FEDTX vs. IIF

Last updated Jun 4, 2026

FEDTX (Fidelity Advisor Emerging Markets Discovery Fund Class M) and IIF (Morgan Stanley India Investment Fund) are both Emerging Markets Equities funds. Over the past 10 years, FEDTX returned 10.39%/yr vs 7.75%/yr for IIF. A 0.59 correlation means they provide meaningful diversification when combined. FEDTX charges 1.76%/yr vs 0.01%/yr for IIF.

Performance

FEDTX vs. IIF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Emerging Markets Discovery Fund Class M (FEDTX) and Morgan Stanley India Investment Fund (IIF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEDTX achieves a 19.78% return, which is significantly higher than IIF's -15.01% return. Over the past 10 years, FEDTX has outperformed IIF with an annualized return of 10.39%, while IIF has yielded a comparatively lower 7.75% annualized return.

FEDTX

• 1D: 0.66%
• 1M: 1.47%
• YTD: 19.78%
• 6M: 21.73%
• 1Y: 39.97%
• 3Y*: 18.36%
• 5Y*: 8.18%
• 10Y*: 10.39%

IIF

• 1D: -1.71%
• 1M: -2.84%
• YTD: -15.01%
• 6M: -13.88%
• 1Y: -14.93%
• 3Y*: 11.82%
• 5Y*: 7.31%
• 10Y*: 7.75%

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

FEDTX vs. IIF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEDTX Fidelity Advisor Emerging Markets Discovery Fund Class M	19.78%	31.19%	-4.16%	20.12%	-12.35%	6.05%	16.31%	18.91%	-19.40%	36.42%
IIF Morgan Stanley India Investment Fund	-15.01%	6.71%	29.65%	21.43%	-9.55%	30.87%	6.66%	-0.66%	-21.25%	49.89%

Correlation

The correlation between FEDTX and IIF is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Nov 3, 2011	0.59

The correlation between FEDTX and IIF shifts across timeframes, from 0.44 (3 years) to 0.59 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FEDTX vs. IIF — Risk / Return Rank

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

FEDTX

FEDTX Risk / Return Rank: 86
FEDTX Sharpe Ratio Rank: 91
FEDTX Sortino Ratio Rank: 83
FEDTX Omega Ratio Rank: 84
FEDTX Calmar Ratio Rank: 87
FEDTX Martin Ratio Rank: 85

IIF

IIF Risk / Return Rank: 1
IIF Sharpe Ratio Rank: 1
IIF Sortino Ratio Rank: 1
IIF Omega Ratio Rank: 1
IIF Calmar Ratio Rank: 1
IIF Martin Ratio Rank: 0

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.

FEDTX vs. IIF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Emerging Markets Discovery Fund Class M (FEDTX) and Morgan Stanley India Investment Fund (IIF). 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.

	FEDTX	IIF	Difference
Sharpe ratio: Return per unit of total volatility	3.08	-0.95	+4.03
Sortino ratio: Return per unit of downside risk	3.96	-1.36	+5.32
Omega ratio: Gain probability vs. loss probability	1.56	0.85	+0.71
Calmar ratio: Return relative to maximum drawdown	4.22	-0.62	+4.84
Martin ratio: Return relative to average drawdown	16.15	-1.50	+17.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEDTX vs. IIF - Sharpe Ratio Comparison

The current FEDTX Sharpe Ratio is 3.08, which is higher than the IIF Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of FEDTX and IIF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FEDTX	IIF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.08	-0.95	+4.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.47	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.39	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.38	+0.16

Drawdowns

FEDTX vs. IIF - Drawdown Comparison

The maximum FEDTX drawdown since its inception was -43.70%, smaller than the maximum IIF drawdown of -62.11%. Use the drawdown chart below to compare losses from any high point for FEDTX and IIF.

Drawdown Indicators

	FEDTX	IIF	Difference
Max Drawdown Largest peak-to-trough decline	-43.70%	-62.11%	+18.41%
Max Drawdown (1Y) Largest decline over 1 year	-9.62%	-24.05%	+14.43%
Max Drawdown (3Y) Largest decline over 3 years	-17.51%	-24.05%	+6.54%
Max Drawdown (5Y) Largest decline over 5 years	-27.91%	-24.05%	-3.86%
Max Drawdown (10Y) Largest decline over 10 years	-43.70%	-59.05%	+15.35%
Current Drawdown Current decline from peak	-1.13%	-19.22%	+18.09%
Average Drawdown Average peak-to-trough decline	-9.17%	-19.78%	+10.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	9.99%	-7.48%

Volatility

FEDTX vs. IIF - Volatility Comparison

The current volatility for Fidelity Advisor Emerging Markets Discovery Fund Class M (FEDTX) is 4.36%, while Morgan Stanley India Investment Fund (IIF) has a volatility of 5.32%. This indicates that FEDTX experiences smaller price fluctuations and is considered to be less risky than IIF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEDTX	IIF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	5.32%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	10.64%	13.33%	-2.69%
Volatility (1Y) Calculated over the trailing 1-year period	13.18%	15.82%	-2.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.09%	15.72%	-1.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.72%	19.79%	-4.07%

FEDTX vs. IIF - Expense Ratio Comparison

FEDTX has a 1.76% expense ratio, which is higher than IIF's 0.01% expense ratio.

Dividends

FEDTX vs. IIF - Dividend Comparison

FEDTX's dividend yield for the trailing twelve months is around 3.60%, less than IIF's 9.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEDTX Fidelity Advisor Emerging Markets Discovery Fund Class M	3.60%	4.31%	3.30%	1.63%	1.10%	11.36%	0.05%	0.48%	0.87%	1.51%	0.95%	0.22%
IIF Morgan Stanley India Investment Fund	9.35%	7.95%	10.67%	14.61%	19.62%	3.75%	0.02%	0.14%	30.40%	15.23%	4.46%	0.16%

Frequently Asked Questions

Can I hold both FEDTX and IIF in my portfolio?

FEDTX and IIF have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEDTX or IIF?

IIF has higher volatility (5.32%) compared to FEDTX (4.36%). In terms of maximum drawdown, FEDTX dropped -43.70% vs IIF's -62.11%.

Which has better risk-adjusted returns?

FEDTX currently has the higher Sharpe Ratio (3.08 vs -0.95), 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.