FHJMX vs. CMIUX

Last updated Jun 24, 2026

FHJMX (Fidelity Advisor Europe Fund Class I) and CMIUX (Six Circles Managed Equity Portfolio International Unconstrained Fund) are both Europe Equities funds. Over the past 5 years, FHJMX returned 6.36%/yr vs 10.61%/yr for CMIUX. Their correlation of 0.93 suggests significant overlap in exposure. FHJMX charges 1.06%/yr vs 0.13%/yr for CMIUX.

Performance

FHJMX vs. CMIUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Europe Fund Class I (FHJMX) and Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FHJMX having a 8.98% return and CMIUX slightly higher at 9.32%.

FHJMX

• 1D: 0.45%
• 1M: 2.40%
• YTD: 8.98%
• 6M: 9.01%
• 1Y: 21.19%
• 3Y*: 18.01%
• 5Y*: 6.36%
• 10Y*: 9.35%

CMIUX

• 1D: 0.00%
• 1M: 1.22%
• YTD: 9.32%
• 6M: 9.19%
• 1Y: 23.70%
• 3Y*: 16.87%
• 5Y*: 10.61%
• 10Y*: —

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

FHJMX vs. CMIUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FHJMX Fidelity Advisor Europe Fund Class I	8.98%	37.51%	4.20%	13.70%	-20.60%	6.63%	18.31%	7.11%
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	9.32%	33.36%	2.63%	20.07%	-12.61%	19.72%	9.26%	4.62%

Correlation

The correlation between FHJMX and CMIUX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Apr 16, 2019	0.93

The correlation between FHJMX and CMIUX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

FHJMX vs. CMIUX — Risk / Return Rank

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

FHJMX

FHJMX Risk / Return Rank: 27
FHJMX Sharpe Ratio Rank: 25
FHJMX Sortino Ratio Rank: 26
FHJMX Omega Ratio Rank: 24
FHJMX Calmar Ratio Rank: 27
FHJMX Martin Ratio Rank: 31

CMIUX

CMIUX Risk / Return Rank: 35
CMIUX Sharpe Ratio Rank: 34
CMIUX Sortino Ratio Rank: 34
CMIUX Omega Ratio Rank: 33
CMIUX Calmar Ratio Rank: 35
CMIUX Martin Ratio Rank: 37

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.

FHJMX vs. CMIUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Europe Fund Class I (FHJMX) and Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX). 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.

	FHJMX	CMIUX	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.58	-0.27
Sortino ratio: Return per unit of downside risk	1.94	2.26	-0.32
Omega ratio: Gain probability vs. loss probability	1.24	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	1.80	2.10	-0.30
Martin ratio: Return relative to average drawdown	6.69	7.70	-1.01

FHJMX vs. CMIUX - Sharpe Ratio Comparison

The current FHJMX Sharpe Ratio is 1.31, which is comparable to the CMIUX Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of FHJMX and CMIUX, 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

FHJMX vs. CMIUX - Drawdown Comparison

The maximum FHJMX drawdown since its inception was -38.02%, roughly equal to the maximum CMIUX drawdown of -36.83%. Use the drawdown chart below to compare losses from any high point for FHJMX and CMIUX.

Drawdown Indicators

	FHJMX	CMIUX	Difference
Max Drawdown Largest peak-to-trough decline	-38.02%	-36.83%	-1.19%
Max Drawdown (1Y) Largest decline over 1 year	-12.37%	-11.76%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-13.27%	-14.30%	+1.03%
Max Drawdown (5Y) Largest decline over 5 years	-38.02%	-29.49%	-8.53%
Max Drawdown (10Y) Largest decline over 10 years	-38.02%	—	—
Current Drawdown Current decline from peak	0.00%	-0.87%	+0.87%
Average Drawdown Average peak-to-trough decline	-9.79%	-5.70%	-4.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	3.20%	+0.13%

Volatility

FHJMX vs. CMIUX - Volatility Comparison

Fidelity Advisor Europe Fund Class I (FHJMX) has a higher volatility of 5.82% compared to Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX) at 4.78%. This indicates that FHJMX's price experiences larger fluctuations and is considered to be riskier than CMIUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHJMX	CMIUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.82%	4.78%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	14.79%	13.39%	+1.40%
Volatility (1Y) Calculated over the trailing 1-year period	17.03%	15.69%	+1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.43%	17.90%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.90%	19.73%	-1.83%

FHJMX vs. CMIUX - Expense Ratio Comparison

FHJMX has a 1.06% expense ratio, which is higher than CMIUX's 0.13% expense ratio.

Dividends

FHJMX vs. CMIUX - Dividend Comparison

FHJMX's dividend yield for the trailing twelve months is around 2.14%, less than CMIUX's 2.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMIUX Six Circles Managed Equity Portfolio International Unconstrained Fund	2.39%	2.62%	2.96%	2.25%	2.98%	1.93%	1.81%	1.55%	0.00%	0.00%	0.00%	0.00%
FHJMX Fidelity Advisor Europe Fund Class I	2.14%	2.33%	3.09%	1.64%	0.00%	16.02%	1.20%	7.46%	11.95%	2.58%	1.59%	1.66%

Frequently Asked Questions

Can I hold both FHJMX and CMIUX in my portfolio?

With a correlation of 0.95, FHJMX and CMIUX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FHJMX or CMIUX?

FHJMX has higher volatility (5.82%) compared to CMIUX (4.78%). In terms of maximum drawdown, FHJMX dropped -38.02% vs CMIUX's -36.83%.

Which has better risk-adjusted returns?

CMIUX currently has the higher Sharpe Ratio (1.58 vs 1.31), 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.