FJACX vs. FISMX

Last updated Jun 24, 2026

FJACX (Fidelity Series Small Cap Discovery Fund) and FISMX (Fidelity International Small Cap Fund) are both mutual funds - FJACX is a Small Cap Blend Equities fund managed by Fidelity, while FISMX is a Foreign Small & Mid Cap Equities fund managed by Fidelity. Over the past 10 years, FJACX returned 11.53%/yr vs 9.55%/yr for FISMX. A 0.65 correlation means they provide meaningful diversification when combined. FJACX charges 0.00%/yr vs 1.01%/yr for FISMX.

Performance

FJACX vs. FISMX - Performance Comparison

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

Returns By Period

In the year-to-date period, FJACX achieves a 19.00% return, which is significantly higher than FISMX's 11.11% return. Over the past 10 years, FJACX has outperformed FISMX with an annualized return of 11.53%, while FISMX has yielded a comparatively lower 9.55% annualized return.

FJACX

• 1D: 1.09%
• 1M: 6.41%
• YTD: 19.00%
• 6M: 16.97%
• 1Y: 34.96%
• 3Y*: 16.53%
• 5Y*: 9.61%
• 10Y*: 11.53%

FISMX

• 1D: -0.17%
• 1M: 1.26%
• YTD: 11.11%
• 6M: 10.99%
• 1Y: 19.58%
• 3Y*: 15.13%
• 5Y*: 6.87%
• 10Y*: 9.55%

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

FJACX vs. FISMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FJACX Fidelity Series Small Cap Discovery Fund	19.00%	11.80%	3.11%	21.79%	-13.96%	36.36%	9.62%	30.01%	-17.37%	9.59%
FISMX Fidelity International Small Cap Fund	11.11%	24.73%	0.05%	19.62%	-16.66%	13.44%	9.98%	21.45%	-16.08%	31.58%

Correlation

The correlation between FJACX and FISMX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Nov 19, 2013	0.65

The correlation between FJACX and FISMX shifts across timeframes, from 0.57 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FJACX vs. FISMX — Risk / Return Rank

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

FJACX

FJACX Risk / Return Rank: 58
FJACX Sharpe Ratio Rank: 54
FJACX Sortino Ratio Rank: 54
FJACX Omega Ratio Rank: 46
FJACX Calmar Ratio Rank: 77
FJACX Martin Ratio Rank: 58

FISMX

FISMX Risk / Return Rank: 33
FISMX Sharpe Ratio Rank: 34
FISMX Sortino Ratio Rank: 34
FISMX Omega Ratio Rank: 36
FISMX Calmar Ratio Rank: 29
FISMX Martin Ratio Rank: 31

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.

FJACX vs. FISMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Small Cap Discovery Fund (FJACX) and Fidelity International Small Cap Fund (FISMX). 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.

	FJACX	FISMX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.56	+0.43
Sortino ratio: Return per unit of downside risk	2.83	2.27	+0.56
Omega ratio: Gain probability vs. loss probability	1.34	1.30	+0.04
Calmar ratio: Return relative to maximum drawdown	3.31	1.87	+1.44
Martin ratio: Return relative to average drawdown	10.90	6.60	+4.29

FJACX vs. FISMX - Sharpe Ratio Comparison

The current FJACX Sharpe Ratio is 1.99, which is comparable to the FISMX Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of FJACX and FISMX, 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

FJACX vs. FISMX - Drawdown Comparison

The maximum FJACX drawdown since its inception was -45.60%, smaller than the maximum FISMX drawdown of -60.94%. Use the drawdown chart below to compare losses from any high point for FJACX and FISMX.

Drawdown Indicators

	FJACX	FISMX	Difference
Max Drawdown Largest peak-to-trough decline	-45.60%	-60.94%	+15.34%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-10.71%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	-22.71%	-12.70%	-10.01%
Max Drawdown (5Y) Largest decline over 5 years	-23.69%	-31.07%	+7.38%
Max Drawdown (10Y) Largest decline over 10 years	-45.60%	-38.80%	-6.80%
Current Drawdown Current decline from peak	0.00%	-0.29%	+0.29%
Average Drawdown Average peak-to-trough decline	-6.53%	-10.62%	+4.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	3.03%	+0.37%

Volatility

FJACX vs. FISMX - Volatility Comparison

Fidelity Series Small Cap Discovery Fund (FJACX) has a higher volatility of 6.93% compared to Fidelity International Small Cap Fund (FISMX) at 5.03%. This indicates that FJACX's price experiences larger fluctuations and is considered to be riskier than FISMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FJACX	FISMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.93%	5.03%	+1.90%
Volatility (6M) Calculated over the trailing 6-month period	13.98%	10.94%	+3.04%
Volatility (1Y) Calculated over the trailing 1-year period	18.67%	12.88%	+5.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	13.69%	+6.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.64%	14.06%	+7.58%

FJACX vs. FISMX - Expense Ratio Comparison

FJACX has a 0.00% expense ratio, which is lower than FISMX's 1.01% expense ratio.

Dividends

FJACX vs. FISMX - Dividend Comparison

FJACX's dividend yield for the trailing twelve months is around 8.46%, more than FISMX's 3.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FISMX Fidelity International Small Cap Fund	3.22%	3.58%	2.64%	1.87%	0.70%	7.28%	0.83%	2.32%	6.14%	2.46%	2.70%	2.80%
FJACX Fidelity Series Small Cap Discovery Fund	8.46%	10.44%	10.79%	2.90%	24.03%	17.66%	2.67%	6.65%	8.36%	1.15%	0.45%	5.64%

Frequently Asked Questions

Can I hold both FJACX and FISMX in my portfolio?

FJACX and FISMX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FJACX or FISMX?

FJACX has higher volatility (6.93%) compared to FISMX (5.03%). In terms of maximum drawdown, FJACX dropped -45.60% vs FISMX's -60.94%.

Which has better risk-adjusted returns?

FJACX currently has the higher Sharpe Ratio (1.99 vs 1.56), 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.