FCPAX vs. AQGIX

Last updated Jun 24, 2026

FCPAX (Fidelity Advisor International Capital Appreciation Fund Class A) and AQGIX (AQR Global Equity Fund) are both mutual funds - FCPAX is a Foreign Large Cap Equities fund managed by Fidelity, while AQGIX is a Global Equities fund managed by AQR Funds. Over the past 10 years, FCPAX returned 11.02%/yr vs 13.97%/yr for AQGIX. Their correlation of 0.87 suggests significant overlap in exposure. FCPAX charges 1.23%/yr vs 0.80%/yr for AQGIX.

Performance

FCPAX vs. AQGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor International Capital Appreciation Fund Class A (FCPAX) and AQR Global Equity Fund (AQGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCPAX achieves a 14.26% return, which is significantly higher than AQGIX's 13.02% return. Over the past 10 years, FCPAX has underperformed AQGIX with an annualized return of 11.02%, while AQGIX has yielded a comparatively higher 13.97% annualized return.

FCPAX

• 1D: 0.42%
• 1M: 8.35%
• YTD: 14.26%
• 6M: 13.68%
• 1Y: 18.16%
• 3Y*: 17.11%
• 5Y*: 7.58%
• 10Y*: 11.02%

AQGIX

• 1D: 0.07%
• 1M: 2.53%
• YTD: 13.02%
• 6M: 12.01%
• 1Y: 33.08%
• 3Y*: 26.92%
• 5Y*: 15.78%
• 10Y*: 13.97%

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

FCPAX vs. AQGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCPAX Fidelity Advisor International Capital Appreciation Fund Class A	14.26%	18.40%	7.76%	27.31%	-26.75%	11.98%	21.90%	32.36%	-13.07%	35.50%
AQGIX AQR Global Equity Fund	13.02%	31.64%	24.56%	22.92%	-14.14%	18.32%	9.33%	22.55%	-14.50%	25.44%

Correlation

The correlation between FCPAX and AQGIX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010	0.87

The correlation between FCPAX and AQGIX has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

Return for Risk

FCPAX vs. AQGIX — Risk / Return Rank

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

FCPAX

FCPAX Risk / Return Rank: 18
FCPAX Sharpe Ratio Rank: 16
FCPAX Sortino Ratio Rank: 16
FCPAX Omega Ratio Rank: 17
FCPAX Calmar Ratio Rank: 17
FCPAX Martin Ratio Rank: 22

AQGIX

AQGIX Risk / Return Rank: 79
AQGIX Sharpe Ratio Rank: 80
AQGIX Sortino Ratio Rank: 76
AQGIX Omega Ratio Rank: 72
AQGIX Calmar Ratio Rank: 80
AQGIX Martin Ratio Rank: 87

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.

FCPAX vs. AQGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor International Capital Appreciation Fund Class A (FCPAX) and AQR Global Equity Fund (AQGIX). 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.

	FCPAX	AQGIX	Difference
Sharpe ratio: Return per unit of total volatility	1.04	2.43	-1.39
Sortino ratio: Return per unit of downside risk	1.56	3.33	-1.78
Omega ratio: Gain probability vs. loss probability	1.20	1.43	-0.23
Calmar ratio: Return relative to maximum drawdown	1.35	3.44	-2.10
Martin ratio: Return relative to average drawdown	5.05	15.25	-10.20

FCPAX vs. AQGIX - Sharpe Ratio Comparison

The current FCPAX Sharpe Ratio is 1.04, which is lower than the AQGIX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of FCPAX and AQGIX, 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

FCPAX vs. AQGIX - Drawdown Comparison

The maximum FCPAX drawdown since its inception was -65.31%, which is greater than AQGIX's maximum drawdown of -35.47%. Use the drawdown chart below to compare losses from any high point for FCPAX and AQGIX.

Drawdown Indicators

	FCPAX	AQGIX	Difference
Max Drawdown Largest peak-to-trough decline	-65.31%	-35.47%	-29.84%
Max Drawdown (1Y) Largest decline over 1 year	-14.47%	-9.88%	-4.59%
Max Drawdown (3Y) Largest decline over 3 years	-16.30%	-18.50%	+2.20%
Max Drawdown (5Y) Largest decline over 5 years	-37.36%	-29.62%	-7.74%
Max Drawdown (10Y) Largest decline over 10 years	-37.36%	-35.47%	-1.89%
Current Drawdown Current decline from peak	0.00%	-0.79%	+0.79%
Average Drawdown Average peak-to-trough decline	-14.99%	-6.53%	-8.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	2.23%	+1.63%

Volatility

FCPAX vs. AQGIX - Volatility Comparison

Fidelity Advisor International Capital Appreciation Fund Class A (FCPAX) has a higher volatility of 8.41% compared to AQR Global Equity Fund (AQGIX) at 5.44%. This indicates that FCPAX's price experiences larger fluctuations and is considered to be riskier than AQGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCPAX	AQGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.41%	5.44%	+2.97%
Volatility (6M) Calculated over the trailing 6-month period	16.89%	11.15%	+5.74%
Volatility (1Y) Calculated over the trailing 1-year period	18.79%	14.02%	+4.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.11%	18.35%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.21%	18.00%	+0.21%

FCPAX vs. AQGIX - Expense Ratio Comparison

FCPAX has a 1.23% expense ratio, which is higher than AQGIX's 0.80% expense ratio.

Dividends

FCPAX vs. AQGIX - Dividend Comparison

FCPAX's dividend yield for the trailing twelve months is around 4.99%, less than AQGIX's 11.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AQGIX AQR Global Equity Fund	11.66%	13.18%	13.59%	5.97%	4.39%	12.17%	1.16%	1.41%	4.72%	5.05%	10.34%	0.09%
FCPAX Fidelity Advisor International Capital Appreciation Fund Class A	4.99%	5.70%	0.54%	0.16%	0.00%	3.84%	0.00%	0.37%	0.22%	0.05%	0.11%	0.05%

Frequently Asked Questions

Can I hold both FCPAX and AQGIX in my portfolio?

FCPAX and AQGIX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCPAX or AQGIX?

FCPAX has higher volatility (8.41%) compared to AQGIX (5.44%). In terms of maximum drawdown, FCPAX dropped -65.31% vs AQGIX's -35.47%.

Which has better risk-adjusted returns?

AQGIX currently has the higher Sharpe Ratio (2.43 vs 1.04), 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.