FAERX vs. FAOIX

Last updated Jun 3, 2026

FAERX (Fidelity Advisor Overseas Fund Class M) and FAOIX (Fidelity Advisor Overseas Fund Class I) are both Foreign Large Cap Equities funds from Fidelity. Over the past 10 years, FAERX returned 6.87%/yr vs 7.40%/yr for FAOIX. With a 0.98 correlation, they move nearly in lockstep. FAERX charges 1.65%/yr vs 1.12%/yr for FAOIX.

Performance

FAERX vs. FAOIX - Performance Comparison

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

Returns By Period

Over the past 10 years, FAERX has underperformed FAOIX with an annualized return of 6.87%, while FAOIX has yielded a comparatively higher 7.40% annualized return.

FAERX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: -2.48%
• 3Y*: 8.31%
• 5Y*: 3.09%
• 10Y*: 6.87%

FAOIX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: -2.23%
• 3Y*: 8.78%
• 5Y*: 3.56%
• 10Y*: 7.40%

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

FAERX vs. FAOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAERX Fidelity Advisor Overseas Fund Class M	0.00%	14.70%	4.40%	19.78%	-24.77%	18.63%	14.43%	27.14%	-15.25%	29.37%
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 FAERX and FAOIX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 3, 1994	0.98

The correlation between FAERX and FAOIX has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.

Return for Risk

FAERX vs. FAOIX — Risk / Return Rank

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

FAERX

FAERX Risk / Return Rank: 5
FAERX Sharpe Ratio Rank: 2
FAERX Sortino Ratio Rank: 2
FAERX Omega Ratio Rank: 2
FAERX Calmar Ratio Rank: 12
FAERX Martin Ratio Rank: 7

FAOIX

FAOIX Risk / Return Rank: 5
FAOIX Sharpe Ratio Rank: 2
FAOIX Sortino Ratio Rank: 2
FAOIX Omega Ratio Rank: 2
FAOIX Calmar Ratio Rank: 13
FAOIX Martin Ratio Rank: 8

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.

FAERX vs. FAOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Overseas Fund Class M (FAERX) 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.

	FAERX	FAOIX	Difference
Sharpe ratio Return per unit of total volatility	-0.21	-0.18	-0.03
Sortino ratio Return per unit of downside risk	-0.23	-0.18	-0.05
Omega ratio Gain probability vs. loss probability	0.97	0.97	-0.01
Calmar ratio Return relative to maximum drawdown	1.19	1.24	-0.05
Martin ratio Return relative to average drawdown	2.17	2.28	-0.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAERX vs. FAOIX - Sharpe Ratio Comparison

The current FAERX Sharpe Ratio is -0.21, which is comparable to the FAOIX Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of FAERX 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

	FAERX	FAOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.21	-0.18	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.22	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.45	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.32	0.00

Drawdowns

FAERX vs. FAOIX - Drawdown Comparison

The maximum FAERX drawdown since its inception was -60.14%, roughly equal to the maximum FAOIX drawdown of -59.86%. Use the drawdown chart below to compare losses from any high point for FAERX and FAOIX.

Drawdown Indicators

	FAERX	FAOIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.14%	-59.86%	-0.28%
Max Drawdown (1Y) Largest decline over 1 year	-7.29%	-7.28%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-14.00%	-13.98%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-36.62%	-36.33%	-0.29%
Max Drawdown (10Y) Largest decline over 10 years	-36.62%	-36.33%	-0.29%
Current Drawdown Current decline from peak	-5.89%	-5.85%	-0.04%
Average Drawdown Average peak-to-trough decline	-14.37%	-14.20%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	3.95%	+0.03%

Volatility

FAERX vs. FAOIX - Volatility Comparison

The current volatility for Fidelity Advisor Overseas Fund Class M (FAERX) is 0.00%, while Fidelity Advisor Overseas Fund Class I (FAOIX) has a volatility of 0.00%. This indicates that FAERX experiences smaller price fluctuations and is considered to be less risky than FAOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAERX	FAOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.00%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	4.07%	4.08%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	9.21%	9.22%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.73%	16.74%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.69%	16.70%	-0.01%

FAERX vs. FAOIX - Expense Ratio Comparison

FAERX has a 1.65% expense ratio, which is higher than FAOIX's 1.12% expense ratio.

Dividends

FAERX vs. FAOIX - Dividend Comparison

FAERX's dividend yield for the trailing twelve months is around 7.94%, less than FAOIX's 8.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAERX Fidelity Advisor Overseas Fund Class M	7.94%	7.94%	0.96%	0.51%	0.12%	2.07%	0.00%	1.15%	4.25%	3.35%	0.80%	0.09%
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 FAERX and FAOIX in my portfolio?

With a correlation of 1.00, FAERX and FAOIX 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, FAERX or FAOIX?

FAOIX has higher volatility (0.00%) compared to FAERX (0.00%). In terms of maximum drawdown, FAERX dropped -60.14% vs FAOIX's -59.86%.

Which has better risk-adjusted returns?

FAOIX currently has the higher Sharpe Ratio (-0.18 vs -0.21), 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.