FIQFX vs. CAF

Last updated Aug 1, 2026

FIQFX (Fidelity Advisor China Region Fund Class Z) and CAF (Morgan Stanley China A Share Fund) are both China Equities funds. Over the past 5 years, FIQFX returned 9.08%/yr vs 0.67%/yr for CAF. Their 0.68 correlation means they have sometimes moved together and sometimes differently. FIQFX charges 0.80%/yr vs 1.67%/yr for CAF.

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.

Returns By Period

In the year-to-date period, FIQFX achieves a 25.90% return, which is significantly higher than CAF's 10.31% return.

FIQFX

• 1D: 2.48%
• 1M: -4.85%
• 6M: 13.59%
• YTD: 25.90%
• 1Y: 52.88%
• 3Y*: 27.26%
• 5Y*: 9.08%
• 10Y*: —
• ALL TIME*: 14.50%

CAF

• 1D: -0.93%
• 1M: -7.04%
• 6M: 4.36%
• YTD: 10.31%
• 1Y: 39.43%
• 3Y*: 14.77%
• 5Y*: 0.67%
• 10Y*: 4.96%
• ALL TIME*: 9.01%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAF Morgan Stanley China A Share Fund	$556.35K	$451.08K	$622.83K
FIQFX Fidelity Advisor China Region Fund Class Z	$0.00	$0.00	$0.00

FIQFX vs. CAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIQFX Fidelity Advisor China Region Fund Class Z	25.90%	42.75%	23.34%	-0.13%	-23.76%	-13.61%	48.04%	35.33%	-1.81%
CAF Morgan Stanley China A Share Fund	10.31%	41.51%	0.34%	-9.39%	-30.41%	-1.77%	12.74%	23.50%	3.98%

Correlation

The correlation between FIQFX and CAF is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.60
Correlation (3Y) Balances recent behavior with more history.	0.60
Correlation (5Y) Shows whether the relationship held over a longer period.	0.67
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.68

The correlation between FIQFX and CAF has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.

Return for Risk

FIQFX vs. CAF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FIQFX

FIQFX Risk / Return Rank: 84
FIQFX Sharpe Ratio Rank: 83
FIQFX Sortino Ratio Rank: 76
FIQFX Omega Ratio Rank: 77
FIQFX Calmar Ratio Rank: 94
FIQFX Martin Ratio Rank: 88

CAF

CAF Risk / Return Rank: 78
CAF Sharpe Ratio Rank: 77
CAF Sortino Ratio Rank: 73
CAF Omega Ratio Rank: 73
CAF Calmar Ratio Rank: 91
CAF Martin Ratio Rank: 78

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

	FIQFX	CAF	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.81	+0.20
Sortino ratio: Return per unit of downside risk	2.57	2.50	+0.07
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.03
Calmar ratio: Return relative to maximum drawdown	4.07	3.44	+0.63
Martin ratio: Return relative to average drawdown	11.59	9.49	+2.09

FIQFX vs. CAF - Sharpe Ratio Comparison

The current FIQFX Sharpe Ratio is 2.01, which is comparable to the CAF Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of FIQFX and CAF, 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

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	-12.23%	-10.98%	-1.25%
Max Drawdown (3Y) Largest decline over 3 years	-21.98%	-26.27%	+4.29%
Max Drawdown (5Y) Largest decline over 5 years	-48.10%	-45.26%	-2.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-49.01%	—
Current Drawdown Current decline from peak	-10.06%	-10.22%	+0.16%
Average Drawdown Average peak-to-trough decline	-22.07%	-25.75%	+3.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	3.97%	+0.32%

Volatility

FIQFX vs. CAF - Volatility Comparison

Fidelity Advisor China Region Fund Class Z (FIQFX) and Morgan Stanley China A Share Fund (CAF) have volatilities of 8.71% and 8.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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	8.71%	8.51%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	20.80%	15.29%	+5.51%
Volatility (1Y) Calculated over the trailing 1-year period	24.78%	20.82%	+3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.69%	21.69%	+3.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.36%	21.96%	+2.40%

FIQFX vs. CAF - Expense Ratio Comparison

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

Dividends

FIQFX vs. CAF - Dividend Comparison

FIQFX's dividend yield for the trailing twelve months is around 1.64%, more than CAF's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAF Morgan Stanley China A Share Fund	1.37%	1.51%	2.63%	0.96%	0.02%	6.57%	10.40%	3.78%	9.48%	5.20%	4.69%	67.03%
FIQFX Fidelity Advisor China Region Fund Class Z	1.64%	2.07%	1.58%	2.14%	0.86%	11.06%	4.98%	0.84%	1.09%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIQFX and CAF in my portfolio?

FIQFX and CAF 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, FIQFX or CAF?

FIQFX has higher volatility (8.71%) compared to CAF (8.51%). In terms of maximum drawdown, FIQFX dropped -58.33% vs CAF's -65.88%.

Which has better risk-adjusted returns?

FIQFX currently has the higher Sharpe Ratio (2.01 vs 1.81), 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.