AIOIX vs. FISMX

Last updated Aug 4, 2026

AIOIX (American Century International Opportunities Fund) and FISMX (Fidelity International Small Cap Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, AIOIX returned 7.07%/yr vs 8.31%/yr for FISMX. Their correlation of 0.87 means they have usually moved in the same direction. AIOIX charges 1.48%/yr vs 0.90%/yr for FISMX.

Performance

AIOIX vs. FISMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century International Opportunities Fund (AIOIX) and Fidelity International Small Cap Fund (FISMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with AIOIX having a 5.49% return and FISMX slightly higher at 5.57%. Over the past 10 years, AIOIX has underperformed FISMX with an annualized return of 7.07%, while FISMX has yielded a comparatively higher 8.31% annualized return.

AIOIX

• 1D: -0.32%
• 1M: -4.87%
• 6M: -2.65%
• YTD: 5.49%
• 1Y: 15.65%
• 3Y*: 11.23%
• 5Y*: 0.67%
• 10Y*: 7.07%
• ALL TIME*: 10.18%

FISMX

• 1D: -0.54%
• 1M: -2.82%
• 6M: 1.25%
• YTD: 5.57%
• 1Y: 11.82%
• 3Y*: 11.46%
• 5Y*: 5.71%
• 10Y*: 8.31%
• ALL TIME*: 11.18%

*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)
AIOIX American Century International Opportunities Fund	$0.00	$0.00	$0.00
FISMX Fidelity International Small Cap Fund	$0.00	$0.00	$0.00

AIOIX vs. FISMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIOIX American Century International Opportunities Fund	5.49%	29.62%	1.31%	8.63%	-30.19%	5.79%	31.07%	28.95%	-22.19%	45.09%
FISMX Fidelity International Small Cap Fund	5.57%	24.73%	0.05%	19.62%	-16.66%	13.44%	9.98%	21.45%	-16.08%	31.58%

Correlation

The correlation between AIOIX and FISMX is 0.87, 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.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since Sep 19, 2002	0.87

The correlation between AIOIX and FISMX has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

Return for Risk

AIOIX vs. FISMX — Risk / Return Rank

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

AIOIX

AIOIX Risk / Return Rank: 20
AIOIX Sharpe Ratio Rank: 17
AIOIX Sortino Ratio Rank: 18
AIOIX Omega Ratio Rank: 19
AIOIX Calmar Ratio Rank: 22
AIOIX Martin Ratio Rank: 23

FISMX

FISMX Risk / Return Rank: 24
FISMX Sharpe Ratio Rank: 24
FISMX Sortino Ratio Rank: 24
FISMX Omega Ratio Rank: 25
FISMX Calmar Ratio Rank: 23
FISMX Martin Ratio Rank: 25

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.

AIOIX vs. FISMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century International Opportunities Fund (AIOIX) and Fidelity International Small Cap Fund (FISMX). 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.

	AIOIX	FISMX	Difference
Sharpe ratio: Return per unit of total volatility	0.72	0.91	-0.19
Sortino ratio: Return per unit of downside risk	1.10	1.36	-0.26
Omega ratio: Gain probability vs. loss probability	1.14	1.17	-0.03
Calmar ratio: Return relative to maximum drawdown	1.11	1.16	-0.05
Martin ratio: Return relative to average drawdown	3.42	3.76	-0.34

AIOIX vs. FISMX - Sharpe Ratio Comparison

The current AIOIX Sharpe Ratio is 0.72, which is comparable to the FISMX Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of AIOIX and FISMX, 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

AIOIX vs. FISMX - Drawdown Comparison

The maximum AIOIX drawdown since its inception was -66.16%, which is greater than FISMX's maximum drawdown of -60.94%. Use the drawdown chart below to compare losses from any high point for AIOIX and FISMX.

Drawdown Indicators

	AIOIX	FISMX	Difference
Max Drawdown Largest peak-to-trough decline	-66.16%	-60.94%	-5.22%
Max Drawdown (1Y) Largest decline over 1 year	-14.00%	-10.71%	-3.29%
Max Drawdown (3Y) Largest decline over 3 years	-17.09%	-12.70%	-4.39%
Max Drawdown (5Y) Largest decline over 5 years	-41.19%	-31.07%	-10.12%
Max Drawdown (10Y) Largest decline over 10 years	-41.19%	-38.80%	-2.39%
Current Drawdown Current decline from peak	-10.66%	-5.26%	-5.40%
Average Drawdown Average peak-to-trough decline	-15.96%	-10.59%	-5.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.55%	3.31%	+1.24%

Volatility

AIOIX vs. FISMX - Volatility Comparison

American Century International Opportunities Fund (AIOIX) has a higher volatility of 7.94% compared to Fidelity International Small Cap Fund (FISMX) at 4.68%. This indicates that AIOIX's price experiences larger fluctuations and is considered to be riskier than FISMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIOIX	FISMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.94%	4.68%	+3.26%
Volatility (6M) Calculated over the trailing 6-month period	19.30%	11.99%	+7.31%
Volatility (1Y) Calculated over the trailing 1-year period	21.79%	13.71%	+8.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.49%	13.80%	+5.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.03%	13.95%	+5.08%

AIOIX vs. FISMX - Expense Ratio Comparison

AIOIX has a 1.48% expense ratio, which is higher than FISMX's 0.90% expense ratio.

Dividends

AIOIX vs. FISMX - Dividend Comparison

AIOIX's dividend yield for the trailing twelve months is around 0.26%, less than FISMX's 3.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIOIX American Century International Opportunities Fund	0.26%	0.27%	0.32%	0.23%	0.00%	17.80%	3.18%	0.92%	5.28%	9.09%	0.04%	7.15%
FISMX Fidelity International Small Cap Fund	3.39%	3.58%	2.64%	1.87%	0.70%	7.28%	0.83%	2.32%	6.14%	2.46%	2.70%	2.80%

Frequently Asked Questions

Can I hold both AIOIX and FISMX in my portfolio?

AIOIX and FISMX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIOIX or FISMX?

AIOIX has higher volatility (7.94%) compared to FISMX (4.68%). In terms of maximum drawdown, AIOIX dropped -66.16% vs FISMX's -60.94%.

Which has better risk-adjusted returns?

FISMX currently has the higher Sharpe Ratio (0.91 vs 0.72), 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.