FHKCX vs. VALE

Last updated Jun 9, 2026

FHKCX (Fidelity China Region Fund) is China Equities fund managed by Fidelity, while VALE (Vale S.A.) is a stock. Over the past 10 years, FHKCX returned 14.35%/yr vs 20.98%/yr for VALE. At a 0.45 correlation, their price movements are largely independent.

Performance

FHKCX vs. VALE - Performance Comparison

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

Returns By Period

In the year-to-date period, FHKCX achieves a 29.64% return, which is significantly higher than VALE's 15.04% return. Over the past 10 years, FHKCX has underperformed VALE with an annualized return of 14.35%, while VALE has yielded a comparatively higher 20.98% annualized return.

FHKCX

• 1D: -5.93%
• 1M: -3.92%
• YTD: 29.64%
• 6M: 30.43%
• 1Y: 68.65%
• 3Y*: 30.45%
• 5Y*: 7.32%
• 10Y*: 14.35%

VALE

• 1D: -1.58%
• 1M: -9.86%
• YTD: 15.04%
• 6M: 19.11%
• 1Y: 66.24%
• 3Y*: 10.73%
• 5Y*: 1.65%
• 10Y*: 20.98%

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

FHKCX vs. VALE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FHKCX Fidelity China Region Fund	29.64%	42.56%	23.15%	-0.29%	-23.87%	-13.69%	47.85%	35.12%	-17.43%	51.94%
VALE Vale S.A.	15.04%	60.70%	-38.83%	1.57%	32.54%	-1.45%	32.40%	2.72%	12.25%	68.03%

Correlation

The correlation between FHKCX and VALE is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Mar 22, 2002	0.45

The correlation between FHKCX and VALE has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.

Return for Risk

FHKCX vs. VALE — Risk / Return Rank

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

FHKCX

FHKCX Risk / Return Rank: 89
FHKCX Sharpe Ratio Rank: 94
FHKCX Sortino Ratio Rank: 81
FHKCX Omega Ratio Rank: 83
FHKCX Calmar Ratio Rank: 96
FHKCX Martin Ratio Rank: 93

VALE

VALE Risk / Return Rank: 87
VALE Sharpe Ratio Rank: 90
VALE Sortino Ratio Rank: 86
VALE Omega Ratio Rank: 85
VALE Calmar Ratio Rank: 86
VALE Martin Ratio Rank: 90

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. VALE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity China Region Fund (FHKCX) and Vale S.A. (VALE). 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.

	FHKCX	VALE	Difference
Sharpe ratio: Return per unit of total volatility	3.13	2.09	+1.04
Sortino ratio: Return per unit of downside risk	3.73	2.65	+1.07
Omega ratio: Gain probability vs. loss probability	1.54	1.34	+0.20
Calmar ratio: Return relative to maximum drawdown	6.41	3.35	+3.06
Martin ratio: Return relative to average drawdown	19.68	11.56	+8.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHKCX vs. VALE - Sharpe Ratio Comparison

The current FHKCX Sharpe Ratio is 3.13, which is higher than the VALE Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of FHKCX and VALE, 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

	FHKCX	VALE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.13	2.09	+1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.05	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.52	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.30	+0.12

Drawdowns

FHKCX vs. VALE - Drawdown Comparison

The maximum FHKCX drawdown since its inception was -61.96%, smaller than the maximum VALE drawdown of -92.78%. Use the drawdown chart below to compare losses from any high point for FHKCX and VALE.

Drawdown Indicators

	FHKCX	VALE	Difference
Max Drawdown Largest peak-to-trough decline	-61.96%	-92.78%	+30.82%
Max Drawdown (1Y) Largest decline over 1 year	-10.80%	-19.85%	+9.05%
Max Drawdown (3Y) Largest decline over 3 years	-22.02%	-41.94%	+19.92%
Max Drawdown (5Y) Largest decline over 5 years	-52.42%	-49.79%	-2.63%
Max Drawdown (10Y) Largest decline over 10 years	-58.41%	-57.60%	-0.81%
Current Drawdown Current decline from peak	-7.33%	-15.88%	+8.55%
Average Drawdown Average peak-to-trough decline	-20.26%	-36.72%	+16.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	5.75%	-2.24%

Volatility

FHKCX vs. VALE - Volatility Comparison

Fidelity China Region Fund (FHKCX) and Vale S.A. (VALE) have volatilities of 9.34% and 9.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHKCX	VALE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.34%	9.08%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	17.87%	26.61%	-8.74%
Volatility (1Y) Calculated over the trailing 1-year period	22.12%	31.92%	-9.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.38%	35.45%	-11.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.40%	40.87%	-18.47%

Dividends

FHKCX vs. VALE - Dividend Comparison

FHKCX's dividend yield for the trailing twelve months is around 1.35%, less than VALE's 3.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHKCX Fidelity China Region Fund	1.35%	1.75%	1.39%	1.92%	1.05%	10.77%	4.85%	0.66%	0.83%	0.39%	1.35%	15.47%
VALE Vale S.A.	3.83%	7.29%	11.41%	7.75%	8.63%	19.70%	2.72%	2.63%	4.16%	3.77%	1.06%	7.48%

Frequently Asked Questions

Can I hold both FHKCX and VALE in my portfolio?

FHKCX and VALE have a correlation of 0.51, 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 VALE?

FHKCX has higher volatility (9.34%) compared to VALE (9.08%). In terms of maximum drawdown, FHKCX dropped -61.96% vs VALE's -92.78%.

Which has better risk-adjusted returns?

FHKCX currently has the higher Sharpe Ratio (3.13 vs 2.09), 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.