FHKIX vs. FIQFX

Last updated Jun 24, 2026

FHKIX (Fidelity Advisor China Region Fund Class I) and FIQFX (Fidelity Advisor China Region Fund Class Z) are both China Equities funds from Fidelity. Over the past 5 years, FHKIX returned 9.24%/yr vs 9.38%/yr for FIQFX. With a 1.00 correlation, they move nearly in lockstep. FHKIX charges 0.93%/yr vs 0.80%/yr for FIQFX.

Performance

FHKIX vs. FIQFX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with FHKIX having a 39.36% return and FIQFX slightly higher at 39.45%.

FHKIX

• 1D: 0.51%
• 1M: 4.92%
• YTD: 39.36%
• 6M: 40.46%
• 1Y: 79.76%
• 3Y*: 34.31%
• 5Y*: 9.24%
• 10Y*: 15.70%

FIQFX

• 1D: 0.49%
• 1M: 4.93%
• YTD: 39.45%
• 6M: 40.55%
• 1Y: 79.97%
• 3Y*: 34.48%
• 5Y*: 9.38%
• 10Y*: —

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

FHKIX vs. FIQFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FHKIX Fidelity Advisor China Region Fund Class I	39.36%	42.60%	23.15%	-0.28%	-23.85%	-13.71%	47.80%	35.11%	-2.72%
FIQFX Fidelity Advisor China Region Fund Class Z	39.45%	42.75%	23.34%	-0.13%	-23.76%	-13.61%	48.04%	35.33%	-1.81%

Correlation

The correlation between FHKIX and FIQFX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	1.00

The correlation between FHKIX and FIQFX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

FHKIX vs. FIQFX — Risk / Return Rank

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

FHKIX

FHKIX Risk / Return Rank: 94
FHKIX Sharpe Ratio Rank: 98
FHKIX Sortino Ratio Rank: 91
FHKIX Omega Ratio Rank: 89
FHKIX Calmar Ratio Rank: 98
FHKIX Martin Ratio Rank: 96

FIQFX

FIQFX Risk / Return Rank: 94
FIQFX Sharpe Ratio Rank: 98
FIQFX Sortino Ratio Rank: 91
FIQFX Omega Ratio Rank: 89
FIQFX Calmar Ratio Rank: 98
FIQFX Martin Ratio Rank: 96

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. FIQFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor China Region Fund Class I (FHKIX) and Fidelity Advisor China Region Fund Class Z (FIQFX). 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	FIQFX	Difference
Sharpe ratio: Return per unit of total volatility	3.56	3.57	-0.01
Sortino ratio: Return per unit of downside risk	4.16	4.16	-0.01
Omega ratio: Gain probability vs. loss probability	1.60	1.60	0.00
Calmar ratio: Return relative to maximum drawdown	7.52	7.56	-0.04
Martin ratio: Return relative to average drawdown	22.45	22.54	-0.10

FHKIX vs. FIQFX - Sharpe Ratio Comparison

The current FHKIX Sharpe Ratio is 3.56, which is comparable to the FIQFX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of FHKIX and FIQFX, 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. FIQFX - Drawdown Comparison

The maximum FHKIX drawdown since its inception was -58.42%, roughly equal to the maximum FIQFX drawdown of -58.33%. Use the drawdown chart below to compare losses from any high point for FHKIX and FIQFX.

Drawdown Indicators

	FHKIX	FIQFX	Difference
Max Drawdown Largest peak-to-trough decline	-58.42%	-58.33%	-0.09%
Max Drawdown (1Y) Largest decline over 1 year	-10.80%	-10.78%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-22.02%	-21.98%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-52.42%	-52.34%	-0.08%
Max Drawdown (10Y) Largest decline over 10 years	-58.42%	—	—
Current Drawdown Current decline from peak	-0.38%	-0.38%	0.00%
Average Drawdown Average peak-to-trough decline	-18.63%	-22.28%	+3.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	3.61%	0.00%

Volatility

FHKIX vs. FIQFX - Volatility Comparison

Fidelity Advisor China Region Fund Class I (FHKIX) and Fidelity Advisor China Region Fund Class Z (FIQFX) have volatilities of 10.29% and 10.31%, 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

	FHKIX	FIQFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.29%	10.31%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	18.66%	18.67%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	22.86%	22.88%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.52%	24.52%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.47%	24.23%	-1.76%

FHKIX vs. FIQFX - Expense Ratio Comparison

FHKIX has a 0.93% expense ratio, which is higher than FIQFX's 0.80% expense ratio.

Dividends

FHKIX vs. FIQFX - Dividend Comparison

FHKIX's dividend yield for the trailing twelve months is around 1.32%, less than FIQFX's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHKIX Fidelity Advisor China Region Fund Class I	1.32%	1.84%	1.44%	1.89%	1.04%	10.81%	4.90%	0.65%	0.79%	0.44%	1.40%	15.62%
FIQFX Fidelity Advisor China Region Fund Class Z	1.49%	2.07%	1.58%	2.14%	0.86%	11.06%	4.98%	0.84%	1.09%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FHKIX and FIQFX in my portfolio?

With a correlation of 1.00, FHKIX and FIQFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FHKIX or FIQFX?

FIQFX has higher volatility (10.31%) compared to FHKIX (10.29%). In terms of maximum drawdown, FHKIX dropped -58.42% vs FIQFX's -58.33%.

Which has better risk-adjusted returns?

FIQFX currently has the higher Sharpe Ratio (3.57 vs 3.56), 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.