FIDZX vs. FZAJX

Last updated Jun 23, 2026

FIDZX (Fidelity Advisor International Capital Appreciation Fund Class Z) and FZAJX (Fidelity Advisor International Growth Fund Class Z) are both Foreign Large Cap Equities funds from Fidelity. Over the past 5 years, FIDZX returned 8.10%/yr vs 6.74%/yr for FZAJX. With a 0.96 correlation, they move nearly in lockstep. FIDZX charges 0.85%/yr vs 0.87%/yr for FZAJX.

Performance

FIDZX vs. FZAJX - 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 Advisor International Growth Fund Class Z (FZAJX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIDZX achieves a 14.00% return, which is significantly higher than FZAJX's 12.85% return.

FIDZX

• 1D: 2.50%
• 1M: 7.95%
• YTD: 14.00%
• 6M: 13.85%
• 1Y: 19.38%
• 3Y*: 16.37%
• 5Y*: 8.10%
• 10Y*: —

FZAJX

• 1D: 2.24%
• 1M: 6.63%
• YTD: 12.85%
• 6M: 12.75%
• 1Y: 23.16%
• 3Y*: 13.68%
• 5Y*: 6.74%
• 10Y*: 10.13%

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

FIDZX vs. FZAJX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIDZX Fidelity Advisor International Capital Appreciation Fund Class Z	14.00%	18.83%	8.15%	27.79%	-26.45%	12.40%	22.36%	32.97%	-12.72%	28.67%
FZAJX Fidelity Advisor International Growth Fund Class Z	12.85%	18.02%	5.02%	21.03%	-23.11%	15.55%	17.11%	34.21%	-11.40%	22.21%

Correlation

The correlation between FIDZX and FZAJX 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 Feb 9, 2017	0.96

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

Return for Risk

FIDZX vs. FZAJX — Risk / Return Rank

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

FIDZX

FIDZX Risk / Return Rank: 17
FIDZX Sharpe Ratio Rank: 14
FIDZX Sortino Ratio Rank: 15
FIDZX Omega Ratio Rank: 16
FIDZX Calmar Ratio Rank: 16
FIDZX Martin Ratio Rank: 21

FZAJX

FZAJX Risk / Return Rank: 22
FZAJX Sharpe Ratio Rank: 19
FZAJX Sortino Ratio Rank: 20
FZAJX Omega Ratio Rank: 20
FZAJX Calmar Ratio Rank: 22
FZAJX Martin Ratio Rank: 27

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. FZAJX - 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 Advisor International Growth Fund Class Z (FZAJX). 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.

	FIDZX	FZAJX	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.16	-0.15
Sortino ratio: Return per unit of downside risk	1.52	1.75	-0.23
Omega ratio: Gain probability vs. loss probability	1.20	1.22	-0.02
Calmar ratio: Return relative to maximum drawdown	1.32	1.61	-0.29
Martin ratio: Return relative to average drawdown	4.94	5.90	-0.96

FIDZX vs. FZAJX - Sharpe Ratio Comparison

The current FIDZX Sharpe Ratio is 1.01, which is comparable to the FZAJX Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of FIDZX and FZAJX, 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

FIDZX vs. FZAJX - Drawdown Comparison

The maximum FIDZX drawdown since its inception was -37.17%, which is greater than FZAJX's maximum drawdown of -34.84%. Use the drawdown chart below to compare losses from any high point for FIDZX and FZAJX.

Drawdown Indicators

	FIDZX	FZAJX	Difference
Max Drawdown Largest peak-to-trough decline	-37.17%	-34.84%	-2.33%
Max Drawdown (1Y) Largest decline over 1 year	-14.44%	-13.96%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	-16.24%	-16.51%	+0.27%
Max Drawdown (5Y) Largest decline over 5 years	-37.17%	-34.84%	-2.33%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.84%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.51%	-6.62%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	3.80%	+0.04%

Volatility

FIDZX vs. FZAJX - Volatility Comparison

Fidelity Advisor International Capital Appreciation Fund Class Z (FIDZX) has a higher volatility of 8.63% compared to Fidelity Advisor International Growth Fund Class Z (FZAJX) at 7.41%. This indicates that FIDZX's price experiences larger fluctuations and is considered to be riskier than FZAJX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIDZX	FZAJX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.63%	7.41%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	16.95%	17.10%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	18.77%	19.30%	-0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.11%	18.32%	+0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.46%	17.92%	+0.54%

FIDZX vs. FZAJX - Expense Ratio Comparison

FIDZX has a 0.85% expense ratio, which is lower than FZAJX's 0.87% expense ratio.

Dividends

FIDZX vs. FZAJX - Dividend Comparison

FIDZX's dividend yield for the trailing twelve months is around 4.88%, more than FZAJX's 3.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIDZX Fidelity Advisor International Capital Appreciation Fund Class Z	4.88%	5.57%	0.84%	0.46%	0.00%	3.90%	0.19%	0.63%	0.67%	0.28%	0.00%	0.00%
FZAJX Fidelity Advisor International Growth Fund Class Z	3.24%	3.65%	1.00%	0.61%	1.81%	2.03%	0.22%	1.11%	1.04%	0.12%	1.40%	0.92%

Frequently Asked Questions

Can I hold both FIDZX and FZAJX in my portfolio?

With a correlation of 0.94, FIDZX and FZAJX 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 FZAJX?

FIDZX has higher volatility (8.63%) compared to FZAJX (7.41%). In terms of maximum drawdown, FIDZX dropped -37.17% vs FZAJX's -34.84%.

Which has better risk-adjusted returns?

FZAJX currently has the higher Sharpe Ratio (1.16 vs 1.01), 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.