FPJAX vs. FJPNX

Last updated Jun 23, 2026

FPJAX (Fidelity Advisor Japan Fund Class A) and FJPNX (Fidelity Japan Fund) are both Japan Equities funds from Fidelity. Over the past 10 years, FPJAX returned 11.60%/yr vs 11.90%/yr for FJPNX. With a 1.00 correlation, they move nearly in lockstep. FPJAX charges 1.38%/yr vs 1.09%/yr for FJPNX.

Performance

FPJAX vs. FJPNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Japan Fund Class A (FPJAX) and Fidelity Japan Fund (FJPNX). 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 FPJAX having a 29.42% return and FJPNX slightly higher at 29.59%. Both investments have delivered pretty close results over the past 10 years, with FPJAX having a 11.60% annualized return and FJPNX not far ahead at 11.90%.

FPJAX

• 1D: 1.76%
• 1M: 5.22%
• YTD: 29.42%
• 6M: 29.75%
• 1Y: 51.32%
• 3Y*: 22.35%
• 5Y*: 11.20%
• 10Y*: 11.60%

FJPNX

• 1D: 1.79%
• 1M: 5.26%
• YTD: 29.59%
• 6M: 29.98%
• 1Y: 51.83%
• 3Y*: 22.71%
• 5Y*: 11.51%
• 10Y*: 11.90%

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

FPJAX vs. FJPNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPJAX Fidelity Advisor Japan Fund Class A	29.42%	31.28%	7.02%	15.59%	-22.48%	2.86%	25.03%	25.36%	-15.10%	29.20%
FJPNX Fidelity Japan Fund	29.59%	31.66%	7.37%	15.86%	-22.23%	3.11%	25.42%	25.74%	-14.84%	29.26%

Correlation

The correlation between FPJAX and FJPNX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Dec 14, 2010	1.00

The correlation between FPJAX and FJPNX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

FPJAX vs. FJPNX — Risk / Return Rank

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

FPJAX

FPJAX Risk / Return Rank: 70
FPJAX Sharpe Ratio Rank: 67
FPJAX Sortino Ratio Rank: 59
FPJAX Omega Ratio Rank: 57
FPJAX Calmar Ratio Rank: 85
FPJAX Martin Ratio Rank: 82

FJPNX

FJPNX Risk / Return Rank: 71
FJPNX Sharpe Ratio Rank: 69
FJPNX Sortino Ratio Rank: 60
FJPNX Omega Ratio Rank: 58
FJPNX Calmar Ratio Rank: 86
FJPNX Martin Ratio Rank: 83

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.

FPJAX vs. FJPNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Japan Fund Class A (FPJAX) and Fidelity Japan Fund (FJPNX). 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	FJPNX	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.22	-0.02
Sortino ratio: Return per unit of downside risk	2.94	2.96	-0.03
Omega ratio: Gain probability vs. loss probability	1.38	1.39	0.00
Calmar ratio: Return relative to maximum drawdown	3.81	3.86	-0.05
Martin ratio: Return relative to average drawdown	14.16	14.36	-0.20

FPJAX vs. FJPNX - Sharpe Ratio Comparison

The current FPJAX Sharpe Ratio is 2.20, which is comparable to the FJPNX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of FPJAX and FJPNX, 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. FJPNX - Drawdown Comparison

The maximum FPJAX drawdown since its inception was -36.39%, smaller than the maximum FJPNX drawdown of -64.83%. Use the drawdown chart below to compare losses from any high point for FPJAX and FJPNX.

Drawdown Indicators

	FPJAX	FJPNX	Difference
Max Drawdown Largest peak-to-trough decline	-36.39%	-64.83%	+28.44%
Max Drawdown (1Y) Largest decline over 1 year	-12.75%	-12.74%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-19.30%	-19.19%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-36.39%	-36.23%	-0.16%
Max Drawdown (10Y) Largest decline over 10 years	-36.39%	-36.23%	-0.16%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.88%	-24.86%	+14.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	3.42%	+0.01%

Volatility

FPJAX vs. FJPNX - Volatility Comparison

Fidelity Advisor Japan Fund Class A (FPJAX) and Fidelity Japan Fund (FJPNX) have volatilities of 7.95% and 7.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPJAX	FJPNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.95%	7.90%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	17.54%	17.54%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	22.13%	22.13%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.17%	20.18%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	18.38%	-0.01%

FPJAX vs. FJPNX - Expense Ratio Comparison

FPJAX has a 1.38% expense ratio, which is higher than FJPNX's 1.09% expense ratio.

Dividends

FPJAX vs. FJPNX - Dividend Comparison

FPJAX's dividend yield for the trailing twelve months is around 7.52%, less than FJPNX's 7.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FJPNX Fidelity Japan Fund	7.68%	9.95%	4.85%	3.71%	0.00%	11.58%	1.79%	1.18%	0.38%	0.23%	1.22%	0.64%
FPJAX Fidelity Advisor Japan Fund Class A	7.52%	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 FJPNX in my portfolio?

With a correlation of 1.00, FPJAX and FJPNX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FPJAX or FJPNX?

FPJAX has higher volatility (7.95%) compared to FJPNX (7.90%). In terms of maximum drawdown, FPJAX dropped -36.39% vs FJPNX's -64.83%.

Which has better risk-adjusted returns?

FJPNX currently has the higher Sharpe Ratio (2.22 vs 2.20), 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.