FHKAX vs. TRCLX
FHKAX (Fidelity Advisor China Region Fund Class A) and TRCLX (T. Rowe Price China Evolution Equity Fund) are both China Equities funds. Over the past 5 years, FHKAX returned 8.62%/yr vs 2.02%/yr for TRCLX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. FHKAX charges 1.21%/yr vs 1.04%/yr for TRCLX.
Performance
FHKAX vs. TRCLX - Performance Comparison
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Returns By Period
In the year-to-date period, FHKAX achieves a 25.60% return, which is significantly higher than TRCLX's 18.94% return.
FHKAX
- 1D
- 2.48%
- 1M
- -4.88%
- 6M
- 13.37%
- YTD
- 25.60%
- 1Y
- 52.27%
- 3Y*
- 26.74%
- 5Y*
- 8.62%
- 10Y*
- 13.06%
- ALL TIME*
- 8.32%
TRCLX
- 1D
- 0.18%
- 1M
- -11.88%
- 6M
- 8.51%
- YTD
- 18.94%
- 1Y
- 42.58%
- 3Y*
- 15.02%
- 5Y*
- 2.02%
- 10Y*
- —
- ALL TIME*
- 11.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FHKAX vs. TRCLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FHKAX Fidelity Advisor China Region Fund Class A | 25.60% | 42.19% | 22.84% | -0.60% | -24.09% | -13.95% | 47.37% | 7.52% |
TRCLX T. Rowe Price China Evolution Equity Fund | 18.94% | 36.23% | 10.95% | -15.51% | -26.24% | 6.28% | 59.73% | 6.20% |
Correlation
The correlation between FHKAX and TRCLX is 0.70, 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. | 0.70 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2019 | 0.79 |
The correlation between FHKAX and TRCLX has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.
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Return for Risk
FHKAX vs. TRCLX — Risk / Return Rank
FHKAX
TRCLX
FHKAX vs. TRCLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor China Region Fund Class A (FHKAX) 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.
| FHKAX | TRCLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.30 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 4.00 | 2.30 | +1.70 |
| Martin ratioReturn relative to average drawdown | 11.39 | 8.66 | +2.73 |
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Drawdowns
FHKAX vs. TRCLX - Drawdown Comparison
The maximum FHKAX drawdown since its inception was -58.62%, which is greater than TRCLX's maximum drawdown of -50.67%. Use the drawdown chart below to compare losses from any high point for FHKAX and TRCLX.
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Drawdown Indicators
| FHKAX | TRCLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.62% | -50.67% | -7.95% |
Max Drawdown (1Y)Largest decline over 1 year | -12.29% | -17.36% | +5.07% |
Max Drawdown (3Y)Largest decline over 3 years | -22.15% | -23.94% | +1.79% |
Max Drawdown (5Y)Largest decline over 5 years | -48.34% | -47.71% | -0.63% |
Max Drawdown (10Y)Largest decline over 10 years | -58.62% | — | — |
Current DrawdownCurrent decline from peak | -10.12% | -16.27% | +6.15% |
Average DrawdownAverage peak-to-trough decline | -18.87% | -22.36% | +3.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.31% | 4.61% | -0.30% |
Volatility
FHKAX vs. TRCLX - Volatility Comparison
The current volatility for Fidelity Advisor China Region Fund Class A (FHKAX) is 8.72%, while T. Rowe Price China Evolution Equity Fund (TRCLX) has a volatility of 11.25%. This indicates that FHKAX experiences smaller price fluctuations and is considered to be less risky than TRCLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FHKAX | TRCLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.72% | 11.25% | -2.53% |
Volatility (6M)Calculated over the trailing 6-month period | 20.80% | 19.96% | +0.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.78% | 23.19% | +1.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.69% | 23.68% | +1.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.65% | 23.85% | -1.20% |
FHKAX vs. TRCLX - Expense Ratio Comparison
FHKAX has a 1.21% expense ratio, which is higher than TRCLX's 1.04% expense ratio.
Dividends
FHKAX vs. TRCLX - Dividend Comparison
FHKAX's dividend yield for the trailing twelve months is around 1.27%, less than TRCLX's 1.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FHKAX Fidelity Advisor China Region Fund Class A | 1.27% | 1.59% | 1.22% | 1.58% | 0.59% | 10.80% | 4.71% | 0.38% | 0.39% | 0.21% | 0.99% | 15.33% |
TRCLX T. Rowe Price China Evolution Equity Fund | 1.37% | 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
FHKAX and TRCLX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TRCLX has higher volatility (11.25%) compared to FHKAX (8.72%). In terms of maximum drawdown, FHKAX dropped -58.62% vs TRCLX's -50.67%.
FHKAX currently has the higher Sharpe Ratio (1.99 vs 1.72), 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.
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