FJSCX vs. MJFOX

Last updated Jun 4, 2026

FJSCX (Fidelity Japan Smaller Companies Fund) and MJFOX (Matthews Japan Fund) are both Japan Equities funds. Over the past 10 years, FJSCX returned 9.25%/yr vs 9.08%/yr for MJFOX. Their correlation of 0.81 suggests significant overlap in exposure. FJSCX charges 0.91%/yr vs 1.05%/yr for MJFOX.

Performance

FJSCX vs. MJFOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Japan Smaller Companies Fund (FJSCX) and Matthews Japan Fund (MJFOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FJSCX achieves a 20.80% return, which is significantly higher than MJFOX's 16.96% return. Both investments have delivered pretty close results over the past 10 years, with FJSCX having a 9.25% annualized return and MJFOX not far behind at 9.08%.

FJSCX

• 1D: 0.10%
• 1M: 6.57%
• YTD: 20.80%
• 6M: 21.31%
• 1Y: 33.77%
• 3Y*: 20.08%
• 5Y*: 10.03%
• 10Y*: 9.25%

MJFOX

• 1D: -0.28%
• 1M: 5.70%
• YTD: 16.96%
• 6M: 18.02%
• 1Y: 28.75%
• 3Y*: 23.06%
• 5Y*: 8.52%
• 10Y*: 9.08%

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

FJSCX vs. MJFOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FJSCX Fidelity Japan Smaller Companies Fund	20.80%	26.43%	8.03%	15.15%	-14.49%	-0.36%	4.80%	22.00%	-15.98%	34.56%
MJFOX Matthews Japan Fund	16.96%	22.72%	16.31%	25.79%	-27.84%	-5.79%	29.80%	26.08%	-20.12%	33.22%

Correlation

The correlation between FJSCX and MJFOX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 4, 1999	0.81

The correlation between FJSCX and MJFOX has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

Return for Risk

FJSCX vs. MJFOX — Risk / Return Rank

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

FJSCX

FJSCX Risk / Return Rank: 39
FJSCX Sharpe Ratio Rank: 37
FJSCX Sortino Ratio Rank: 35
FJSCX Omega Ratio Rank: 35
FJSCX Calmar Ratio Rank: 44
FJSCX Martin Ratio Rank: 42

MJFOX

MJFOX Risk / Return Rank: 23
MJFOX Sharpe Ratio Rank: 20
MJFOX Sortino Ratio Rank: 22
MJFOX Omega Ratio Rank: 21
MJFOX Calmar Ratio Rank: 26
MJFOX Martin Ratio Rank: 29

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.

FJSCX vs. MJFOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Japan Smaller Companies Fund (FJSCX) and Matthews Japan Fund (MJFOX). 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.

	FJSCX	MJFOX	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.27	+0.48
Sortino ratio: Return per unit of downside risk	2.46	1.94	+0.51
Omega ratio: Gain probability vs. loss probability	1.31	1.24	+0.07
Calmar ratio: Return relative to maximum drawdown	2.53	1.91	+0.62
Martin ratio: Return relative to average drawdown	9.00	6.82	+2.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FJSCX vs. MJFOX - Sharpe Ratio Comparison

The current FJSCX Sharpe Ratio is 1.76, which is higher than the MJFOX Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of FJSCX and MJFOX, 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

	FJSCX	MJFOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	1.27	+0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.42	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.48	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.37	-0.05

Drawdowns

FJSCX vs. MJFOX - Drawdown Comparison

The maximum FJSCX drawdown since its inception was -71.42%, which is greater than MJFOX's maximum drawdown of -63.52%. Use the drawdown chart below to compare losses from any high point for FJSCX and MJFOX.

Drawdown Indicators

	FJSCX	MJFOX	Difference
Max Drawdown Largest peak-to-trough decline	-71.42%	-63.52%	-7.90%
Max Drawdown (1Y) Largest decline over 1 year	-12.79%	-14.53%	+1.74%
Max Drawdown (3Y) Largest decline over 3 years	-15.08%	-17.14%	+2.06%
Max Drawdown (5Y) Largest decline over 5 years	-29.74%	-42.85%	+13.11%
Max Drawdown (10Y) Largest decline over 10 years	-32.10%	-42.85%	+10.75%
Current Drawdown Current decline from peak	-0.93%	-0.49%	-0.44%
Average Drawdown Average peak-to-trough decline	-26.65%	-21.26%	-5.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	4.04%	-0.45%

Volatility

FJSCX vs. MJFOX - Volatility Comparison

Fidelity Japan Smaller Companies Fund (FJSCX) and Matthews Japan Fund (MJFOX) have volatilities of 4.83% and 4.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FJSCX	MJFOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.83%	4.91%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	14.79%	17.20%	-2.41%
Volatility (1Y) Calculated over the trailing 1-year period	18.46%	21.89%	-3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	20.41%	-3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	18.85%	-2.84%

FJSCX vs. MJFOX - Expense Ratio Comparison

FJSCX has a 0.91% expense ratio, which is lower than MJFOX's 1.05% expense ratio.

Dividends

FJSCX vs. MJFOX - Dividend Comparison

FJSCX's dividend yield for the trailing twelve months is around 14.58%, more than MJFOX's 1.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FJSCX Fidelity Japan Smaller Companies Fund	14.58%	17.62%	4.54%	2.82%	0.05%	12.01%	1.59%	7.13%	5.55%	3.91%	2.83%	1.43%
MJFOX Matthews Japan Fund	1.67%	1.96%	2.12%	6.09%	7.19%	8.08%	10.15%	8.63%	4.14%	3.90%	1.15%	0.00%

Frequently Asked Questions

Can I hold both FJSCX and MJFOX in my portfolio?

FJSCX and MJFOX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FJSCX or MJFOX?

MJFOX has higher volatility (4.91%) compared to FJSCX (4.83%). In terms of maximum drawdown, FJSCX dropped -71.42% vs MJFOX's -63.52%.

Which has better risk-adjusted returns?

FJSCX currently has the higher Sharpe Ratio (1.76 vs 1.27), 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.