FJPIX vs. JOF

Last updated Aug 1, 2026

FJPIX (Fidelity Advisor Japan Fund Class I) and JOF (Japan Smaller Capitalization Fund) are both Japan Equities funds. Over the past 10 years, FJPIX returned 10.62%/yr vs 9.52%/yr for JOF. Their 0.68 correlation means they have sometimes moved together and sometimes differently. FJPIX charges 1.04%/yr vs 0.01%/yr for JOF.

Performance

FJPIX vs. JOF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Japan Fund Class I (FJPIX) 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, FJPIX achieves a 21.34% return, which is significantly higher than JOF's 8.15% return. Over the past 10 years, FJPIX has outperformed JOF with an annualized return of 10.62%, while JOF has yielded a comparatively lower 9.52% annualized return.

FJPIX

• 1D: 4.51%
• 1M: -2.17%
• 6M: 12.53%
• YTD: 21.34%
• 1Y: 36.28%
• 3Y*: 19.87%
• 5Y*: 9.79%
• 10Y*: 10.62%
• ALL TIME*: 7.89%

JOF

• 1D: -0.18%
• 1M: -2.11%
• 6M: 3.75%
• YTD: 8.15%
• 1Y: 28.77%
• 3Y*: 22.85%
• 5Y*: 10.80%
• 10Y*: 9.52%
• ALL TIME*: 3.51%

*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)
FJPIX Fidelity Advisor Japan Fund Class I	$0.00	$0.00	$0.00
JOF Japan Smaller Capitalization Fund	$1.05M	$925.90K	$855.55K

FJPIX vs. JOF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FJPIX Fidelity Advisor Japan Fund Class I	21.34%	31.61%	7.29%	15.88%	-22.22%	3.18%	25.56%	25.71%	-14.73%	29.03%
JOF Japan Smaller Capitalization Fund	8.15%	52.12%	5.28%	21.40%	-17.07%	-6.15%	4.76%	16.62%	-15.66%	40.78%

Correlation

The correlation between FJPIX and JOF is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (10Y) Provides a long-term view across more market conditions.	0.67
Correlation (All Time) Calculated using the full available price history since Dec 17, 2010	0.68

The correlation between FJPIX and JOF has been stable across timeframes, ranging from 0.67 to 0.71 - a consistent structural relationship.

Return for Risk

FJPIX vs. JOF — Risk / Return Rank

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

FJPIX

FJPIX Risk / Return Rank: 69
FJPIX Sharpe Ratio Rank: 64
FJPIX Sortino Ratio Rank: 61
FJPIX Omega Ratio Rank: 61
FJPIX Calmar Ratio Rank: 83
FJPIX Martin Ratio Rank: 75

JOF

JOF Risk / Return Rank: 48
JOF Sharpe Ratio Rank: 58
JOF Sortino Ratio Rank: 54
JOF Omega Ratio Rank: 54
JOF Calmar Ratio Rank: 42
JOF Martin Ratio Rank: 30

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.

FJPIX vs. JOF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Japan Fund Class I (FJPIX) 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.

	FJPIX	JOF	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.45	+0.11
Sortino ratio: Return per unit of downside risk	2.17	2.00	+0.16
Omega ratio: Gain probability vs. loss probability	1.28	1.26	+0.02
Calmar ratio: Return relative to maximum drawdown	2.87	1.70	+1.17
Martin ratio: Return relative to average drawdown	9.29	4.43	+4.86

FJPIX vs. JOF - Sharpe Ratio Comparison

The current FJPIX Sharpe Ratio is 1.56, which is comparable to the JOF Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of FJPIX 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

FJPIX vs. JOF - Drawdown Comparison

The maximum FJPIX 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 FJPIX and JOF.

Drawdown Indicators

	FJPIX	JOF	Difference
Max Drawdown Largest peak-to-trough decline	-36.13%	-74.98%	+38.85%
Max Drawdown (1Y) Largest decline over 1 year	-12.77%	-17.21%	+4.44%
Max Drawdown (3Y) Largest decline over 3 years	-19.16%	-17.21%	-1.95%
Max Drawdown (5Y) Largest decline over 5 years	-36.13%	-37.03%	+0.90%
Max Drawdown (10Y) Largest decline over 10 years	-36.13%	-42.37%	+6.24%
Current Drawdown Current decline from peak	-7.06%	-7.37%	+0.31%
Average Drawdown Average peak-to-trough decline	-9.60%	-32.60%	+23.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	6.61%	-2.67%

Volatility

FJPIX vs. JOF - Volatility Comparison

Fidelity Advisor Japan Fund Class I (FJPIX) has a higher volatility of 8.50% compared to Japan Smaller Capitalization Fund (JOF) at 5.28%. This indicates that FJPIX'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

	FJPIX	JOF	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.50%	5.28%	+3.22%
Volatility (6M) Calculated over the trailing 6-month period	19.65%	16.35%	+3.30%
Volatility (1Y) Calculated over the trailing 1-year period	23.53%	20.23%	+3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.57%	17.21%	+3.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.53%	17.61%	+0.92%

FJPIX vs. JOF - Expense Ratio Comparison

FJPIX has a 1.04% expense ratio, which is higher than JOF's 0.02% expense ratio.

Dividends

FJPIX vs. JOF - Dividend Comparison

FJPIX's dividend yield for the trailing twelve months is around 8.05%, less than JOF's 9.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FJPIX Fidelity Advisor Japan Fund Class I	8.05%	9.77%	4.27%	3.69%	0.00%	10.54%	1.91%	1.27%	0.32%	0.23%	1.20%	0.60%
JOF Japan Smaller Capitalization Fund	9.45%	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 FJPIX and JOF in my portfolio?

FJPIX 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, FJPIX or JOF?

FJPIX has higher volatility (8.50%) compared to JOF (5.28%). In terms of maximum drawdown, FJPIX dropped -36.13% vs JOF's -74.98%.

Which has better risk-adjusted returns?

FJPIX currently has the higher Sharpe Ratio (1.56 vs 1.45), 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.