FERIX vs. TRCLX

Last updated Jul 14, 2026

FERIX (Fidelity Advisor Emerging Asia Fund Class I) and TRCLX (T. Rowe Price China Evolution Equity Fund) are both mutual funds - FERIX is a Asia Pacific Equities fund managed by Fidelity, while TRCLX is a China Equities fund managed by T. Rowe Price. Over the past 5 years, FERIX returned 7.99%/yr vs 3.14%/yr for TRCLX. A 0.76 correlation means they provide meaningful diversification when combined. FERIX charges 0.94%/yr vs 1.04%/yr for TRCLX.

Performance

FERIX vs. TRCLX - 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 China Evolution Equity Fund (TRCLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FERIX achieves a 34.07% return, which is significantly higher than TRCLX's 30.04% return.

FERIX

• 1D: 0.03%
• 1M: 1.00%
• 6M: 25.86%
• YTD: 34.07%
• 1Y: 57.15%
• 3Y*: 32.57%
• 5Y*: 7.99%
• 10Y*: 15.37%

TRCLX

• 1D: -2.18%
• 1M: 0.49%
• 6M: 23.49%
• YTD: 30.04%
• 1Y: 57.72%
• 3Y*: 21.08%
• 5Y*: 3.14%
• 10Y*: —

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

FERIX vs. TRCLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FERIX Fidelity Advisor Emerging Asia Fund Class I	34.07%	37.04%	20.95%	13.84%	-30.60%	-14.83%	72.97%	6.43%
TRCLX T. Rowe Price China Evolution Equity Fund	30.04%	36.23%	10.95%	-15.51%	-26.24%	6.28%	59.73%	6.20%

Correlation

The correlation between FERIX and TRCLX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Dec 10, 2019	0.76

The correlation between FERIX and TRCLX shifts across timeframes, from 0.63 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FERIX vs. TRCLX — Risk / Return Rank

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

FERIX

FERIX Risk / Return Rank: 87
FERIX Sharpe Ratio Rank: 89
FERIX Sortino Ratio Rank: 77
FERIX Omega Ratio Rank: 84
FERIX Calmar Ratio Rank: 94
FERIX Martin Ratio Rank: 91

TRCLX

TRCLX Risk / Return Rank: 92
TRCLX Sharpe Ratio Rank: 95
TRCLX Sortino Ratio Rank: 86
TRCLX Omega Ratio Rank: 85
TRCLX Calmar Ratio Rank: 97
TRCLX 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.

FERIX vs. TRCLX - 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 China Evolution Equity Fund (TRCLX). 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	TRCLX	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.70	-0.30
Sortino ratio: Return per unit of downside risk	2.88	3.32	-0.44
Omega ratio: Gain probability vs. loss probability	1.44	1.45	-0.01
Calmar ratio: Return relative to maximum drawdown	4.25	5.42	-1.18
Martin ratio: Return relative to average drawdown	14.01	17.99	-3.98

FERIX vs. TRCLX - Sharpe Ratio Comparison

The current FERIX Sharpe Ratio is 2.40, which is comparable to the TRCLX Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of FERIX and TRCLX, 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. TRCLX - Drawdown Comparison

The maximum FERIX drawdown since its inception was -60.82%, which is greater than TRCLX's maximum drawdown of -50.67%. Use the drawdown chart below to compare losses from any high point for FERIX and TRCLX.

Drawdown Indicators

	FERIX	TRCLX	Difference
Max Drawdown Largest peak-to-trough decline	-60.82%	-50.67%	-10.15%
Max Drawdown (1Y) Largest decline over 1 year	-13.53%	-10.47%	-3.06%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	-25.49%	+8.28%
Max Drawdown (5Y) Largest decline over 5 years	-51.46%	-48.62%	-2.84%
Max Drawdown (10Y) Largest decline over 10 years	-57.71%	—	—
Current Drawdown Current decline from peak	-5.33%	-8.46%	+3.13%
Average Drawdown Average peak-to-trough decline	-18.09%	-22.43%	+4.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	3.15%	+0.94%

Volatility

FERIX vs. TRCLX - Volatility Comparison

Fidelity Advisor Emerging Asia Fund Class I (FERIX) has a higher volatility of 11.36% compared to T. Rowe Price China Evolution Equity Fund (TRCLX) at 10.22%. This indicates that FERIX's price experiences larger fluctuations and is considered to be riskier than TRCLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FERIX	TRCLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.36%	10.22%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	21.53%	17.48%	+4.05%
Volatility (1Y) Calculated over the trailing 1-year period	23.90%	21.01%	+2.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.63%	23.59%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.34%	23.64%	-2.30%

FERIX vs. TRCLX - Expense Ratio Comparison

FERIX has a 0.94% expense ratio, which is lower than TRCLX's 1.04% expense ratio.

Dividends

FERIX vs. TRCLX - Dividend Comparison

FERIX has not paid dividends to shareholders, while TRCLX's dividend yield for the trailing twelve months is around 1.26%.

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%
TRCLX T. Rowe Price China Evolution Equity Fund	1.26%	1.64%	1.78%	2.56%	2.76%	8.23%	1.50%	0.01%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FERIX and TRCLX in my portfolio?

FERIX and TRCLX have a correlation of 0.63, 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 TRCLX?

FERIX has higher volatility (11.36%) compared to TRCLX (10.22%). In terms of maximum drawdown, FERIX dropped -60.82% vs TRCLX's -50.67%.

Which has better risk-adjusted returns?

TRCLX currently has the higher Sharpe Ratio (2.70 vs 2.40), 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.