FIQIX vs. MISIX

Last updated Jun 23, 2026

FIQIX (Fidelity Advisor International Small Cap Fund Class Z) and MISIX (Victory Trivalent International Small-Cap Fund Class I) are both mutual funds - FIQIX is a Foreign Small & Mid Cap Equities fund managed by Fidelity, while MISIX is a Mid Cap Blend Equities fund managed by Victory. Over the past 5 years, FIQIX returned 7.19%/yr vs 8.87%/yr for MISIX. Their correlation of 0.92 suggests significant overlap in exposure. FIQIX charges 0.89%/yr vs 0.97%/yr for MISIX.

Performance

FIQIX vs. MISIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor International Small Cap Fund Class Z (FIQIX) and Victory Trivalent International Small-Cap Fund Class I (MISIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIQIX achieves a 11.35% return, which is significantly lower than MISIX's 13.49% return.

FIQIX

• 1D: 0.86%
• 1M: 1.45%
• YTD: 11.35%
• 6M: 11.92%
• 1Y: 20.27%
• 3Y*: 14.02%
• 5Y*: 7.19%
• 10Y*: —

MISIX

• 1D: 0.36%
• 1M: 0.99%
• YTD: 13.49%
• 6M: 13.32%
• 1Y: 32.36%
• 3Y*: 20.40%
• 5Y*: 8.87%
• 10Y*: 10.36%

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

FIQIX vs. MISIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIQIX Fidelity Advisor International Small Cap Fund Class Z	11.35%	24.80%	0.14%	19.76%	-16.53%	13.56%	10.12%	21.61%	-7.47%
MISIX Victory Trivalent International Small-Cap Fund Class I	13.49%	42.00%	4.70%	15.49%	-23.13%	12.41%	15.42%	27.88%	-13.30%

Correlation

The correlation between FIQIX and MISIX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.92

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

Return for Risk

FIQIX vs. MISIX — Risk / Return Rank

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

FIQIX

FIQIX Risk / Return Rank: 31
FIQIX Sharpe Ratio Rank: 32
FIQIX Sortino Ratio Rank: 32
FIQIX Omega Ratio Rank: 34
FIQIX Calmar Ratio Rank: 27
FIQIX Martin Ratio Rank: 29

MISIX

MISIX Risk / Return Rank: 48
MISIX Sharpe Ratio Rank: 52
MISIX Sortino Ratio Rank: 50
MISIX Omega Ratio Rank: 51
MISIX Calmar Ratio Rank: 41
MISIX Martin Ratio Rank: 45

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.

FIQIX vs. MISIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor International Small Cap Fund Class Z (FIQIX) and Victory Trivalent International Small-Cap Fund Class I (MISIX). 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.

	FIQIX	MISIX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.97	-0.45
Sortino ratio: Return per unit of downside risk	2.20	2.73	-0.53
Omega ratio: Gain probability vs. loss probability	1.29	1.36	-0.08
Calmar ratio: Return relative to maximum drawdown	1.81	2.32	-0.50
Martin ratio: Return relative to average drawdown	6.40	8.99	-2.59

FIQIX vs. MISIX - Sharpe Ratio Comparison

The current FIQIX Sharpe Ratio is 1.51, which is comparable to the MISIX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of FIQIX and MISIX, 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

FIQIX vs. MISIX - Drawdown Comparison

The maximum FIQIX drawdown since its inception was -36.61%, smaller than the maximum MISIX drawdown of -67.61%. Use the drawdown chart below to compare losses from any high point for FIQIX and MISIX.

Drawdown Indicators

	FIQIX	MISIX	Difference
Max Drawdown Largest peak-to-trough decline	-36.61%	-67.61%	+31.00%
Max Drawdown (1Y) Largest decline over 1 year	-10.72%	-13.84%	+3.12%
Max Drawdown (3Y) Largest decline over 3 years	-12.65%	-14.15%	+1.50%
Max Drawdown (5Y) Largest decline over 5 years	-30.95%	-37.69%	+6.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.82%	—
Current Drawdown Current decline from peak	-0.12%	-1.53%	+1.41%
Average Drawdown Average peak-to-trough decline	-6.73%	-16.83%	+10.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	3.56%	-0.53%

Volatility

FIQIX vs. MISIX - Volatility Comparison

The current volatility for Fidelity Advisor International Small Cap Fund Class Z (FIQIX) is 5.03%, while Victory Trivalent International Small-Cap Fund Class I (MISIX) has a volatility of 6.21%. This indicates that FIQIX experiences smaller price fluctuations and is considered to be less risky than MISIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIQIX	MISIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.03%	6.21%	-1.18%
Volatility (6M) Calculated over the trailing 6-month period	10.96%	14.02%	-3.06%
Volatility (1Y) Calculated over the trailing 1-year period	12.87%	16.31%	-3.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.68%	18.06%	-4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.18%	17.97%	-2.79%

FIQIX vs. MISIX - Expense Ratio Comparison

FIQIX has a 0.89% expense ratio, which is lower than MISIX's 0.97% expense ratio.

Dividends

FIQIX vs. MISIX - Dividend Comparison

FIQIX's dividend yield for the trailing twelve months is around 3.31%, less than MISIX's 5.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQIX Fidelity Advisor International Small Cap Fund Class Z	3.31%	3.68%	2.73%	1.99%	0.83%	7.39%	0.93%	2.47%	6.33%	0.00%	0.00%	0.00%
MISIX Victory Trivalent International Small-Cap Fund Class I	5.33%	6.05%	2.27%	1.90%	1.12%	8.61%	0.41%	1.99%	3.59%	1.85%	1.56%	1.21%

Frequently Asked Questions

Can I hold both FIQIX and MISIX in my portfolio?

With a correlation of 0.90, FIQIX and MISIX 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, FIQIX or MISIX?

MISIX has higher volatility (6.21%) compared to FIQIX (5.03%). In terms of maximum drawdown, FIQIX dropped -36.61% vs MISIX's -67.61%.

Which has better risk-adjusted returns?

MISIX currently has the higher Sharpe Ratio (1.97 vs 1.51), 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.