FERIX vs. PAAOX

Last updated Aug 1, 2026

FERIX (Fidelity Advisor Emerging Asia Fund Class I) and PAAOX (T. Rowe Price Asia Opportunities Fund) are both Asia Pacific Equities funds. Over the past 10 years, FERIX returned 14.03%/yr vs 8.35%/yr for PAAOX. Their correlation of 0.88 means they have usually moved in the same direction. FERIX charges 0.94%/yr vs 1.25%/yr for PAAOX.

Performance

FERIX vs. PAAOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Emerging Asia Fund Class I (FERIX) and T. Rowe Price Asia Opportunities Fund (PAAOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FERIX achieves a 23.67% return, which is significantly higher than PAAOX's 7.13% return. Over the past 10 years, FERIX has outperformed PAAOX with an annualized return of 14.03%, while PAAOX has yielded a comparatively lower 8.35% annualized return.

FERIX

• 1D: 3.45%
• 1M: -6.68%
• 6M: 13.37%
• YTD: 23.67%
• 1Y: 42.70%
• 3Y*: 27.32%
• 5Y*: 7.86%
• 10Y*: 14.03%
• ALL TIME*: 8.52%

PAAOX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.02%
• YTD: 7.13%
• 1Y: 23.47%
• 3Y*: 12.45%
• 5Y*: 3.05%
• 10Y*: 8.35%
• ALL TIME*: 7.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FERIX Fidelity Advisor Emerging Asia Fund Class I	$0.00	$0.00	$0.00
PAAOX T. Rowe Price Asia Opportunities Fund	$0.00	$0.00	$0.00

FERIX vs. PAAOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FERIX Fidelity Advisor Emerging Asia Fund Class I	23.67%	37.04%	20.95%	13.84%	-30.60%	-14.83%	72.97%	31.02%	-14.87%	45.94%
PAAOX T. Rowe Price Asia Opportunities Fund	7.13%	27.78%	11.30%	-1.00%	-19.33%	-5.50%	26.57%	24.86%	-11.26%	43.07%

Correlation

The correlation between FERIX and PAAOX is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since May 23, 2014	0.88

Over the past year, the correlation between FERIX and PAAOX has dropped to 0.66 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.

Return for Risk

FERIX vs. PAAOX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FERIX

FERIX Risk / Return Rank: 67
FERIX Sharpe Ratio Rank: 66
FERIX Sortino Ratio Rank: 56
FERIX Omega Ratio Rank: 66
FERIX Calmar Ratio Rank: 78
FERIX Martin Ratio Rank: 67

PAAOX

PAAOX Risk / Return Rank: 42
PAAOX Sharpe Ratio Rank: 42
PAAOX Sortino Ratio Rank: 41
PAAOX Omega Ratio Rank: 65
PAAOX Calmar Ratio Rank: 34
PAAOX Martin Ratio Rank: 30

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FERIX vs. PAAOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Emerging Asia Fund Class I (FERIX) and T. Rowe Price Asia Opportunities Fund (PAAOX). 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.

	FERIX	PAAOX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.27	+0.30
Sortino ratio: Return per unit of downside risk	2.04	1.82	+0.22
Omega ratio: Gain probability vs. loss probability	1.29	1.30	-0.01
Calmar ratio: Return relative to maximum drawdown	2.55	1.53	+1.02
Martin ratio: Return relative to average drawdown	8.31	4.58	+3.74

FERIX vs. PAAOX - Sharpe Ratio Comparison

The current FERIX Sharpe Ratio is 1.57, which is comparable to the PAAOX Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of FERIX and PAAOX, 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

FERIX vs. PAAOX - Drawdown Comparison

The maximum FERIX drawdown since its inception was -60.82%, which is greater than PAAOX's maximum drawdown of -43.02%. Use the drawdown chart below to compare losses from any high point for FERIX and PAAOX.

Drawdown Indicators

	FERIX	PAAOX	Difference
Max Drawdown Largest peak-to-trough decline	-60.82%	-43.02%	-17.80%
Max Drawdown (1Y) Largest decline over 1 year	-15.58%	-13.70%	-1.88%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	-18.78%	+1.57%
Max Drawdown (5Y) Largest decline over 5 years	-50.56%	-38.08%	-12.48%
Max Drawdown (10Y) Largest decline over 10 years	-57.71%	-43.02%	-14.69%
Current Drawdown Current decline from peak	-12.67%	-5.51%	-7.16%
Average Drawdown Average peak-to-trough decline	-18.07%	-13.03%	-5.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.78%	4.57%	+0.21%

Volatility

FERIX vs. PAAOX - Volatility Comparison

Fidelity Advisor Emerging Asia Fund Class I (FERIX) has a higher volatility of 9.96% compared to T. Rowe Price Asia Opportunities Fund (PAAOX) at 0.00%. This indicates that FERIX's price experiences larger fluctuations and is considered to be riskier than PAAOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FERIX	PAAOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.96%	0.00%	+9.96%
Volatility (6M) Calculated over the trailing 6-month period	23.06%	12.66%	+10.40%
Volatility (1Y) Calculated over the trailing 1-year period	25.39%	16.49%	+8.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.76%	17.93%	+5.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.50%	17.56%	+3.94%

FERIX vs. PAAOX - Expense Ratio Comparison

FERIX has a 0.94% expense ratio, which is lower than PAAOX's 1.25% expense ratio.

Dividends

FERIX vs. PAAOX - Dividend Comparison

FERIX has not paid dividends to shareholders, while PAAOX's dividend yield for the trailing twelve months is around 3.21%.

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%
PAAOX T. Rowe Price Asia Opportunities Fund	3.21%	0.64%	0.00%	1.55%	1.51%	7.43%	1.33%	0.62%	0.61%	0.13%	2.12%	0.89%

Frequently Asked Questions

Can I hold both FERIX and PAAOX in my portfolio?

FERIX and PAAOX have a correlation of 0.66, 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 PAAOX?

FERIX has higher volatility (9.96%) compared to PAAOX (0.00%). In terms of maximum drawdown, FERIX dropped -60.82% vs PAAOX's -43.02%.

Which has better risk-adjusted returns?

FERIX currently has the higher Sharpe Ratio (1.57 vs 1.27), 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.