FHJVX vs. ESMAX

Last updated Jun 3, 2026

FHJVX (Fidelity Advisor Europe Fund Class M) and ESMAX (Invesco EQV European Small Company Fund) are both Europe Equities funds. Over the past 10 years, FHJVX returned 7.48%/yr vs 9.37%/yr for ESMAX. A 0.79 correlation means they provide meaningful diversification when combined. FHJVX charges 1.68%/yr vs 1.48%/yr for ESMAX.

Performance

FHJVX vs. ESMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Europe Fund Class M (FHJVX) and Invesco EQV European Small Company Fund (ESMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHJVX achieves a 6.47% return, which is significantly lower than ESMAX's 16.11% return. Over the past 10 years, FHJVX has underperformed ESMAX with an annualized return of 7.48%, while ESMAX has yielded a comparatively higher 9.37% annualized return.

FHJVX

• 1D: -0.44%
• 1M: 2.59%
• YTD: 6.47%
• 6M: 10.28%
• 1Y: 17.24%
• 3Y*: 16.28%
• 5Y*: 5.00%
• 10Y*: 7.48%

ESMAX

• 1D: -0.48%
• 1M: 2.18%
• YTD: 16.11%
• 6M: 16.68%
• 1Y: 16.33%
• 3Y*: 16.00%
• 5Y*: 7.88%
• 10Y*: 9.37%

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

FHJVX vs. ESMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FHJVX Fidelity Advisor Europe Fund Class M	6.47%	36.83%	3.62%	13.00%	-21.09%	5.99%	17.53%	23.67%	-17.74%	28.38%
ESMAX Invesco EQV European Small Company Fund	16.11%	22.15%	2.60%	14.26%	-16.30%	24.30%	9.63%	15.37%	-15.29%	28.30%

Correlation

The correlation between FHJVX and ESMAX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Mar 26, 2014	0.79

The correlation between FHJVX and ESMAX has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

Return for Risk

FHJVX vs. ESMAX — Risk / Return Rank

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

FHJVX

FHJVX Risk / Return Rank: 17
FHJVX Sharpe Ratio Rank: 16
FHJVX Sortino Ratio Rank: 16
FHJVX Omega Ratio Rank: 15
FHJVX Calmar Ratio Rank: 17
FHJVX Martin Ratio Rank: 21

ESMAX

ESMAX Risk / Return Rank: 15
ESMAX Sharpe Ratio Rank: 14
ESMAX Sortino Ratio Rank: 14
ESMAX Omega Ratio Rank: 14
ESMAX Calmar Ratio Rank: 17
ESMAX Martin Ratio Rank: 16

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.

FHJVX vs. ESMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Europe Fund Class M (FHJVX) and Invesco EQV European Small Company Fund (ESMAX). 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.

	FHJVX	ESMAX	Difference
Sharpe ratio Return per unit of total volatility	1.12	1.06	+0.07
Sortino ratio Return per unit of downside risk	1.67	1.58	+0.09
Omega ratio Gain probability vs. loss probability	1.20	1.20	0.00
Calmar ratio Return relative to maximum drawdown	1.50	1.54	-0.05
Martin ratio Return relative to average drawdown	5.55	4.61	+0.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHJVX vs. ESMAX - Sharpe Ratio Comparison

The current FHJVX Sharpe Ratio is 1.12, which is comparable to the ESMAX Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of FHJVX and ESMAX, 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

	FHJVX	ESMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	1.06	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.53	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.64	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.63	-0.30

Drawdowns

FHJVX vs. ESMAX - Drawdown Comparison

The maximum FHJVX drawdown since its inception was -38.41%, smaller than the maximum ESMAX drawdown of -65.90%. Use the drawdown chart below to compare losses from any high point for FHJVX and ESMAX.

Drawdown Indicators

	FHJVX	ESMAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.41%	-65.90%	+27.49%
Max Drawdown (1Y) Largest decline over 1 year	-12.46%	-12.45%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-13.42%	-15.80%	+2.38%
Max Drawdown (5Y) Largest decline over 5 years	-38.41%	-32.92%	-5.49%
Max Drawdown (10Y) Largest decline over 10 years	-38.41%	-39.83%	+1.42%
Current Drawdown Current decline from peak	-1.01%	-2.02%	+1.01%
Average Drawdown Average peak-to-trough decline	-10.37%	-13.93%	+3.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	4.17%	-0.81%

Volatility

FHJVX vs. ESMAX - Volatility Comparison

Fidelity Advisor Europe Fund Class M (FHJVX) has a higher volatility of 6.33% compared to Invesco EQV European Small Company Fund (ESMAX) at 5.10%. This indicates that FHJVX's price experiences larger fluctuations and is considered to be riskier than ESMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHJVX	ESMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.33%	5.10%	+1.23%
Volatility (6M) Calculated over the trailing 6-month period	14.06%	14.06%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	16.39%	17.24%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.30%	15.10%	+2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	14.69%	+3.26%

FHJVX vs. ESMAX - Expense Ratio Comparison

FHJVX has a 1.68% expense ratio, which is higher than ESMAX's 1.48% expense ratio.

Dividends

FHJVX vs. ESMAX - Dividend Comparison

FHJVX's dividend yield for the trailing twelve months is around 1.59%, less than ESMAX's 30.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ESMAX Invesco EQV European Small Company Fund	30.20%	35.06%	9.96%	4.94%	11.28%	3.24%	2.75%	7.01%	6.27%	3.21%	2.07%	5.41%
FHJVX Fidelity Advisor Europe Fund Class M	1.59%	1.69%	2.69%	0.96%	0.00%	15.25%	0.61%	6.68%	10.70%	2.08%	0.64%	0.68%

Frequently Asked Questions

Can I hold both FHJVX and ESMAX in my portfolio?

FHJVX and ESMAX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHJVX or ESMAX?

FHJVX has higher volatility (6.33%) compared to ESMAX (5.10%). In terms of maximum drawdown, FHJVX dropped -38.41% vs ESMAX's -65.90%.

Which has better risk-adjusted returns?

FHJVX currently has the higher Sharpe Ratio (1.12 vs 1.06), 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.