WCMEX vs. FGKPX

Last updated Jul 15, 2026

WCMEX (WCM Focused Emerging Markets Fund Institutional Class) and FGKPX (Fidelity SAI Emerging Markets Low Volatility Index Fund) are both Emerging Markets Equities funds. Over the past 5 years, WCMEX returned 3.53%/yr vs 6.46%/yr for FGKPX. A 0.79 correlation means they provide meaningful diversification when combined. WCMEX charges 1.26%/yr vs 0.23%/yr for FGKPX.

Performance

WCMEX vs. FGKPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WCM Focused Emerging Markets Fund Institutional Class (WCMEX) and Fidelity SAI Emerging Markets Low Volatility Index Fund (FGKPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WCMEX achieves a 20.89% return, which is significantly higher than FGKPX's 11.01% return.

WCMEX

• 1D: -2.82%
• 1M: -2.25%
• 6M: 16.91%
• YTD: 20.89%
• 1Y: 33.79%
• 3Y*: 20.59%
• 5Y*: 3.53%
• 10Y*: 10.05%

FGKPX

• 1D: -1.69%
• 1M: -3.10%
• 6M: 9.59%
• YTD: 11.01%
• 1Y: 12.43%
• 3Y*: 11.36%
• 5Y*: 6.46%
• 10Y*: —

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

WCMEX vs. FGKPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
WCMEX WCM Focused Emerging Markets Fund Institutional Class	20.89%	31.46%	10.07%	4.54%	-30.70%	-1.67%	36.52%	25.92%
FGKPX Fidelity SAI Emerging Markets Low Volatility Index Fund	11.01%	12.56%	5.96%	15.28%	-12.98%	10.75%	5.22%	3.48%

Correlation

The correlation between WCMEX and FGKPX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.79

The correlation between WCMEX and FGKPX shifts across timeframes, from 0.69 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

Return for Risk

WCMEX vs. FGKPX — Risk / Return Rank

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

WCMEX

WCMEX Risk / Return Rank: 57
WCMEX Sharpe Ratio Rank: 48
WCMEX Sortino Ratio Rank: 41
WCMEX Omega Ratio Rank: 51
WCMEX Calmar Ratio Rank: 85
WCMEX Martin Ratio Rank: 60

FGKPX

FGKPX Risk / Return Rank: 30
FGKPX Sharpe Ratio Rank: 27
FGKPX Sortino Ratio Rank: 26
FGKPX Omega Ratio Rank: 31
FGKPX Calmar Ratio Rank: 37
FGKPX Martin Ratio Rank: 29

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.

WCMEX vs. FGKPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WCM Focused Emerging Markets Fund Institutional Class (WCMEX) and Fidelity SAI Emerging Markets Low Volatility Index Fund (FGKPX). 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.

	WCMEX	FGKPX	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.12	+0.41
Sortino ratio: Return per unit of downside risk	2.02	1.60	+0.42
Omega ratio: Gain probability vs. loss probability	1.29	1.22	+0.07
Calmar ratio: Return relative to maximum drawdown	3.18	1.83	+1.35
Martin ratio: Return relative to average drawdown	9.09	5.17	+3.92

WCMEX vs. FGKPX - Sharpe Ratio Comparison

The current WCMEX Sharpe Ratio is 1.52, which is higher than the FGKPX Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of WCMEX and FGKPX, 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

WCMEX vs. FGKPX - Drawdown Comparison

The maximum WCMEX drawdown since its inception was -46.05%, which is greater than FGKPX's maximum drawdown of -32.05%. Use the drawdown chart below to compare losses from any high point for WCMEX and FGKPX.

Drawdown Indicators

	WCMEX	FGKPX	Difference
Max Drawdown Largest peak-to-trough decline	-46.05%	-32.05%	-14.00%
Max Drawdown (1Y) Largest decline over 1 year	-10.74%	-6.93%	-3.81%
Max Drawdown (3Y) Largest decline over 3 years	-19.05%	-12.67%	-6.38%
Max Drawdown (5Y) Largest decline over 5 years	-44.77%	-20.69%	-24.08%
Max Drawdown (10Y) Largest decline over 10 years	-46.05%	—	—
Current Drawdown Current decline from peak	-7.35%	-5.81%	-1.54%
Average Drawdown Average peak-to-trough decline	-14.61%	-5.28%	-9.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	2.45%	+1.29%

Volatility

WCMEX vs. FGKPX - Volatility Comparison

WCM Focused Emerging Markets Fund Institutional Class (WCMEX) has a higher volatility of 10.25% compared to Fidelity SAI Emerging Markets Low Volatility Index Fund (FGKPX) at 5.58%. This indicates that WCMEX's price experiences larger fluctuations and is considered to be riskier than FGKPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WCMEX	FGKPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.25%	5.58%	+4.67%
Volatility (6M) Calculated over the trailing 6-month period	19.68%	10.36%	+9.32%
Volatility (1Y) Calculated over the trailing 1-year period	22.49%	11.41%	+11.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.36%	10.58%	+8.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.02%	12.64%	+6.38%

WCMEX vs. FGKPX - Expense Ratio Comparison

WCMEX has a 1.26% expense ratio, which is higher than FGKPX's 0.23% expense ratio.

Dividends

WCMEX vs. FGKPX - Dividend Comparison

WCMEX has not paid dividends to shareholders, while FGKPX's dividend yield for the trailing twelve months is around 6.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGKPX Fidelity SAI Emerging Markets Low Volatility Index Fund	6.98%	7.75%	5.07%	2.91%	1.88%	2.30%	1.77%	1.88%	0.00%	0.00%	0.00%	0.00%
WCMEX WCM Focused Emerging Markets Fund Institutional Class	0.00%	0.00%	0.00%	0.46%	0.47%	4.37%	0.87%	0.37%	0.76%	0.76%	0.76%	0.42%

Frequently Asked Questions

Can I hold both WCMEX and FGKPX in my portfolio?

WCMEX and FGKPX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WCMEX or FGKPX?

WCMEX has higher volatility (10.25%) compared to FGKPX (5.58%). In terms of maximum drawdown, WCMEX dropped -46.05% vs FGKPX's -32.05%.

Which has better risk-adjusted returns?

WCMEX currently has the higher Sharpe Ratio (1.52 vs 1.12), 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.