WXCIX vs. FIQGX

Last updated Jun 5, 2026

WXCIX (William Blair Emerging Markets ex China Growth Fund Class I) and FIQGX (Fidelity Advisor Emerging Markets Discovery Fund Class Z) are both Emerging Markets Equities funds. Over the past 3 years, WXCIX returned 35.36%/yr vs 18.75%/yr for FIQGX. A 0.62 correlation means they provide meaningful diversification when combined. WXCIX charges 0.99%/yr vs 1.05%/yr for FIQGX.

Performance

WXCIX vs. FIQGX - 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 Discovery Fund Class Z (FIQGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WXCIX achieves a 51.56% return, which is significantly higher than FIQGX's 19.03% return.

WXCIX

• 1D: -0.08%
• 1M: 10.98%
• YTD: 51.56%
• 6M: 57.29%
• 1Y: 89.17%
• 3Y*: 35.36%
• 5Y*: —
• 10Y*: —

FIQGX

• 1D: -0.91%
• 1M: -0.52%
• YTD: 19.03%
• 6M: 20.98%
• 1Y: 38.70%
• 3Y*: 18.75%
• 5Y*: 8.58%
• 10Y*: —

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

WXCIX vs. FIQGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WXCIX William Blair Emerging Markets ex China Growth Fund Class I	51.56%	28.21%	13.49%	15.55%
FIQGX Fidelity Advisor Emerging Markets Discovery Fund Class Z	19.03%	31.96%	-3.54%	12.29%

Correlation

The correlation between WXCIX and FIQGX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since May 18, 2023	0.62

The correlation between WXCIX and FIQGX has been stable across timeframes, ranging from 0.62 to 0.65 - a consistent structural relationship.

Return for Risk

WXCIX vs. FIQGX — Risk / Return Rank

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

WXCIX

WXCIX Risk / Return Rank: 95
WXCIX Sharpe Ratio Rank: 98
WXCIX Sortino Ratio Rank: 94
WXCIX Omega Ratio Rank: 92
WXCIX Calmar Ratio Rank: 96
WXCIX Martin Ratio Rank: 95

FIQGX

FIQGX Risk / Return Rank: 85
FIQGX Sharpe Ratio Rank: 91
FIQGX Sortino Ratio Rank: 81
FIQGX Omega Ratio Rank: 82
FIQGX Calmar Ratio Rank: 87
FIQGX Martin Ratio Rank: 86

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.

WXCIX vs. FIQGX - 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 Discovery Fund Class Z (FIQGX). 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.

	WXCIX	FIQGX	Difference
Sharpe ratio: Return per unit of total volatility	4.09	3.00	+1.09
Sortino ratio: Return per unit of downside risk	4.93	3.88	+1.05
Omega ratio: Gain probability vs. loss probability	1.70	1.55	+0.15
Calmar ratio: Return relative to maximum drawdown	6.23	4.16	+2.06
Martin ratio: Return relative to average drawdown	22.36	15.97	+6.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WXCIX vs. FIQGX - Sharpe Ratio Comparison

The current WXCIX Sharpe Ratio is 4.09, which is higher than the FIQGX Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of WXCIX and FIQGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	WXCIX	FIQGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.09	3.00	+1.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.02	0.73	+1.29

Drawdowns

WXCIX vs. FIQGX - Drawdown Comparison

The maximum WXCIX drawdown since its inception was -19.66%, smaller than the maximum FIQGX drawdown of -38.41%. Use the drawdown chart below to compare losses from any high point for WXCIX and FIQGX.

Drawdown Indicators

	WXCIX	FIQGX	Difference
Max Drawdown Largest peak-to-trough decline	-19.66%	-38.41%	+18.75%
Max Drawdown (1Y) Largest decline over 1 year	-14.78%	-9.55%	-5.23%
Max Drawdown (3Y) Largest decline over 3 years	-19.66%	-17.26%	-2.40%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.36%	—
Current Drawdown Current decline from peak	-0.61%	-2.02%	+1.41%
Average Drawdown Average peak-to-trough decline	-3.14%	-6.90%	+3.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	2.49%	+1.61%

Volatility

WXCIX vs. FIQGX - Volatility Comparison

William Blair Emerging Markets ex China Growth Fund Class I (WXCIX) has a higher volatility of 9.62% compared to Fidelity Advisor Emerging Markets Discovery Fund Class Z (FIQGX) at 4.44%. This indicates that WXCIX's price experiences larger fluctuations and is considered to be riskier than FIQGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WXCIX	FIQGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.62%	4.44%	+5.18%
Volatility (6M) Calculated over the trailing 6-month period	19.46%	10.70%	+8.76%
Volatility (1Y) Calculated over the trailing 1-year period	22.49%	13.24%	+9.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.97%	14.11%	+3.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.97%	16.75%	+1.22%

WXCIX vs. FIQGX - Expense Ratio Comparison

WXCIX has a 0.99% expense ratio, which is lower than FIQGX's 1.05% expense ratio.

Dividends

WXCIX vs. FIQGX - Dividend Comparison

WXCIX's dividend yield for the trailing twelve months is around 3.64%, less than FIQGX's 4.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FIQGX Fidelity Advisor Emerging Markets Discovery Fund Class Z	4.10%	4.87%	4.07%	2.20%	1.86%	12.04%	0.71%	1.22%	2.16%
WXCIX William Blair Emerging Markets ex China Growth Fund Class I	3.64%	5.52%	0.00%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WXCIX and FIQGX in my portfolio?

WXCIX and FIQGX have a correlation of 0.65, 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 FIQGX?

WXCIX has higher volatility (9.62%) compared to FIQGX (4.44%). In terms of maximum drawdown, WXCIX dropped -19.66% vs FIQGX's -38.41%.

Which has better risk-adjusted returns?

WXCIX currently has the higher Sharpe Ratio (4.09 vs 3.00), 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.