CMIUX vs. FHJTX

Last updated Aug 5, 2026

CMIUX (Six Circles Managed Equity Portfolio International Unconstrained Fund) and FHJTX (Fidelity Advisor Europe Fund Class C) are both Europe Equities funds. Over the past 5 years, CMIUX returned 10.66%/yr vs 4.65%/yr for FHJTX. Their correlation of 0.93 means they have usually moved in the same direction. CMIUX charges 0.13%/yr vs 2.19%/yr for FHJTX.

Performance

CMIUX vs. FHJTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX) and Fidelity Advisor Europe Fund Class C (FHJTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMIUX achieves a 12.43% return, which is significantly higher than FHJTX's 7.23% return.

CMIUX

• 1D: 0.43%
• 1M: 2.23%
• 6M: 5.61%
• YTD: 12.43%
• 1Y: 25.49%
• 3Y*: 17.53%
• 5Y*: 10.66%
• 10Y*: —
• ALL TIME*: 11.47%

FHJTX

• 1D: 0.04%
• 1M: -0.42%
• 6M: 2.16%
• YTD: 7.23%
• 1Y: 16.04%
• 3Y*: 16.44%
• 5Y*: 4.65%
• 10Y*: 7.31%
• ALL TIME*: 5.17%

*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)
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	$0.00	$0.00	$0.00
FHJTX Fidelity Advisor Europe Fund Class C	$0.00	$0.00	$0.00

CMIUX vs. FHJTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	12.43%	33.36%	2.63%	20.07%	-12.61%	19.72%	9.26%	4.62%
FHJTX Fidelity Advisor Europe Fund Class C	7.23%	36.15%	3.12%	12.42%	-21.49%	5.47%	16.96%	6.23%

Correlation

The correlation between CMIUX and FHJTX is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Apr 16, 2019	0.93

The correlation between CMIUX and FHJTX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

CMIUX vs. FHJTX — Risk / Return Rank

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

CMIUX

CMIUX Risk / Return Rank: 62
CMIUX Sharpe Ratio Rank: 66
CMIUX Sortino Ratio Rank: 65
CMIUX Omega Ratio Rank: 60
CMIUX Calmar Ratio Rank: 62
CMIUX Martin Ratio Rank: 59

FHJTX

FHJTX Risk / Return Rank: 26
FHJTX Sharpe Ratio Rank: 25
FHJTX Sortino Ratio Rank: 25
FHJTX Omega Ratio Rank: 23
FHJTX Calmar Ratio Rank: 27
FHJTX Martin Ratio Rank: 31

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.

CMIUX vs. FHJTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX) and Fidelity Advisor Europe Fund Class C (FHJTX). 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.

	CMIUX	FHJTX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.01	+0.71
Sortino ratio: Return per unit of downside risk	2.46	1.54	+0.92
Omega ratio: Gain probability vs. loss probability	1.31	1.18	+0.13
Calmar ratio: Return relative to maximum drawdown	2.33	1.42	+0.91
Martin ratio: Return relative to average drawdown	8.60	5.17	+3.43

CMIUX vs. FHJTX - Sharpe Ratio Comparison

The current CMIUX Sharpe Ratio is 1.73, which is higher than the FHJTX Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of CMIUX and FHJTX, 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

CMIUX vs. FHJTX - Drawdown Comparison

The maximum CMIUX drawdown since its inception was -36.83%, roughly equal to the maximum FHJTX drawdown of -38.75%. Use the drawdown chart below to compare losses from any high point for CMIUX and FHJTX.

Drawdown Indicators

	CMIUX	FHJTX	Difference
Max Drawdown Largest peak-to-trough decline	-36.83%	-38.75%	+1.92%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-12.50%	+0.74%
Max Drawdown (3Y) Largest decline over 3 years	-14.30%	-13.22%	-1.08%
Max Drawdown (5Y) Largest decline over 5 years	-29.49%	-38.75%	+9.26%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.75%	—
Current Drawdown Current decline from peak	0.00%	-1.13%	+1.13%
Average Drawdown Average peak-to-trough decline	-5.63%	-10.68%	+5.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	3.43%	-0.26%

Volatility

CMIUX vs. FHJTX - Volatility Comparison

Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX) and Fidelity Advisor Europe Fund Class C (FHJTX) have volatilities of 4.06% and 4.23%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMIUX	FHJTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	4.23%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	13.66%	15.27%	-1.61%
Volatility (1Y) Calculated over the trailing 1-year period	15.87%	17.54%	-1.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.89%	17.51%	+0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.65%	17.45%	+2.20%

CMIUX vs. FHJTX - Expense Ratio Comparison

CMIUX has a 0.13% expense ratio, which is lower than FHJTX's 2.19% expense ratio.

Dividends

CMIUX vs. FHJTX - Dividend Comparison

CMIUX's dividend yield for the trailing twelve months is around 2.33%, more than FHJTX's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	2.33%	2.62%	2.96%	2.25%	2.98%	1.93%	1.81%	1.55%	0.00%	0.00%	0.00%	0.00%
FHJTX Fidelity Advisor Europe Fund Class C	1.38%	1.48%	1.92%	0.23%	0.00%	14.55%	0.15%	6.35%	10.52%	1.79%	0.00%	0.77%

Frequently Asked Questions

Can I hold both CMIUX and FHJTX in my portfolio?

With a correlation of 0.96, CMIUX and FHJTX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CMIUX or FHJTX?

FHJTX has higher volatility (4.23%) compared to CMIUX (4.06%). In terms of maximum drawdown, CMIUX dropped -36.83% vs FHJTX's -38.75%.

Which has better risk-adjusted returns?

CMIUX currently has the higher Sharpe Ratio (1.73 vs 1.01), 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.