FAOSX vs. GMWEX

Last updated Jun 23, 2026

FAOSX (Fidelity Advisor Overseas Fund Class Z) and GMWEX (GuideMark World ex-US Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, FAOSX returned 3.89%/yr vs 8.59%/yr for GMWEX. Their correlation of 0.91 suggests significant overlap in exposure. FAOSX charges 1.02%/yr vs 1.15%/yr for GMWEX.

Performance

FAOSX vs. GMWEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Overseas Fund Class Z (FAOSX) and GuideMark World ex-US Fund (GMWEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FAOSX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 0.31%
• 3Y*: 8.01%
• 5Y*: 3.89%
• 10Y*: —

GMWEX

• 1D: 0.38%
• 1M: 1.63%
• YTD: 8.00%
• 6M: 7.96%
• 1Y: 23.30%
• 3Y*: 16.58%
• 5Y*: 8.59%
• 10Y*: 8.91%

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

FAOSX vs. GMWEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAOSX Fidelity Advisor Overseas Fund Class Z	0.00%	15.36%	5.06%	20.52%	-24.31%	19.42%	15.17%	27.96%	-14.73%	26.25%
GMWEX GuideMark World ex-US Fund	8.00%	33.60%	5.36%	15.97%	-16.19%	11.70%	8.58%	20.02%	-14.12%	21.37%

Correlation

The correlation between FAOSX and GMWEX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.91

Over the past year, the correlation between FAOSX and GMWEX has dropped to 0.55 - well below their long-term average of 0.91, suggesting their price drivers have been diverging.

Return for Risk

FAOSX vs. GMWEX — Risk / Return Rank

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

FAOSX

FAOSX Risk / Return Rank: 2
FAOSX Sharpe Ratio Rank: 3
FAOSX Sortino Ratio Rank: 2
FAOSX Omega Ratio Rank: 2
FAOSX Calmar Ratio Rank: 2
FAOSX Martin Ratio Rank: 3

GMWEX

GMWEX Risk / Return Rank: 35
GMWEX Sharpe Ratio Rank: 33
GMWEX Sortino Ratio Rank: 33
GMWEX Omega Ratio Rank: 33
GMWEX Calmar Ratio Rank: 36
GMWEX Martin Ratio Rank: 40

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.

FAOSX vs. GMWEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Overseas Fund Class Z (FAOSX) and GuideMark World ex-US Fund (GMWEX). 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.

	FAOSX	GMWEX	Difference
Sharpe ratio: Return per unit of total volatility	-0.05	1.53	-1.58
Sortino ratio: Return per unit of downside risk	-0.01	2.22	-2.23
Omega ratio: Gain probability vs. loss probability	1.00	1.28	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.06	2.16	-2.22
Martin ratio: Return relative to average drawdown	-0.09	8.22	-8.31

FAOSX vs. GMWEX - Sharpe Ratio Comparison

The current FAOSX Sharpe Ratio is -0.05, which is lower than the GMWEX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of FAOSX and GMWEX, 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

FAOSX vs. GMWEX - Drawdown Comparison

The maximum FAOSX drawdown since its inception was -36.24%, smaller than the maximum GMWEX drawdown of -70.00%. Use the drawdown chart below to compare losses from any high point for FAOSX and GMWEX.

Drawdown Indicators

	FAOSX	GMWEX	Difference
Max Drawdown Largest peak-to-trough decline	-36.24%	-70.00%	+33.76%
Max Drawdown (1Y) Largest decline over 1 year	-7.26%	-10.42%	+3.16%
Max Drawdown (3Y) Largest decline over 3 years	-13.96%	-12.52%	-1.44%
Max Drawdown (5Y) Largest decline over 5 years	-36.24%	-31.28%	-4.96%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.51%	—
Current Drawdown Current decline from peak	-5.86%	-0.46%	-5.40%
Average Drawdown Average peak-to-trough decline	-7.92%	-30.95%	+23.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	2.73%	+1.40%

Volatility

FAOSX vs. GMWEX - Volatility Comparison

The current volatility for Fidelity Advisor Overseas Fund Class Z (FAOSX) is 0.00%, while GuideMark World ex-US Fund (GMWEX) has a volatility of 4.67%. This indicates that FAOSX experiences smaller price fluctuations and is considered to be less risky than GMWEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAOSX	GMWEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	4.67%	-4.67%
Volatility (6M) Calculated over the trailing 6-month period	3.63%	12.17%	-8.54%
Volatility (1Y) Calculated over the trailing 1-year period	8.76%	14.67%	-5.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.70%	15.75%	+0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.64%	16.23%	+0.41%

FAOSX vs. GMWEX - Expense Ratio Comparison

FAOSX has a 1.02% expense ratio, which is lower than GMWEX's 1.15% expense ratio.

Dividends

FAOSX vs. GMWEX - Dividend Comparison

FAOSX's dividend yield for the trailing twelve months is around 8.67%, less than GMWEX's 13.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAOSX Fidelity Advisor Overseas Fund Class Z	8.67%	8.67%	1.80%	1.12%	0.85%	2.07%	0.00%	1.70%	5.30%	3.93%	0.00%	0.00%
GMWEX GuideMark World ex-US Fund	13.56%	14.64%	2.94%	3.43%	3.11%	1.08%	2.01%	1.66%	1.61%	1.43%	1.86%	2.70%

Frequently Asked Questions

Can I hold both FAOSX and GMWEX in my portfolio?

FAOSX and GMWEX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAOSX or GMWEX?

GMWEX has higher volatility (4.67%) compared to FAOSX (0.00%). In terms of maximum drawdown, FAOSX dropped -36.24% vs GMWEX's -70.00%.

Which has better risk-adjusted returns?

GMWEX currently has the higher Sharpe Ratio (1.53 vs -0.05), 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.