CNJFX vs. FIQLX

Last updated Jun 5, 2026

CNJFX (Commonwealth Japan Fund) and FIQLX (Fidelity Advisor Japan Fund Class Z) are both Japan Equities funds. Over the past 5 years, CNJFX returned 4.47%/yr vs 10.36%/yr for FIQLX. Their correlation of 0.83 suggests significant overlap in exposure. CNJFX charges 1.75%/yr vs 0.96%/yr for FIQLX.

Performance

CNJFX vs. FIQLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Commonwealth Japan Fund (CNJFX) and Fidelity Advisor Japan Fund Class Z (FIQLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNJFX achieves a 19.91% return, which is significantly lower than FIQLX's 25.22% return.

CNJFX

• 1D: 0.96%
• 1M: 7.38%
• YTD: 19.91%
• 6M: 20.27%
• 1Y: 31.61%
• 3Y*: 13.62%
• 5Y*: 4.47%
• 10Y*: 5.05%

FIQLX

• 1D: 0.57%
• 1M: 7.03%
• YTD: 25.22%
• 6M: 24.65%
• 1Y: 44.81%
• 3Y*: 22.21%
• 5Y*: 10.36%
• 10Y*: —

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

CNJFX vs. FIQLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CNJFX Commonwealth Japan Fund	19.91%	18.27%	-1.53%	14.15%	-18.49%	-7.92%	9.93%	19.15%	-7.07%
FIQLX Fidelity Advisor Japan Fund Class Z	25.22%	31.84%	7.43%	16.09%	-22.16%	3.32%	25.58%	25.93%	-11.46%

Correlation

The correlation between CNJFX and FIQLX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018	0.83

The correlation between CNJFX and FIQLX has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.

Return for Risk

CNJFX vs. FIQLX — Risk / Return Rank

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

CNJFX

CNJFX Risk / Return Rank: 45
CNJFX Sharpe Ratio Rank: 41
CNJFX Sortino Ratio Rank: 41
CNJFX Omega Ratio Rank: 38
CNJFX Calmar Ratio Rank: 57
CNJFX Martin Ratio Rank: 46

FIQLX

FIQLX Risk / Return Rank: 61
FIQLX Sharpe Ratio Rank: 55
FIQLX Sortino Ratio Rank: 49
FIQLX Omega Ratio Rank: 49
FIQLX Calmar Ratio Rank: 80
FIQLX Martin Ratio Rank: 73

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.

CNJFX vs. FIQLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Commonwealth Japan Fund (CNJFX) and Fidelity Advisor Japan Fund Class Z (FIQLX). 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.

	CNJFX	FIQLX	Difference
Sharpe ratio: Return per unit of total volatility	1.85	2.14	-0.29
Sortino ratio: Return per unit of downside risk	2.65	2.89	-0.24
Omega ratio: Gain probability vs. loss probability	1.33	1.38	-0.05
Calmar ratio: Return relative to maximum drawdown	2.86	3.55	-0.69
Martin ratio: Return relative to average drawdown	9.55	13.55	-4.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNJFX vs. FIQLX - Sharpe Ratio Comparison

The current CNJFX Sharpe Ratio is 1.85, which is comparable to the FIQLX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of CNJFX and FIQLX, 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

	CNJFX	FIQLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	2.14	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.52	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	0.59	-0.64

Drawdowns

CNJFX vs. FIQLX - Drawdown Comparison

The maximum CNJFX drawdown since its inception was -73.98%, which is greater than FIQLX's maximum drawdown of -36.13%. Use the drawdown chart below to compare losses from any high point for CNJFX and FIQLX.

Drawdown Indicators

	CNJFX	FIQLX	Difference
Max Drawdown Largest peak-to-trough decline	-73.98%	-36.13%	-37.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.44%	-12.73%	+1.29%
Max Drawdown (3Y) Largest decline over 3 years	-17.82%	-19.14%	+1.32%
Max Drawdown (5Y) Largest decline over 5 years	-36.47%	-36.13%	-0.34%
Max Drawdown (10Y) Largest decline over 10 years	-36.47%	—	—
Current Drawdown Current decline from peak	-29.41%	-1.08%	-28.33%
Average Drawdown Average peak-to-trough decline	-49.91%	-10.29%	-39.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	3.33%	+0.09%

Volatility

CNJFX vs. FIQLX - Volatility Comparison

The current volatility for Commonwealth Japan Fund (CNJFX) is 3.91%, while Fidelity Advisor Japan Fund Class Z (FIQLX) has a volatility of 5.05%. This indicates that CNJFX experiences smaller price fluctuations and is considered to be less risky than FIQLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNJFX	FIQLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	5.05%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	13.54%	16.33%	-2.79%
Volatility (1Y) Calculated over the trailing 1-year period	17.69%	21.13%	-3.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.05%	19.96%	-1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.28%	19.85%	-2.57%

CNJFX vs. FIQLX - Expense Ratio Comparison

CNJFX has a 1.75% expense ratio, which is higher than FIQLX's 0.96% expense ratio.

Dividends

CNJFX vs. FIQLX - Dividend Comparison

CNJFX's dividend yield for the trailing twelve months is around 1.00%, less than FIQLX's 8.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CNJFX Commonwealth Japan Fund	1.00%	1.20%	0.58%	0.10%	0.00%	4.25%	0.00%	0.00%	0.00%
FIQLX Fidelity Advisor Japan Fund Class Z	8.02%	10.04%	5.04%	3.88%	0.00%	11.89%	1.97%	1.35%	0.48%

Frequently Asked Questions

Can I hold both CNJFX and FIQLX in my portfolio?

CNJFX and FIQLX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNJFX or FIQLX?

FIQLX has higher volatility (5.05%) compared to CNJFX (3.91%). In terms of maximum drawdown, CNJFX dropped -73.98% vs FIQLX's -36.13%.

Which has better risk-adjusted returns?

FIQLX currently has the higher Sharpe Ratio (2.14 vs 1.85), 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.