FAOCX vs. FAERX

Last updated Jun 24, 2026

FAOCX (Fidelity Advisor Overseas Fund Class C) and FAERX (Fidelity Advisor Overseas Fund Class M) are both Foreign Large Cap Equities funds from Fidelity. Over the past 10 years, FAOCX returned 6.48%/yr vs 7.06%/yr for FAERX. With a 0.95 correlation, they move nearly in lockstep. FAOCX charges 2.25%/yr vs 1.65%/yr for FAERX.

Performance

FAOCX vs. FAERX - Performance Comparison

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

Returns By Period

Over the past 10 years, FAOCX has underperformed FAERX with an annualized return of 6.48%, while FAERX has yielded a comparatively higher 7.06% annualized return.

FAOCX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: -1.01%
• 3Y*: 6.99%
• 5Y*: 2.79%
• 10Y*: 6.48%

FAERX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: -0.80%
• 3Y*: 7.45%
• 5Y*: 3.31%
• 10Y*: 7.06%

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

FAOCX vs. FAERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAOCX Fidelity Advisor Overseas Fund Class C	0.00%	14.19%	3.86%	19.03%	-25.22%	17.97%	13.77%	26.37%	-15.77%	28.58%
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%

Correlation

The correlation between FAOCX and FAERX 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 Dec 31, 1993	0.95

The correlation between FAOCX and FAERX has been stable across timeframes, ranging from 0.95 to 1.00 - a consistent structural relationship.

Return for Risk

FAOCX vs. FAERX — Risk / Return Rank

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

FAOCX

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

FAERX

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

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.

FAOCX vs. FAERX - Risk-Adjusted Trends Comparison

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

	FAOCX	FAERX	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	-0.08	-0.03
Sortino ratio: Return per unit of downside risk	-0.09	-0.05	-0.04
Omega ratio: Gain probability vs. loss probability	0.99	0.99	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.13	-0.10	-0.03
Martin ratio: Return relative to average drawdown	-0.21	-0.16	-0.06

FAOCX vs. FAERX - Sharpe Ratio Comparison

The current FAOCX Sharpe Ratio is -0.11, which is lower than the FAERX Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of FAOCX and FAERX, 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

FAOCX vs. FAERX - Drawdown Comparison

The maximum FAOCX drawdown since its inception was -60.45%, roughly equal to the maximum FAERX drawdown of -60.14%. Use the drawdown chart below to compare losses from any high point for FAOCX and FAERX.

Drawdown Indicators

	FAOCX	FAERX	Difference
Max Drawdown Largest peak-to-trough decline	-60.45%	-60.14%	-0.31%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-7.29%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-14.05%	-14.00%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-36.96%	-36.62%	-0.34%
Max Drawdown (10Y) Largest decline over 10 years	-36.96%	-36.62%	-0.34%
Current Drawdown Current decline from peak	-5.90%	-5.89%	-0.01%
Average Drawdown Average peak-to-trough decline	-15.61%	-14.36%	-1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	4.16%	+0.01%

Volatility

FAOCX vs. FAERX - Volatility Comparison

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

Volatility by Period

	FAOCX	FAERX	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	3.64%	3.62%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	8.76%	8.78%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.71%	16.72%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.64%	16.64%	0.00%

FAOCX vs. FAERX - Expense Ratio Comparison

FAOCX has a 2.25% expense ratio, which is higher than FAERX's 1.65% expense ratio.

Dividends

FAOCX vs. FAERX - Dividend Comparison

FAOCX's dividend yield for the trailing twelve months is around 8.26%, more than FAERX's 7.94% 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%
FAOCX Fidelity Advisor Overseas Fund Class C	8.26%	8.26%	0.40%	0.00%	0.00%	2.22%	0.00%	0.51%	3.72%	3.07%	0.12%	0.00%

Frequently Asked Questions

Can I hold both FAOCX and FAERX in my portfolio?

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

FAERX has higher volatility (0.00%) compared to FAOCX (0.00%). In terms of maximum drawdown, FAOCX dropped -60.45% vs FAERX's -60.14%.

Which has better risk-adjusted returns?

FAERX currently has the higher Sharpe Ratio (-0.08 vs -0.11), 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.