FIQFX vs. FIQPX

Last updated Jul 14, 2026

FIQFX (Fidelity Advisor China Region Fund Class Z) and FIQPX (Fidelity Advisor Emerging Asia Fund Class Z) are both mutual funds - FIQFX is a China Equities fund managed by Fidelity, while FIQPX is a Asia Pacific Equities fund managed by Fidelity. Over the past 5 years, FIQFX returned 8.91%/yr vs 8.13%/yr for FIQPX. Their correlation of 0.93 suggests significant overlap in exposure. FIQFX charges 0.80%/yr vs 0.81%/yr for FIQPX.

Performance

FIQFX vs. FIQPX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with FIQFX having a 33.20% return and FIQPX slightly higher at 34.15%.

FIQFX

• 1D: -0.37%
• 1M: -0.72%
• 6M: 23.08%
• YTD: 33.20%
• 1Y: 65.31%
• 3Y*: 31.89%
• 5Y*: 8.91%
• 10Y*: —

FIQPX

• 1D: 0.02%
• 1M: 0.99%
• 6M: 25.94%
• YTD: 34.15%
• 1Y: 57.34%
• 3Y*: 32.76%
• 5Y*: 8.13%
• 10Y*: —

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

FIQFX vs. FIQPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIQFX Fidelity Advisor China Region Fund Class Z	33.20%	42.75%	23.34%	-0.13%	-23.76%	-13.61%	48.04%	35.33%	-1.81%
FIQPX Fidelity Advisor Emerging Asia Fund Class Z	34.15%	37.22%	21.13%	13.98%	-30.50%	-14.73%	73.23%	31.17%	0.71%

Correlation

The correlation between FIQFX and FIQPX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.93

The correlation between FIQFX and FIQPX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

FIQFX vs. FIQPX — Risk / Return Rank

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

FIQFX

FIQFX Risk / Return Rank: 92
FIQFX Sharpe Ratio Rank: 95
FIQFX Sortino Ratio Rank: 86
FIQFX Omega Ratio Rank: 86
FIQFX Calmar Ratio Rank: 97
FIQFX Martin Ratio Rank: 95

FIQPX

FIQPX Risk / Return Rank: 87
FIQPX Sharpe Ratio Rank: 90
FIQPX Sortino Ratio Rank: 77
FIQPX Omega Ratio Rank: 84
FIQPX Calmar Ratio Rank: 94
FIQPX Martin Ratio Rank: 91

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. FIQPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor China Region Fund Class Z (FIQFX) and Fidelity Advisor Emerging Asia Fund Class Z (FIQPX). 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	FIQPX	Difference
Sharpe ratio: Return per unit of total volatility	2.76	2.41	+0.35
Sortino ratio: Return per unit of downside risk	3.33	2.89	+0.44
Omega ratio: Gain probability vs. loss probability	1.47	1.44	+0.03
Calmar ratio: Return relative to maximum drawdown	6.10	4.27	+1.83
Martin ratio: Return relative to average drawdown	17.46	14.08	+3.38

FIQFX vs. FIQPX - Sharpe Ratio Comparison

The current FIQFX Sharpe Ratio is 2.76, which is comparable to the FIQPX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of FIQFX and FIQPX, 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. FIQPX - Drawdown Comparison

The maximum FIQFX drawdown since its inception was -58.33%, roughly equal to the maximum FIQPX drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for FIQFX and FIQPX.

Drawdown Indicators

	FIQFX	FIQPX	Difference
Max Drawdown Largest peak-to-trough decline	-58.33%	-57.62%	-0.71%
Max Drawdown (1Y) Largest decline over 1 year	-10.78%	-13.52%	+2.74%
Max Drawdown (3Y) Largest decline over 3 years	-21.98%	-17.18%	-4.80%
Max Drawdown (5Y) Largest decline over 5 years	-50.60%	-51.39%	+0.79%
Current Drawdown Current decline from peak	-4.85%	-5.32%	+0.47%
Average Drawdown Average peak-to-trough decline	-22.16%	-21.85%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	4.09%	-0.33%

Volatility

FIQFX vs. FIQPX - Volatility Comparison

The current volatility for Fidelity Advisor China Region Fund Class Z (FIQFX) is 10.04%, while Fidelity Advisor Emerging Asia Fund Class Z (FIQPX) has a volatility of 11.36%. This indicates that FIQFX experiences smaller price fluctuations and is considered to be less risky than FIQPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIQFX	FIQPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.04%	11.36%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	19.79%	21.53%	-1.74%
Volatility (1Y) Calculated over the trailing 1-year period	23.79%	23.91%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.66%	23.65%	+1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.30%	23.36%	+0.94%

FIQFX vs. FIQPX - Expense Ratio Comparison

FIQFX has a 0.80% expense ratio, which is lower than FIQPX's 0.81% expense ratio.

Dividends

FIQFX vs. FIQPX - Dividend Comparison

FIQFX's dividend yield for the trailing twelve months is around 1.55%, while FIQPX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FIQFX Fidelity Advisor China Region Fund Class Z	1.55%	2.07%	1.58%	2.14%	0.86%	11.06%	4.98%	0.84%	1.09%
FIQPX Fidelity Advisor Emerging Asia Fund Class Z	0.00%	0.00%	0.00%	0.00%	0.01%	12.82%	6.63%	5.47%	6.97%

Frequently Asked Questions

Can I hold both FIQFX and FIQPX in my portfolio?

With a correlation of 0.92, FIQFX and FIQPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FIQFX or FIQPX?

FIQPX has higher volatility (11.36%) compared to FIQFX (10.04%). In terms of maximum drawdown, FIQFX dropped -58.33% vs FIQPX's -57.62%.

Which has better risk-adjusted returns?

FIQFX currently has the higher Sharpe Ratio (2.76 vs 2.41), 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.