FNORX vs. FIVFX

Last updated Jun 4, 2026

FNORX (Fidelity Nordic Fund) and FIVFX (Fidelity International Capital Appreciation Fund) are both Foreign Large Cap Equities funds from Fidelity. A 0.78 correlation means they provide meaningful diversification when combined. FNORX charges 0.92%/yr vs 1.00%/yr for FIVFX.

Performance

FNORX vs. FIVFX - Performance Comparison

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

Returns By Period

FNORX

• 1D: 0.76%
• 1M: 2.87%
• YTD: 12.73%
• 6M: 17.93%
• 1Y: 21.09%
• 3Y*: 14.53%
• 5Y*: 6.04%
• 10Y*: 9.70%

FIVFX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNORX vs. FIVFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNORX Fidelity Nordic Fund	12.73%	25.85%	-4.51%	20.85%	-19.29%	12.77%	43.03%	17.26%	-11.56%	22.48%
FIVFX Fidelity International Capital Appreciation Fund	0.00%	19.54%	8.05%	27.58%	-26.48%	12.14%	22.32%	33.05%	-12.87%	35.81%

Correlation

The correlation between FNORX and FIVFX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Nov 3, 1995	0.78

Over the past year, the correlation between FNORX and FIVFX has dropped to 0.15 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

Return for Risk

FNORX vs. FIVFX — 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: 17
FNORX Sortino Ratio Rank: 16
FNORX Omega Ratio Rank: 16
FNORX Calmar Ratio Rank: 17
FNORX Martin Ratio Rank: 17

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. FIVFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Nordic Fund (FNORX) and Fidelity International Capital Appreciation Fund (FIVFX). 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	FIVFX	Difference
Sharpe ratio Return per unit of total volatility	1.16	—	—
Sortino ratio Return per unit of downside risk	1.65	—	—
Omega ratio Gain probability vs. loss probability	1.21	—	—
Calmar ratio Return relative to maximum drawdown	1.52	—	—
Martin ratio Return relative to average drawdown	4.69	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FNORX	FIVFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	—	—

Drawdowns

Drawdown Indicators

	FNORX	FIVFX	Difference
Max Drawdown Largest peak-to-trough decline	-69.72%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-12.98%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.15%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.15%	—	—
Current Drawdown Current decline from peak	-1.29%	—	—
Average Drawdown Average peak-to-trough decline	-17.44%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	4.21%	—	—

Volatility

Volatility by Period

	FNORX	FIVFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.43%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.14%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.99%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.98%	—	—

FNORX vs. FIVFX - Expense Ratio Comparison

FNORX has a 0.92% expense ratio, which is lower than FIVFX's 1.00% expense ratio.

Dividends

FNORX vs. FIVFX - Dividend Comparison

FNORX's dividend yield for the trailing twelve months is around 7.76%, less than FIVFX's 10.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIVFX Fidelity International Capital Appreciation Fund	10.67%	10.67%	4.19%	0.38%	0.05%	9.08%	1.28%	3.29%	3.00%	2.99%	0.68%	1.57%
FNORX Fidelity Nordic Fund	7.76%	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 FIVFX in my portfolio?

FNORX and FIVFX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.