FHKCX vs. PEP

Last updated Jun 13, 2026

FHKCX (Fidelity China Region Fund) is China Equities fund managed by Fidelity, while PEP (PepsiCo, Inc.) is a stock. Over the past 10 years, FHKCX returned 15.22%/yr vs 6.62%/yr for PEP. At a 0.15 correlation, their price movements are largely independent.

Performance

FHKCX vs. PEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity China Region Fund (FHKCX) and PepsiCo, Inc. (PEP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHKCX achieves a 33.90% return, which is significantly higher than PEP's 2.49% return. Over the past 10 years, FHKCX has outperformed PEP with an annualized return of 15.22%, while PEP has yielded a comparatively lower 6.62% annualized return.

FHKCX

• 1D: 4.07%
• 1M: -0.99%
• YTD: 33.90%
• 6M: 36.76%
• 1Y: 69.00%
• 3Y*: 31.30%
• 5Y*: 8.13%
• 10Y*: 15.22%

PEP

• 1D: 0.38%
• 1M: -2.33%
• YTD: 2.49%
• 6M: -2.36%
• 1Y: 13.36%
• 3Y*: -4.09%
• 5Y*: 2.73%
• 10Y*: 6.62%

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

FHKCX vs. PEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FHKCX Fidelity China Region Fund	33.90%	42.56%	23.15%	-0.29%	-23.87%	-13.69%	47.85%	35.12%	-17.43%	51.94%
PEP PepsiCo, Inc.	2.49%	-1.85%	-7.60%	-3.29%	6.78%	20.56%	11.67%	27.38%	-4.81%	17.82%

Correlation

The correlation between FHKCX and PEP is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Mar 29, 1996	0.15

The correlation between FHKCX and PEP shifts across timeframes, from -0.05 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FHKCX vs. PEP — Risk / Return Rank

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

FHKCX

FHKCX Risk / Return Rank: 93
FHKCX Sharpe Ratio Rank: 96
FHKCX Sortino Ratio Rank: 87
FHKCX Omega Ratio Rank: 87
FHKCX Calmar Ratio Rank: 97
FHKCX Martin Ratio Rank: 95

PEP

PEP Risk / Return Rank: 60
PEP Sharpe Ratio Rank: 64
PEP Sortino Ratio Rank: 59
PEP Omega Ratio Rank: 55
PEP Calmar Ratio Rank: 60
PEP Martin Ratio Rank: 63

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.

FHKCX vs. PEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity China Region Fund (FHKCX) and PepsiCo, Inc. (PEP). 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.

	FHKCX	PEP	Difference
Sharpe ratio: Return per unit of total volatility	3.08	0.62	+2.46
Sortino ratio: Return per unit of downside risk	3.70	1.11	+2.59
Omega ratio: Gain probability vs. loss probability	1.53	1.12	+0.41
Calmar ratio: Return relative to maximum drawdown	6.43	0.83	+5.61
Martin ratio: Return relative to average drawdown	19.26	2.11	+17.15

FHKCX vs. PEP - Sharpe Ratio Comparison

The current FHKCX Sharpe Ratio is 3.08, which is higher than the PEP Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of FHKCX and PEP, 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

FHKCX vs. PEP - Drawdown Comparison

The maximum FHKCX drawdown since its inception was -61.96%, smaller than the maximum PEP drawdown of -73.92%. Use the drawdown chart below to compare losses from any high point for FHKCX and PEP.

Drawdown Indicators

	FHKCX	PEP	Difference
Max Drawdown Largest peak-to-trough decline	-61.96%	-73.92%	+11.96%
Max Drawdown (1Y) Largest decline over 1 year	-10.80%	-16.25%	+5.45%
Max Drawdown (3Y) Largest decline over 3 years	-22.02%	-29.17%	+7.15%
Max Drawdown (5Y) Largest decline over 5 years	-52.42%	-30.32%	-22.10%
Max Drawdown (10Y) Largest decline over 10 years	-58.41%	-30.32%	-28.09%
Current Drawdown Current decline from peak	-4.29%	-17.75%	+13.46%
Average Drawdown Average peak-to-trough decline	-20.25%	-13.65%	-6.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	6.37%	-2.77%

Volatility

FHKCX vs. PEP - Volatility Comparison

Fidelity China Region Fund (FHKCX) has a higher volatility of 10.32% compared to PepsiCo, Inc. (PEP) at 5.39%. This indicates that FHKCX's price experiences larger fluctuations and is considered to be riskier than PEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHKCX	PEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.32%	5.39%	+4.93%
Volatility (6M) Calculated over the trailing 6-month period	18.40%	14.62%	+3.78%
Volatility (1Y) Calculated over the trailing 1-year period	22.56%	21.71%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.47%	18.39%	+6.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.44%	19.67%	+2.77%

Dividends

FHKCX vs. PEP - Dividend Comparison

FHKCX's dividend yield for the trailing twelve months is around 1.31%, less than PEP's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHKCX Fidelity China Region Fund	1.31%	1.75%	1.39%	1.92%	1.05%	10.77%	4.85%	0.66%	0.83%	0.39%	1.35%	15.47%
PEP PepsiCo, Inc.	3.98%	3.92%	3.51%	2.91%	2.50%	2.45%	2.71%	2.77%	3.25%	2.64%	2.83%	2.76%

Frequently Asked Questions

Can I hold both FHKCX and PEP in my portfolio?

FHKCX and PEP have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHKCX or PEP?

FHKCX has higher volatility (10.32%) compared to PEP (5.39%). In terms of maximum drawdown, FHKCX dropped -61.96% vs PEP's -73.92%.

Which has better risk-adjusted returns?

FHKCX currently has the higher Sharpe Ratio (3.08 vs 0.62), 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.