FIDZX vs. FSOSX

Last updated Jun 4, 2026

FIDZX (Fidelity Advisor International Capital Appreciation Fund Class Z) and FSOSX (Fidelity Series Overseas Fund) are both Foreign Large Cap Equities funds from Fidelity. Over the past 5 years, FIDZX returned 7.37%/yr vs 6.73%/yr for FSOSX. With a 0.95 correlation, they move nearly in lockstep. FIDZX charges 0.85%/yr vs 0.01%/yr for FSOSX.

Performance

FIDZX vs. FSOSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor International Capital Appreciation Fund Class Z (FIDZX) and Fidelity Series Overseas Fund (FSOSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIDZX achieves a 10.20% return, which is significantly higher than FSOSX's 5.63% return.

FIDZX

• 1D: 1.10%
• 1M: 5.87%
• YTD: 10.20%
• 6M: 12.67%
• 1Y: 13.92%
• 3Y*: 15.98%
• 5Y*: 7.37%
• 10Y*: —

FSOSX

• 1D: 0.96%
• 1M: 3.89%
• YTD: 5.63%
• 6M: 7.55%
• 1Y: 8.98%
• 3Y*: 13.16%
• 5Y*: 6.73%
• 10Y*: —

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

FIDZX vs. FSOSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FIDZX Fidelity Advisor International Capital Appreciation Fund Class Z	10.20%	18.83%	8.15%	27.79%	-26.45%	12.40%	22.36%	8.08%
FSOSX Fidelity Series Overseas Fund	5.63%	21.29%	5.87%	21.49%	-23.25%	19.59%	16.36%	7.78%

Correlation

The correlation between FIDZX and FSOSX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jul 1, 2019	0.95

The correlation between FIDZX and FSOSX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

FIDZX vs. FSOSX — Risk / Return Rank

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

FIDZX

FIDZX Risk / Return Rank: 10
FIDZX Sharpe Ratio Rank: 10
FIDZX Sortino Ratio Rank: 10
FIDZX Omega Ratio Rank: 10
FIDZX Calmar Ratio Rank: 10
FIDZX Martin Ratio Rank: 12

FSOSX

FSOSX Risk / Return Rank: 7
FSOSX Sharpe Ratio Rank: 6
FSOSX Sortino Ratio Rank: 6
FSOSX Omega Ratio Rank: 6
FSOSX Calmar Ratio Rank: 7
FSOSX Martin Ratio Rank: 8

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.

FIDZX vs. FSOSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor International Capital Appreciation Fund Class Z (FIDZX) and Fidelity Series Overseas Fund (FSOSX). 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.

	FIDZX	FSOSX	Difference
Sharpe ratio: Return per unit of total volatility	0.80	0.50	+0.30
Sortino ratio: Return per unit of downside risk	1.24	0.83	+0.41
Omega ratio: Gain probability vs. loss probability	1.15	1.10	+0.05
Calmar ratio: Return relative to maximum drawdown	0.95	0.68	+0.27
Martin ratio: Return relative to average drawdown	3.60	2.42	+1.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIDZX vs. FSOSX - Sharpe Ratio Comparison

The current FIDZX Sharpe Ratio is 0.80, which is higher than the FSOSX Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of FIDZX and FSOSX, 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

	FIDZX	FSOSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	0.50	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.38	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.51	+0.11

Drawdowns

FIDZX vs. FSOSX - Drawdown Comparison

The maximum FIDZX drawdown since its inception was -37.17%, which is greater than FSOSX's maximum drawdown of -35.36%. Use the drawdown chart below to compare losses from any high point for FIDZX and FSOSX.

Drawdown Indicators

	FIDZX	FSOSX	Difference
Max Drawdown Largest peak-to-trough decline	-37.17%	-35.36%	-1.81%
Max Drawdown (1Y) Largest decline over 1 year	-14.44%	-12.39%	-2.05%
Max Drawdown (3Y) Largest decline over 3 years	-16.24%	-14.07%	-2.17%
Max Drawdown (5Y) Largest decline over 5 years	-37.17%	-35.36%	-1.81%
Current Drawdown Current decline from peak	0.00%	-1.31%	+1.31%
Average Drawdown Average peak-to-trough decline	-7.54%	-7.78%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	3.46%	+0.33%

Volatility

FIDZX vs. FSOSX - Volatility Comparison

Fidelity Advisor International Capital Appreciation Fund Class Z (FIDZX) has a higher volatility of 6.60% compared to Fidelity Series Overseas Fund (FSOSX) at 6.14%. This indicates that FIDZX's price experiences larger fluctuations and is considered to be riskier than FSOSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIDZX	FSOSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.60%	6.14%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	15.07%	14.30%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	17.20%	16.80%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.80%	17.67%	+1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.33%	19.05%	-0.72%

FIDZX vs. FSOSX - Expense Ratio Comparison

FIDZX has a 0.85% expense ratio, which is higher than FSOSX's 0.01% expense ratio.

Dividends

FIDZX vs. FSOSX - Dividend Comparison

FIDZX's dividend yield for the trailing twelve months is around 5.05%, less than FSOSX's 8.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIDZX Fidelity Advisor International Capital Appreciation Fund Class Z	5.05%	5.57%	0.84%	0.46%	0.00%	3.90%	0.19%	0.63%	0.67%	0.28%
FSOSX Fidelity Series Overseas Fund	8.66%	9.15%	2.25%	1.63%	1.80%	2.92%	1.12%	0.37%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIDZX and FSOSX in my portfolio?

With a correlation of 0.94, FIDZX and FSOSX 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, FIDZX or FSOSX?

FIDZX has higher volatility (6.60%) compared to FSOSX (6.14%). In terms of maximum drawdown, FIDZX dropped -37.17% vs FSOSX's -35.36%.

Which has better risk-adjusted returns?

FIDZX currently has the higher Sharpe Ratio (0.80 vs 0.50), 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.