FIASX vs. QQQ

Last updated Jun 23, 2026

FIASX (Fidelity Advisor International Small Cap Fund Class A) and QQQ (Invesco QQQ ETF) are both funds - FIASX is a Foreign Small & Mid Cap Equities fund managed by Fidelity, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 10 years, FIASX returned 8.79%/yr vs 22.48%/yr for QQQ. A 0.55 correlation means they provide meaningful diversification when combined. FIASX charges 1.29%/yr vs 0.18%/yr for QQQ.

Performance

FIASX vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor International Small Cap Fund Class A (FIASX) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIASX achieves a 11.18% return, which is significantly lower than QQQ's 20.41% return. Over the past 10 years, FIASX has underperformed QQQ with an annualized return of 8.79%, while QQQ has yielded a comparatively higher 22.48% annualized return.

FIASX

• 1D: 0.86%
• 1M: 1.42%
• YTD: 11.18%
• 6M: 11.70%
• 1Y: 19.84%
• 3Y*: 13.59%
• 5Y*: 6.77%
• 10Y*: 8.79%

QQQ

• 1D: -0.25%
• 1M: 2.96%
• YTD: 20.41%
• 6M: 19.46%
• 1Y: 40.91%
• 3Y*: 27.47%
• 5Y*: 16.94%
• 10Y*: 22.48%

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

FIASX vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIASX Fidelity Advisor International Small Cap Fund Class A	11.18%	24.33%	-0.23%	19.32%	-16.90%	13.15%	9.63%	21.14%	-16.35%	31.47%
QQQ Invesco QQQ ETF	20.41%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between FIASX and QQQ is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Sep 30, 2002	0.55

The correlation between FIASX and QQQ has been stable across timeframes, ranging from 0.55 to 0.65 - a consistent structural relationship.

FIASX vs. QQQ - Sectors Allocation Comparison

Sectors	FIASX	QQQ
Industrials	21.7%	2.6%
Financial Services	16.1%	0.2%
Consumer Cyclical	11.3%	11.4%
Consumer Defensive	10.5%	6.4%
Basic Materials	9.4%	1.0%
Technology	8.6%	58.7%
Healthcare	7.6%	3.7%
Real Estate	5.8%	0.1%
Communication Services	4.2%	14.3%
Energy	3.9%	0.5%
Utilities	1.1%	1.2%

Return for Risk

FIASX vs. QQQ — Risk / Return Rank

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

FIASX

FIASX Risk / Return Rank: 30
FIASX Sharpe Ratio Rank: 30
FIASX Sortino Ratio Rank: 32
FIASX Omega Ratio Rank: 32
FIASX Calmar Ratio Rank: 26
FIASX Martin Ratio Rank: 29

QQQ

QQQ Risk / Return Rank: 72
QQQ Sharpe Ratio Rank: 76
QQQ Sortino Ratio Rank: 70
QQQ Omega Ratio Rank: 72
QQQ Calmar Ratio Rank: 70
QQQ Martin Ratio Rank: 71

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.

FIASX vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor International Small Cap Fund Class A (FIASX) and Invesco QQQ ETF (QQQ). 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.

	FIASX	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.33	-0.85
Sortino ratio: Return per unit of downside risk	2.16	3.03	-0.87
Omega ratio: Gain probability vs. loss probability	1.28	1.41	-0.13
Calmar ratio: Return relative to maximum drawdown	1.77	3.44	-1.67
Martin ratio: Return relative to average drawdown	6.23	12.79	-6.56

FIASX vs. QQQ - Sharpe Ratio Comparison

The current FIASX Sharpe Ratio is 1.48, which is lower than the QQQ Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of FIASX and QQQ, 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

FIASX vs. QQQ - Drawdown Comparison

The maximum FIASX drawdown since its inception was -60.99%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for FIASX and QQQ.

Drawdown Indicators

	FIASX	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-60.99%	-82.97%	+21.98%
Max Drawdown (1Y) Largest decline over 1 year	-10.76%	-11.96%	+1.20%
Max Drawdown (3Y) Largest decline over 3 years	-12.80%	-22.77%	+9.97%
Max Drawdown (5Y) Largest decline over 5 years	-31.25%	-35.12%	+3.87%
Max Drawdown (10Y) Largest decline over 10 years	-39.16%	-35.12%	-4.04%
Current Drawdown Current decline from peak	-0.12%	-0.99%	+0.87%
Average Drawdown Average peak-to-trough decline	-10.77%	-32.73%	+21.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	3.21%	-0.16%

Volatility

FIASX vs. QQQ - Volatility Comparison

The current volatility for Fidelity Advisor International Small Cap Fund Class A (FIASX) is 5.02%, while Invesco QQQ ETF (QQQ) has a volatility of 8.47%. This indicates that FIASX experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIASX	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	8.47%	-3.45%
Volatility (6M) Calculated over the trailing 6-month period	10.95%	14.20%	-3.25%
Volatility (1Y) Calculated over the trailing 1-year period	12.87%	17.67%	-4.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.68%	22.64%	-8.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.07%	22.43%	-8.36%

FIASX vs. QQQ - Expense Ratio Comparison

FIASX has a 1.29% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

FIASX vs. QQQ - Dividend Comparison

FIASX's dividend yield for the trailing twelve months is around 3.07%, more than QQQ's 0.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIASX Fidelity Advisor International Small Cap Fund Class A	3.07%	3.41%	2.40%	1.67%	0.42%	7.18%	0.56%	2.11%	5.95%	2.51%	2.46%	2.85%
QQQ Invesco QQQ ETF	0.49%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both FIASX and QQQ in my portfolio?

FIASX and QQQ have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIASX or QQQ?

QQQ has higher volatility (8.47%) compared to FIASX (5.02%). In terms of maximum drawdown, FIASX dropped -60.99% vs QQQ's -82.97%.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.33 vs 1.48), 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.