FISMX vs. FMNEX

Last updated Aug 4, 2026

FISMX (Fidelity International Small Cap Fund) and FMNEX (RBB Free Market International Equity Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, FISMX returned 8.31%/yr vs 9.83%/yr for FMNEX. Their correlation of 0.91 means they have usually moved in the same direction. FISMX charges 1.01%/yr vs 0.56%/yr for FMNEX.

Performance

FISMX vs. FMNEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity International Small Cap Fund (FISMX) and RBB Free Market International Equity Fund (FMNEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FISMX achieves a 5.57% return, which is significantly lower than FMNEX's 12.36% return. Over the past 10 years, FISMX has underperformed FMNEX with an annualized return of 8.31%, while FMNEX has yielded a comparatively higher 9.83% annualized return.

FISMX

• 1D: -0.54%
• 1M: -2.82%
• 6M: 1.25%
• YTD: 5.57%
• 1Y: 11.82%
• 3Y*: 11.46%
• 5Y*: 5.71%
• 10Y*: 8.31%
• ALL TIME*: 11.18%

FMNEX

• 1D: -0.51%
• 1M: 1.81%
• 6M: 5.37%
• YTD: 12.36%
• 1Y: 30.07%
• 3Y*: 19.16%
• 5Y*: 11.45%
• 10Y*: 9.83%
• ALL TIME*: 5.75%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FISMX Fidelity International Small Cap Fund	$0.00	$0.00	$0.00
FMNEX RBB Free Market International Equity Fund	$0.00	$0.00	$0.00

FISMX vs. FMNEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FISMX Fidelity International Small Cap Fund	5.57%	24.73%	0.05%	19.62%	-16.66%	13.44%	9.98%	21.45%	-16.08%	31.58%
FMNEX RBB Free Market International Equity Fund	12.36%	42.81%	2.15%	16.13%	-10.54%	14.50%	2.74%	17.72%	-19.58%	27.74%

Correlation

The correlation between FISMX and FMNEX is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Jan 2, 2008	0.91

The correlation between FISMX and FMNEX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

FISMX vs. FMNEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FISMX

FISMX Risk / Return Rank: 24
FISMX Sharpe Ratio Rank: 24
FISMX Sortino Ratio Rank: 24
FISMX Omega Ratio Rank: 25
FISMX Calmar Ratio Rank: 23
FISMX Martin Ratio Rank: 25

FMNEX

FMNEX Risk / Return Rank: 80
FMNEX Sharpe Ratio Rank: 84
FMNEX Sortino Ratio Rank: 80
FMNEX Omega Ratio Rank: 80
FMNEX Calmar Ratio Rank: 78
FMNEX Martin Ratio Rank: 77

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FISMX vs. FMNEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity International Small Cap Fund (FISMX) and RBB Free Market International Equity Fund (FMNEX). 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.

	FISMX	FMNEX	Difference
Sharpe ratio: Return per unit of total volatility	0.91	2.08	-1.17
Sortino ratio: Return per unit of downside risk	1.36	2.86	-1.50
Omega ratio: Gain probability vs. loss probability	1.17	1.38	-0.20
Calmar ratio: Return relative to maximum drawdown	1.16	2.66	-1.50
Martin ratio: Return relative to average drawdown	3.76	9.87	-6.11

FISMX vs. FMNEX - Sharpe Ratio Comparison

The current FISMX Sharpe Ratio is 0.91, which is lower than the FMNEX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of FISMX and FMNEX, 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

FISMX vs. FMNEX - Drawdown Comparison

The maximum FISMX drawdown since its inception was -60.94%, roughly equal to the maximum FMNEX drawdown of -59.76%. Use the drawdown chart below to compare losses from any high point for FISMX and FMNEX.

Drawdown Indicators

	FISMX	FMNEX	Difference
Max Drawdown Largest peak-to-trough decline	-60.94%	-59.76%	-1.18%
Max Drawdown (1Y) Largest decline over 1 year	-10.71%	-11.38%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-12.70%	-13.46%	+0.76%
Max Drawdown (5Y) Largest decline over 5 years	-31.07%	-26.61%	-4.46%
Max Drawdown (10Y) Largest decline over 10 years	-38.80%	-47.35%	+8.55%
Current Drawdown Current decline from peak	-5.26%	-0.63%	-4.63%
Average Drawdown Average peak-to-trough decline	-10.59%	-12.10%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	3.07%	+0.24%

Volatility

FISMX vs. FMNEX - Volatility Comparison

Fidelity International Small Cap Fund (FISMX) and RBB Free Market International Equity Fund (FMNEX) have volatilities of 4.68% and 4.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FISMX	FMNEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	4.65%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	11.99%	12.55%	-0.56%
Volatility (1Y) Calculated over the trailing 1-year period	13.71%	14.58%	-0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.80%	15.64%	-1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.95%	15.91%	-1.96%

FISMX vs. FMNEX - Expense Ratio Comparison

FISMX has a 1.01% expense ratio, which is higher than FMNEX's 0.56% expense ratio.

Dividends

FISMX vs. FMNEX - Dividend Comparison

FISMX's dividend yield for the trailing twelve months is around 3.39%, less than FMNEX's 4.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FISMX Fidelity International Small Cap Fund	3.39%	3.58%	2.64%	1.87%	0.70%	7.28%	0.83%	2.32%	6.14%	2.46%	2.70%	2.80%
FMNEX RBB Free Market International Equity Fund	4.17%	4.69%	0.00%	2.49%	3.46%	1.31%	3.03%	2.56%	4.12%	3.30%	3.17%	3.60%

Frequently Asked Questions

Can I hold both FISMX and FMNEX in my portfolio?

With a correlation of 0.91, FISMX and FMNEX 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, FISMX or FMNEX?

FISMX has higher volatility (4.68%) compared to FMNEX (4.65%). In terms of maximum drawdown, FISMX dropped -60.94% vs FMNEX's -59.76%.

Which has better risk-adjusted returns?

FMNEX currently has the higher Sharpe Ratio (2.08 vs 0.91), 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.