FIQLX vs. JOF

Last updated Jun 25, 2026

FIQLX (Fidelity Advisor Japan Fund Class Z) and JOF (Japan Smaller Capitalization Fund) are both Japan Equities funds. Over the past 5 years, FIQLX returned 10.38%/yr vs 10.52%/yr for JOF. A 0.68 correlation means they provide meaningful diversification when combined. FIQLX charges 0.96%/yr vs 0.01%/yr for JOF.

Performance

FIQLX vs. JOF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Japan Fund Class Z (FIQLX) and Japan Smaller Capitalization Fund (JOF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIQLX achieves a 24.10% return, which is significantly higher than JOF's 8.97% return.

FIQLX

• 1D: -5.01%
• 1M: 0.78%
• YTD: 24.10%
• 6M: 23.16%
• 1Y: 42.76%
• 3Y*: 22.66%
• 5Y*: 10.38%
• 10Y*: —

JOF

• 1D: -0.09%
• 1M: 0.95%
• YTD: 8.97%
• 6M: 11.18%
• 1Y: 34.68%
• 3Y*: 23.66%
• 5Y*: 10.52%
• 10Y*: 10.34%

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

FIQLX vs. JOF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIQLX Fidelity Advisor Japan Fund Class Z	24.10%	31.84%	7.43%	16.09%	-22.16%	3.32%	25.58%	25.93%	-11.46%
JOF Japan Smaller Capitalization Fund	8.97%	52.12%	5.28%	21.40%	-17.07%	-6.15%	4.76%	16.62%	-5.05%

Correlation

The correlation between FIQLX and JOF is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.68

The correlation between FIQLX and JOF has been stable across timeframes, ranging from 0.68 to 0.71 - a consistent structural relationship.

Return for Risk

FIQLX vs. JOF — Risk / Return Rank

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

FIQLX

FIQLX Risk / Return Rank: 66
FIQLX Sharpe Ratio Rank: 61
FIQLX Sortino Ratio Rank: 53
FIQLX Omega Ratio Rank: 55
FIQLX Calmar Ratio Rank: 83
FIQLX Martin Ratio Rank: 79

JOF

JOF Risk / Return Rank: 38
JOF Sharpe Ratio Rank: 45
JOF Sortino Ratio Rank: 40
JOF Omega Ratio Rank: 42
JOF Calmar Ratio Rank: 35
JOF Martin Ratio Rank: 27

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.

FIQLX vs. JOF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Japan Fund Class Z (FIQLX) and Japan Smaller Capitalization Fund (JOF). 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.

	FIQLX	JOF	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.75	+0.24
Sortino ratio: Return per unit of downside risk	2.64	2.34	+0.30
Omega ratio: Gain probability vs. loss probability	1.35	1.31	+0.04
Calmar ratio: Return relative to maximum drawdown	3.53	2.02	+1.50
Martin ratio: Return relative to average drawdown	13.06	5.54	+7.53

FIQLX vs. JOF - Sharpe Ratio Comparison

The current FIQLX Sharpe Ratio is 1.99, which is comparable to the JOF Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of FIQLX and JOF, 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

FIQLX vs. JOF - Drawdown Comparison

The maximum FIQLX drawdown since its inception was -36.13%, smaller than the maximum JOF drawdown of -74.98%. Use the drawdown chart below to compare losses from any high point for FIQLX and JOF.

Drawdown Indicators

	FIQLX	JOF	Difference
Max Drawdown Largest peak-to-trough decline	-36.13%	-74.98%	+38.85%
Max Drawdown (1Y) Largest decline over 1 year	-12.73%	-17.21%	+4.48%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	-17.21%	-1.93%
Max Drawdown (5Y) Largest decline over 5 years	-36.13%	-37.03%	+0.90%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.37%	—
Current Drawdown Current decline from peak	-5.01%	-6.67%	+1.66%
Average Drawdown Average peak-to-trough decline	-10.24%	-32.67%	+22.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	6.28%	-2.85%

Volatility

FIQLX vs. JOF - Volatility Comparison

Fidelity Advisor Japan Fund Class Z (FIQLX) has a higher volatility of 9.64% compared to Japan Smaller Capitalization Fund (JOF) at 5.87%. This indicates that FIQLX's price experiences larger fluctuations and is considered to be riskier than JOF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIQLX	JOF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.64%	5.87%	+3.77%
Volatility (6M) Calculated over the trailing 6-month period	18.19%	15.58%	+2.61%
Volatility (1Y) Calculated over the trailing 1-year period	22.60%	19.94%	+2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.31%	17.05%	+3.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.02%	17.56%	+2.46%

FIQLX vs. JOF - Expense Ratio Comparison

FIQLX has a 0.96% expense ratio, which is higher than JOF's 0.02% expense ratio.

Dividends

FIQLX vs. JOF - Dividend Comparison

FIQLX's dividend yield for the trailing twelve months is around 8.09%, less than JOF's 9.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQLX Fidelity Advisor Japan Fund Class Z	8.09%	10.04%	5.04%	3.88%	0.00%	11.89%	1.97%	1.35%	0.48%	0.00%	0.00%	0.00%
JOF Japan Smaller Capitalization Fund	9.24%	4.80%	4.07%	3.50%	0.71%	7.70%	3.81%	8.30%	20.55%	15.89%	9.63%	8.58%

Frequently Asked Questions

Can I hold both FIQLX and JOF in my portfolio?

FIQLX and JOF have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIQLX or JOF?

FIQLX has higher volatility (9.64%) compared to JOF (5.87%). In terms of maximum drawdown, FIQLX dropped -36.13% vs JOF's -74.98%.

Which has better risk-adjusted returns?

FIQLX currently has the higher Sharpe Ratio (1.99 vs 1.75), 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.