FHKIX vs. ASIAX

Last updated Jul 14, 2026

FHKIX (Fidelity Advisor China Region Fund Class I) and ASIAX (Invesco EQV Asia Pacific Equity Fund) are both mutual funds - FHKIX is a China Equities fund managed by Fidelity, while ASIAX is a Asia Pacific Equities fund managed by Invesco. Over the past 10 years, FHKIX returned 14.27%/yr vs 7.91%/yr for ASIAX. Their correlation of 0.84 suggests significant overlap in exposure. FHKIX charges 0.93%/yr vs 1.45%/yr for ASIAX.

Performance

FHKIX vs. ASIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor China Region Fund Class I (FHKIX) and Invesco EQV Asia Pacific Equity Fund (ASIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHKIX achieves a 33.09% return, which is significantly higher than ASIAX's 13.12% return. Over the past 10 years, FHKIX has outperformed ASIAX with an annualized return of 14.27%, while ASIAX has yielded a comparatively lower 7.91% annualized return.

FHKIX

• 1D: -0.37%
• 1M: -0.73%
• 6M: 23.00%
• YTD: 33.09%
• 1Y: 65.09%
• 3Y*: 31.71%
• 5Y*: 8.77%
• 10Y*: 14.27%

ASIAX

• 1D: 0.45%
• 1M: -1.59%
• 6M: 8.08%
• YTD: 13.12%
• 1Y: 31.35%
• 3Y*: 15.05%
• 5Y*: 5.88%
• 10Y*: 7.91%

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

FHKIX vs. ASIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FHKIX Fidelity Advisor China Region Fund Class I	33.09%	42.60%	23.15%	-0.28%	-23.85%	-13.71%	47.80%	35.11%	-17.43%	51.93%
ASIAX Invesco EQV Asia Pacific Equity Fund	13.12%	24.56%	9.59%	0.87%	-10.82%	-6.10%	25.76%	17.78%	-11.50%	29.13%

Correlation

The correlation between FHKIX and ASIAX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since May 8, 2008	0.84

The correlation between FHKIX and ASIAX has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.

Return for Risk

FHKIX vs. ASIAX — Risk / Return Rank

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

FHKIX

FHKIX Risk / Return Rank: 92
FHKIX Sharpe Ratio Rank: 95
FHKIX Sortino Ratio Rank: 85
FHKIX Omega Ratio Rank: 86
FHKIX Calmar Ratio Rank: 97
FHKIX Martin Ratio Rank: 95

ASIAX

ASIAX Risk / Return Rank: 63
ASIAX Sharpe Ratio Rank: 63
ASIAX Sortino Ratio Rank: 54
ASIAX Omega Ratio Rank: 67
ASIAX Calmar Ratio Rank: 75
ASIAX Martin Ratio Rank: 57

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.

FHKIX vs. ASIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor China Region Fund Class I (FHKIX) and Invesco EQV Asia Pacific Equity Fund (ASIAX). 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.

	FHKIX	ASIAX	Difference
Sharpe ratio: Return per unit of total volatility	2.75	1.76	+0.99
Sortino ratio: Return per unit of downside risk	3.32	2.35	+0.97
Omega ratio: Gain probability vs. loss probability	1.47	1.34	+0.13
Calmar ratio: Return relative to maximum drawdown	6.06	2.71	+3.35
Martin ratio: Return relative to average drawdown	17.37	8.94	+8.43

FHKIX vs. ASIAX - Sharpe Ratio Comparison

The current FHKIX Sharpe Ratio is 2.75, which is higher than the ASIAX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of FHKIX and ASIAX, 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

FHKIX vs. ASIAX - Drawdown Comparison

The maximum FHKIX drawdown since its inception was -58.42%, smaller than the maximum ASIAX drawdown of -63.78%. Use the drawdown chart below to compare losses from any high point for FHKIX and ASIAX.

Drawdown Indicators

	FHKIX	ASIAX	Difference
Max Drawdown Largest peak-to-trough decline	-58.42%	-63.78%	+5.36%
Max Drawdown (1Y) Largest decline over 1 year	-10.80%	-11.73%	+0.93%
Max Drawdown (3Y) Largest decline over 3 years	-22.02%	-20.36%	-1.66%
Max Drawdown (5Y) Largest decline over 5 years	-50.70%	-28.66%	-22.04%
Max Drawdown (10Y) Largest decline over 10 years	-58.42%	-36.32%	-22.10%
Current Drawdown Current decline from peak	-4.87%	-5.91%	+1.04%
Average Drawdown Average peak-to-trough decline	-18.59%	-15.06%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	3.54%	+0.22%

Volatility

FHKIX vs. ASIAX - Volatility Comparison

Fidelity Advisor China Region Fund Class I (FHKIX) has a higher volatility of 10.05% compared to Invesco EQV Asia Pacific Equity Fund (ASIAX) at 7.88%. This indicates that FHKIX's price experiences larger fluctuations and is considered to be riskier than ASIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHKIX	ASIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.05%	7.88%	+2.17%
Volatility (6M) Calculated over the trailing 6-month period	19.79%	15.58%	+4.21%
Volatility (1Y) Calculated over the trailing 1-year period	23.78%	18.04%	+5.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.66%	15.57%	+9.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.55%	15.46%	+7.09%

FHKIX vs. ASIAX - Expense Ratio Comparison

FHKIX has a 0.93% expense ratio, which is lower than ASIAX's 1.45% expense ratio.

Dividends

FHKIX vs. ASIAX - Dividend Comparison

FHKIX's dividend yield for the trailing twelve months is around 1.38%, less than ASIAX's 18.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASIAX Invesco EQV Asia Pacific Equity Fund	18.93%	21.41%	8.68%	2.84%	7.25%	7.71%	7.37%	5.67%	7.17%	7.91%	1.09%	3.15%
FHKIX Fidelity Advisor China Region Fund Class I	1.38%	1.84%	1.44%	1.89%	1.04%	10.81%	4.90%	0.65%	0.79%	0.44%	1.40%	15.62%

Frequently Asked Questions

Can I hold both FHKIX and ASIAX in my portfolio?

FHKIX and ASIAX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHKIX or ASIAX?

FHKIX has higher volatility (10.05%) compared to ASIAX (7.88%). In terms of maximum drawdown, FHKIX dropped -58.42% vs ASIAX's -63.78%.

Which has better risk-adjusted returns?

FHKIX currently has the higher Sharpe Ratio (2.75 vs 1.76), 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.