FHKTX vs. FSEAX

Last updated Jul 17, 2026

FHKTX (Fidelity Advisor China Region Fund Class M) and FSEAX (Fidelity Emerging Asia Fund) are both mutual funds - FHKTX is a China Equities fund managed by Fidelity, while FSEAX is a Asia Pacific Equities fund managed by Fidelity. Over the past 10 years, FHKTX returned 13.36%/yr vs 14.86%/yr for FSEAX. Their correlation of 0.92 suggests significant overlap in exposure. FHKTX charges 1.50%/yr vs 1.02%/yr for FSEAX.

Performance

FHKTX vs. FSEAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor China Region Fund Class M (FHKTX) and Fidelity Emerging Asia Fund (FSEAX). 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 FHKTX having a 30.87% return and FSEAX slightly higher at 31.66%. Over the past 10 years, FHKTX has underperformed FSEAX with an annualized return of 13.36%, while FSEAX has yielded a comparatively higher 14.86% annualized return.

FHKTX

• 1D: 0.65%
• 1M: -2.76%
• 6M: 21.27%
• YTD: 30.87%
• 1Y: 58.09%
• 3Y*: 29.04%
• 5Y*: 7.94%
• 10Y*: 13.36%

FSEAX

• 1D: 0.93%
• 1M: -2.44%
• 6M: 23.13%
• YTD: 31.66%
• 1Y: 51.66%
• 3Y*: 30.49%
• 5Y*: 7.71%
• 10Y*: 14.86%

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

FHKTX vs. FSEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FHKTX Fidelity Advisor China Region Fund Class M	30.87%	41.85%	22.53%	-0.84%	-24.32%	-14.20%	46.95%	34.26%	-17.96%	50.94%
FSEAX Fidelity Emerging Asia Fund	31.66%	36.43%	21.80%	13.58%	-31.26%	-14.91%	73.43%	30.97%	-15.08%	45.13%

Correlation

The correlation between FHKTX and FSEAX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since May 8, 2008	0.92

The correlation between FHKTX and FSEAX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

FHKTX vs. FSEAX — Risk / Return Rank

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

FHKTX

FHKTX Risk / Return Rank: 88
FHKTX Sharpe Ratio Rank: 89
FHKTX Sortino Ratio Rank: 79
FHKTX Omega Ratio Rank: 82
FHKTX Calmar Ratio Rank: 97
FHKTX Martin Ratio Rank: 93

FSEAX

FSEAX Risk / Return Rank: 83
FSEAX Sharpe Ratio Rank: 83
FSEAX Sortino Ratio Rank: 70
FSEAX Omega Ratio Rank: 80
FSEAX Calmar Ratio Rank: 92
FSEAX Martin Ratio Rank: 87

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.

FHKTX vs. FSEAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor China Region Fund Class M (FHKTX) and Fidelity Emerging Asia Fund (FSEAX). 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.

	FHKTX	FSEAX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.19	+0.28
Sortino ratio: Return per unit of downside risk	3.03	2.65	+0.38
Omega ratio: Gain probability vs. loss probability	1.42	1.40	+0.02
Calmar ratio: Return relative to maximum drawdown	5.44	3.90	+1.54
Martin ratio: Return relative to average drawdown	15.25	12.68	+2.58

FHKTX vs. FSEAX - Sharpe Ratio Comparison

The current FHKTX Sharpe Ratio is 2.47, which is comparable to the FSEAX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of FHKTX and FSEAX, 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

FHKTX vs. FSEAX - Drawdown Comparison

The maximum FHKTX drawdown since its inception was -58.83%, smaller than the maximum FSEAX drawdown of -65.59%. Use the drawdown chart below to compare losses from any high point for FHKTX and FSEAX.

Drawdown Indicators

	FHKTX	FSEAX	Difference
Max Drawdown Largest peak-to-trough decline	-58.83%	-65.59%	+6.76%
Max Drawdown (1Y) Largest decline over 1 year	-10.83%	-13.42%	+2.59%
Max Drawdown (3Y) Largest decline over 3 years	-22.25%	-17.54%	-4.71%
Max Drawdown (5Y) Largest decline over 5 years	-50.33%	-51.31%	+0.98%
Max Drawdown (10Y) Largest decline over 10 years	-58.83%	-58.07%	-0.76%
Current Drawdown Current decline from peak	-6.24%	-6.80%	+0.56%
Average Drawdown Average peak-to-trough decline	-19.01%	-24.61%	+5.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	4.12%	-0.26%

Volatility

FHKTX vs. FSEAX - Volatility Comparison

The current volatility for Fidelity Advisor China Region Fund Class M (FHKTX) is 9.33%, while Fidelity Emerging Asia Fund (FSEAX) has a volatility of 10.58%. This indicates that FHKTX experiences smaller price fluctuations and is considered to be less risky than FSEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHKTX	FSEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.33%	10.58%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	19.91%	21.64%	-1.73%
Volatility (1Y) Calculated over the trailing 1-year period	23.95%	23.98%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.71%	23.65%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.57%	21.41%	+1.16%

FHKTX vs. FSEAX - Expense Ratio Comparison

FHKTX has a 1.50% expense ratio, which is higher than FSEAX's 1.02% expense ratio.

Dividends

FHKTX vs. FSEAX - Dividend Comparison

FHKTX's dividend yield for the trailing twelve months is around 0.97%, more than FSEAX's 0.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHKTX Fidelity Advisor China Region Fund Class M	0.97%	1.27%	1.10%	1.27%	0.29%	10.88%	4.51%	0.02%	0.00%	0.00%	0.69%	14.81%
FSEAX Fidelity Emerging Asia Fund	0.16%	0.22%	0.00%	0.08%	0.00%	14.14%	14.10%	6.15%	3.44%	0.05%	1.26%	0.44%

Frequently Asked Questions

Can I hold both FHKTX and FSEAX in my portfolio?

With a correlation of 0.92, FHKTX and FSEAX 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, FHKTX or FSEAX?

FSEAX has higher volatility (10.58%) compared to FHKTX (9.33%). In terms of maximum drawdown, FHKTX dropped -58.83% vs FSEAX's -65.59%.

Which has better risk-adjusted returns?

FHKTX currently has the higher Sharpe Ratio (2.47 vs 2.19), 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.