FCPCX vs. GTMIX

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Advisor International Capital Appreciation Fund Class C (FCPCX) and GMO Tax-Managed International Equities Fund (GTMIX).

FCPCX is managed by Fidelity. It was launched on Nov 3, 1997. GTMIX is managed by GMO. It was launched on Jul 28, 1998.

Performance

FCPCX vs. GTMIX - 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 GMO Tax-Managed International Equities Fund (GTMIX). The values are adjusted to include any dividend payments, if applicable.

FCPCX vs. GTMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCPCX Fidelity Advisor International Capital Appreciation Fund Class C	-8.38%	17.45%	6.97%	26.32%	-27.27%	11.10%	20.98%	31.41%	-13.67%	34.46%
GTMIX GMO Tax-Managed International Equities Fund	5.80%	46.17%	1.54%	14.96%	-10.13%	10.71%	7.50%	23.35%	-21.23%	28.45%

Returns By Period

In the year-to-date period, FCPCX achieves a -8.38% return, which is significantly lower than GTMIX's 5.80% return. Over the past 10 years, FCPCX has underperformed GTMIX with an annualized return of 7.63%, while GTMIX has yielded a comparatively higher 9.60% annualized return.

FCPCX

• 1D: -0.51%
• 1M: -13.07%
• YTD: -8.38%
• 6M: -8.95%
• 1Y: 5.43%
• 3Y*: 8.63%
• 5Y*: 3.36%
• 10Y*: 7.63%

GTMIX

• 1D: 0.35%
• 1M: -6.82%
• YTD: 5.80%
• 6M: 15.97%
• 1Y: 37.75%
• 3Y*: 19.28%
• 5Y*: 11.05%
• 10Y*: 9.60%

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

FCPCX vs. GTMIX - Expense Ratio Comparison

FCPCX has a 1.98% expense ratio, which is higher than GTMIX's 0.68% expense ratio.

FCPCX

Fidelity Advisor International Capital Appreciation Fund Class C

GTMIX

GMO Tax-Managed International Equities Fund

Return for Risk

FCPCX vs. GTMIX — Risk / Return Rank

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

FCPCX

FCPCX Risk / Return Rank: 10
FCPCX Sharpe Ratio Rank: 9
FCPCX Sortino Ratio Rank: 10
FCPCX Omega Ratio Rank: 10
FCPCX Calmar Ratio Rank: 10
FCPCX Martin Ratio Rank: 11

GTMIX

GTMIX Risk / Return Rank: 95
GTMIX Sharpe Ratio Rank: 96
GTMIX Sortino Ratio Rank: 94
GTMIX Omega Ratio Rank: 93
GTMIX Calmar Ratio Rank: 93
GTMIX Martin Ratio Rank: 96

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. GTMIX - 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 GMO Tax-Managed International Equities Fund (GTMIX). 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.

	FCPCX	GTMIX	Difference
Sharpe ratio Return per unit of total volatility	0.23	2.38	-2.15
Sortino ratio Return per unit of downside risk	0.47	3.06	-2.59
Omega ratio Gain probability vs. loss probability	1.06	1.47	-0.40
Calmar ratio Return relative to maximum drawdown	0.21	2.92	-2.71
Martin ratio Return relative to average drawdown	0.84	14.29	-13.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCPCX vs. GTMIX - Sharpe Ratio Comparison

The current FCPCX Sharpe Ratio is 0.23, which is lower than the GTMIX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of FCPCX and GTMIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FCPCX	GTMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.23	2.38	-2.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.75	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.60	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.39	-0.09

Correlation

The correlation between FCPCX and GTMIX is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FCPCX vs. GTMIX - Dividend Comparison

FCPCX's dividend yield for the trailing twelve months is around 6.86%, less than GTMIX's 21.21% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCPCX Fidelity Advisor International Capital Appreciation Fund Class C	6.86%	6.28%	0.00%	0.00%	0.00%	4.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GTMIX GMO Tax-Managed International Equities Fund	21.21%	22.43%	5.94%	0.36%	5.44%	16.55%	2.25%	4.13%	7.25%	2.96%	4.05%	3.26%

Drawdowns

FCPCX vs. GTMIX - Drawdown Comparison

The maximum FCPCX drawdown since its inception was -68.27%, which is greater than GTMIX's maximum drawdown of -58.31%. Use the drawdown chart below to compare losses from any high point for FCPCX and GTMIX.

Drawdown Indicators

	FCPCX	GTMIX	Difference
Max Drawdown Largest peak-to-trough decline	-68.27%	-58.31%	-9.96%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-11.24%	-3.35%
Max Drawdown (5Y) Largest decline over 5 years	-37.83%	-28.81%	-9.02%
Max Drawdown (10Y) Largest decline over 10 years	-37.83%	-40.32%	+2.49%
Current Drawdown Current decline from peak	-14.59%	-6.82%	-7.77%
Average Drawdown Average peak-to-trough decline	-17.16%	-12.75%	-4.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.68%	2.46%	+1.22%

Volatility

FCPCX vs. GTMIX - Volatility Comparison

Fidelity Advisor International Capital Appreciation Fund Class C (FCPCX) has a higher volatility of 7.77% compared to GMO Tax-Managed International Equities Fund (GTMIX) at 5.33%. This indicates that FCPCX's price experiences larger fluctuations and is considered to be riskier than GTMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCPCX	GTMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.77%	5.33%	+2.44%
Volatility (6M) Calculated over the trailing 6-month period	12.38%	9.28%	+3.10%
Volatility (1Y) Calculated over the trailing 1-year period	19.49%	15.41%	+4.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.45%	14.87%	+3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.80%	16.05%	+1.75%