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FAOCX vs. MNCEX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FAOCX vs. MNCEX

Last updated Jun 25, 2026

FAOCX (Fidelity Advisor Overseas Fund Class C) and MNCEX (Mercer Non-US Core Equity Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, FAOCX returned 2.39%/yr vs 9.60%/yr for MNCEX. A 0.79 correlation means they provide meaningful diversification when combined. FAOCX charges 2.25%/yr vs 0.39%/yr for MNCEX.

Performance

FAOCX vs. MNCEX - Performance Comparison

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

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Returns By Period

FAOCX

1D
0.00%
1M
0.00%
YTD
0.00%
6M
0.00%
1Y
-2.34%
3Y*
8.24%
5Y*
2.39%
10Y*
7.17%

MNCEX

1D
-2.22%
1M
-0.23%
YTD
8.26%
6M
7.47%
1Y
22.26%
3Y*
19.72%
5Y*
9.60%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FAOCX vs. MNCEX - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
FAOCX
Fidelity Advisor Overseas Fund Class C		0.00%14.19%3.86%19.03%-25.22%17.97%13.77%10.61%
MNCEX
Mercer Non-US Core Equity Fund		8.26%37.46%6.24%18.86%-16.89%11.36%9.63%10.44%

Correlation

The correlation between FAOCX and MNCEX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.36

Correlation (3Y)
Calculated over the trailing 3-year period

0.65

Correlation (5Y)
Calculated over the trailing 5-year period

0.77

Correlation (All Time)
Calculated using the full available price history since Sep 3, 2019

0.79

Over the past year, the correlation between FAOCX and MNCEX has dropped to 0.36 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

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Fidelity Advisor Overseas Fund Class C

Mercer Non-US Core Equity Fund

Often compared with FAOCX:
FAOCX vs. CIOVXFAOCX vs. SWISXFAOCX vs. FIVQXFAOCX vs. HILAXFAOCX vs. MPITXFAOCX vs. RERGXFAOCX vs. STEZX
Often compared with MNCEX:
MNCEX vs. BROIXMNCEX vs. DGROMNCEX vs. VTIMNCEX vs. IXUSMNCEX vs. MSCGXMNCEX vs. FINVXMNCEX vs. MEMQX

Return for Risk

FAOCX vs. MNCEX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FAOCX
FAOCX Risk / Return Rank: 22
Overall Rank
FAOCX Sharpe Ratio Rank: 22
Sharpe Ratio Rank
FAOCX Sortino Ratio Rank: 22
Sortino Ratio Rank
FAOCX Omega Ratio Rank: 22
Omega Ratio Rank
FAOCX Calmar Ratio Rank: 22
Calmar Ratio Rank
FAOCX Martin Ratio Rank: 22
Martin Ratio Rank
MNCEX
MNCEX Risk / Return Rank: 4646
Overall Rank
MNCEX Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
MNCEX Sortino Ratio Rank: 4848
Sortino Ratio Rank
MNCEX Omega Ratio Rank: 4747
Omega Ratio Rank
MNCEX Calmar Ratio Rank: 4343
Calmar Ratio Rank
MNCEX Martin Ratio Rank: 4343
Martin Ratio Rank
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. MNCEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Overseas Fund Class C (FAOCX) and Mercer Non-US Core Equity Fund (MNCEX). 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.

FAOCXMNCEXDifference
Sharpe ratioReturn per unit of total volatility
-0.13
1.78

-1.91

Sortino ratioReturn per unit of downside risk
-0.13
2.53

-2.65

Omega ratioGain probability vs. loss probability

0.98

1.32

-0.34

Calmar ratioReturn relative to maximum drawdown

-0.16

2.28

-2.44

Martin ratioReturn relative to average drawdown

-0.26

8.23

-8.49

FAOCX vs. MNCEX - Sharpe Ratio Comparison

The current FAOCX Sharpe Ratio is -0.13, which is lower than the MNCEX Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of FAOCX and MNCEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FAOCX vs. MNCEX - Drawdown Comparison

The maximum FAOCX drawdown since its inception was -60.45%, which is greater than MNCEX's maximum drawdown of -32.79%. Use the drawdown chart below to compare losses from any high point for FAOCX and MNCEX.

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Drawdown Indicators

FAOCXMNCEXDifference

Max Drawdown

Largest peak-to-trough decline

-60.45%

-32.79%

-27.66%

Max Drawdown (1Y)

Largest decline over 1 year

-7.33%

-11.97%

+4.64%

Max Drawdown (3Y)

Largest decline over 3 years

-14.05%

-13.79%

-0.26%

Max Drawdown (5Y)

Largest decline over 5 years

-36.96%

-30.57%

-6.39%

Max Drawdown (10Y)

Largest decline over 10 years

-36.96%

—

—

Current Drawdown

Current decline from peak

-5.90%

-2.22%

-3.68%

Average Drawdown

Average peak-to-trough decline

-15.61%

-6.65%

-8.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.19%

3.15%

+1.04%

Volatility

FAOCX vs. MNCEX - Volatility Comparison

The current volatility for Fidelity Advisor Overseas Fund Class C (FAOCX) is 0.00%, while Mercer Non-US Core Equity Fund (MNCEX) has a volatility of 5.33%. This indicates that FAOCX experiences smaller price fluctuations and is considered to be less risky than MNCEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FAOCXMNCEXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.00%

5.33%

-5.33%

Volatility (6M)

Calculated over the trailing 6-month period

3.64%

12.60%

-8.96%

Volatility (1Y)

Calculated over the trailing 1-year period

8.75%

15.41%

-6.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.71%

16.04%

+0.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.37%

18.26%

-1.89%

FAOCX vs. MNCEX - Expense Ratio Comparison

FAOCX has a 2.25% expense ratio, which is higher than MNCEX's 0.39% expense ratio.

Dividends

FAOCX vs. MNCEX - Dividend Comparison

FAOCX's dividend yield for the trailing twelve months is around 8.26%, less than MNCEX's 12.60% yield.

PositionTTM2025202420232022202120202019201820172016
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%
MNCEX
Mercer Non-US Core Equity Fund		12.60%13.64%8.97%3.60%3.14%18.31%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FAOCX and MNCEX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MNCEX has higher volatility (5.33%) compared to FAOCX (0.00%). In terms of maximum drawdown, FAOCX dropped -60.45% vs MNCEX's -32.79%.

MNCEX currently has the higher Sharpe Ratio (1.78 vs -0.13), 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.

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