TWIEX vs. FSGEX

Last updated Jun 24, 2026

TWIEX (American Century International Growth Fund) and FSGEX (Fidelity Series Global ex U.S. Index Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, TWIEX returned 7.60%/yr vs 10.60%/yr for FSGEX. Their correlation of 0.93 suggests significant overlap in exposure. TWIEX charges 1.36%/yr vs 0.01%/yr for FSGEX.

Performance

TWIEX vs. FSGEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century International Growth Fund (TWIEX) and Fidelity Series Global ex U.S. Index Fund (FSGEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TWIEX achieves a 3.20% return, which is significantly lower than FSGEX's 16.34% return. Over the past 10 years, TWIEX has underperformed FSGEX with an annualized return of 7.60%, while FSGEX has yielded a comparatively higher 10.60% annualized return.

TWIEX

• 1D: 0.00%
• 1M: 1.57%
• YTD: 3.20%
• 6M: 2.53%
• 1Y: 7.24%
• 3Y*: 7.43%
• 5Y*: 0.90%
• 10Y*: 7.60%

FSGEX

• 1D: 0.14%
• 1M: 3.65%
• YTD: 16.34%
• 6M: 16.40%
• 1Y: 34.02%
• 3Y*: 20.39%
• 5Y*: 9.39%
• 10Y*: 10.60%

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

TWIEX vs. FSGEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TWIEX American Century International Growth Fund	3.20%	15.58%	2.31%	12.31%	-24.98%	8.61%	25.59%	28.37%	-14.44%	31.04%
FSGEX Fidelity Series Global ex U.S. Index Fund	16.34%	32.99%	5.34%	15.56%	-15.75%	7.77%	10.75%	21.41%	-13.99%	27.47%

Correlation

The correlation between TWIEX and FSGEX 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	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 1, 2009	0.93

The correlation between TWIEX and FSGEX has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

TWIEX vs. FSGEX — Risk / Return Rank

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

TWIEX

TWIEX Risk / Return Rank: 7
TWIEX Sharpe Ratio Rank: 6
TWIEX Sortino Ratio Rank: 7
TWIEX Omega Ratio Rank: 7
TWIEX Calmar Ratio Rank: 7
TWIEX Martin Ratio Rank: 8

FSGEX

FSGEX Risk / Return Rank: 68
FSGEX Sharpe Ratio Rank: 71
FSGEX Sortino Ratio Rank: 63
FSGEX Omega Ratio Rank: 70
FSGEX Calmar Ratio Rank: 72
FSGEX Martin Ratio Rank: 65

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.

TWIEX vs. FSGEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century International Growth Fund (TWIEX) 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.

	TWIEX	FSGEX	Difference
Sharpe ratio: Return per unit of total volatility	0.49	2.26	-1.76
Sortino ratio: Return per unit of downside risk	0.80	3.03	-2.23
Omega ratio: Gain probability vs. loss probability	1.10	1.42	-0.33
Calmar ratio: Return relative to maximum drawdown	0.64	3.12	-2.49
Martin ratio: Return relative to average drawdown	2.12	12.03	-9.91

TWIEX vs. FSGEX - Sharpe Ratio Comparison

The current TWIEX Sharpe Ratio is 0.49, which is lower than the FSGEX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of TWIEX 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

TWIEX vs. FSGEX - Drawdown Comparison

The maximum TWIEX drawdown since its inception was -62.43%, which is greater than FSGEX's maximum drawdown of -34.74%. Use the drawdown chart below to compare losses from any high point for TWIEX and FSGEX.

Drawdown Indicators

	TWIEX	FSGEX	Difference
Max Drawdown Largest peak-to-trough decline	-62.43%	-34.74%	-27.69%
Max Drawdown (1Y) Largest decline over 1 year	-13.04%	-11.24%	-1.80%
Max Drawdown (3Y) Largest decline over 3 years	-17.41%	-13.34%	-4.07%
Max Drawdown (5Y) Largest decline over 5 years	-38.76%	-29.44%	-9.32%
Max Drawdown (10Y) Largest decline over 10 years	-38.76%	-34.74%	-4.02%
Current Drawdown Current decline from peak	-2.07%	0.00%	-2.07%
Average Drawdown Average peak-to-trough decline	-16.63%	-8.42%	-8.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.91%	2.91%	+1.00%

Volatility

TWIEX vs. FSGEX - Volatility Comparison

The current volatility for American Century International Growth Fund (TWIEX) is 5.67%, while Fidelity Series Global ex U.S. Index Fund (FSGEX) has a volatility of 6.41%. This indicates that TWIEX 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

	TWIEX	FSGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.67%	6.41%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	14.19%	13.53%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	16.83%	15.57%	+1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.37%	15.60%	+2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	16.26%	+1.91%

TWIEX vs. FSGEX - Expense Ratio Comparison

TWIEX has a 1.36% expense ratio, which is higher than FSGEX's 0.01% expense ratio.

Dividends

TWIEX vs. FSGEX - Dividend Comparison

TWIEX's dividend yield for the trailing twelve months is around 3.20%, more than FSGEX's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSGEX Fidelity Series Global ex U.S. Index Fund	2.60%	3.02%	2.98%	2.90%	2.78%	2.59%	1.68%	2.10%	2.86%	2.48%	2.56%	2.61%
TWIEX American Century International Growth Fund	3.20%	3.31%	1.01%	0.00%	2.89%	12.00%	4.48%	0.37%	13.87%	5.31%	0.49%	5.66%

Frequently Asked Questions

Can I hold both TWIEX and FSGEX in my portfolio?

With a correlation of 0.94, TWIEX 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, TWIEX or FSGEX?

FSGEX has higher volatility (6.41%) compared to TWIEX (5.67%). In terms of maximum drawdown, TWIEX dropped -62.43% vs FSGEX's -34.74%.

Which has better risk-adjusted returns?

FSGEX currently has the higher Sharpe Ratio (2.26 vs 0.49), 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.