FISZX vs. FAOSX

Last updated Jun 3, 2026

FISZX (Fidelity SAI International SMA Completion Fund) and FAOSX (Fidelity Advisor Overseas Fund Class Z) are both Foreign Large Cap Equities funds from Fidelity. Over the past 5 years, FISZX returned 8.77%/yr vs 3.67%/yr for FAOSX. Their correlation of 0.88 suggests significant overlap in exposure. FISZX charges 0.00%/yr vs 1.02%/yr for FAOSX.

Performance

FISZX vs. FAOSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI International SMA Completion Fund (FISZX) and Fidelity Advisor Overseas Fund Class Z (FAOSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FISZX

• 1D: 0.16%
• 1M: 11.13%
• YTD: 26.54%
• 6M: 33.08%
• 1Y: 40.89%
• 3Y*: 22.13%
• 5Y*: 8.77%
• 10Y*: —

FAOSX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: -2.18%
• 3Y*: 8.88%
• 5Y*: 3.67%
• 10Y*: —

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

FISZX vs. FAOSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FISZX Fidelity SAI International SMA Completion Fund	26.54%	31.77%	3.61%	15.83%	-28.32%	9.91%	23.49%	13.42%
FAOSX Fidelity Advisor Overseas Fund Class Z	0.00%	15.36%	5.06%	20.52%	-24.31%	19.42%	15.17%	12.48%

Correlation

The correlation between FISZX and FAOSX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Apr 12, 2019	0.88

Over the past year, the correlation between FISZX and FAOSX has dropped to 0.56 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.

Return for Risk

FISZX vs. FAOSX — Risk / Return Rank

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

FISZX

FISZX Risk / Return Rank: 57
FISZX Sharpe Ratio Rank: 59
FISZX Sortino Ratio Rank: 53
FISZX Omega Ratio Rank: 54
FISZX Calmar Ratio Rank: 61
FISZX Martin Ratio Rank: 59

FAOSX

FAOSX Risk / Return Rank: 5
FAOSX Sharpe Ratio Rank: 2
FAOSX Sortino Ratio Rank: 2
FAOSX Omega Ratio Rank: 2
FAOSX Calmar Ratio Rank: 13
FAOSX Martin Ratio Rank: 7

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.

FISZX vs. FAOSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI International SMA Completion Fund (FISZX) and Fidelity Advisor Overseas Fund Class Z (FAOSX). 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.

	FISZX	FAOSX	Difference
Sharpe ratio Return per unit of total volatility	2.27	-0.18	+2.44
Sortino ratio Return per unit of downside risk	3.08	-0.18	+3.26
Omega ratio Gain probability vs. loss probability	1.41	0.97	+0.43
Calmar ratio Return relative to maximum drawdown	3.00	1.25	+1.75
Martin ratio Return relative to average drawdown	11.85	2.29	+9.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FISZX vs. FAOSX - Sharpe Ratio Comparison

The current FISZX Sharpe Ratio is 2.27, which is higher than the FAOSX Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of FISZX and FAOSX, 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

	FISZX	FAOSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	-0.18	+2.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.23	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.50	+0.14

Drawdowns

FISZX vs. FAOSX - Drawdown Comparison

The maximum FISZX drawdown since its inception was -39.92%, which is greater than FAOSX's maximum drawdown of -36.24%. Use the drawdown chart below to compare losses from any high point for FISZX and FAOSX.

Drawdown Indicators

	FISZX	FAOSX	Difference
Max Drawdown Largest peak-to-trough decline	-39.92%	-36.24%	-3.68%
Max Drawdown (1Y) Largest decline over 1 year	-14.48%	-7.26%	-7.22%
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	-13.96%	-0.67%
Max Drawdown (5Y) Largest decline over 5 years	-39.92%	-36.24%	-3.68%
Current Drawdown Current decline from peak	0.00%	-5.86%	+5.86%
Average Drawdown Average peak-to-trough decline	-12.38%	-7.93%	-4.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	3.95%	-0.29%

Volatility

FISZX vs. FAOSX - Volatility Comparison

Fidelity SAI International SMA Completion Fund (FISZX) has a higher volatility of 7.80% compared to Fidelity Advisor Overseas Fund Class Z (FAOSX) at 0.00%. This indicates that FISZX's price experiences larger fluctuations and is considered to be riskier than FAOSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FISZX	FAOSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.80%	0.00%	+7.80%
Volatility (6M) Calculated over the trailing 6-month period	16.25%	4.08%	+12.17%
Volatility (1Y) Calculated over the trailing 1-year period	18.97%	9.20%	+9.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.84%	16.72%	+1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.27%	16.68%	+1.59%

FISZX vs. FAOSX - Expense Ratio Comparison

FISZX has a 0.00% expense ratio, which is lower than FAOSX's 1.02% expense ratio.

Dividends

FISZX vs. FAOSX - Dividend Comparison

FISZX's dividend yield for the trailing twelve months is around 1.52%, less than FAOSX's 8.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAOSX Fidelity Advisor Overseas Fund Class Z	8.67%	8.67%	1.80%	1.12%	0.85%	2.07%	0.00%	1.70%	5.30%	3.93%
FISZX Fidelity SAI International SMA Completion Fund	1.52%	1.92%	2.55%	1.89%	1.37%	6.08%	0.90%	0.27%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FISZX and FAOSX in my portfolio?

FISZX and FAOSX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FISZX or FAOSX?

FISZX has higher volatility (7.80%) compared to FAOSX (0.00%). In terms of maximum drawdown, FISZX dropped -39.92% vs FAOSX's -36.24%.

Which has better risk-adjusted returns?

FISZX currently has the higher Sharpe Ratio (2.27 vs -0.18), 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.