FMNEX vs. FIQIX

Last updated Jul 14, 2026

FMNEX (RBB Free Market International Equity Fund) and FIQIX (Fidelity Advisor International Small Cap Fund Class Z) are both Foreign Small & Mid Cap Equities funds. Over the past 5 years, FMNEX returned 11.06%/yr vs 6.38%/yr for FIQIX. Their correlation of 0.92 suggests significant overlap in exposure. FMNEX charges 0.56%/yr vs 0.89%/yr for FIQIX.

Performance

FMNEX vs. FIQIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RBB Free Market International Equity Fund (FMNEX) and Fidelity Advisor International Small Cap Fund Class Z (FIQIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMNEX achieves a 11.00% return, which is significantly higher than FIQIX's 8.30% return.

FMNEX

• 1D: 0.41%
• 1M: -0.63%
• 6M: 7.48%
• YTD: 11.00%
• 1Y: 27.60%
• 3Y*: 20.30%
• 5Y*: 11.06%
• 10Y*: 9.89%

FIQIX

• 1D: 0.35%
• 1M: -0.99%
• 6M: 6.03%
• YTD: 8.30%
• 1Y: 13.74%
• 3Y*: 13.43%
• 5Y*: 6.38%
• 10Y*: —

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

FMNEX vs. FIQIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FMNEX RBB Free Market International Equity Fund	11.00%	42.81%	2.15%	16.13%	-10.54%	14.50%	2.74%	17.72%	-10.57%
FIQIX Fidelity Advisor International Small Cap Fund Class Z	8.30%	24.80%	0.14%	19.76%	-16.53%	13.56%	10.12%	21.61%	-7.47%

Correlation

The correlation between FMNEX and FIQIX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.92

The correlation between FMNEX and FIQIX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

FMNEX vs. FIQIX — Risk / Return Rank

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

FMNEX

FMNEX Risk / Return Rank: 65
FMNEX Sharpe Ratio Rank: 72
FMNEX Sortino Ratio Rank: 68
FMNEX Omega Ratio Rank: 69
FMNEX Calmar Ratio Rank: 59
FMNEX Martin Ratio Rank: 56

FIQIX

FIQIX Risk / Return Rank: 22
FIQIX Sharpe Ratio Rank: 22
FIQIX Sortino Ratio Rank: 22
FIQIX Omega Ratio Rank: 23
FIQIX Calmar Ratio Rank: 21
FIQIX Martin Ratio Rank: 24

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.

FMNEX vs. FIQIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RBB Free Market International Equity Fund (FMNEX) and Fidelity Advisor International Small Cap Fund Class Z (FIQIX). 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.

	FMNEX	FIQIX	Difference
Sharpe ratio: Return per unit of total volatility	1.88	0.99	+0.89
Sortino ratio: Return per unit of downside risk	2.58	1.47	+1.11
Omega ratio: Gain probability vs. loss probability	1.34	1.19	+0.15
Calmar ratio: Return relative to maximum drawdown	2.37	1.23	+1.14
Martin ratio: Return relative to average drawdown	8.81	4.26	+4.55

FMNEX vs. FIQIX - Sharpe Ratio Comparison

The current FMNEX Sharpe Ratio is 1.88, which is higher than the FIQIX Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of FMNEX and FIQIX, 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

FMNEX vs. FIQIX - Drawdown Comparison

The maximum FMNEX drawdown since its inception was -59.76%, which is greater than FIQIX's maximum drawdown of -36.61%. Use the drawdown chart below to compare losses from any high point for FMNEX and FIQIX.

Drawdown Indicators

	FMNEX	FIQIX	Difference
Max Drawdown Largest peak-to-trough decline	-59.76%	-36.61%	-23.15%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-10.72%	-0.66%
Max Drawdown (3Y) Largest decline over 3 years	-13.46%	-12.65%	-0.81%
Max Drawdown (5Y) Largest decline over 5 years	-26.61%	-30.95%	+4.34%
Max Drawdown (10Y) Largest decline over 10 years	-47.35%	—	—
Current Drawdown Current decline from peak	-1.82%	-2.86%	+1.04%
Average Drawdown Average peak-to-trough decline	-12.14%	-6.70%	-5.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	3.09%	-0.03%

Volatility

FMNEX vs. FIQIX - Volatility Comparison

The current volatility for RBB Free Market International Equity Fund (FMNEX) is 4.88%, while Fidelity Advisor International Small Cap Fund Class Z (FIQIX) has a volatility of 5.50%. This indicates that FMNEX experiences smaller price fluctuations and is considered to be less risky than FIQIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMNEX	FIQIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	5.50%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	12.25%	11.61%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	14.38%	13.30%	+1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.62%	13.76%	+1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.88%	15.19%	+0.69%

FMNEX vs. FIQIX - Expense Ratio Comparison

FMNEX has a 0.56% expense ratio, which is lower than FIQIX's 0.89% expense ratio.

Dividends

FMNEX vs. FIQIX - Dividend Comparison

FMNEX's dividend yield for the trailing twelve months is around 4.22%, more than FIQIX's 3.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQIX Fidelity Advisor International Small Cap Fund Class Z	3.40%	3.68%	2.73%	1.99%	0.83%	7.39%	0.93%	2.47%	6.33%	0.00%	0.00%	0.00%
FMNEX RBB Free Market International Equity Fund	4.22%	4.69%	0.00%	2.49%	3.46%	1.31%	3.03%	2.56%	4.12%	3.30%	3.17%	3.60%

Frequently Asked Questions

Can I hold both FMNEX and FIQIX in my portfolio?

With a correlation of 0.90, FMNEX and FIQIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FMNEX or FIQIX?

FIQIX has higher volatility (5.50%) compared to FMNEX (4.88%). In terms of maximum drawdown, FMNEX dropped -59.76% vs FIQIX's -36.61%.

Which has better risk-adjusted returns?

FMNEX currently has the higher Sharpe Ratio (1.88 vs 0.99), 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.