FIQEX vs. FIONX

Last updated Jun 24, 2026

FIQEX (Fidelity Advisor Canada Fund Class Z) and FIONX (Fidelity SAI International Index Fund) are both Foreign Large Cap Equities funds from Fidelity. Over the past 5 years, FIQEX returned 10.38%/yr vs 9.31%/yr for FIONX. A 0.77 correlation means they provide meaningful diversification when combined. FIQEX charges 0.66%/yr vs 0.04%/yr for FIONX.

Performance

FIQEX vs. FIONX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Canada Fund Class Z (FIQEX) and Fidelity SAI International Index Fund (FIONX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIQEX achieves a 4.56% return, which is significantly lower than FIONX's 10.71% return.

FIQEX

• 1D: -0.27%
• 1M: -1.81%
• YTD: 4.56%
• 6M: 3.60%
• 1Y: 14.60%
• 3Y*: 16.33%
• 5Y*: 10.38%
• 10Y*: —

FIONX

• 1D: 0.16%
• 1M: 2.11%
• YTD: 10.71%
• 6M: 10.33%
• 1Y: 24.65%
• 3Y*: 17.60%
• 5Y*: 9.31%
• 10Y*: —

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

FIQEX vs. FIONX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIQEX Fidelity Advisor Canada Fund Class Z	4.56%	25.98%	9.25%	14.83%	-6.02%	27.01%	4.61%	26.04%	-9.33%
FIONX Fidelity SAI International Index Fund	10.71%	31.85%	3.64%	18.22%	-14.19%	11.24%	8.17%	22.09%	-8.11%

Correlation

The correlation between FIQEX and FIONX is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.77

The correlation between FIQEX and FIONX shifts across timeframes, from 0.60 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FIQEX vs. FIONX — Risk / Return Rank

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

FIQEX

FIQEX Risk / Return Rank: 23
FIQEX Sharpe Ratio Rank: 20
FIQEX Sortino Ratio Rank: 17
FIQEX Omega Ratio Rank: 18
FIQEX Calmar Ratio Rank: 32
FIQEX Martin Ratio Rank: 30

FIONX

FIONX Risk / Return Rank: 39
FIONX Sharpe Ratio Rank: 39
FIONX Sortino Ratio Rank: 38
FIONX Omega Ratio Rank: 38
FIONX Calmar Ratio Rank: 39
FIONX Martin Ratio Rank: 42

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.

FIQEX vs. FIONX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Canada Fund Class Z (FIQEX) and Fidelity SAI International Index Fund (FIONX). 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.

	FIQEX	FIONX	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.69	-0.53
Sortino ratio: Return per unit of downside risk	1.62	2.39	-0.77
Omega ratio: Gain probability vs. loss probability	1.21	1.31	-0.10
Calmar ratio: Return relative to maximum drawdown	1.97	2.26	-0.29
Martin ratio: Return relative to average drawdown	6.41	8.46	-2.04

FIQEX vs. FIONX - Sharpe Ratio Comparison

The current FIQEX Sharpe Ratio is 1.16, which is lower than the FIONX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of FIQEX and FIONX, 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

FIQEX vs. FIONX - Drawdown Comparison

The maximum FIQEX drawdown since its inception was -39.84%, which is greater than FIONX's maximum drawdown of -33.69%. Use the drawdown chart below to compare losses from any high point for FIQEX and FIONX.

Drawdown Indicators

	FIQEX	FIONX	Difference
Max Drawdown Largest peak-to-trough decline	-39.84%	-33.69%	-6.15%
Max Drawdown (1Y) Largest decline over 1 year	-7.61%	-11.40%	+3.79%
Max Drawdown (3Y) Largest decline over 3 years	-12.05%	-13.62%	+1.57%
Max Drawdown (5Y) Largest decline over 5 years	-20.97%	-29.49%	+8.52%
Current Drawdown Current decline from peak	-3.68%	0.00%	-3.68%
Average Drawdown Average peak-to-trough decline	-4.79%	-6.34%	+1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	3.04%	-0.71%

Volatility

FIQEX vs. FIONX - Volatility Comparison

The current volatility for Fidelity Advisor Canada Fund Class Z (FIQEX) is 3.98%, while Fidelity SAI International Index Fund (FIONX) has a volatility of 4.84%. This indicates that FIQEX experiences smaller price fluctuations and is considered to be less risky than FIONX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIQEX	FIONX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	4.84%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	10.23%	12.72%	-2.49%
Volatility (1Y) Calculated over the trailing 1-year period	12.96%	15.29%	-2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.00%	16.12%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	16.56%	+2.24%

FIQEX vs. FIONX - Expense Ratio Comparison

FIQEX has a 0.66% expense ratio, which is higher than FIONX's 0.04% expense ratio.

Dividends

FIQEX vs. FIONX - Dividend Comparison

FIQEX's dividend yield for the trailing twelve months is around 5.55%, more than FIONX's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIONX Fidelity SAI International Index Fund	2.96%	3.28%	3.06%	2.18%	3.34%	2.65%	1.91%	3.16%	3.00%	0.52%
FIQEX Fidelity Advisor Canada Fund Class Z	5.55%	5.80%	7.84%	3.50%	4.07%	5.32%	2.74%	4.64%	7.61%	0.00%

Frequently Asked Questions

Can I hold both FIQEX and FIONX in my portfolio?

FIQEX and FIONX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIQEX or FIONX?

FIONX has higher volatility (4.84%) compared to FIQEX (3.98%). In terms of maximum drawdown, FIQEX dropped -39.84% vs FIONX's -33.69%.

Which has better risk-adjusted returns?

FIONX currently has the higher Sharpe Ratio (1.69 vs 1.16), 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.