FJPNX vs. KWEB

Last updated Jun 3, 2026

FJPNX (Fidelity Japan Fund) and KWEB (KraneShares CSI China Internet ETF) are both funds - FJPNX is a Japan Equities fund managed by Fidelity, while KWEB is a China Equities fund tracking the CSI Overseas China Internet. Over the past 10 years, FJPNX returned 11.48%/yr vs 0.42%/yr for KWEB. At a 0.43 correlation, their price movements are largely independent. FJPNX charges 1.09%/yr vs 0.76%/yr for KWEB.

Performance

FJPNX vs. KWEB - Performance Comparison

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

Returns By Period

In the year-to-date period, FJPNX achieves a 24.63% return, which is significantly higher than KWEB's -16.80% return. Over the past 10 years, FJPNX has outperformed KWEB with an annualized return of 11.48%, while KWEB has yielded a comparatively lower 0.42% annualized return.

FJPNX

• 1D: -0.08%
• 1M: 7.50%
• YTD: 24.63%
• 6M: 25.50%
• 1Y: 42.79%
• 3Y*: 21.90%
• 5Y*: 10.37%
• 10Y*: 11.48%

KWEB

• 1D: 3.55%
• 1M: -1.56%
• YTD: -16.80%
• 6M: -20.06%
• 1Y: -9.36%
• 3Y*: 5.45%
• 5Y*: -13.45%
• 10Y*: 0.42%

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

FJPNX vs. KWEB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FJPNX Fidelity Japan Fund	24.63%	31.66%	7.37%	15.86%	-22.23%	3.11%	25.42%	25.74%	-14.84%	29.26%
KWEB KraneShares CSI China Internet ETF	-16.80%	23.55%	12.01%	-9.06%	-17.24%	-49.01%	58.23%	29.92%	-33.80%	69.73%

Correlation

The correlation between FJPNX and KWEB is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Aug 2, 2013	0.43

Return for Risk

FJPNX vs. KWEB — Risk / Return Rank

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

FJPNX

FJPNX Risk / Return Rank: 60
FJPNX Sharpe Ratio Rank: 53
FJPNX Sortino Ratio Rank: 48
FJPNX Omega Ratio Rank: 47
FJPNX Calmar Ratio Rank: 79
FJPNX Martin Ratio Rank: 73

KWEB

KWEB Risk / Return Rank: 6
KWEB Sharpe Ratio Rank: 5
KWEB Sortino Ratio Rank: 5
KWEB Omega Ratio Rank: 5
KWEB Calmar Ratio Rank: 6
KWEB Martin Ratio Rank: 6

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. KWEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Japan Fund (FJPNX) and KraneShares CSI China Internet ETF (KWEB). 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.

	FJPNX	KWEB	Difference
Sharpe ratio Return per unit of total volatility	2.15	-0.35	+2.50
Sortino ratio Return per unit of downside risk	2.90	-0.33	+3.23
Omega ratio Gain probability vs. loss probability	1.38	0.96	+0.41
Calmar ratio Return relative to maximum drawdown	3.63	-0.24	+3.87
Martin ratio Return relative to average drawdown	13.87	-0.49	+14.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FJPNX vs. KWEB - Sharpe Ratio Comparison

The current FJPNX Sharpe Ratio is 2.15, which is higher than the KWEB Sharpe Ratio of -0.35. The chart below compares the historical Sharpe Ratios of FJPNX and KWEB, 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

	FJPNX	KWEB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	-0.35	+2.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	-0.28	+0.81
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.01	+0.62
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.07	+0.20

Drawdowns

FJPNX vs. KWEB - Drawdown Comparison

The maximum FJPNX drawdown since its inception was -64.83%, smaller than the maximum KWEB drawdown of -80.92%. Use the drawdown chart below to compare losses from any high point for FJPNX and KWEB.

Drawdown Indicators

	FJPNX	KWEB	Difference
Max Drawdown Largest peak-to-trough decline	-64.83%	-80.92%	+16.09%
Max Drawdown (1Y) Largest decline over 1 year	-12.74%	-34.13%	+21.39%
Max Drawdown (3Y) Largest decline over 3 years	-19.19%	-34.13%	+14.94%
Max Drawdown (5Y) Largest decline over 5 years	-36.23%	-72.17%	+35.94%
Max Drawdown (10Y) Largest decline over 10 years	-36.23%	-80.92%	+44.69%
Current Drawdown Current decline from peak	-1.52%	-67.23%	+65.71%
Average Drawdown Average peak-to-trough decline	-24.90%	-35.23%	+10.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	16.72%	-13.39%

Volatility

FJPNX vs. KWEB - Volatility Comparison

The current volatility for Fidelity Japan Fund (FJPNX) is 5.34%, while KraneShares CSI China Internet ETF (KWEB) has a volatility of 10.84%. This indicates that FJPNX experiences smaller price fluctuations and is considered to be less risky than KWEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FJPNX	KWEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	10.84%	-5.50%
Volatility (6M) Calculated over the trailing 6-month period	16.41%	19.79%	-3.38%
Volatility (1Y) Calculated over the trailing 1-year period	21.29%	27.00%	-5.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.97%	47.66%	-27.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.28%	39.98%	-21.70%

FJPNX vs. KWEB - Expense Ratio Comparison

FJPNX has a 1.09% expense ratio, which is higher than KWEB's 0.76% expense ratio.

Dividends

FJPNX vs. KWEB - Dividend Comparison

FJPNX's dividend yield for the trailing twelve months is around 7.99%, more than KWEB's 7.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FJPNX Fidelity Japan Fund	7.99%	9.95%	4.85%	3.71%	0.00%	11.58%	1.79%	1.18%	0.38%	0.23%	1.22%	0.64%
KWEB KraneShares CSI China Internet ETF	7.40%	6.16%	3.51%	1.71%	0.00%	7.07%	0.29%	0.08%	3.40%	0.58%	1.19%	0.46%

Frequently Asked Questions

Can I hold both FJPNX and KWEB in my portfolio?

FJPNX and KWEB have a correlation of 0.42, 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 KWEB?

KWEB has higher volatility (10.84%) compared to FJPNX (5.34%). In terms of maximum drawdown, FJPNX dropped -64.83% vs KWEB's -80.92%.

Which has better risk-adjusted returns?

FJPNX currently has the higher Sharpe Ratio (2.15 vs -0.35), 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.