WXCIX vs. FECMX

Last updated Aug 1, 2026

WXCIX (William Blair Emerging Markets ex China Growth Fund Class I) and FECMX (Fidelity Advisor Emerging Markets Fund Class I) are both Emerging Markets Equities funds. Both are actively managed. Over the past 3 years, WXCIX returned 27.57%/yr vs 16.56%/yr for FECMX. Their 0.66 correlation means they have sometimes moved together and sometimes differently. WXCIX charges 0.99%/yr vs 0.87%/yr for FECMX.

Performance

WXCIX vs. FECMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in William Blair Emerging Markets ex China Growth Fund Class I (WXCIX) and Fidelity Advisor Emerging Markets Fund Class I (FECMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WXCIX achieves a 31.50% return, which is significantly higher than FECMX's 13.90% return.

WXCIX

• 1D: 4.06%
• 1M: -12.26%
• 6M: 18.87%
• YTD: 31.50%
• 1Y: 56.41%
• 3Y*: 27.57%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 28.11%

FECMX

• 1D: 3.85%
• 1M: -4.45%
• 6M: 6.73%
• YTD: 13.90%
• 1Y: 33.27%
• 3Y*: 16.56%
• 5Y*: 6.05%
• 10Y*: —
• ALL TIME*: 5.60%

*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)
FECMX Fidelity Advisor Emerging Markets Fund Class I	$0.00	$0.00	$0.00
WXCIX William Blair Emerging Markets ex China Growth Fund Class I	$0.00	$0.00	$0.00

WXCIX vs. FECMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WXCIX William Blair Emerging Markets ex China Growth Fund Class I	31.50%	28.21%	13.49%	15.55%
FECMX Fidelity Advisor Emerging Markets Fund Class I	13.90%	31.00%	7.13%	8.41%

Correlation

The correlation between WXCIX and FECMX is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (All Time) Calculated using the full available price history since May 17, 2023	0.66

The correlation between WXCIX and FECMX has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.

Return for Risk

WXCIX vs. FECMX — Risk / Return Rank

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

WXCIX

WXCIX Risk / Return Rank: 77
WXCIX Sharpe Ratio Rank: 80
WXCIX Sortino Ratio Rank: 71
WXCIX Omega Ratio Rank: 75
WXCIX Calmar Ratio Rank: 79
WXCIX Martin Ratio Rank: 78

FECMX

FECMX Risk / Return Rank: 44
FECMX Sharpe Ratio Rank: 41
FECMX Sortino Ratio Rank: 36
FECMX Omega Ratio Rank: 44
FECMX Calmar Ratio Rank: 55
FECMX Martin Ratio Rank: 46

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.

WXCIX vs. FECMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for William Blair Emerging Markets ex China Growth Fund Class I (WXCIX) and Fidelity Advisor Emerging Markets Fund Class I (FECMX). 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.

	WXCIX	FECMX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.28	+0.65
Sortino ratio: Return per unit of downside risk	2.46	1.74	+0.72
Omega ratio: Gain probability vs. loss probability	1.34	1.24	+0.10
Calmar ratio: Return relative to maximum drawdown	2.66	2.06	+0.60
Martin ratio: Return relative to average drawdown	9.81	6.74	+3.06

WXCIX vs. FECMX - Sharpe Ratio Comparison

The current WXCIX Sharpe Ratio is 1.93, which is higher than the FECMX Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of WXCIX and FECMX, 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

WXCIX vs. FECMX - Drawdown Comparison

The maximum WXCIX drawdown since its inception was -20.83%, smaller than the maximum FECMX drawdown of -40.89%. Use the drawdown chart below to compare losses from any high point for WXCIX and FECMX.

Drawdown Indicators

	WXCIX	FECMX	Difference
Max Drawdown Largest peak-to-trough decline	-20.83%	-40.89%	+20.06%
Max Drawdown (1Y) Largest decline over 1 year	-20.83%	-14.94%	-5.89%
Max Drawdown (3Y) Largest decline over 3 years	-20.83%	-19.14%	-1.69%
Max Drawdown (5Y) Largest decline over 5 years	—	-40.50%	—
Current Drawdown Current decline from peak	-17.62%	-11.67%	-5.95%
Average Drawdown Average peak-to-trough decline	-3.39%	-15.61%	+12.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.62%	4.56%	+1.06%

Volatility

WXCIX vs. FECMX - Volatility Comparison

William Blair Emerging Markets ex China Growth Fund Class I (WXCIX) has a higher volatility of 11.99% compared to Fidelity Advisor Emerging Markets Fund Class I (FECMX) at 9.60%. This indicates that WXCIX's price experiences larger fluctuations and is considered to be riskier than FECMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WXCIX	FECMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.99%	9.60%	+2.39%
Volatility (6M) Calculated over the trailing 6-month period	26.22%	21.95%	+4.27%
Volatility (1Y) Calculated over the trailing 1-year period	28.65%	24.10%	+4.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.27%	19.99%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.27%	19.81%	+0.46%

WXCIX vs. FECMX - Expense Ratio Comparison

WXCIX has a 0.99% expense ratio, which is higher than FECMX's 0.87% expense ratio.

Dividends

WXCIX vs. FECMX - Dividend Comparison

WXCIX's dividend yield for the trailing twelve months is around 4.19%, more than FECMX's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021
FECMX Fidelity Advisor Emerging Markets Fund Class I	0.04%	0.04%	0.64%	1.13%	0.86%	6.16%
WXCIX William Blair Emerging Markets ex China Growth Fund Class I	4.19%	5.52%	0.00%	0.83%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WXCIX and FECMX in my portfolio?

WXCIX and FECMX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WXCIX or FECMX?

WXCIX has higher volatility (11.99%) compared to FECMX (9.60%). In terms of maximum drawdown, WXCIX dropped -20.83% vs FECMX's -40.89%.

Which has better risk-adjusted returns?

WXCIX currently has the higher Sharpe Ratio (1.93 vs 1.28), 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.