FIQKX vs. PZRIX

Last updated Jun 24, 2026

FIQKX (Fidelity Advisor International Value Fund Class Z) and PZRIX (PIMCO RAE Global ex-US Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, FIQKX returned 13.15%/yr vs 10.07%/yr for PZRIX. Their correlation of 0.92 suggests significant overlap in exposure. FIQKX charges 0.89%/yr vs 0.00%/yr for PZRIX.

Performance

FIQKX vs. PZRIX - 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 Global ex-US Fund (PZRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIQKX achieves a 7.65% return, which is significantly lower than PZRIX's 10.46% return.

FIQKX

• 1D: 0.20%
• 1M: 0.93%
• YTD: 7.65%
• 6M: 7.42%
• 1Y: 25.22%
• 3Y*: 21.75%
• 5Y*: 13.15%
• 10Y*: —

PZRIX

• 1D: 0.16%
• 1M: -3.04%
• YTD: 10.46%
• 6M: 10.74%
• 1Y: 28.45%
• 3Y*: 19.23%
• 5Y*: 10.07%
• 10Y*: 10.42%

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

FIQKX vs. PZRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIQKX Fidelity Advisor International Value Fund Class Z	7.65%	43.69%	5.00%	19.30%	-7.79%	14.97%	3.45%	19.10%	-10.92%
PZRIX PIMCO RAE Global ex-US Fund	10.46%	34.05%	3.29%	19.31%	-9.11%	12.08%	1.74%	15.94%	-7.65%

Correlation

The correlation between FIQKX and PZRIX 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 17, 2018	0.92

The correlation between FIQKX and PZRIX has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.

Return for Risk

FIQKX vs. PZRIX — Risk / Return Rank

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

FIQKX

FIQKX Risk / Return Rank: 42
FIQKX Sharpe Ratio Rank: 41
FIQKX Sortino Ratio Rank: 39
FIQKX Omega Ratio Rank: 39
FIQKX Calmar Ratio Rank: 46
FIQKX Martin Ratio Rank: 46

PZRIX

PZRIX Risk / Return Rank: 77
PZRIX Sharpe Ratio Rank: 82
PZRIX Sortino Ratio Rank: 77
PZRIX Omega Ratio Rank: 75
PZRIX Calmar Ratio Rank: 82
PZRIX Martin Ratio Rank: 68

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. PZRIX - 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 Global ex-US Fund (PZRIX). 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.

	FIQKX	PZRIX	Difference
Sharpe ratio: Return per unit of total volatility	1.72	2.48	-0.75
Sortino ratio: Return per unit of downside risk	2.43	3.36	-0.93
Omega ratio: Gain probability vs. loss probability	1.31	1.44	-0.13
Calmar ratio: Return relative to maximum drawdown	2.48	3.59	-1.11
Martin ratio: Return relative to average drawdown	9.06	12.37	-3.31

FIQKX vs. PZRIX - Sharpe Ratio Comparison

The current FIQKX Sharpe Ratio is 1.72, which is lower than the PZRIX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of FIQKX and PZRIX, 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

FIQKX vs. PZRIX - Drawdown Comparison

The maximum FIQKX drawdown since its inception was -38.64%, smaller than the maximum PZRIX drawdown of -43.53%. Use the drawdown chart below to compare losses from any high point for FIQKX and PZRIX.

Drawdown Indicators

	FIQKX	PZRIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.64%	-43.53%	+4.89%
Max Drawdown (1Y) Largest decline over 1 year	-10.37%	-8.18%	-2.19%
Max Drawdown (3Y) Largest decline over 3 years	-14.55%	-13.81%	-0.74%
Max Drawdown (5Y) Largest decline over 5 years	-27.46%	-30.85%	+3.39%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.53%	—
Current Drawdown Current decline from peak	-0.85%	-4.74%	+3.89%
Average Drawdown Average peak-to-trough decline	-5.71%	-8.85%	+3.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	2.36%	+0.47%

Volatility

FIQKX vs. PZRIX - Volatility Comparison

Fidelity Advisor International Value Fund Class Z (FIQKX) has a higher volatility of 4.24% compared to PIMCO RAE Global ex-US Fund (PZRIX) at 3.62%. This indicates that FIQKX's price experiences larger fluctuations and is considered to be riskier than PZRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIQKX	PZRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	3.62%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	12.27%	9.42%	+2.85%
Volatility (1Y) Calculated over the trailing 1-year period	14.98%	11.88%	+3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.59%	15.79%	+0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.25%	16.88%	+2.37%

FIQKX vs. PZRIX - Expense Ratio Comparison

FIQKX has a 0.89% expense ratio, which is higher than PZRIX's 0.00% expense ratio.

Dividends

FIQKX vs. PZRIX - Dividend Comparison

FIQKX's dividend yield for the trailing twelve months is around 2.27%, less than PZRIX's 5.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FIQKX Fidelity Advisor International Value Fund Class Z	2.27%	2.44%	2.49%	2.20%	1.96%	4.41%	1.82%	3.68%	3.52%	0.00%	0.00%
PZRIX PIMCO RAE Global ex-US Fund	5.94%	6.56%	6.70%	9.19%	8.80%	11.99%	2.04%	6.32%	2.80%	4.13%	2.58%

Frequently Asked Questions

Can I hold both FIQKX and PZRIX in my portfolio?

FIQKX and PZRIX 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 PZRIX?

FIQKX has higher volatility (4.24%) compared to PZRIX (3.62%). In terms of maximum drawdown, FIQKX dropped -38.64% vs PZRIX's -43.53%.

Which has better risk-adjusted returns?

PZRIX currently has the higher Sharpe Ratio (2.48 vs 1.72), 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.