FJPNX vs. FHKCX

Last updated Jun 24, 2026

FJPNX (Fidelity Japan Fund) and FHKCX (Fidelity China Region Fund) are both mutual funds - FJPNX is a Japan Equities fund managed by Fidelity, while FHKCX is a China Equities fund managed by Fidelity. Over the past 10 years, FJPNX returned 12.31%/yr vs 15.70%/yr for FHKCX. At a 0.49 correlation, their price movements are largely independent. FJPNX charges 1.09%/yr vs 0.91%/yr for FHKCX.

Performance

FJPNX vs. FHKCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Japan Fund (FJPNX) and Fidelity China Region Fund (FHKCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FJPNX achieves a 30.60% return, which is significantly lower than FHKCX's 39.37% return. Over the past 10 years, FJPNX has underperformed FHKCX with an annualized return of 12.31%, while FHKCX has yielded a comparatively higher 15.70% annualized return.

FJPNX

• 1D: 0.78%
• 1M: 6.08%
• YTD: 30.60%
• 6M: 29.62%
• 1Y: 52.20%
• 3Y*: 24.64%
• 5Y*: 11.54%
• 10Y*: 12.31%

FHKCX

• 1D: 0.50%
• 1M: 4.92%
• YTD: 39.37%
• 6M: 40.46%
• 1Y: 79.75%
• 3Y*: 34.29%
• 5Y*: 9.23%
• 10Y*: 15.70%

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

FJPNX vs. FHKCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FJPNX Fidelity Japan Fund	30.60%	31.66%	7.37%	15.86%	-22.23%	3.11%	25.42%	25.74%	-14.84%	29.26%
FHKCX Fidelity China Region Fund	39.37%	42.56%	23.15%	-0.29%	-23.87%	-13.69%	47.85%	35.12%	-17.43%	51.94%

Correlation

The correlation between FJPNX and FHKCX is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Mar 29, 1996	0.49

The correlation between FJPNX and FHKCX shifts across timeframes, from 0.49 (all time) to 0.59 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FJPNX vs. FHKCX — Risk / Return Rank

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

FJPNX

FJPNX Risk / Return Rank: 79
FJPNX Sharpe Ratio Rank: 80
FJPNX Sortino Ratio Rank: 70
FJPNX Omega Ratio Rank: 68
FJPNX Calmar Ratio Rank: 89
FJPNX Martin Ratio Rank: 87

FHKCX

FHKCX Risk / Return Rank: 94
FHKCX Sharpe Ratio Rank: 98
FHKCX Sortino Ratio Rank: 91
FHKCX Omega Ratio Rank: 89
FHKCX Calmar Ratio Rank: 98
FHKCX Martin Ratio Rank: 96

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.

FJPNX vs. FHKCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Japan Fund (FJPNX) and Fidelity China Region Fund (FHKCX). 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.

	FJPNX	FHKCX	Difference
Sharpe ratio: Return per unit of total volatility	2.42	3.56	-1.14
Sortino ratio: Return per unit of downside risk	3.18	4.15	-0.97
Omega ratio: Gain probability vs. loss probability	1.42	1.60	-0.18
Calmar ratio: Return relative to maximum drawdown	4.18	7.52	-3.34
Martin ratio: Return relative to average drawdown	15.56	22.43	-6.87

FJPNX vs. FHKCX - Sharpe Ratio Comparison

The current FJPNX Sharpe Ratio is 2.42, which is lower than the FHKCX Sharpe Ratio of 3.56. The chart below compares the historical Sharpe Ratios of FJPNX and FHKCX, 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

FJPNX vs. FHKCX - Drawdown Comparison

The maximum FJPNX drawdown since its inception was -64.83%, roughly equal to the maximum FHKCX drawdown of -61.96%. Use the drawdown chart below to compare losses from any high point for FJPNX and FHKCX.

Drawdown Indicators

	FJPNX	FHKCX	Difference
Max Drawdown Largest peak-to-trough decline	-64.83%	-61.96%	-2.87%
Max Drawdown (1Y) Largest decline over 1 year	-12.74%	-10.80%	-1.94%
Max Drawdown (3Y) Largest decline over 3 years	-19.19%	-22.02%	+2.83%
Max Drawdown (5Y) Largest decline over 5 years	-36.23%	-52.42%	+16.19%
Max Drawdown (10Y) Largest decline over 10 years	-36.23%	-58.41%	+22.18%
Current Drawdown Current decline from peak	0.00%	-0.38%	+0.38%
Average Drawdown Average peak-to-trough decline	-24.86%	-20.23%	-4.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	3.61%	-0.19%

Volatility

FJPNX vs. FHKCX - Volatility Comparison

The current volatility for Fidelity Japan Fund (FJPNX) is 7.89%, while Fidelity China Region Fund (FHKCX) has a volatility of 10.30%. This indicates that FJPNX experiences smaller price fluctuations and is considered to be less risky than FHKCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FJPNX	FHKCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.89%	10.30%	-2.41%
Volatility (6M) Calculated over the trailing 6-month period	17.41%	18.67%	-1.26%
Volatility (1Y) Calculated over the trailing 1-year period	22.06%	22.87%	-0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.19%	24.53%	-4.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	22.48%	-4.11%

FJPNX vs. FHKCX - Expense Ratio Comparison

FJPNX has a 1.09% expense ratio, which is higher than FHKCX's 0.91% expense ratio.

Dividends

FJPNX vs. FHKCX - Dividend Comparison

FJPNX's dividend yield for the trailing twelve months is around 7.62%, more than FHKCX's 1.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHKCX Fidelity China Region Fund	1.26%	1.75%	1.39%	1.92%	1.05%	10.77%	4.85%	0.66%	0.83%	0.39%	1.35%	15.47%
FJPNX Fidelity Japan Fund	7.62%	9.95%	4.85%	3.71%	0.00%	11.58%	1.79%	1.18%	0.38%	0.23%	1.22%	0.64%

Frequently Asked Questions

Can I hold both FJPNX and FHKCX in my portfolio?

FJPNX and FHKCX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FJPNX or FHKCX?

FHKCX has higher volatility (10.30%) compared to FJPNX (7.89%). In terms of maximum drawdown, FJPNX dropped -64.83% vs FHKCX's -61.96%.

Which has better risk-adjusted returns?

FHKCX currently has the higher Sharpe Ratio (3.56 vs 2.42), 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.