CAF vs. FHKIX

Last updated Jun 23, 2026

CAF (Morgan Stanley China A Share Fund) and FHKIX (Fidelity Advisor China Region Fund Class I) are both China Equities funds. Over the past 10 years, CAF returned 6.45%/yr vs 15.48%/yr for FHKIX. A 0.63 correlation means they provide meaningful diversification when combined. CAF charges 1.67%/yr vs 0.93%/yr for FHKIX.

Performance

CAF vs. FHKIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley China A Share Fund (CAF) and Fidelity Advisor China Region Fund Class I (FHKIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAF achieves a 17.11% return, which is significantly lower than FHKIX's 38.66% return. Over the past 10 years, CAF has underperformed FHKIX with an annualized return of 6.45%, while FHKIX has yielded a comparatively higher 15.48% annualized return.

CAF

• 1D: 2.47%
• 1M: 2.94%
• YTD: 17.11%
• 6M: 17.24%
• 1Y: 55.60%
• 3Y*: 19.43%
• 5Y*: 0.23%
• 10Y*: 6.45%

FHKIX

• 1D: 2.72%
• 1M: 4.39%
• YTD: 38.66%
• 6M: 40.16%
• 1Y: 79.91%
• 3Y*: 31.44%
• 5Y*: 9.25%
• 10Y*: 15.48%

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

CAF vs. FHKIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAF Morgan Stanley China A Share Fund	17.11%	41.51%	0.34%	-9.39%	-30.41%	-1.77%	12.74%	23.50%	-14.26%	44.94%
FHKIX Fidelity Advisor China Region Fund Class I	38.66%	42.60%	23.15%	-0.28%	-23.85%	-13.71%	47.80%	35.11%	-17.43%	51.93%

Correlation

The correlation between CAF and FHKIX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since May 8, 2008	0.63

The correlation between CAF and FHKIX has been stable across timeframes, ranging from 0.57 to 0.67 - a consistent structural relationship.

Return for Risk

CAF vs. FHKIX — Risk / Return Rank

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

CAF

CAF Risk / Return Rank: 89
CAF Sharpe Ratio Rank: 93
CAF Sortino Ratio Rank: 88
CAF Omega Ratio Rank: 84
CAF Calmar Ratio Rank: 94
CAF Martin Ratio Rank: 87

FHKIX

FHKIX Risk / Return Rank: 94
FHKIX Sharpe Ratio Rank: 98
FHKIX Sortino Ratio Rank: 90
FHKIX Omega Ratio Rank: 88
FHKIX Calmar Ratio Rank: 98
FHKIX Martin Ratio Rank: 96

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.

CAF vs. FHKIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley China A Share Fund (CAF) and Fidelity Advisor China Region Fund Class I (FHKIX). 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.

	CAF	FHKIX	Difference
Sharpe ratio: Return per unit of total volatility	2.94	3.43	-0.49
Sortino ratio: Return per unit of downside risk	3.92	4.04	-0.12
Omega ratio: Gain probability vs. loss probability	1.51	1.58	-0.07
Calmar ratio: Return relative to maximum drawdown	5.09	7.26	-2.17
Martin ratio: Return relative to average drawdown	15.47	21.67	-6.20

CAF vs. FHKIX - Sharpe Ratio Comparison

The current CAF Sharpe Ratio is 2.94, which is comparable to the FHKIX Sharpe Ratio of 3.43. The chart below compares the historical Sharpe Ratios of CAF and FHKIX, 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

CAF vs. FHKIX - Drawdown Comparison

The maximum CAF drawdown since its inception was -65.88%, which is greater than FHKIX's maximum drawdown of -58.42%. Use the drawdown chart below to compare losses from any high point for CAF and FHKIX.

Drawdown Indicators

	CAF	FHKIX	Difference
Max Drawdown Largest peak-to-trough decline	-65.88%	-58.42%	-7.46%
Max Drawdown (1Y) Largest decline over 1 year	-10.98%	-10.80%	-0.18%
Max Drawdown (3Y) Largest decline over 3 years	-26.27%	-22.02%	-4.25%
Max Drawdown (5Y) Largest decline over 5 years	-46.98%	-52.42%	+5.44%
Max Drawdown (10Y) Largest decline over 10 years	-49.01%	-58.42%	+9.41%
Current Drawdown Current decline from peak	-4.07%	-0.89%	-3.18%
Average Drawdown Average peak-to-trough decline	-25.87%	-18.63%	-7.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	3.61%	0.00%

Volatility

CAF vs. FHKIX - Volatility Comparison

The current volatility for Morgan Stanley China A Share Fund (CAF) is 5.76%, while Fidelity Advisor China Region Fund Class I (FHKIX) has a volatility of 10.44%. This indicates that CAF experiences smaller price fluctuations and is considered to be less risky than FHKIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAF	FHKIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.76%	10.44%	-4.68%
Volatility (6M) Calculated over the trailing 6-month period	13.73%	18.68%	-4.95%
Volatility (1Y) Calculated over the trailing 1-year period	19.02%	22.86%	-3.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.56%	24.51%	-2.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.91%	22.46%	-0.55%

CAF vs. FHKIX - Expense Ratio Comparison

CAF has a 1.67% expense ratio, which is higher than FHKIX's 0.93% expense ratio.

Dividends

CAF vs. FHKIX - Dividend Comparison

CAF's dividend yield for the trailing twelve months is around 1.29%, less than FHKIX's 1.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAF Morgan Stanley China A Share Fund	1.29%	1.51%	2.63%	0.96%	0.02%	6.57%	10.40%	3.78%	9.48%	5.20%	4.69%	67.03%
FHKIX Fidelity Advisor China Region Fund Class I	1.33%	1.84%	1.44%	1.89%	1.04%	10.81%	4.90%	0.65%	0.79%	0.44%	1.40%	15.62%

Frequently Asked Questions

Can I hold both CAF and FHKIX in my portfolio?

CAF and FHKIX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAF or FHKIX?

FHKIX has higher volatility (10.44%) compared to CAF (5.76%). In terms of maximum drawdown, CAF dropped -65.88% vs FHKIX's -58.42%.

Which has better risk-adjusted returns?

FHKIX currently has the higher Sharpe Ratio (3.43 vs 2.94), 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.