FNORX vs. FICDX

Last updated Jun 3, 2026

FNORX (Fidelity Nordic Fund) and FICDX (Fidelity Canada Fund) are both Foreign Large Cap Equities funds from Fidelity. Over the past 10 years, FNORX returned 9.62%/yr vs 10.34%/yr for FICDX. A 0.60 correlation means they provide meaningful diversification when combined. FNORX charges 0.92%/yr vs 0.80%/yr for FICDX.

Performance

FNORX vs. FICDX - Performance Comparison

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

Returns By Period

In the year-to-date period, FNORX achieves a 11.87% return, which is significantly higher than FICDX's 7.07% return. Over the past 10 years, FNORX has underperformed FICDX with an annualized return of 9.62%, while FICDX has yielded a comparatively higher 10.34% annualized return.

FNORX

• 1D: -1.12%
• 1M: 2.00%
• YTD: 11.87%
• 6M: 17.71%
• 1Y: 18.78%
• 3Y*: 14.24%
• 5Y*: 5.74%
• 10Y*: 9.62%

FICDX

• 1D: -0.26%
• 1M: 0.60%
• YTD: 7.07%
• 6M: 11.70%
• 1Y: 17.70%
• 3Y*: 16.92%
• 5Y*: 10.45%
• 10Y*: 10.34%

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

FNORX vs. FICDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNORX Fidelity Nordic Fund	11.87%	25.85%	-4.51%	20.85%	-19.29%	12.77%	43.03%	17.26%	-11.56%	22.48%
FICDX Fidelity Canada Fund	7.07%	25.86%	9.15%	14.66%	-6.14%	26.86%	4.43%	25.82%	-14.32%	12.79%

Correlation

The correlation between FNORX and FICDX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Nov 3, 1995	0.60

The correlation between FNORX and FICDX shifts across timeframes, from 0.49 (1 year) to 0.64 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FNORX vs. FICDX — Risk / Return Rank

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

FNORX

FNORX Risk / Return Rank: 16
FNORX Sharpe Ratio Rank: 16
FNORX Sortino Ratio Rank: 16
FNORX Omega Ratio Rank: 15
FNORX Calmar Ratio Rank: 17
FNORX Martin Ratio Rank: 16

FICDX

FICDX Risk / Return Rank: 32
FICDX Sharpe Ratio Rank: 27
FICDX Sortino Ratio Rank: 23
FICDX Omega Ratio Rank: 25
FICDX Calmar Ratio Rank: 45
FICDX Martin Ratio Rank: 39

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.

FNORX vs. FICDX - Risk-Adjusted Trends Comparison

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

	FNORX	FICDX	Difference
Sharpe ratio Return per unit of total volatility	1.18	1.52	-0.33
Sortino ratio Return per unit of downside risk	1.69	2.09	-0.40
Omega ratio Gain probability vs. loss probability	1.21	1.27	-0.06
Calmar ratio Return relative to maximum drawdown	1.53	2.59	-1.06
Martin ratio Return relative to average drawdown	4.73	8.62	-3.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNORX vs. FICDX - Sharpe Ratio Comparison

The current FNORX Sharpe Ratio is 1.18, which is comparable to the FICDX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of FNORX and FICDX, 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

	FNORX	FICDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	1.52	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.66	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.60	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.48	-0.01

Drawdowns

FNORX vs. FICDX - Drawdown Comparison

The maximum FNORX drawdown since its inception was -69.72%, which is greater than FICDX's maximum drawdown of -58.09%. Use the drawdown chart below to compare losses from any high point for FNORX and FICDX.

Drawdown Indicators

	FNORX	FICDX	Difference
Max Drawdown Largest peak-to-trough decline	-69.72%	-58.09%	-11.63%
Max Drawdown (1Y) Largest decline over 1 year	-12.98%	-7.60%	-5.38%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-12.06%	-6.70%
Max Drawdown (5Y) Largest decline over 5 years	-38.15%	-21.01%	-17.14%
Max Drawdown (10Y) Largest decline over 10 years	-38.15%	-39.85%	+1.70%
Current Drawdown Current decline from peak	-2.04%	-1.34%	-0.70%
Average Drawdown Average peak-to-trough decline	-17.44%	-10.52%	-6.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.21%	2.29%	+1.92%

Volatility

FNORX vs. FICDX - Volatility Comparison

Fidelity Nordic Fund (FNORX) has a higher volatility of 5.30% compared to Fidelity Canada Fund (FICDX) at 2.68%. This indicates that FNORX's price experiences larger fluctuations and is considered to be riskier than FICDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNORX	FICDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	2.68%	+2.62%
Volatility (6M) Calculated over the trailing 6-month period	13.46%	9.86%	+3.60%
Volatility (1Y) Calculated over the trailing 1-year period	17.16%	12.53%	+4.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.98%	15.95%	+3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.98%	17.43%	+1.55%

FNORX vs. FICDX - Expense Ratio Comparison

FNORX has a 0.92% expense ratio, which is higher than FICDX's 0.80% expense ratio.

Dividends

FNORX vs. FICDX - Dividend Comparison

FNORX's dividend yield for the trailing twelve months is around 7.81%, more than FICDX's 5.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FICDX Fidelity Canada Fund	5.32%	5.70%	7.44%	3.36%	4.11%	5.16%	2.56%	4.41%	7.33%	0.89%	1.63%	0.15%
FNORX Fidelity Nordic Fund	7.81%	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 FICDX in my portfolio?

FNORX and FICDX 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 FICDX?

FNORX has higher volatility (5.30%) compared to FICDX (2.68%). In terms of maximum drawdown, FNORX dropped -69.72% vs FICDX's -58.09%.

Which has better risk-adjusted returns?

FICDX currently has the higher Sharpe Ratio (1.52 vs 1.18), 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.