FIQFX vs. CAF

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Advisor China Region Fund Class Z (FIQFX) and Morgan Stanley China A Share Fund (CAF).

FIQFX is managed by Fidelity. It was launched on Oct 2, 2018. CAF is an actively managed fund by Morgan Stanley. It was launched on Jul 6, 2006.

Performance

FIQFX vs. CAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor China Region Fund Class Z (FIQFX) and Morgan Stanley China A Share Fund (CAF). The values are adjusted to include any dividend payments, if applicable.

FIQFX vs. CAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIQFX Fidelity Advisor China Region Fund Class Z	5.55%	42.75%	23.34%	-0.13%	-23.76%	-13.61%	48.04%	35.33%	-1.81%
CAF Morgan Stanley China A Share Fund	0.81%	41.51%	0.34%	-9.39%	-30.41%	-1.77%	12.74%	23.50%	5.73%

Returns By Period

In the year-to-date period, FIQFX achieves a 5.55% return, which is significantly higher than CAF's 0.81% return.

FIQFX

• 1D: -0.66%
• 1M: -9.02%
• YTD: 5.55%
• 6M: 6.33%
• 1Y: 44.02%
• 3Y*: 20.04%
• 5Y*: 2.94%
• 10Y*: —

CAF

• 1D: 3.67%
• 1M: -4.11%
• YTD: 0.81%
• 6M: 6.75%
• 1Y: 35.89%
• 3Y*: 8.65%
• 5Y*: -3.03%
• 10Y*: 4.78%

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

FIQFX vs. CAF - Expense Ratio Comparison

FIQFX has a 0.80% expense ratio, which is lower than CAF's 1.67% expense ratio.

CAF

Morgan Stanley China A Share Fund

FIQFX

Fidelity Advisor China Region Fund Class Z

Return for Risk

FIQFX vs. CAF — Risk / Return Rank

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

FIQFX

FIQFX Risk / Return Rank: 88
FIQFX Sharpe Ratio Rank: 90
FIQFX Sortino Ratio Rank: 88
FIQFX Omega Ratio Rank: 85
FIQFX Calmar Ratio Rank: 90
FIQFX Martin Ratio Rank: 89

CAF

CAF Risk / Return Rank: 89
CAF Sharpe Ratio Rank: 89
CAF Sortino Ratio Rank: 89
CAF Omega Ratio Rank: 84
CAF Calmar Ratio Rank: 94
CAF Martin Ratio Rank: 90

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.

FIQFX vs. CAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor China Region Fund Class Z (FIQFX) and Morgan Stanley China A Share Fund (CAF). 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.

	FIQFX	CAF	Difference
Sharpe ratio Return per unit of total volatility	1.87	1.83	+0.05
Sortino ratio Return per unit of downside risk	2.42	2.50	-0.08
Omega ratio Gain probability vs. loss probability	1.35	1.35	0.00
Calmar ratio Return relative to maximum drawdown	2.52	3.02	-0.49
Martin ratio Return relative to average drawdown	9.80	10.31	-0.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIQFX vs. CAF - Sharpe Ratio Comparison

The current FIQFX Sharpe Ratio is 1.87, which is comparable to the CAF Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of FIQFX and CAF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FIQFX	CAF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	1.83	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	-0.14	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.22	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.26	+0.26

Correlation

The correlation between FIQFX and CAF is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FIQFX vs. CAF - Dividend Comparison

FIQFX's dividend yield for the trailing twelve months is around 1.96%, more than CAF's 1.50% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQFX Fidelity Advisor China Region Fund Class Z	1.96%	2.07%	1.58%	2.14%	0.86%	11.06%	4.98%	0.84%	1.09%	0.00%	0.00%	0.00%
CAF Morgan Stanley China A Share Fund	1.50%	1.51%	2.63%	0.96%	0.02%	6.57%	10.40%	3.78%	9.48%	5.20%	4.69%	67.03%

Drawdowns

FIQFX vs. CAF - Drawdown Comparison

The maximum FIQFX drawdown since its inception was -58.33%, smaller than the maximum CAF drawdown of -65.88%. Use the drawdown chart below to compare losses from any high point for FIQFX and CAF.

Drawdown Indicators

	FIQFX	CAF	Difference
Max Drawdown Largest peak-to-trough decline	-58.33%	-65.88%	+7.55%
Max Drawdown (1Y) Largest decline over 1 year	-15.95%	-11.45%	-4.50%
Max Drawdown (5Y) Largest decline over 5 years	-53.73%	-49.01%	-4.72%
Max Drawdown (10Y) Largest decline over 10 years	—	-49.01%	—
Current Drawdown Current decline from peak	-10.78%	-17.42%	+6.64%
Average Drawdown Average peak-to-trough decline	-22.90%	-26.05%	+3.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.11%	3.49%	+0.62%

Volatility

FIQFX vs. CAF - Volatility Comparison

Fidelity Advisor China Region Fund Class Z (FIQFX) has a higher volatility of 9.26% compared to Morgan Stanley China A Share Fund (CAF) at 6.54%. This indicates that FIQFX's price experiences larger fluctuations and is considered to be riskier than CAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIQFX	CAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.26%	6.54%	+2.72%
Volatility (6M) Calculated over the trailing 6-month period	16.44%	13.91%	+2.53%
Volatility (1Y) Calculated over the trailing 1-year period	23.17%	19.73%	+3.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.96%	21.20%	+2.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.05%	21.90%	+2.15%