PRIJX vs. FEDDX - Sharpe Ratio Comparison

The current PRIJX Sharpe Ratio is 2.12, which is comparable to the FEDDX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of PRIJX and FEDDX, 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

PRIJX vs. FEDDX - Drawdown Comparison

The maximum PRIJX drawdown since its inception was -41.67%, roughly equal to the maximum FEDDX drawdown of -42.95%. Use the drawdown chart below to compare losses from any high point for PRIJX and FEDDX.

Drawdown Indicators

	PRIJX	FEDDX	Difference
Max Drawdown Largest peak-to-trough decline	-41.67%	-42.95%	+1.28%
Max Drawdown (1Y) Largest decline over 1 year	-13.26%	-9.54%	-3.72%
Max Drawdown (3Y) Largest decline over 3 years	-16.15%	-17.29%	+1.14%
Max Drawdown (5Y) Largest decline over 5 years	-30.61%	-27.45%	-3.16%
Max Drawdown (10Y) Largest decline over 10 years	-41.67%	-42.95%	+1.28%
Current Drawdown Current decline from peak	-6.44%	-2.60%	-3.84%
Average Drawdown Average peak-to-trough decline	-9.87%	-8.73%	-1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	2.65%	+1.17%

Volatility

PRIJX vs. FEDDX - Volatility Comparison

T. Rowe Price Emerging Markets Discovery Stock Fund Investor Class (PRIJX) has a higher volatility of 10.20% compared to Fidelity Emerging Markets Discovery Fund (FEDDX) at 6.40%. This indicates that PRIJX's price experiences larger fluctuations and is considered to be riskier than FEDDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRIJX	FEDDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.20%	6.40%	+3.80%
Volatility (6M) Calculated over the trailing 6-month period	19.39%	12.54%	+6.85%
Volatility (1Y) Calculated over the trailing 1-year period	21.25%	14.55%	+6.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.48%	14.38%	+3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	15.76%	+2.16%

PRIJX vs. FEDDX - Expense Ratio Comparison

PRIJX has a 1.13% expense ratio, which is lower than FEDDX's 1.19% expense ratio.

Dividends

PRIJX vs. FEDDX - Dividend Comparison

PRIJX's dividend yield for the trailing twelve months is around 3.68%, less than FEDDX's 3.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEDDX Fidelity Emerging Markets Discovery Fund	3.90%	4.65%	3.99%	2.05%	1.69%	11.90%	0.59%	1.05%	1.88%	1.50%	1.36%	0.81%
PRIJX T. Rowe Price Emerging Markets Discovery Stock Fund Investor Class	3.68%	4.51%	3.15%	2.99%	1.93%	2.29%	0.76%	2.55%	1.66%	3.67%	4.69%	0.00%

Frequently Asked Questions

Can I hold both PRIJX and FEDDX in my portfolio?

PRIJX and FEDDX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRIJX or FEDDX?

PRIJX has higher volatility (10.20%) compared to FEDDX (6.40%). In terms of maximum drawdown, PRIJX dropped -41.67% vs FEDDX's -42.95%.

Which has better risk-adjusted returns?

FEDDX currently has the higher Sharpe Ratio (2.19 vs 2.12), 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.