FOPAX vs. HLMSX

Last updated Jul 4, 2026

FOPAX (Fidelity Advisor International Small Cap Opportunities Fund Class A) and HLMSX (Harding Loevner International Small Companies Portfolio) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, FOPAX returned 9.12%/yr vs 6.31%/yr for HLMSX. Their correlation of 0.86 suggests significant overlap in exposure. FOPAX charges 1.52%/yr vs 1.37%/yr for HLMSX.

Performance

FOPAX vs. HLMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor International Small Cap Opportunities Fund Class A (FOPAX) and Harding Loevner International Small Companies Portfolio (HLMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FOPAX having a 6.57% return and HLMSX slightly higher at 6.78%. Over the past 10 years, FOPAX has outperformed HLMSX with an annualized return of 9.12%, while HLMSX has yielded a comparatively lower 6.31% annualized return.

FOPAX

• 1D: 1.25%
• 1M: -0.35%
• 6M: 6.62%
• YTD: 6.57%
• 1Y: 10.80%
• 3Y*: 14.49%
• 5Y*: 4.35%
• 10Y*: 9.12%

HLMSX

• 1D: 1.36%
• 1M: 0.83%
• 6M: 6.25%
• YTD: 6.78%
• 1Y: 3.10%
• 3Y*: 5.87%
• 5Y*: -0.03%
• 10Y*: 6.31%

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

FOPAX vs. HLMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FOPAX Fidelity Advisor International Small Cap Opportunities Fund Class A	6.57%	24.63%	3.83%	16.64%	-29.16%	17.32%	19.26%	28.71%	-14.35%	34.63%
HLMSX Harding Loevner International Small Companies Portfolio	6.78%	14.87%	-6.92%	11.78%	-24.50%	12.82%	18.51%	29.45%	-17.65%	34.42%

Correlation

The correlation between FOPAX and HLMSX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 26, 2007	0.86

The correlation between FOPAX and HLMSX has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

Return for Risk

FOPAX vs. HLMSX — Risk / Return Rank

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

FOPAX

FOPAX Risk / Return Rank: 14
FOPAX Sharpe Ratio Rank: 14
FOPAX Sortino Ratio Rank: 14
FOPAX Omega Ratio Rank: 14
FOPAX Calmar Ratio Rank: 14
FOPAX Martin Ratio Rank: 16

HLMSX

HLMSX Risk / Return Rank: 6
HLMSX Sharpe Ratio Rank: 6
HLMSX Sortino Ratio Rank: 6
HLMSX Omega Ratio Rank: 6
HLMSX Calmar Ratio Rank: 6
HLMSX Martin Ratio Rank: 6

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.

FOPAX vs. HLMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor International Small Cap Opportunities Fund Class A (FOPAX) and Harding Loevner International Small Companies Portfolio (HLMSX). 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.

	FOPAX	HLMSX	Difference
Sharpe ratio: Return per unit of total volatility	0.78	0.28	+0.50
Sortino ratio: Return per unit of downside risk	1.19	0.48	+0.71
Omega ratio: Gain probability vs. loss probability	1.15	1.06	+0.09
Calmar ratio: Return relative to maximum drawdown	0.98	0.33	+0.65
Martin ratio: Return relative to average drawdown	3.18	0.81	+2.37

FOPAX vs. HLMSX - Sharpe Ratio Comparison

The current FOPAX Sharpe Ratio is 0.78, which is higher than the HLMSX Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of FOPAX and HLMSX, 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

FOPAX vs. HLMSX - Drawdown Comparison

The maximum FOPAX drawdown since its inception was -72.76%, which is greater than HLMSX's maximum drawdown of -60.77%. Use the drawdown chart below to compare losses from any high point for FOPAX and HLMSX.

Drawdown Indicators

	FOPAX	HLMSX	Difference
Max Drawdown Largest peak-to-trough decline	-72.76%	-60.77%	-11.99%
Max Drawdown (1Y) Largest decline over 1 year	-11.02%	-10.59%	-0.43%
Max Drawdown (3Y) Largest decline over 3 years	-14.66%	-16.57%	+1.91%
Max Drawdown (5Y) Largest decline over 5 years	-40.92%	-38.22%	-2.70%
Max Drawdown (10Y) Largest decline over 10 years	-40.92%	-38.22%	-2.70%
Current Drawdown Current decline from peak	-1.90%	-8.86%	+6.96%
Average Drawdown Average peak-to-trough decline	-18.91%	-13.21%	-5.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	4.28%	-0.88%

Volatility

FOPAX vs. HLMSX - Volatility Comparison

Fidelity Advisor International Small Cap Opportunities Fund Class A (FOPAX) has a higher volatility of 4.60% compared to Harding Loevner International Small Companies Portfolio (HLMSX) at 4.28%. This indicates that FOPAX's price experiences larger fluctuations and is considered to be riskier than HLMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FOPAX	HLMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	4.28%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	11.54%	10.35%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	13.97%	12.41%	+1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.83%	15.11%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.88%	14.82%	+1.06%

FOPAX vs. HLMSX - Expense Ratio Comparison

FOPAX has a 1.52% expense ratio, which is higher than HLMSX's 1.37% expense ratio.

Dividends

FOPAX vs. HLMSX - Dividend Comparison

FOPAX's dividend yield for the trailing twelve months is around 11.26%, more than HLMSX's 3.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FOPAX Fidelity Advisor International Small Cap Opportunities Fund Class A	11.26%	12.00%	6.24%	3.48%	6.51%	8.83%	0.00%	0.81%	2.66%	1.27%	1.10%	0.47%
HLMSX Harding Loevner International Small Companies Portfolio	3.78%	4.04%	1.17%	1.00%	1.83%	2.82%	0.03%	0.52%	7.56%	1.13%	4.37%	1.54%

Frequently Asked Questions

Can I hold both FOPAX and HLMSX in my portfolio?

FOPAX and HLMSX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FOPAX or HLMSX?

FOPAX has higher volatility (4.60%) compared to HLMSX (4.28%). In terms of maximum drawdown, FOPAX dropped -72.76% vs HLMSX's -60.77%.

Which has better risk-adjusted returns?

FOPAX currently has the higher Sharpe Ratio (0.78 vs 0.28), 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.