FEAAX vs. TWN

Last updated Jun 24, 2026

FEAAX (Fidelity Advisor Emerging Asia Fund Class A) and TWN (The Taiwan Fund Inc.) are both Asia Pacific Equities funds. Over the past 10 years, FEAAX returned 16.45%/yr vs 29.35%/yr for TWN. A 0.56 correlation means they provide meaningful diversification when combined.

Performance

FEAAX vs. TWN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Emerging Asia Fund Class A (FEAAX) and The Taiwan Fund Inc. (TWN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEAAX achieves a 41.43% return, which is significantly lower than TWN's 78.55% return. Over the past 10 years, FEAAX has underperformed TWN with an annualized return of 16.45%, while TWN has yielded a comparatively higher 29.35% annualized return.

FEAAX

• 1D: 0.81%
• 1M: 9.39%
• YTD: 41.43%
• 6M: 43.26%
• 1Y: 71.41%
• 3Y*: 35.51%
• 5Y*: 8.47%
• 10Y*: 16.45%

TWN

• 1D: -5.65%
• 1M: 1.47%
• YTD: 78.55%
• 6M: 81.17%
• 1Y: 150.01%
• 3Y*: 59.72%
• 5Y*: 32.06%
• 10Y*: 29.35%

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

FEAAX vs. TWN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEAAX Fidelity Advisor Emerging Asia Fund Class A	41.43%	36.67%	20.63%	13.50%	-30.79%	-15.06%	72.51%	30.64%	-15.11%	45.96%
TWN The Taiwan Fund Inc.	78.55%	54.11%	32.76%	51.73%	-38.54%	58.14%	40.71%	47.00%	-19.15%	33.80%

Correlation

The correlation between FEAAX and TWN is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Mar 25, 1994	0.56

The correlation between FEAAX and TWN has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.

Return for Risk

FEAAX vs. TWN — Risk / Return Rank

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

FEAAX

FEAAX Risk / Return Rank: 92
FEAAX Sharpe Ratio Rank: 96
FEAAX Sortino Ratio Rank: 85
FEAAX Omega Ratio Rank: 89
FEAAX Calmar Ratio Rank: 95
FEAAX Martin Ratio Rank: 93

TWN

TWN Risk / Return Rank: 98
TWN Sharpe Ratio Rank: 100
TWN Sortino Ratio Rank: 97
TWN Omega Ratio Rank: 96
TWN Calmar Ratio Rank: 99
TWN Martin Ratio Rank: 99

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.

FEAAX vs. TWN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Emerging Asia Fund Class A (FEAAX) and The Taiwan Fund Inc. (TWN). 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.

	FEAAX	TWN	Difference
Sharpe ratio: Return per unit of total volatility	3.23	5.30	-2.06
Sortino ratio: Return per unit of downside risk	3.74	5.48	-1.73
Omega ratio: Gain probability vs. loss probability	1.59	1.77	-0.18
Calmar ratio: Return relative to maximum drawdown	5.41	16.25	-10.84
Martin ratio: Return relative to average drawdown	18.51	49.22	-30.71

FEAAX vs. TWN - Sharpe Ratio Comparison

The current FEAAX Sharpe Ratio is 3.23, which is lower than the TWN Sharpe Ratio of 5.30. The chart below compares the historical Sharpe Ratios of FEAAX and TWN, 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

FEAAX vs. TWN - Drawdown Comparison

The maximum FEAAX drawdown since its inception was -60.87%, smaller than the maximum TWN drawdown of -79.52%. Use the drawdown chart below to compare losses from any high point for FEAAX and TWN.

Drawdown Indicators

	FEAAX	TWN	Difference
Max Drawdown Largest peak-to-trough decline	-60.87%	-79.52%	+18.65%
Max Drawdown (1Y) Largest decline over 1 year	-13.56%	-9.29%	-4.27%
Max Drawdown (3Y) Largest decline over 3 years	-17.33%	-29.97%	+12.64%
Max Drawdown (5Y) Largest decline over 5 years	-53.46%	-51.72%	-1.74%
Max Drawdown (10Y) Largest decline over 10 years	-57.90%	-51.72%	-6.18%
Current Drawdown Current decline from peak	0.00%	-6.13%	+6.13%
Average Drawdown Average peak-to-trough decline	-20.17%	-37.36%	+17.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.96%	3.06%	+0.90%

Volatility

FEAAX vs. TWN - Volatility Comparison

The current volatility for Fidelity Advisor Emerging Asia Fund Class A (FEAAX) is 12.84%, while The Taiwan Fund Inc. (TWN) has a volatility of 14.11%. This indicates that FEAAX experiences smaller price fluctuations and is considered to be less risky than TWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEAAX	TWN	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.84%	14.11%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	20.17%	25.07%	-4.90%
Volatility (1Y) Calculated over the trailing 1-year period	22.74%	28.51%	-5.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.45%	24.33%	-0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.26%	22.75%	-1.49%

Dividends

FEAAX vs. TWN - Dividend Comparison

FEAAX has not paid dividends to shareholders, while TWN's dividend yield for the trailing twelve months is around 6.51%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEAAX Fidelity Advisor Emerging Asia Fund Class A	0.00%	0.00%	0.00%	0.00%	0.00%	12.88%	6.62%	5.21%	6.49%	0.03%	1.10%	0.84%
TWN The Taiwan Fund Inc.	6.51%	11.62%	19.14%	1.26%	0.00%	7.78%	12.91%	8.26%	11.27%	3.16%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEAAX and TWN in my portfolio?

FEAAX and TWN have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEAAX or TWN?

TWN has higher volatility (14.11%) compared to FEAAX (12.84%). In terms of maximum drawdown, FEAAX dropped -60.87% vs TWN's -79.52%.

Which has better risk-adjusted returns?

TWN currently has the higher Sharpe Ratio (5.30 vs 3.23), 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.