FPJAX vs. FJSCX

Last updated Jun 3, 2026

FPJAX (Fidelity Advisor Japan Fund Class A) and FJSCX (Fidelity Japan Smaller Companies Fund) are both Japan Equities funds from Fidelity. Over the past 10 years, FPJAX returned 11.19%/yr vs 9.24%/yr for FJSCX. Their correlation of 0.88 suggests significant overlap in exposure. FPJAX charges 1.38%/yr vs 0.91%/yr for FJSCX.

Performance

FPJAX vs. FJSCX - 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 Smaller Companies Fund (FJSCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPJAX achieves a 24.53% return, which is significantly higher than FJSCX's 20.68% return. Over the past 10 years, FPJAX has outperformed FJSCX with an annualized return of 11.19%, while FJSCX has yielded a comparatively lower 9.24% annualized return.

FPJAX

• 1D: -0.08%
• 1M: 7.48%
• YTD: 24.53%
• 6M: 25.34%
• 1Y: 42.42%
• 3Y*: 21.56%
• 5Y*: 10.07%
• 10Y*: 11.19%

FJSCX

• 1D: -0.30%
• 1M: 6.41%
• YTD: 20.68%
• 6M: 21.25%
• 1Y: 32.01%
• 3Y*: 20.04%
• 5Y*: 10.01%
• 10Y*: 9.24%

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

FPJAX vs. FJSCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPJAX Fidelity Advisor Japan Fund Class A	24.53%	31.28%	7.02%	15.59%	-22.48%	2.86%	25.03%	25.36%	-15.10%	29.20%
FJSCX Fidelity Japan Smaller Companies Fund	20.68%	26.43%	8.03%	15.15%	-14.49%	-0.36%	4.80%	22.00%	-15.98%	34.56%

Correlation

The correlation between FPJAX and FJSCX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 15, 2010	0.88

The correlation between FPJAX and FJSCX has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

Return for Risk

FPJAX vs. FJSCX — Risk / Return Rank

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

FPJAX

FPJAX Risk / Return Rank: 59
FPJAX Sharpe Ratio Rank: 52
FPJAX Sortino Ratio Rank: 47
FPJAX Omega Ratio Rank: 47
FPJAX Calmar Ratio Rank: 79
FPJAX Martin Ratio Rank: 72

FJSCX

FJSCX Risk / Return Rank: 44
FJSCX Sharpe Ratio Rank: 41
FJSCX Sortino Ratio Rank: 39
FJSCX Omega Ratio Rank: 38
FJSCX Calmar Ratio Rank: 53
FJSCX Martin Ratio Rank: 47

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. FJSCX - 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 Smaller Companies Fund (FJSCX). 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.

	FPJAX	FJSCX	Difference
Sharpe ratio Return per unit of total volatility	2.13	1.88	+0.25
Sortino ratio Return per unit of downside risk	2.88	2.61	+0.27
Omega ratio Gain probability vs. loss probability	1.37	1.33	+0.04
Calmar ratio Return relative to maximum drawdown	3.59	2.79	+0.80
Martin ratio Return relative to average drawdown	13.70	9.95	+3.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPJAX vs. FJSCX - Sharpe Ratio Comparison

The current FPJAX Sharpe Ratio is 2.13, which is comparable to the FJSCX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of FPJAX and FJSCX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FPJAX	FJSCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	1.88	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.58	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.58	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.32	+0.12

Drawdowns

FPJAX vs. FJSCX - Drawdown Comparison

The maximum FPJAX drawdown since its inception was -36.39%, smaller than the maximum FJSCX drawdown of -71.42%. Use the drawdown chart below to compare losses from any high point for FPJAX and FJSCX.

Drawdown Indicators

	FPJAX	FJSCX	Difference
Max Drawdown Largest peak-to-trough decline	-36.39%	-71.42%	+35.03%
Max Drawdown (1Y) Largest decline over 1 year	-12.75%	-12.79%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-19.30%	-15.08%	-4.22%
Max Drawdown (5Y) Largest decline over 5 years	-36.39%	-29.74%	-6.65%
Max Drawdown (10Y) Largest decline over 10 years	-36.39%	-32.10%	-4.29%
Current Drawdown Current decline from peak	-1.49%	-1.03%	-0.46%
Average Drawdown Average peak-to-trough decline	-9.91%	-26.65%	+16.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	3.59%	-0.24%

Volatility

FPJAX vs. FJSCX - Volatility Comparison

Fidelity Advisor Japan Fund Class A (FPJAX) has a higher volatility of 5.28% compared to Fidelity Japan Smaller Companies Fund (FJSCX) at 5.02%. This indicates that FPJAX's price experiences larger fluctuations and is considered to be riskier than FJSCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPJAX	FJSCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	5.02%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	16.37%	14.81%	+1.56%
Volatility (1Y) Calculated over the trailing 1-year period	21.26%	18.50%	+2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.95%	17.32%	+2.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.27%	16.02%	+2.25%

FPJAX vs. FJSCX - Expense Ratio Comparison

FPJAX has a 1.38% expense ratio, which is higher than FJSCX's 0.91% expense ratio.

Dividends

FPJAX vs. FJSCX - Dividend Comparison

FPJAX's dividend yield for the trailing twelve months is around 7.81%, less than FJSCX's 14.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FJSCX Fidelity Japan Smaller Companies Fund	14.60%	17.62%	4.54%	2.82%	0.05%	12.01%	1.59%	7.13%	5.55%	3.91%	2.83%	1.43%
FPJAX Fidelity Advisor Japan Fund Class A	7.81%	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 FJSCX in my portfolio?

With a correlation of 0.91, FPJAX and FJSCX 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 FJSCX?

FPJAX has higher volatility (5.28%) compared to FJSCX (5.02%). In terms of maximum drawdown, FPJAX dropped -36.39% vs FJSCX's -71.42%.

Which has better risk-adjusted returns?

FPJAX currently has the higher Sharpe Ratio (2.13 vs 1.88), 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.