FCPCX vs. FCPAX

Last updated Jun 23, 2026

FCPCX (Fidelity Advisor International Capital Appreciation Fund Class C) and FCPAX (Fidelity Advisor International Capital Appreciation Fund Class A) are both Foreign Large Cap Equities funds from Fidelity. Over the past 10 years, FCPCX returned 9.70%/yr vs 10.52%/yr for FCPAX. With a 1.00 correlation, they move nearly in lockstep. FCPCX charges 1.98%/yr vs 1.23%/yr for FCPAX.

Performance

FCPCX vs. FCPAX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with FCPCX having a 13.42% return and FCPAX slightly higher at 13.78%. Over the past 10 years, FCPCX has underperformed FCPAX with an annualized return of 9.70%, while FCPAX has yielded a comparatively higher 10.52% annualized return.

FCPCX

• 1D: 2.50%
• 1M: 7.87%
• YTD: 13.42%
• 6M: 13.21%
• 1Y: 18.06%
• 3Y*: 15.06%
• 5Y*: 6.88%
• 10Y*: 9.70%

FCPAX

• 1D: 2.50%
• 1M: 7.89%
• YTD: 13.78%
• 6M: 13.61%
• 1Y: 18.93%
• 3Y*: 15.94%
• 5Y*: 7.69%
• 10Y*: 10.52%

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

FCPCX vs. FCPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCPCX Fidelity Advisor International Capital Appreciation Fund Class C	13.42%	17.45%	6.97%	26.32%	-27.27%	11.10%	20.98%	31.41%	-13.67%	34.46%
FCPAX Fidelity Advisor International Capital Appreciation Fund Class A	13.78%	18.40%	7.76%	27.31%	-26.75%	11.98%	21.90%	32.36%	-13.07%	35.50%

Correlation

The correlation between FCPCX and FCPAX 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 Oct 31, 1997	1.00

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

Return for Risk

FCPCX vs. FCPAX — Risk / Return Rank

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

FCPCX

FCPCX Risk / Return Rank: 15
FCPCX Sharpe Ratio Rank: 13
FCPCX Sortino Ratio Rank: 14
FCPCX Omega Ratio Rank: 14
FCPCX Calmar Ratio Rank: 14
FCPCX Martin Ratio Rank: 19

FCPAX

FCPAX Risk / Return Rank: 16
FCPAX Sharpe Ratio Rank: 14
FCPAX Sortino Ratio Rank: 15
FCPAX Omega Ratio Rank: 16
FCPAX Calmar Ratio Rank: 15
FCPAX Martin Ratio Rank: 20

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.

FCPCX vs. FCPAX - Risk-Adjusted Trends Comparison

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

	FCPCX	FCPAX	Difference
Sharpe ratio: Return per unit of total volatility	0.94	0.99	-0.05
Sortino ratio: Return per unit of downside risk	1.43	1.49	-0.06
Omega ratio: Gain probability vs. loss probability	1.18	1.19	-0.01
Calmar ratio: Return relative to maximum drawdown	1.21	1.28	-0.07
Martin ratio: Return relative to average drawdown	4.48	4.80	-0.32

FCPCX vs. FCPAX - Sharpe Ratio Comparison

The current FCPCX Sharpe Ratio is 0.94, which is comparable to the FCPAX Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of FCPCX and FCPAX, 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

FCPCX vs. FCPAX - Drawdown Comparison

The maximum FCPCX drawdown since its inception was -68.27%, roughly equal to the maximum FCPAX drawdown of -65.31%. Use the drawdown chart below to compare losses from any high point for FCPCX and FCPAX.

Drawdown Indicators

	FCPCX	FCPAX	Difference
Max Drawdown Largest peak-to-trough decline	-68.27%	-65.31%	-2.96%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-14.47%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-16.40%	-16.30%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-37.83%	-37.36%	-0.47%
Max Drawdown (10Y) Largest decline over 10 years	-37.83%	-37.36%	-0.47%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-17.05%	-14.99%	-2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	3.86%	+0.08%

Volatility

FCPCX vs. FCPAX - Volatility Comparison

Fidelity Advisor International Capital Appreciation Fund Class C (FCPCX) and Fidelity Advisor International Capital Appreciation Fund Class A (FCPAX) have volatilities of 8.61% and 8.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCPCX	FCPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.61%	8.61%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	16.94%	16.94%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	18.76%	18.76%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.11%	19.11%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.20%	18.22%	-0.02%

FCPCX vs. FCPAX - Expense Ratio Comparison

FCPCX has a 1.98% expense ratio, which is higher than FCPAX's 1.23% expense ratio.

Dividends

FCPCX vs. FCPAX - Dividend Comparison

FCPCX's dividend yield for the trailing twelve months is around 5.54%, more than FCPAX's 5.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCPAX Fidelity Advisor International Capital Appreciation Fund Class A	5.01%	5.70%	0.54%	0.16%	0.00%	3.84%	0.00%	0.37%	0.22%	0.05%	0.11%	0.05%
FCPCX Fidelity Advisor International Capital Appreciation Fund Class C	5.54%	6.28%	0.00%	0.00%	0.00%	4.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCPCX and FCPAX in my portfolio?

With a correlation of 1.00, FCPCX and FCPAX 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, FCPCX or FCPAX?

FCPAX has higher volatility (8.61%) compared to FCPCX (8.61%). In terms of maximum drawdown, FCPCX dropped -68.27% vs FCPAX's -65.31%.

Which has better risk-adjusted returns?

FCPAX currently has the higher Sharpe Ratio (0.99 vs 0.94), 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.