FPBFX vs. CAF

Last updated Jul 17, 2026

FPBFX (Fidelity Pacific Basin Fund) and CAF (Morgan Stanley China A Share Fund) are both mutual funds - FPBFX is a Asia Pacific Equities fund managed by Fidelity, while CAF is a China Equities fund actively managed by Morgan Stanley. Over the past 10 years, FPBFX returned 12.46%/yr vs 5.65%/yr for CAF. A 0.55 correlation means they provide meaningful diversification when combined. FPBFX charges 1.04%/yr vs 1.67%/yr for CAF.

Performance

FPBFX vs. CAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Pacific Basin Fund (FPBFX) and Morgan Stanley China A Share Fund (CAF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPBFX achieves a 25.53% return, which is significantly higher than CAF's 16.82% return. Over the past 10 years, FPBFX has outperformed CAF with an annualized return of 12.46%, while CAF has yielded a comparatively lower 5.65% annualized return.

FPBFX

• 1D: 0.12%
• 1M: -4.03%
• 6M: 17.32%
• YTD: 25.53%
• 1Y: 43.02%
• 3Y*: 23.73%
• 5Y*: 10.24%
• 10Y*: 12.46%

CAF

• 1D: -2.83%
• 1M: 3.95%
• 6M: 12.04%
• YTD: 16.82%
• 1Y: 46.60%
• 3Y*: 18.67%
• 5Y*: 0.45%
• 10Y*: 5.65%

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

FPBFX vs. CAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPBFX Fidelity Pacific Basin Fund	25.53%	37.15%	9.26%	14.07%	-23.71%	2.28%	32.92%	32.21%	-18.08%	40.06%
CAF Morgan Stanley China A Share Fund	16.82%	41.51%	0.34%	-9.39%	-30.41%	-1.77%	12.74%	23.50%	-14.26%	44.94%

Correlation

The correlation between FPBFX and CAF is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Sep 28, 2006	0.55

The correlation between FPBFX and CAF shifts across timeframes, from 0.46 (1 year) to 0.57 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

FPBFX vs. CAF — Risk / Return Rank

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

FPBFX

FPBFX Risk / Return Rank: 75
FPBFX Sharpe Ratio Rank: 72
FPBFX Sortino Ratio Rank: 61
FPBFX Omega Ratio Rank: 70
FPBFX Calmar Ratio Rank: 88
FPBFX Martin Ratio Rank: 85

CAF

CAF Risk / Return Rank: 86
CAF Sharpe Ratio Rank: 86
CAF Sortino Ratio Rank: 81
CAF Omega Ratio Rank: 80
CAF Calmar Ratio Rank: 94
CAF Martin Ratio Rank: 87

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.

FPBFX vs. CAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Pacific Basin Fund (FPBFX) and Morgan Stanley China A Share Fund (CAF). 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.

	FPBFX	CAF	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.32	-0.41
Sortino ratio: Return per unit of downside risk	2.48	3.13	-0.65
Omega ratio: Gain probability vs. loss probability	1.35	1.40	-0.06
Calmar ratio: Return relative to maximum drawdown	3.54	4.27	-0.72
Martin ratio: Return relative to average drawdown	12.23	12.77	-0.54

FPBFX vs. CAF - Sharpe Ratio Comparison

The current FPBFX Sharpe Ratio is 1.91, which is comparable to the CAF Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of FPBFX and CAF, 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

FPBFX vs. CAF - Drawdown Comparison

The maximum FPBFX drawdown since its inception was -69.06%, roughly equal to the maximum CAF drawdown of -65.88%. Use the drawdown chart below to compare losses from any high point for FPBFX and CAF.

Drawdown Indicators

	FPBFX	CAF	Difference
Max Drawdown Largest peak-to-trough decline	-69.06%	-65.88%	-3.18%
Max Drawdown (1Y) Largest decline over 1 year	-12.25%	-10.98%	-1.27%
Max Drawdown (3Y) Largest decline over 3 years	-19.48%	-26.27%	+6.79%
Max Drawdown (5Y) Largest decline over 5 years	-37.97%	-45.58%	+7.61%
Max Drawdown (10Y) Largest decline over 10 years	-39.85%	-49.01%	+9.16%
Current Drawdown Current decline from peak	-6.05%	-4.92%	-1.13%
Average Drawdown Average peak-to-trough decline	-17.54%	-25.79%	+8.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	3.66%	-0.12%

Volatility

FPBFX vs. CAF - Volatility Comparison

Fidelity Pacific Basin Fund (FPBFX) has a higher volatility of 9.09% compared to Morgan Stanley China A Share Fund (CAF) at 8.42%. This indicates that FPBFX's price experiences larger fluctuations and is considered to be riskier than CAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPBFX	CAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.09%	8.42%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	19.38%	14.48%	+4.90%
Volatility (1Y) Calculated over the trailing 1-year period	22.76%	20.23%	+2.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.77%	21.76%	-1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	21.91%	-3.91%

FPBFX vs. CAF - Expense Ratio Comparison

FPBFX has a 1.04% expense ratio, which is lower than CAF's 1.67% expense ratio.

Dividends

FPBFX vs. CAF - Dividend Comparison

FPBFX's dividend yield for the trailing twelve months is around 6.53%, more than CAF's 1.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAF Morgan Stanley China A Share Fund	1.30%	1.51%	2.63%	0.96%	0.02%	6.57%	10.40%	3.78%	9.48%	5.20%	4.69%	67.03%
FPBFX Fidelity Pacific Basin Fund	6.53%	8.19%	5.99%	5.36%	8.76%	14.97%	4.45%	0.75%	10.88%	4.36%	2.38%	3.61%

Frequently Asked Questions

Can I hold both FPBFX and CAF in my portfolio?

FPBFX and CAF have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPBFX or CAF?

FPBFX has higher volatility (9.09%) compared to CAF (8.42%). In terms of maximum drawdown, FPBFX dropped -69.06% vs CAF's -65.88%.

Which has better risk-adjusted returns?

CAF currently has the higher Sharpe Ratio (2.32 vs 1.91), 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.