FIQPX vs. MGSEX

Last updated Jun 3, 2026

FIQPX (Fidelity Advisor Emerging Asia Fund Class Z) and MGSEX (AMG Veritas Asia Pacific Fund) are both Asia Pacific Equities funds. Over the past 5 years, FIQPX returned 8.41%/yr vs 8.21%/yr for MGSEX. A 0.79 correlation means they provide meaningful diversification when combined. FIQPX charges 0.81%/yr vs 1.18%/yr for MGSEX.

Performance

FIQPX vs. MGSEX - Performance Comparison

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

Returns By Period

In the year-to-date period, FIQPX achieves a 37.67% return, which is significantly lower than MGSEX's 53.02% return.

FIQPX

• 1D: 2.18%
• 1M: 12.47%
• YTD: 37.67%
• 6M: 42.42%
• 1Y: 73.57%
• 3Y*: 34.69%
• 5Y*: 8.41%
• 10Y*: —

MGSEX

• 1D: 2.27%
• 1M: 13.64%
• YTD: 53.02%
• 6M: 57.41%
• 1Y: 96.80%
• 3Y*: 30.97%
• 5Y*: 8.21%
• 10Y*: 18.01%

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

FIQPX vs. MGSEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIQPX Fidelity Advisor Emerging Asia Fund Class Z	37.67%	37.22%	21.13%	13.98%	-30.50%	-14.73%	73.23%	31.17%	0.71%
MGSEX AMG Veritas Asia Pacific Fund	53.02%	41.56%	7.23%	-4.82%	-27.91%	0.83%	38.74%	80.58%	-14.95%

Correlation

The correlation between FIQPX and MGSEX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018	0.79

The correlation between FIQPX and MGSEX shifts across timeframes, from 0.79 (all time) to 0.89 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FIQPX vs. MGSEX — Risk / Return Rank

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

FIQPX

FIQPX Risk / Return Rank: 93
FIQPX Sharpe Ratio Rank: 98
FIQPX Sortino Ratio Rank: 91
FIQPX Omega Ratio Rank: 91
FIQPX Calmar Ratio Rank: 94
FIQPX Martin Ratio Rank: 93

MGSEX

MGSEX Risk / Return Rank: 95
MGSEX Sharpe Ratio Rank: 99
MGSEX Sortino Ratio Rank: 92
MGSEX Omega Ratio Rank: 92
MGSEX Calmar Ratio Rank: 97
MGSEX Martin Ratio Rank: 95

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.

FIQPX vs. MGSEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Emerging Asia Fund Class Z (FIQPX) and AMG Veritas Asia Pacific Fund (MGSEX). 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.

	FIQPX	MGSEX	Difference
Sharpe ratio Return per unit of total volatility	3.82	4.19	-0.37
Sortino ratio Return per unit of downside risk	4.53	4.63	-0.10
Omega ratio Gain probability vs. loss probability	1.67	1.70	-0.02
Calmar ratio Return relative to maximum drawdown	5.45	6.84	-1.40
Martin ratio Return relative to average drawdown	19.81	23.15	-3.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIQPX vs. MGSEX - Sharpe Ratio Comparison

The current FIQPX Sharpe Ratio is 3.82, which is comparable to the MGSEX Sharpe Ratio of 4.19. The chart below compares the historical Sharpe Ratios of FIQPX and MGSEX, 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

	FIQPX	MGSEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.82	4.19	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.42	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.52	+0.27

Drawdowns

FIQPX vs. MGSEX - Drawdown Comparison

The maximum FIQPX drawdown since its inception was -57.62%, smaller than the maximum MGSEX drawdown of -62.06%. Use the drawdown chart below to compare losses from any high point for FIQPX and MGSEX.

Drawdown Indicators

	FIQPX	MGSEX	Difference
Max Drawdown Largest peak-to-trough decline	-57.62%	-62.06%	+4.44%
Max Drawdown (1Y) Largest decline over 1 year	-13.52%	-14.34%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-17.18%	-19.30%	+2.12%
Max Drawdown (5Y) Largest decline over 5 years	-53.21%	-43.13%	-10.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.32%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-22.10%	-13.88%	-8.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	4.24%	-0.53%

Volatility

FIQPX vs. MGSEX - Volatility Comparison

The current volatility for Fidelity Advisor Emerging Asia Fund Class Z (FIQPX) is 8.49%, while AMG Veritas Asia Pacific Fund (MGSEX) has a volatility of 11.11%. This indicates that FIQPX experiences smaller price fluctuations and is considered to be less risky than MGSEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIQPX	MGSEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.49%	11.11%	-2.62%
Volatility (6M) Calculated over the trailing 6-month period	16.60%	19.66%	-3.06%
Volatility (1Y) Calculated over the trailing 1-year period	19.80%	24.12%	-4.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.91%	19.88%	+3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.98%	25.96%	-2.98%

FIQPX vs. MGSEX - Expense Ratio Comparison

FIQPX has a 0.81% expense ratio, which is lower than MGSEX's 1.18% expense ratio.

Dividends

FIQPX vs. MGSEX - Dividend Comparison

FIQPX has not paid dividends to shareholders, while MGSEX's dividend yield for the trailing twelve months is around 0.09%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
MGSEX AMG Veritas Asia Pacific Fund	0.09%	0.14%	0.47%	0.11%	0.00%	83.77%	4.35%	59.30%	0.00%

Frequently Asked Questions

Can I hold both FIQPX and MGSEX in my portfolio?

FIQPX and MGSEX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIQPX or MGSEX?

MGSEX has higher volatility (11.11%) compared to FIQPX (8.49%). In terms of maximum drawdown, FIQPX dropped -57.62% vs MGSEX's -62.06%.

Which has better risk-adjusted returns?

MGSEX currently has the higher Sharpe Ratio (4.19 vs 3.82), 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.