FIDZX vs. GTMIX

Last updated Jun 23, 2026

FIDZX (Fidelity Advisor International Capital Appreciation Fund Class Z) and GTMIX (GMO Tax-Managed International Equities Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, FIDZX returned 8.10%/yr vs 11.56%/yr for GTMIX. Their correlation of 0.80 suggests significant overlap in exposure. FIDZX charges 0.85%/yr vs 0.68%/yr for GTMIX.

Performance

FIDZX vs. GTMIX - 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 GMO Tax-Managed International Equities Fund (GTMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FIDZX having a 14.00% return and GTMIX slightly lower at 13.42%.

FIDZX

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

GTMIX

• 1D: -0.38%
• 1M: -0.54%
• YTD: 13.42%
• 6M: 13.84%
• 1Y: 39.10%
• 3Y*: 20.69%
• 5Y*: 11.56%
• 10Y*: 10.27%

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

FIDZX vs. GTMIX - 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%
GTMIX GMO Tax-Managed International Equities Fund	13.42%	46.17%	1.54%	14.96%	-10.13%	10.71%	7.50%	23.35%	-21.23%	23.91%

Correlation

The correlation between FIDZX and GTMIX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017	0.80

The correlation between FIDZX and GTMIX has been stable across timeframes, ranging from 0.72 to 0.80 - a consistent structural relationship.

Return for Risk

FIDZX vs. GTMIX — 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

GTMIX

GTMIX Risk / Return Rank: 91
GTMIX Sharpe Ratio Rank: 93
GTMIX Sortino Ratio Rank: 90
GTMIX Omega Ratio Rank: 84
GTMIX Calmar Ratio Rank: 93
GTMIX Martin Ratio Rank: 94

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. GTMIX - 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 GMO Tax-Managed International Equities Fund (GTMIX). 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	GTMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.01	2.94	-1.93
Sortino ratio: Return per unit of downside risk	1.52	4.05	-2.53
Omega ratio: Gain probability vs. loss probability	1.20	1.53	-0.33
Calmar ratio: Return relative to maximum drawdown	1.32	4.85	-3.53
Martin ratio: Return relative to average drawdown	4.94	18.73	-13.79

FIDZX vs. GTMIX - Sharpe Ratio Comparison

The current FIDZX Sharpe Ratio is 1.01, which is lower than the GTMIX Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of FIDZX and GTMIX, 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. GTMIX - Drawdown Comparison

The maximum FIDZX drawdown since its inception was -37.17%, smaller than the maximum GTMIX drawdown of -58.31%. Use the drawdown chart below to compare losses from any high point for FIDZX and GTMIX.

Drawdown Indicators

	FIDZX	GTMIX	Difference
Max Drawdown Largest peak-to-trough decline	-37.17%	-58.31%	+21.14%
Max Drawdown (1Y) Largest decline over 1 year	-14.44%	-7.90%	-6.54%
Max Drawdown (3Y) Largest decline over 3 years	-16.24%	-14.11%	-2.13%
Max Drawdown (5Y) Largest decline over 5 years	-37.17%	-27.34%	-9.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.32%	—
Current Drawdown Current decline from peak	0.00%	-1.33%	+1.33%
Average Drawdown Average peak-to-trough decline	-7.51%	-12.66%	+5.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	2.04%	+1.80%

Volatility

FIDZX vs. GTMIX - Volatility Comparison

Fidelity Advisor International Capital Appreciation Fund Class Z (FIDZX) has a higher volatility of 8.63% compared to GMO Tax-Managed International Equities Fund (GTMIX) at 3.61%. This indicates that FIDZX's price experiences larger fluctuations and is considered to be riskier than GTMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIDZX	GTMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.63%	3.61%	+5.02%
Volatility (6M) Calculated over the trailing 6-month period	16.95%	9.95%	+7.00%
Volatility (1Y) Calculated over the trailing 1-year period	18.77%	13.00%	+5.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.11%	14.94%	+4.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.46%	16.03%	+2.43%

FIDZX vs. GTMIX - Expense Ratio Comparison

FIDZX has a 0.85% expense ratio, which is higher than GTMIX's 0.68% expense ratio.

Dividends

FIDZX vs. GTMIX - Dividend Comparison

FIDZX's dividend yield for the trailing twelve months is around 4.88%, less than GTMIX's 19.78% 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%
GTMIX GMO Tax-Managed International Equities Fund	19.78%	22.43%	5.94%	0.36%	5.44%	16.55%	2.25%	4.13%	7.25%	2.96%	4.05%	3.26%

Frequently Asked Questions

Can I hold both FIDZX and GTMIX in my portfolio?

FIDZX and GTMIX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIDZX or GTMIX?

FIDZX has higher volatility (8.63%) compared to GTMIX (3.61%). In terms of maximum drawdown, FIDZX dropped -37.17% vs GTMIX's -58.31%.

Which has better risk-adjusted returns?

GTMIX currently has the higher Sharpe Ratio (2.94 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.