FPJAX vs. DFJSX

Last updated Aug 1, 2026

FPJAX (Fidelity Advisor Japan Fund Class A) and DFJSX (DFA Japanese Small Company Portfolio) are both Japan Equities funds. Over the past 10 years, FPJAX returned 10.32%/yr vs 8.64%/yr for DFJSX. Their correlation of 0.83 means they have usually moved in the same direction. FPJAX charges 1.38%/yr vs 0.42%/yr for DFJSX.

Performance

FPJAX vs. DFJSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Japan Fund Class A (FPJAX) and DFA Japanese Small Company Portfolio (DFJSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPJAX achieves a 21.21% return, which is significantly higher than DFJSX's 16.18% return. Over the past 10 years, FPJAX has outperformed DFJSX with an annualized return of 10.32%, while DFJSX has yielded a comparatively lower 8.64% annualized return.

FPJAX

• 1D: 4.53%
• 1M: -2.18%
• 6M: 12.44%
• YTD: 21.21%
• 1Y: 35.95%
• 3Y*: 19.56%
• 5Y*: 9.49%
• 10Y*: 10.32%
• ALL TIME*: 7.60%

DFJSX

• 1D: 3.85%
• 1M: 1.29%
• 6M: 9.56%
• YTD: 16.18%
• 1Y: 27.62%
• 3Y*: 19.22%
• 5Y*: 10.00%
• 10Y*: 8.64%
• ALL TIME*: 6.08%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFJSX DFA Japanese Small Company Portfolio	$0.00	$0.00	$0.00
FPJAX Fidelity Advisor Japan Fund Class A	$0.00	$0.00	$0.00

FPJAX vs. DFJSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPJAX Fidelity Advisor Japan Fund Class A	21.21%	31.28%	7.02%	15.59%	-22.48%	2.86%	25.03%	25.36%	-15.10%	29.20%
DFJSX DFA Japanese Small Company Portfolio	16.18%	31.65%	4.35%	17.08%	-11.36%	-0.39%	3.78%	18.23%	-19.56%	35.69%

Correlation

The correlation between FPJAX and DFJSX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Dec 14, 2010	0.83

The correlation between FPJAX and DFJSX has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

Return for Risk

FPJAX vs. DFJSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FPJAX

FPJAX Risk / Return Rank: 69
FPJAX Sharpe Ratio Rank: 64
FPJAX Sortino Ratio Rank: 61
FPJAX Omega Ratio Rank: 61
FPJAX Calmar Ratio Rank: 84
FPJAX Martin Ratio Rank: 75

DFJSX

DFJSX Risk / Return Rank: 69
DFJSX Sharpe Ratio Rank: 74
DFJSX Sortino Ratio Rank: 73
DFJSX Omega Ratio Rank: 72
DFJSX Calmar Ratio Rank: 74
DFJSX Martin Ratio Rank: 54

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FPJAX vs. DFJSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Japan Fund Class A (FPJAX) and DFA Japanese Small Company Portfolio (DFJSX). 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.

	FPJAX	DFJSX	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.75	-0.21
Sortino ratio: Return per unit of downside risk	2.15	2.50	-0.35
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.04
Calmar ratio: Return relative to maximum drawdown	2.85	2.43	+0.42
Martin ratio: Return relative to average drawdown	9.19	7.29	+1.89

FPJAX vs. DFJSX - Sharpe Ratio Comparison

The current FPJAX Sharpe Ratio is 1.54, which is comparable to the DFJSX Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of FPJAX and DFJSX, 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

FPJAX vs. DFJSX - Drawdown Comparison

The maximum FPJAX drawdown since its inception was -36.39%, smaller than the maximum DFJSX drawdown of -76.17%. Use the drawdown chart below to compare losses from any high point for FPJAX and DFJSX.

Drawdown Indicators

	FPJAX	DFJSX	Difference
Max Drawdown Largest peak-to-trough decline	-36.39%	-76.17%	+39.78%
Max Drawdown (1Y) Largest decline over 1 year	-12.75%	-12.53%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	-19.30%	-13.31%	-5.99%
Max Drawdown (5Y) Largest decline over 5 years	-36.39%	-31.39%	-5.00%
Max Drawdown (10Y) Largest decline over 10 years	-36.39%	-40.32%	+3.93%
Current Drawdown Current decline from peak	-7.08%	-1.17%	-5.91%
Average Drawdown Average peak-to-trough decline	-9.85%	-29.98%	+20.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	4.15%	-0.20%

Volatility

FPJAX vs. DFJSX - Volatility Comparison

Fidelity Advisor Japan Fund Class A (FPJAX) has a higher volatility of 8.50% compared to DFA Japanese Small Company Portfolio (DFJSX) at 6.44%. This indicates that FPJAX's price experiences larger fluctuations and is considered to be riskier than DFJSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPJAX	DFJSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.50%	6.44%	+2.06%
Volatility (6M) Calculated over the trailing 6-month period	19.66%	14.01%	+5.65%
Volatility (1Y) Calculated over the trailing 1-year period	23.53%	17.36%	+6.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.56%	16.41%	+4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.53%	16.64%	+1.89%

FPJAX vs. DFJSX - Expense Ratio Comparison

FPJAX has a 1.38% expense ratio, which is higher than DFJSX's 0.42% expense ratio.

Dividends

FPJAX vs. DFJSX - Dividend Comparison

FPJAX's dividend yield for the trailing twelve months is around 8.03%, more than DFJSX's 3.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFJSX DFA Japanese Small Company Portfolio	3.00%	3.49%	3.16%	6.45%	5.44%	5.26%	2.14%	3.98%	7.50%	2.41%	1.97%	1.38%
FPJAX Fidelity Advisor Japan Fund Class A	8.03%	9.73%	4.54%	3.47%	0.00%	11.39%	1.60%	0.98%	0.00%	0.23%	0.79%	0.47%

Frequently Asked Questions

Can I hold both FPJAX and DFJSX in my portfolio?

FPJAX and DFJSX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPJAX or DFJSX?

FPJAX has higher volatility (8.50%) compared to DFJSX (6.44%). In terms of maximum drawdown, FPJAX dropped -36.39% vs DFJSX's -76.17%.

Which has better risk-adjusted returns?

DFJSX currently has the higher Sharpe Ratio (1.75 vs 1.54), 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.