FOSFX vs. FISMX

Last updated Jun 23, 2026

FOSFX (Fidelity Overseas Fund) and FISMX (Fidelity International Small Cap Fund) are both mutual funds - FOSFX is a Foreign Large Cap Equities fund managed by Fidelity, while FISMX is a Foreign Small & Mid Cap Equities fund managed by Fidelity. Over the past 10 years, FOSFX returned 9.16%/yr vs 9.08%/yr for FISMX. Their correlation of 0.87 suggests significant overlap in exposure. FOSFX charges 0.99%/yr vs 1.01%/yr for FISMX.

Performance

FOSFX vs. FISMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Overseas Fund (FOSFX) and Fidelity International Small Cap Fund (FISMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FOSFX achieves a 8.89% return, which is significantly lower than FISMX's 11.30% return. Both investments have delivered pretty close results over the past 10 years, with FOSFX having a 9.16% annualized return and FISMX not far behind at 9.08%.

FOSFX

• 1D: 1.69%
• 1M: 4.66%
• YTD: 8.89%
• 6M: 8.91%
• 1Y: 14.29%
• 3Y*: 12.84%
• 5Y*: 6.56%
• 10Y*: 9.16%

FISMX

• 1D: 0.86%
• 1M: 1.44%
• YTD: 11.30%
• 6M: 11.88%
• 1Y: 20.19%
• 3Y*: 13.92%
• 5Y*: 7.07%
• 10Y*: 9.08%

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

FOSFX vs. FISMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FOSFX Fidelity Overseas Fund	8.89%	20.81%	5.20%	20.56%	-24.79%	19.32%	15.42%	28.43%	-14.73%	28.31%
FISMX Fidelity International Small Cap Fund	11.30%	24.73%	0.05%	19.62%	-16.66%	13.44%	9.98%	21.45%	-16.08%	31.58%

Correlation

The correlation between FOSFX and FISMX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Sep 19, 2002	0.87

The correlation between FOSFX and FISMX has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

Return for Risk

FOSFX vs. FISMX — Risk / Return Rank

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

FOSFX

FOSFX Risk / Return Rank: 12
FOSFX Sharpe Ratio Rank: 10
FOSFX Sortino Ratio Rank: 10
FOSFX Omega Ratio Rank: 10
FOSFX Calmar Ratio Rank: 12
FOSFX Martin Ratio Rank: 15

FISMX

FISMX Risk / Return Rank: 31
FISMX Sharpe Ratio Rank: 31
FISMX Sortino Ratio Rank: 32
FISMX Omega Ratio Rank: 34
FISMX Calmar Ratio Rank: 27
FISMX Martin Ratio Rank: 29

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.

FOSFX vs. FISMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Overseas Fund (FOSFX) and Fidelity International Small Cap Fund (FISMX). 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.

	FOSFX	FISMX	Difference
Sharpe ratio: Return per unit of total volatility	0.77	1.50	-0.73
Sortino ratio: Return per unit of downside risk	1.21	2.19	-0.98
Omega ratio: Gain probability vs. loss probability	1.15	1.28	-0.14
Calmar ratio: Return relative to maximum drawdown	1.10	1.81	-0.71
Martin ratio: Return relative to average drawdown	3.87	6.37	-2.50

FOSFX vs. FISMX - Sharpe Ratio Comparison

The current FOSFX Sharpe Ratio is 0.77, which is lower than the FISMX Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of FOSFX and FISMX, 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

FOSFX vs. FISMX - Drawdown Comparison

The maximum FOSFX drawdown since its inception was -63.51%, roughly equal to the maximum FISMX drawdown of -60.94%. Use the drawdown chart below to compare losses from any high point for FOSFX and FISMX.

Drawdown Indicators

	FOSFX	FISMX	Difference
Max Drawdown Largest peak-to-trough decline	-63.51%	-60.94%	-2.57%
Max Drawdown (1Y) Largest decline over 1 year	-12.36%	-10.71%	-1.65%
Max Drawdown (3Y) Largest decline over 3 years	-13.91%	-12.70%	-1.21%
Max Drawdown (5Y) Largest decline over 5 years	-36.51%	-31.07%	-5.44%
Max Drawdown (10Y) Largest decline over 10 years	-36.51%	-38.80%	+2.29%
Current Drawdown Current decline from peak	0.00%	-0.12%	+0.12%
Average Drawdown Average peak-to-trough decline	-16.94%	-10.63%	-6.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	3.03%	+0.47%

Volatility

FOSFX vs. FISMX - Volatility Comparison

Fidelity Overseas Fund (FOSFX) has a higher volatility of 6.57% compared to Fidelity International Small Cap Fund (FISMX) at 5.04%. This indicates that FOSFX's price experiences larger fluctuations and is considered to be riskier than FISMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FOSFX	FISMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	5.04%	+1.53%
Volatility (6M) Calculated over the trailing 6-month period	15.32%	10.96%	+4.36%
Volatility (1Y) Calculated over the trailing 1-year period	17.55%	12.88%	+4.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.90%	13.68%	+4.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.29%	14.08%	+3.21%

FOSFX vs. FISMX - Expense Ratio Comparison

FOSFX has a 0.99% expense ratio, which is lower than FISMX's 1.01% expense ratio.

Dividends

FOSFX vs. FISMX - Dividend Comparison

FOSFX's dividend yield for the trailing twelve months is around 4.47%, more than FISMX's 3.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FISMX Fidelity International Small Cap Fund	3.22%	3.58%	2.64%	1.87%	0.70%	7.28%	0.83%	2.32%	6.14%	2.46%	2.70%	2.80%
FOSFX Fidelity Overseas Fund	4.47%	4.87%	1.38%	1.02%	0.77%	4.54%	0.53%	1.35%	5.92%	0.06%	1.96%	1.06%

Frequently Asked Questions

Can I hold both FOSFX and FISMX in my portfolio?

FOSFX and FISMX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FOSFX or FISMX?

FOSFX has higher volatility (6.57%) compared to FISMX (5.04%). In terms of maximum drawdown, FOSFX dropped -63.51% vs FISMX's -60.94%.

Which has better risk-adjusted returns?

FISMX currently has the higher Sharpe Ratio (1.50 vs 0.77), 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.