FIQKX vs. PPYPX

Last updated Jun 4, 2026

FIQKX (Fidelity Advisor International Value Fund Class Z) and PPYPX (PIMCO RAE International Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, FIQKX returned 12.32%/yr vs 8.51%/yr for PPYPX. Their correlation of 0.93 suggests significant overlap in exposure. FIQKX charges 0.89%/yr vs 0.60%/yr for PPYPX.

Performance

FIQKX vs. PPYPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor International Value Fund Class Z (FIQKX) and PIMCO RAE International Fund (PPYPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIQKX achieves a 7.15% return, which is significantly lower than PPYPX's 13.80% return.

FIQKX

• 1D: 0.40%
• 1M: 2.86%
• YTD: 7.15%
• 6M: 11.23%
• 1Y: 23.65%
• 3Y*: 21.61%
• 5Y*: 12.32%
• 10Y*: —

PPYPX

• 1D: 0.10%
• 1M: 2.11%
• YTD: 13.80%
• 6M: 12.84%
• 1Y: 28.07%
• 3Y*: 18.03%
• 5Y*: 8.51%
• 10Y*: 8.89%

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

FIQKX vs. PPYPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIQKX Fidelity Advisor International Value Fund Class Z	7.15%	43.69%	5.00%	19.30%	-7.79%	14.97%	3.45%	19.10%	-10.92%
PPYPX PIMCO RAE International Fund	13.80%	31.34%	-1.15%	18.13%	-8.73%	10.68%	2.05%	16.43%	-8.40%

Correlation

The correlation between FIQKX and PPYPX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018	0.93

The correlation between FIQKX and PPYPX shifts across timeframes, from 0.83 (1 year) to 0.93 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FIQKX vs. PPYPX — Risk / Return Rank

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

FIQKX

FIQKX Risk / Return Rank: 31
FIQKX Sharpe Ratio Rank: 29
FIQKX Sortino Ratio Rank: 28
FIQKX Omega Ratio Rank: 29
FIQKX Calmar Ratio Rank: 34
FIQKX Martin Ratio Rank: 37

PPYPX

PPYPX Risk / Return Rank: 58
PPYPX Sharpe Ratio Rank: 53
PPYPX Sortino Ratio Rank: 46
PPYPX Omega Ratio Rank: 49
PPYPX Calmar Ratio Rank: 80
PPYPX Martin Ratio Rank: 61

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.

FIQKX vs. PPYPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor International Value Fund Class Z (FIQKX) and PIMCO RAE International Fund (PPYPX). 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.

	FIQKX	PPYPX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.14	-0.59
Sortino ratio: Return per unit of downside risk	2.21	2.86	-0.65
Omega ratio: Gain probability vs. loss probability	1.28	1.38	-0.10
Calmar ratio: Return relative to maximum drawdown	2.20	3.64	-1.45
Martin ratio: Return relative to average drawdown	8.12	12.09	-3.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIQKX vs. PPYPX - Sharpe Ratio Comparison

The current FIQKX Sharpe Ratio is 1.55, which is comparable to the PPYPX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of FIQKX and PPYPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FIQKX	PPYPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	2.14	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.44	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.47	+0.11

Drawdowns

FIQKX vs. PPYPX - Drawdown Comparison

The maximum FIQKX drawdown since its inception was -38.64%, smaller than the maximum PPYPX drawdown of -42.48%. Use the drawdown chart below to compare losses from any high point for FIQKX and PPYPX.

Drawdown Indicators

	FIQKX	PPYPX	Difference
Max Drawdown Largest peak-to-trough decline	-38.64%	-42.48%	+3.84%
Max Drawdown (1Y) Largest decline over 1 year	-10.37%	-7.48%	-2.89%
Max Drawdown (3Y) Largest decline over 3 years	-14.55%	-14.00%	-0.55%
Max Drawdown (5Y) Largest decline over 5 years	-27.46%	-35.65%	+8.19%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.48%	—
Current Drawdown Current decline from peak	-1.30%	-1.46%	+0.16%
Average Drawdown Average peak-to-trough decline	-5.74%	-10.15%	+4.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	2.25%	+0.55%

Volatility

FIQKX vs. PPYPX - Volatility Comparison

Fidelity Advisor International Value Fund Class Z (FIQKX) has a higher volatility of 4.72% compared to PIMCO RAE International Fund (PPYPX) at 3.03%. This indicates that FIQKX's price experiences larger fluctuations and is considered to be riskier than PPYPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIQKX	PPYPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	3.03%	+1.69%
Volatility (6M) Calculated over the trailing 6-month period	11.86%	9.93%	+1.93%
Volatility (1Y) Calculated over the trailing 1-year period	14.70%	12.77%	+1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.57%	19.54%	-2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.27%	19.02%	+0.25%

FIQKX vs. PPYPX - Expense Ratio Comparison

FIQKX has a 0.89% expense ratio, which is higher than PPYPX's 0.60% expense ratio.

Dividends

FIQKX vs. PPYPX - Dividend Comparison

FIQKX's dividend yield for the trailing twelve months is around 2.28%, less than PPYPX's 6.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FIQKX Fidelity Advisor International Value Fund Class Z	2.28%	2.44%	2.49%	2.20%	1.96%	4.41%	1.82%	3.68%	3.52%	0.00%	0.00%
PPYPX PIMCO RAE International Fund	6.84%	7.78%	6.57%	10.09%	7.20%	27.06%	2.23%	4.20%	5.96%	2.53%	2.41%

Frequently Asked Questions

Can I hold both FIQKX and PPYPX in my portfolio?

FIQKX and PPYPX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIQKX or PPYPX?

FIQKX has higher volatility (4.72%) compared to PPYPX (3.03%). In terms of maximum drawdown, FIQKX dropped -38.64% vs PPYPX's -42.48%.

Which has better risk-adjusted returns?

PPYPX currently has the higher Sharpe Ratio (2.14 vs 1.55), 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.