FNORX vs. FACNX

Last updated Aug 1, 2026

FNORX (Fidelity Nordic Fund) and FACNX (Fidelity Advisor Canada Fund Class A) are both Foreign Large Cap Equities funds from Fidelity. Over the past 10 years, FNORX returned 9.67%/yr vs 10.17%/yr for FACNX. Their 0.66 correlation means they have sometimes moved together and sometimes differently. FNORX charges 0.92%/yr vs 1.12%/yr for FACNX.

Performance

FNORX vs. FACNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Nordic Fund (FNORX) and Fidelity Advisor Canada Fund Class A (FACNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNORX achieves a 9.22% return, which is significantly lower than FACNX's 9.83% return. Over the past 10 years, FNORX has underperformed FACNX with an annualized return of 9.67%, while FACNX has yielded a comparatively higher 10.17% annualized return.

FNORX

• 1D: 2.44%
• 1M: 0.42%
• 6M: 1.23%
• YTD: 9.22%
• 1Y: 22.37%
• 3Y*: 13.14%
• 5Y*: 4.80%
• 10Y*: 9.67%
• ALL TIME*: 10.34%

FACNX

• 1D: 0.36%
• 1M: 4.15%
• 6M: 9.88%
• YTD: 9.83%
• 1Y: 20.60%
• 3Y*: 15.65%
• 5Y*: 10.98%
• 10Y*: 10.17%
• ALL TIME*: 6.01%

*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)
FACNX Fidelity Advisor Canada Fund Class A	$0.00	$0.00	$0.00
FNORX Fidelity Nordic Fund	$0.00	$0.00	$0.00

FNORX vs. FACNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNORX Fidelity Nordic Fund	9.22%	25.85%	-4.51%	20.85%	-19.29%	12.77%	43.03%	17.26%	-11.56%	22.48%
FACNX Fidelity Advisor Canada Fund Class A	9.83%	25.49%	8.83%	14.33%	-6.44%	26.44%	4.11%	25.42%	-14.59%	12.81%

Correlation

The correlation between FNORX and FACNX is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (3Y) Balances recent behavior with more history.	0.55
Correlation (5Y) Shows whether the relationship held over a longer period.	0.63
Correlation (10Y) Provides a long-term view across more market conditions.	0.61
Correlation (All Time) Calculated using the full available price history since May 10, 2007	0.66

The correlation between FNORX and FACNX shifts across timeframes, from 0.49 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FNORX vs. FACNX — Risk / Return Rank

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

FNORX

FNORX Risk / Return Rank: 40
FNORX Sharpe Ratio Rank: 43
FNORX Sortino Ratio Rank: 42
FNORX Omega Ratio Rank: 39
FNORX Calmar Ratio Rank: 41
FNORX Martin Ratio Rank: 35

FACNX

FACNX Risk / Return Rank: 59
FACNX Sharpe Ratio Rank: 58
FACNX Sortino Ratio Rank: 51
FACNX Omega Ratio Rank: 53
FACNX Calmar Ratio Rank: 75
FACNX Martin Ratio Rank: 59

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.

FNORX vs. FACNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Nordic Fund (FNORX) and Fidelity Advisor Canada Fund Class A (FACNX). 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.

	FNORX	FACNX	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.49	-0.27
Sortino ratio: Return per unit of downside risk	1.76	2.01	-0.25
Omega ratio: Gain probability vs. loss probability	1.21	1.26	-0.05
Calmar ratio: Return relative to maximum drawdown	1.63	2.50	-0.86
Martin ratio: Return relative to average drawdown	5.01	7.86	-2.85

FNORX vs. FACNX - Sharpe Ratio Comparison

The current FNORX Sharpe Ratio is 1.22, which is comparable to the FACNX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of FNORX and FACNX, 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

FNORX vs. FACNX - Drawdown Comparison

The maximum FNORX drawdown since its inception was -69.72%, which is greater than FACNX's maximum drawdown of -58.18%. Use the drawdown chart below to compare losses from any high point for FNORX and FACNX.

Drawdown Indicators

	FNORX	FACNX	Difference
Max Drawdown Largest peak-to-trough decline	-69.72%	-58.18%	-11.54%
Max Drawdown (1Y) Largest decline over 1 year	-12.98%	-7.63%	-5.35%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-12.16%	-6.60%
Max Drawdown (5Y) Largest decline over 5 years	-38.15%	-21.12%	-17.03%
Max Drawdown (10Y) Largest decline over 10 years	-38.15%	-39.88%	+1.73%
Current Drawdown Current decline from peak	-4.36%	0.00%	-4.36%
Average Drawdown Average peak-to-trough decline	-17.38%	-12.08%	-5.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	2.42%	+1.81%

Volatility

FNORX vs. FACNX - Volatility Comparison

Fidelity Nordic Fund (FNORX) has a higher volatility of 4.39% compared to Fidelity Advisor Canada Fund Class A (FACNX) at 2.32%. This indicates that FNORX's price experiences larger fluctuations and is considered to be riskier than FACNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNORX	FACNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	2.32%	+2.07%
Volatility (6M) Calculated over the trailing 6-month period	14.32%	10.22%	+4.10%
Volatility (1Y) Calculated over the trailing 1-year period	17.55%	12.89%	+4.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.14%	15.90%	+3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.78%	17.36%	+1.42%

FNORX vs. FACNX - Expense Ratio Comparison

FNORX has a 0.92% expense ratio, which is lower than FACNX's 1.12% expense ratio.

Dividends

FNORX vs. FACNX - Dividend Comparison

FNORX's dividend yield for the trailing twelve months is around 8.00%, more than FACNX's 4.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FACNX Fidelity Advisor Canada Fund Class A	4.93%	5.41%	7.14%	3.06%	3.79%	4.86%	2.28%	4.13%	6.91%	0.89%	1.31%	0.15%
FNORX Fidelity Nordic Fund	8.00%	8.74%	6.14%	0.05%	0.00%	14.85%	3.29%	4.59%	10.78%	3.13%	1.71%	1.32%

Frequently Asked Questions

Can I hold both FNORX and FACNX in my portfolio?

FNORX and FACNX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNORX or FACNX?

FNORX has higher volatility (4.39%) compared to FACNX (2.32%). In terms of maximum drawdown, FNORX dropped -69.72% vs FACNX's -58.18%.

Which has better risk-adjusted returns?

FACNX currently has the higher Sharpe Ratio (1.49 vs 1.22), 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.