EXOSX vs. FAOIX

Last updated Jun 4, 2026

EXOSX (Manning & Napier Overseas Series) and FAOIX (Fidelity Advisor Overseas Fund Class I) are both Foreign Large Cap Equities funds. Over the past 10 years, EXOSX returned 7.44%/yr vs 7.40%/yr for FAOIX. Their correlation of 0.88 suggests significant overlap in exposure. EXOSX charges 0.75%/yr vs 1.12%/yr for FAOIX.

Performance

EXOSX vs. FAOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manning & Napier Overseas Series (EXOSX) and Fidelity Advisor Overseas Fund Class I (FAOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

Both investments have delivered pretty close results over the past 10 years, with EXOSX having a 7.44% annualized return and FAOIX not far behind at 7.40%.

EXOSX

• 1D: 0.13%
• 1M: 2.39%
• YTD: 2.28%
• 6M: 2.84%
• 1Y: 7.26%
• 3Y*: 9.15%
• 5Y*: 2.02%
• 10Y*: 7.44%

FAOIX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: -1.66%
• 3Y*: 8.78%
• 5Y*: 3.68%
• 10Y*: 7.40%

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

EXOSX vs. FAOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EXOSX Manning & Napier Overseas Series	2.28%	16.21%	3.33%	19.89%	-24.26%	11.50%	27.07%	27.52%	-17.23%	23.92%
FAOIX Fidelity Advisor Overseas Fund Class I	0.00%	15.25%	4.92%	20.35%	-24.38%	19.23%	15.08%	27.82%	-14.85%	30.05%

Correlation

The correlation between EXOSX and FAOIX is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jul 11, 2002	0.88

Over the past year, the correlation between EXOSX and FAOIX has dropped to 0.53 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.

Return for Risk

EXOSX vs. FAOIX — Risk / Return Rank

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

EXOSX

EXOSX Risk / Return Rank: 6
EXOSX Sharpe Ratio Rank: 6
EXOSX Sortino Ratio Rank: 6
EXOSX Omega Ratio Rank: 6
EXOSX Calmar Ratio Rank: 6
EXOSX Martin Ratio Rank: 7

FAOIX

FAOIX Risk / Return Rank: 1
FAOIX Sharpe Ratio Rank: 2
FAOIX Sortino Ratio Rank: 2
FAOIX Omega Ratio Rank: 1
FAOIX Calmar Ratio Rank: 1
FAOIX Martin Ratio Rank: 1

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.

EXOSX vs. FAOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier Overseas Series (EXOSX) and Fidelity Advisor Overseas Fund Class I (FAOIX). 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.

	EXOSX	FAOIX	Difference
Sharpe ratio: Return per unit of total volatility	0.48	-0.28	+0.76
Sortino ratio: Return per unit of downside risk	0.78	-0.32	+1.10
Omega ratio: Gain probability vs. loss probability	1.09	0.95	+0.14
Calmar ratio: Return relative to maximum drawdown	0.58	-0.35	+0.93
Martin ratio: Return relative to average drawdown	2.01	-0.60	+2.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EXOSX vs. FAOIX - Sharpe Ratio Comparison

The current EXOSX Sharpe Ratio is 0.48, which is higher than the FAOIX Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of EXOSX and FAOIX, 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

	EXOSX	FAOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.48	-0.28	+0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.23	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.45	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.32	+0.09

Drawdowns

EXOSX vs. FAOIX - Drawdown Comparison

The maximum EXOSX drawdown since its inception was -55.50%, smaller than the maximum FAOIX drawdown of -59.86%. Use the drawdown chart below to compare losses from any high point for EXOSX and FAOIX.

Drawdown Indicators

	EXOSX	FAOIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.50%	-59.86%	+4.36%
Max Drawdown (1Y) Largest decline over 1 year	-11.77%	-7.28%	-4.49%
Max Drawdown (3Y) Largest decline over 3 years	-14.91%	-13.98%	-0.93%
Max Drawdown (5Y) Largest decline over 5 years	-37.71%	-36.33%	-1.38%
Max Drawdown (10Y) Largest decline over 10 years	-37.71%	-36.33%	-1.38%
Current Drawdown Current decline from peak	-2.48%	-5.85%	+3.37%
Average Drawdown Average peak-to-trough decline	-11.07%	-14.20%	+3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	3.96%	-0.57%

Volatility

EXOSX vs. FAOIX - Volatility Comparison

Manning & Napier Overseas Series (EXOSX) has a higher volatility of 4.36% compared to Fidelity Advisor Overseas Fund Class I (FAOIX) at 0.00%. This indicates that EXOSX's price experiences larger fluctuations and is considered to be riskier than FAOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EXOSX	FAOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	0.00%	+4.36%
Volatility (6M) Calculated over the trailing 6-month period	11.29%	4.08%	+7.21%
Volatility (1Y) Calculated over the trailing 1-year period	14.07%	9.20%	+4.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.68%	16.74%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.69%	16.70%	-0.01%

EXOSX vs. FAOIX - Expense Ratio Comparison

EXOSX has a 0.75% expense ratio, which is lower than FAOIX's 1.12% expense ratio.

Dividends

EXOSX vs. FAOIX - Dividend Comparison

EXOSX's dividend yield for the trailing twelve months is around 1.11%, less than FAOIX's 8.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EXOSX Manning & Napier Overseas Series	1.11%	1.13%	1.29%	1.27%	0.82%	1.85%	0.86%	1.72%	0.91%	1.79%	1.71%	1.84%
FAOIX Fidelity Advisor Overseas Fund Class I	8.49%	8.49%	1.66%	0.96%	0.63%	2.06%	0.00%	1.35%	5.09%	3.79%	1.49%	0.63%

Frequently Asked Questions

Can I hold both EXOSX and FAOIX in my portfolio?

EXOSX and FAOIX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EXOSX or FAOIX?

EXOSX has higher volatility (4.36%) compared to FAOIX (0.00%). In terms of maximum drawdown, EXOSX dropped -55.50% vs FAOIX's -59.86%.

Which has better risk-adjusted returns?

EXOSX currently has the higher Sharpe Ratio (0.48 vs -0.28), 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.