FSEAX vs. FIQFX

Last updated Jul 14, 2026

FSEAX (Fidelity Emerging Asia Fund) and FIQFX (Fidelity Advisor China Region Fund Class Z) are both mutual funds - FSEAX is a Asia Pacific Equities fund managed by Fidelity, while FIQFX is a China Equities fund managed by Fidelity. Over the past 5 years, FSEAX returned 7.81%/yr vs 8.91%/yr for FIQFX. Their correlation of 0.93 suggests significant overlap in exposure. FSEAX charges 1.02%/yr vs 0.80%/yr for FIQFX.

Performance

FSEAX vs. FIQFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Asia Fund (FSEAX) and Fidelity Advisor China Region Fund Class Z (FIQFX). 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 FSEAX having a 33.92% return and FIQFX slightly lower at 33.20%.

FSEAX

• 1D: 0.03%
• 1M: 1.07%
• 6M: 25.79%
• YTD: 33.92%
• 1Y: 56.66%
• 3Y*: 32.61%
• 5Y*: 7.81%
• 10Y*: 15.18%

FIQFX

• 1D: -0.37%
• 1M: -0.72%
• 6M: 23.08%
• YTD: 33.20%
• 1Y: 65.31%
• 3Y*: 31.89%
• 5Y*: 8.91%
• 10Y*: —

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

FSEAX vs. FIQFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FSEAX Fidelity Emerging Asia Fund	33.92%	36.43%	21.80%	13.58%	-31.26%	-14.91%	73.43%	30.97%	-0.03%
FIQFX Fidelity Advisor China Region Fund Class Z	33.20%	42.75%	23.34%	-0.13%	-23.76%	-13.61%	48.04%	35.33%	-1.81%

Correlation

The correlation between FSEAX and FIQFX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.93

The correlation between FSEAX and FIQFX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

FSEAX vs. FIQFX — Risk / Return Rank

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

FSEAX

FSEAX Risk / Return Rank: 87
FSEAX Sharpe Ratio Rank: 90
FSEAX Sortino Ratio Rank: 78
FSEAX Omega Ratio Rank: 84
FSEAX Calmar Ratio Rank: 94
FSEAX Martin Ratio Rank: 91

FIQFX

FIQFX Risk / Return Rank: 92
FIQFX Sharpe Ratio Rank: 95
FIQFX Sortino Ratio Rank: 86
FIQFX Omega Ratio Rank: 86
FIQFX Calmar Ratio Rank: 97
FIQFX Martin Ratio Rank: 95

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.

FSEAX vs. FIQFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Asia Fund (FSEAX) and Fidelity Advisor China Region Fund Class Z (FIQFX). 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.

	FSEAX	FIQFX	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.76	-0.35
Sortino ratio: Return per unit of downside risk	2.89	3.33	-0.44
Omega ratio: Gain probability vs. loss probability	1.44	1.47	-0.03
Calmar ratio: Return relative to maximum drawdown	4.25	6.10	-1.85
Martin ratio: Return relative to average drawdown	14.10	17.46	-3.36

FSEAX vs. FIQFX - Sharpe Ratio Comparison

The current FSEAX Sharpe Ratio is 2.41, which is comparable to the FIQFX Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of FSEAX and FIQFX, 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

FSEAX vs. FIQFX - Drawdown Comparison

The maximum FSEAX drawdown since its inception was -65.59%, which is greater than FIQFX's maximum drawdown of -58.33%. Use the drawdown chart below to compare losses from any high point for FSEAX and FIQFX.

Drawdown Indicators

	FSEAX	FIQFX	Difference
Max Drawdown Largest peak-to-trough decline	-65.59%	-58.33%	-7.26%
Max Drawdown (1Y) Largest decline over 1 year	-13.42%	-10.78%	-2.64%
Max Drawdown (3Y) Largest decline over 3 years	-17.54%	-21.98%	+4.44%
Max Drawdown (5Y) Largest decline over 5 years	-51.83%	-50.60%	-1.23%
Max Drawdown (10Y) Largest decline over 10 years	-58.07%	—	—
Current Drawdown Current decline from peak	-5.19%	-4.85%	-0.34%
Average Drawdown Average peak-to-trough decline	-24.62%	-22.16%	-2.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	3.76%	+0.27%

Volatility

FSEAX vs. FIQFX - Volatility Comparison

Fidelity Emerging Asia Fund (FSEAX) has a higher volatility of 11.28% compared to Fidelity Advisor China Region Fund Class Z (FIQFX) at 10.04%. This indicates that FSEAX's price experiences larger fluctuations and is considered to be riskier than FIQFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSEAX	FIQFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.28%	10.04%	+1.24%
Volatility (6M) Calculated over the trailing 6-month period	21.24%	19.79%	+1.45%
Volatility (1Y) Calculated over the trailing 1-year period	23.62%	23.79%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.57%	24.66%	-1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.37%	24.30%	-2.93%

FSEAX vs. FIQFX - Expense Ratio Comparison

FSEAX has a 1.02% expense ratio, which is higher than FIQFX's 0.80% expense ratio.

Dividends

FSEAX vs. FIQFX - Dividend Comparison

FSEAX's dividend yield for the trailing twelve months is around 0.16%, less than FIQFX's 1.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQFX Fidelity Advisor China Region Fund Class Z	1.55%	2.07%	1.58%	2.14%	0.86%	11.06%	4.98%	0.84%	1.09%	0.00%	0.00%	0.00%
FSEAX Fidelity Emerging Asia Fund	0.16%	0.22%	0.00%	0.08%	0.00%	14.14%	14.10%	6.15%	3.44%	0.05%	1.26%	0.44%

Frequently Asked Questions

Can I hold both FSEAX and FIQFX in my portfolio?

With a correlation of 0.92, FSEAX and FIQFX 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, FSEAX or FIQFX?

FSEAX has higher volatility (11.28%) compared to FIQFX (10.04%). In terms of maximum drawdown, FSEAX dropped -65.59% vs FIQFX's -58.33%.

Which has better risk-adjusted returns?

FIQFX currently has the higher Sharpe Ratio (2.76 vs 2.41), 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.