FSCOX vs. FOPIX

Last updated Jun 23, 2026

FSCOX (Fidelity International Small Cap Opportunities Fund) and FOPIX (Fidelity Advisor International Small Cap Opportunities Fund Class I) are both Foreign Small & Mid Cap Equities funds from Fidelity. Over the past 10 years, FSCOX returned 9.08%/yr vs 9.06%/yr for FOPIX. With a 1.00 correlation, they move nearly in lockstep. FSCOX charges 1.23%/yr vs 1.24%/yr for FOPIX.

Performance

FSCOX vs. FOPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity International Small Cap Opportunities Fund (FSCOX) and Fidelity Advisor International Small Cap Opportunities Fund Class I (FOPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FSCOX having a 6.74% return and FOPIX slightly lower at 6.73%. Both investments have delivered pretty close results over the past 10 years, with FSCOX having a 9.08% annualized return and FOPIX not far behind at 9.06%.

FSCOX

• 1D: 0.39%
• 1M: -1.19%
• YTD: 6.74%
• 6M: 7.38%
• 1Y: 15.64%
• 3Y*: 13.62%
• 5Y*: 5.02%
• 10Y*: 9.08%

FOPIX

• 1D: 0.43%
• 1M: -1.19%
• YTD: 6.73%
• 6M: 7.37%
• 1Y: 15.60%
• 3Y*: 13.57%
• 5Y*: 5.00%
• 10Y*: 9.06%

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

FSCOX vs. FOPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSCOX Fidelity International Small Cap Opportunities Fund	6.74%	25.05%	4.08%	16.99%	-28.93%	17.66%	19.61%	29.07%	-14.13%	34.70%
FOPIX Fidelity Advisor International Small Cap Opportunities Fund Class I	6.73%	25.00%	4.06%	16.88%	-28.91%	17.64%	19.57%	29.11%	-14.14%	34.68%

Correlation

The correlation between FSCOX and FOPIX 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 Aug 3, 2005	1.00

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

Return for Risk

FSCOX vs. FOPIX — Risk / Return Rank

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

FSCOX

FSCOX Risk / Return Rank: 17
FSCOX Sharpe Ratio Rank: 17
FSCOX Sortino Ratio Rank: 17
FSCOX Omega Ratio Rank: 17
FSCOX Calmar Ratio Rank: 17
FSCOX Martin Ratio Rank: 19

FOPIX

FOPIX Risk / Return Rank: 17
FOPIX Sharpe Ratio Rank: 17
FOPIX Sortino Ratio Rank: 17
FOPIX Omega Ratio Rank: 17
FOPIX Calmar Ratio Rank: 17
FOPIX Martin Ratio Rank: 19

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.

FSCOX vs. FOPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity International Small Cap Opportunities Fund (FSCOX) and Fidelity Advisor International Small Cap Opportunities Fund Class I (FOPIX). 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.

	FSCOX	FOPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.09	1.09	0.00
Sortino ratio: Return per unit of downside risk	1.62	1.62	0.00
Omega ratio: Gain probability vs. loss probability	1.20	1.20	0.00
Calmar ratio: Return relative to maximum drawdown	1.37	1.38	0.00
Martin ratio: Return relative to average drawdown	4.53	4.53	0.00

FSCOX vs. FOPIX - Sharpe Ratio Comparison

The current FSCOX Sharpe Ratio is 1.09, which is comparable to the FOPIX Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of FSCOX and FOPIX, 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

FSCOX vs. FOPIX - Drawdown Comparison

The maximum FSCOX drawdown since its inception was -72.65%, roughly equal to the maximum FOPIX drawdown of -72.69%. Use the drawdown chart below to compare losses from any high point for FSCOX and FOPIX.

Drawdown Indicators

	FSCOX	FOPIX	Difference
Max Drawdown Largest peak-to-trough decline	-72.65%	-72.69%	+0.04%
Max Drawdown (1Y) Largest decline over 1 year	-11.02%	-11.00%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-14.60%	-14.63%	+0.03%
Max Drawdown (5Y) Largest decline over 5 years	-40.75%	-40.75%	0.00%
Max Drawdown (10Y) Largest decline over 10 years	-40.75%	-40.75%	0.00%
Current Drawdown Current decline from peak	-1.90%	-1.85%	-0.05%
Average Drawdown Average peak-to-trough decline	-18.47%	-18.43%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	3.34%	0.00%

Volatility

FSCOX vs. FOPIX - Volatility Comparison

Fidelity International Small Cap Opportunities Fund (FSCOX) and Fidelity Advisor International Small Cap Opportunities Fund Class I (FOPIX) have volatilities of 4.69% and 4.72%, 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

	FSCOX	FOPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	4.72%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	11.43%	11.45%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	13.94%	13.95%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.80%	16.81%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.11%	16.12%	-0.01%

FSCOX vs. FOPIX - Expense Ratio Comparison

FSCOX has a 1.23% expense ratio, which is lower than FOPIX's 1.24% expense ratio.

Dividends

FSCOX vs. FOPIX - Dividend Comparison

FSCOX's dividend yield for the trailing twelve months is around 11.29%, more than FOPIX's 10.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FOPIX Fidelity Advisor International Small Cap Opportunities Fund Class I	10.89%	11.62%	6.34%	3.73%	6.43%	8.85%	0.00%	1.04%	2.95%	1.31%	1.49%	0.47%
FSCOX Fidelity International Small Cap Opportunities Fund	11.29%	12.05%	6.41%	3.73%	6.40%	8.83%	0.00%	1.09%	2.99%	1.31%	1.43%	0.47%

Frequently Asked Questions

Can I hold both FSCOX and FOPIX in my portfolio?

With a correlation of 1.00, FSCOX and FOPIX 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, FSCOX or FOPIX?

FOPIX has higher volatility (4.72%) compared to FSCOX (4.69%). In terms of maximum drawdown, FSCOX dropped -72.65% vs FOPIX's -72.69%.

Which has better risk-adjusted returns?

FOPIX currently has the higher Sharpe Ratio (1.09 vs 1.09), 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.