PXNIX vs. FSGEX

Last updated Aug 1, 2026

PXNIX (Pax International Sustainable Economy Fund Institutional Class) and FSGEX (Fidelity Series Global ex U.S. Index Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, PXNIX returned 9.34%/yr vs 9.52%/yr for FSGEX. Their correlation of 0.92 means they have usually moved in the same direction. PXNIX charges 0.47%/yr vs 0.01%/yr for FSGEX.

Performance

PXNIX vs. FSGEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pax International Sustainable Economy Fund Institutional Class (PXNIX) and Fidelity Series Global ex U.S. Index Fund (FSGEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PXNIX having a 14.02% return and FSGEX slightly lower at 13.66%. Both investments have delivered pretty close results over the past 10 years, with PXNIX having a 9.34% annualized return and FSGEX not far ahead at 9.52%.

PXNIX

• 1D: 2.78%
• 1M: 2.93%
• 6M: 9.28%
• YTD: 14.02%
• 1Y: 26.22%
• 3Y*: 17.04%
• 5Y*: 9.26%
• 10Y*: 9.34%
• ALL TIME*: 9.21%

FSGEX

• 1D: 2.87%
• 1M: 0.34%
• 6M: 7.66%
• YTD: 13.66%
• 1Y: 29.13%
• 3Y*: 17.36%
• 5Y*: 9.21%
• 10Y*: 9.52%
• ALL TIME*: 6.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSGEX Fidelity Series Global ex U.S. Index Fund	$0.00	$0.00	$0.00
PXNIX Pax International Sustainable Economy Fund Institutional Class	$0.00	$0.00	$0.00

PXNIX vs. FSGEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXNIX Pax International Sustainable Economy Fund Institutional Class	14.02%	28.91%	5.03%	19.28%	-17.81%	11.23%	10.79%	23.03%	-12.92%	23.35%
FSGEX Fidelity Series Global ex U.S. Index Fund	13.66%	32.99%	5.34%	15.56%	-15.75%	7.77%	10.75%	21.41%	-13.99%	27.47%

Correlation

The correlation between PXNIX and FSGEX is 0.93, 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.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012	0.92

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

Return for Risk

PXNIX vs. FSGEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PXNIX

PXNIX Risk / Return Rank: 62
PXNIX Sharpe Ratio Rank: 62
PXNIX Sortino Ratio Rank: 61
PXNIX Omega Ratio Rank: 60
PXNIX Calmar Ratio Rank: 63
PXNIX Martin Ratio Rank: 66

FSGEX

FSGEX Risk / Return Rank: 74
FSGEX Sharpe Ratio Rank: 74
FSGEX Sortino Ratio Rank: 70
FSGEX Omega Ratio Rank: 73
FSGEX Calmar Ratio Rank: 77
FSGEX Martin Ratio Rank: 77

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PXNIX vs. FSGEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pax International Sustainable Economy Fund Institutional Class (PXNIX) and Fidelity Series Global ex U.S. Index Fund (FSGEX). 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.

	PXNIX	FSGEX	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.69	-0.19
Sortino ratio: Return per unit of downside risk	2.15	2.33	-0.18
Omega ratio: Gain probability vs. loss probability	1.27	1.31	-0.04
Calmar ratio: Return relative to maximum drawdown	2.11	2.47	-0.36
Martin ratio: Return relative to average drawdown	8.24	9.15	-0.91

PXNIX vs. FSGEX - Sharpe Ratio Comparison

The current PXNIX Sharpe Ratio is 1.50, which is comparable to the FSGEX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of PXNIX and FSGEX, 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

PXNIX vs. FSGEX - Drawdown Comparison

The maximum PXNIX drawdown since its inception was -32.54%, smaller than the maximum FSGEX drawdown of -34.74%. Use the drawdown chart below to compare losses from any high point for PXNIX and FSGEX.

Drawdown Indicators

	PXNIX	FSGEX	Difference
Max Drawdown Largest peak-to-trough decline	-32.54%	-34.74%	+2.20%
Max Drawdown (1Y) Largest decline over 1 year	-11.58%	-11.24%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-13.47%	-13.34%	-0.13%
Max Drawdown (5Y) Largest decline over 5 years	-32.54%	-29.44%	-3.10%
Max Drawdown (10Y) Largest decline over 10 years	-32.54%	-34.74%	+2.20%
Current Drawdown Current decline from peak	0.00%	-2.30%	+2.30%
Average Drawdown Average peak-to-trough decline	-6.64%	-8.39%	+1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	3.03%	-0.07%

Volatility

PXNIX vs. FSGEX - Volatility Comparison

The current volatility for Pax International Sustainable Economy Fund Institutional Class (PXNIX) is 4.57%, while Fidelity Series Global ex U.S. Index Fund (FSGEX) has a volatility of 5.45%. This indicates that PXNIX experiences smaller price fluctuations and is considered to be less risky than FSGEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXNIX	FSGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	5.45%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	13.71%	14.55%	-0.84%
Volatility (1Y) Calculated over the trailing 1-year period	16.25%	16.43%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.30%	15.74%	+0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.28%	16.12%	+0.16%

PXNIX vs. FSGEX - Expense Ratio Comparison

PXNIX has a 0.47% expense ratio, which is higher than FSGEX's 0.01% expense ratio.

Dividends

PXNIX vs. FSGEX - Dividend Comparison

PXNIX's dividend yield for the trailing twelve months is around 6.62%, more than FSGEX's 2.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSGEX Fidelity Series Global ex U.S. Index Fund	2.66%	3.02%	2.98%	2.90%	2.78%	2.59%	1.68%	2.10%	2.86%	2.48%	2.56%	2.61%
PXNIX Pax International Sustainable Economy Fund Institutional Class	6.62%	7.17%	3.54%	2.38%	2.64%	4.69%	1.82%	2.58%	2.84%	2.54%	2.74%	2.04%

Frequently Asked Questions

Can I hold both PXNIX and FSGEX in my portfolio?

With a correlation of 0.93, PXNIX and FSGEX 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, PXNIX or FSGEX?

FSGEX has higher volatility (5.45%) compared to PXNIX (4.57%). In terms of maximum drawdown, PXNIX dropped -32.54% vs FSGEX's -34.74%.

Which has better risk-adjusted returns?

FSGEX currently has the higher Sharpe Ratio (1.69 vs 1.50), 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.