FIEZX vs. FAOAX

Last updated Jun 24, 2026

FIEZX (Fidelity Advisor Total International Equity Fund Class Z) and FAOAX (Fidelity Advisor Overseas Fund Class A) are both Foreign Large Cap Equities funds from Fidelity. Over the past 5 years, FIEZX returned 9.87%/yr vs 3.50%/yr for FAOAX. Their correlation of 0.89 suggests significant overlap in exposure. FIEZX charges 0.90%/yr vs 1.43%/yr for FAOAX.

Performance

FIEZX vs. FAOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Total International Equity Fund Class Z (FIEZX) and Fidelity Advisor Overseas Fund Class A (FAOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FIEZX

• 1D: 0.00%
• 1M: 3.66%
• YTD: 15.60%
• 6M: 15.62%
• 1Y: 32.83%
• 3Y*: 20.86%
• 5Y*: 9.87%
• 10Y*: —

FAOAX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: -0.69%
• 3Y*: 7.64%
• 5Y*: 3.50%
• 10Y*: 7.35%

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

FIEZX vs. FAOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIEZX Fidelity Advisor Total International Equity Fund Class Z	15.60%	32.62%	6.58%	16.51%	-16.94%	11.34%	18.07%	27.80%	-15.03%	24.70%
FAOAX Fidelity Advisor Overseas Fund Class A	0.00%	14.93%	4.63%	20.01%	-24.61%	18.90%	14.71%	27.39%	-15.10%	25.56%

Correlation

The correlation between FIEZX and FAOAX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017	0.89

Over the past year, the correlation between FIEZX and FAOAX has dropped to 0.50 - well below their long-term average of 0.89, suggesting their price drivers have been diverging.

Return for Risk

FIEZX vs. FAOAX — Risk / Return Rank

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

FIEZX

FIEZX Risk / Return Rank: 60
FIEZX Sharpe Ratio Rank: 62
FIEZX Sortino Ratio Rank: 56
FIEZX Omega Ratio Rank: 62
FIEZX Calmar Ratio Rank: 61
FIEZX Martin Ratio Rank: 60

FAOAX

FAOAX Risk / Return Rank: 2
FAOAX Sharpe Ratio Rank: 3
FAOAX Sortino Ratio Rank: 2
FAOAX Omega Ratio Rank: 2
FAOAX Calmar Ratio Rank: 2
FAOAX Martin Ratio Rank: 3

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.

FIEZX vs. FAOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Total International Equity Fund Class Z (FIEZX) and Fidelity Advisor Overseas Fund Class A (FAOAX). 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.

	FIEZX	FAOAX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	-0.07	+2.19
Sortino ratio: Return per unit of downside risk	2.90	-0.03	+2.93
Omega ratio: Gain probability vs. loss probability	1.40	1.00	+0.40
Calmar ratio: Return relative to maximum drawdown	2.87	-0.08	+2.95
Martin ratio: Return relative to average drawdown	11.29	-0.13	+11.42

FIEZX vs. FAOAX - Sharpe Ratio Comparison

The current FIEZX Sharpe Ratio is 2.13, which is higher than the FAOAX Sharpe Ratio of -0.07. The chart below compares the historical Sharpe Ratios of FIEZX and FAOAX, 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

FIEZX vs. FAOAX - Drawdown Comparison

The maximum FIEZX drawdown since its inception was -33.27%, smaller than the maximum FAOAX drawdown of -60.03%. Use the drawdown chart below to compare losses from any high point for FIEZX and FAOAX.

Drawdown Indicators

	FIEZX	FAOAX	Difference
Max Drawdown Largest peak-to-trough decline	-33.27%	-60.03%	+26.76%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-7.29%	-4.44%
Max Drawdown (3Y) Largest decline over 3 years	-14.06%	-13.99%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-29.92%	-36.50%	+6.58%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.50%	—
Current Drawdown Current decline from peak	0.00%	-5.87%	+5.87%
Average Drawdown Average peak-to-trough decline	-6.79%	-14.54%	+7.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	4.15%	-1.17%

Volatility

FIEZX vs. FAOAX - Volatility Comparison

Fidelity Advisor Total International Equity Fund Class Z (FIEZX) has a higher volatility of 6.49% compared to Fidelity Advisor Overseas Fund Class A (FAOAX) at 0.00%. This indicates that FIEZX's price experiences larger fluctuations and is considered to be riskier than FAOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIEZX	FAOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.49%	0.00%	+6.49%
Volatility (6M) Calculated over the trailing 6-month period	13.92%	3.63%	+10.29%
Volatility (1Y) Calculated over the trailing 1-year period	15.86%	8.76%	+7.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.32%	16.71%	-0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.05%	16.64%	+0.41%

FIEZX vs. FAOAX - Expense Ratio Comparison

FIEZX has a 0.90% expense ratio, which is lower than FAOAX's 1.43% expense ratio.

Dividends

FIEZX vs. FAOAX - Dividend Comparison

FIEZX's dividend yield for the trailing twelve months is around 1.18%, less than FAOAX's 8.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAOAX Fidelity Advisor Overseas Fund Class A	8.54%	8.54%	1.33%	0.74%	0.38%	2.12%	0.00%	1.37%	4.64%	3.64%	1.75%	0.38%
FIEZX Fidelity Advisor Total International Equity Fund Class Z	1.18%	1.36%	1.41%	1.42%	1.08%	8.70%	2.46%	1.84%	1.13%	4.28%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIEZX and FAOAX in my portfolio?

FIEZX and FAOAX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIEZX or FAOAX?

FIEZX has higher volatility (6.49%) compared to FAOAX (0.00%). In terms of maximum drawdown, FIEZX dropped -33.27% vs FAOAX's -60.03%.

Which has better risk-adjusted returns?

FIEZX currently has the higher Sharpe Ratio (2.13 vs -0.07), 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.