FERIX vs. MSAQX

Last updated Jun 3, 2026

FERIX (Fidelity Advisor Emerging Asia Fund Class I) and MSAQX (Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio) are both Asia Pacific Equities funds. Over the past 10 years, FERIX returned 16.17%/yr vs 10.74%/yr for MSAQX. Their correlation of 0.87 suggests significant overlap in exposure. FERIX charges 0.94%/yr vs 1.10%/yr for MSAQX.

Performance

FERIX vs. MSAQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Emerging Asia Fund Class I (FERIX) and Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FERIX achieves a 37.60% return, which is significantly higher than MSAQX's 18.67% return. Over the past 10 years, FERIX has outperformed MSAQX with an annualized return of 16.17%, while MSAQX has yielded a comparatively lower 10.74% annualized return.

FERIX

• 1D: 2.18%
• 1M: 12.45%
• YTD: 37.60%
• 6M: 42.33%
• 1Y: 73.33%
• 3Y*: 34.50%
• 5Y*: 8.27%
• 10Y*: 16.17%

MSAQX

• 1D: 3.32%
• 1M: 13.70%
• YTD: 18.67%
• 6M: 14.61%
• 1Y: 15.27%
• 3Y*: 12.08%
• 5Y*: -4.06%
• 10Y*: 10.74%

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

FERIX vs. MSAQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FERIX Fidelity Advisor Emerging Asia Fund Class I	37.60%	37.04%	20.95%	13.84%	-30.60%	-14.83%	72.97%	31.02%	-14.87%	45.94%
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio	18.67%	2.06%	19.71%	-6.83%	-22.01%	-20.52%	52.55%	44.74%	-13.64%	76.83%

Correlation

The correlation between FERIX and MSAQX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.87

The correlation between FERIX and MSAQX has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

Return for Risk

FERIX vs. MSAQX — Risk / Return Rank

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

FERIX

FERIX Risk / Return Rank: 93
FERIX Sharpe Ratio Rank: 98
FERIX Sortino Ratio Rank: 91
FERIX Omega Ratio Rank: 91
FERIX Calmar Ratio Rank: 94
FERIX Martin Ratio Rank: 93

MSAQX

MSAQX Risk / Return Rank: 8
MSAQX Sharpe Ratio Rank: 9
MSAQX Sortino Ratio Rank: 9
MSAQX Omega Ratio Rank: 10
MSAQX Calmar Ratio Rank: 6
MSAQX Martin Ratio Rank: 6

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.

FERIX vs. MSAQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Emerging Asia Fund Class I (FERIX) and Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX). 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.

	FERIX	MSAQX	Difference
Sharpe ratio Return per unit of total volatility	3.81	0.75	+3.06
Sortino ratio Return per unit of downside risk	4.52	1.15	+3.37
Omega ratio Gain probability vs. loss probability	1.67	1.15	+0.52
Calmar ratio Return relative to maximum drawdown	5.42	0.66	+4.76
Martin ratio Return relative to average drawdown	19.72	1.71	+18.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FERIX vs. MSAQX - Sharpe Ratio Comparison

The current FERIX Sharpe Ratio is 3.81, which is higher than the MSAQX Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of FERIX and MSAQX, 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

	FERIX	MSAQX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.81	0.75	+3.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	-0.17	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.48	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.48	-0.09

Drawdowns

FERIX vs. MSAQX - Drawdown Comparison

The maximum FERIX drawdown since its inception was -60.82%, roughly equal to the maximum MSAQX drawdown of -61.11%. Use the drawdown chart below to compare losses from any high point for FERIX and MSAQX.

Drawdown Indicators

	FERIX	MSAQX	Difference
Max Drawdown Largest peak-to-trough decline	-60.82%	-61.11%	+0.29%
Max Drawdown (1Y) Largest decline over 1 year	-13.53%	-23.57%	+10.04%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	-23.57%	+6.36%
Max Drawdown (5Y) Largest decline over 5 years	-53.29%	-53.29%	0.00%
Max Drawdown (10Y) Largest decline over 10 years	-57.71%	-61.11%	+3.40%
Current Drawdown Current decline from peak	0.00%	-31.65%	+31.65%
Average Drawdown Average peak-to-trough decline	-18.13%	-24.42%	+6.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	9.13%	-5.41%

Volatility

FERIX vs. MSAQX - Volatility Comparison

The current volatility for Fidelity Advisor Emerging Asia Fund Class I (FERIX) is 8.50%, while Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX) has a volatility of 9.26%. This indicates that FERIX experiences smaller price fluctuations and is considered to be less risky than MSAQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FERIX	MSAQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.50%	9.26%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	16.60%	18.80%	-2.20%
Volatility (1Y) Calculated over the trailing 1-year period	19.79%	21.62%	-1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.89%	24.53%	-1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.97%	22.37%	-1.40%

FERIX vs. MSAQX - Expense Ratio Comparison

FERIX has a 0.94% expense ratio, which is lower than MSAQX's 1.10% expense ratio.

Dividends

FERIX vs. MSAQX - Dividend Comparison

Neither FERIX nor MSAQX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FERIX Fidelity Advisor Emerging Asia Fund Class I	0.00%	0.00%	0.00%	0.00%	0.01%	12.49%	6.58%	5.30%	6.70%	0.03%	1.29%	0.82%
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio	0.00%	0.00%	1.82%	0.26%	0.00%	0.88%	1.06%	0.05%	0.69%	1.12%	2.24%	0.00%

Frequently Asked Questions

Can I hold both FERIX and MSAQX in my portfolio?

FERIX and MSAQX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FERIX or MSAQX?

MSAQX has higher volatility (9.26%) compared to FERIX (8.50%). In terms of maximum drawdown, FERIX dropped -60.82% vs MSAQX's -61.11%.

Which has better risk-adjusted returns?

FERIX currently has the higher Sharpe Ratio (3.81 vs 0.75), 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.