FSEAX vs. FPBFX

Last updated Jun 24, 2026

FSEAX (Fidelity Emerging Asia Fund) and FPBFX (Fidelity Pacific Basin Fund) are both Asia Pacific Equities funds from Fidelity. Over the past 10 years, FSEAX returned 16.53%/yr vs 13.80%/yr for FPBFX. A 0.77 correlation means they provide meaningful diversification when combined. FSEAX charges 1.02%/yr vs 1.04%/yr for FPBFX.

Performance

FSEAX vs. FPBFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Asia Fund (FSEAX) and Fidelity Pacific Basin Fund (FPBFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSEAX achieves a 41.26% return, which is significantly higher than FPBFX's 33.61% return. Over the past 10 years, FSEAX has outperformed FPBFX with an annualized return of 16.53%, while FPBFX has yielded a comparatively lower 13.80% annualized return.

FSEAX

• 1D: 0.89%
• 1M: 9.27%
• YTD: 41.26%
• 6M: 43.05%
• 1Y: 71.03%
• 3Y*: 35.87%
• 5Y*: 8.55%
• 10Y*: 16.53%

FPBFX

• 1D: 0.14%
• 1M: 7.90%
• YTD: 33.61%
• 6M: 33.57%
• 1Y: 60.74%
• 3Y*: 28.06%
• 5Y*: 11.36%
• 10Y*: 13.80%

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

FSEAX vs. FPBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSEAX Fidelity Emerging Asia Fund	41.26%	36.43%	21.80%	13.58%	-31.26%	-14.91%	73.43%	30.97%	-15.08%	45.13%
FPBFX Fidelity Pacific Basin Fund	33.61%	37.15%	9.26%	14.07%	-23.71%	2.28%	32.92%	32.21%	-18.08%	40.06%

Correlation

The correlation between FSEAX and FPBFX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Apr 19, 1993	0.77

The correlation between FSEAX and FPBFX shifts across timeframes, from 0.77 (all time) to 0.88 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

FSEAX vs. FPBFX — Risk / Return Rank

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

FSEAX

FSEAX Risk / Return Rank: 92
FSEAX Sharpe Ratio Rank: 97
FSEAX Sortino Ratio Rank: 86
FSEAX Omega Ratio Rank: 89
FSEAX Calmar Ratio Rank: 95
FSEAX Martin Ratio Rank: 94

FPBFX

FPBFX Risk / Return Rank: 89
FPBFX Sharpe Ratio Rank: 92
FPBFX Sortino Ratio Rank: 82
FPBFX Omega Ratio Rank: 83
FPBFX Calmar Ratio Rank: 94
FPBFX Martin Ratio Rank: 93

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. FPBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Asia Fund (FSEAX) and Fidelity Pacific Basin Fund (FPBFX). 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	FPBFX	Difference
Sharpe ratio: Return per unit of total volatility	3.26	2.88	+0.38
Sortino ratio: Return per unit of downside risk	3.79	3.58	+0.21
Omega ratio: Gain probability vs. loss probability	1.60	1.51	+0.09
Calmar ratio: Return relative to maximum drawdown	5.44	5.05	+0.39
Martin ratio: Return relative to average drawdown	18.76	18.65	+0.11

FSEAX vs. FPBFX - Sharpe Ratio Comparison

The current FSEAX Sharpe Ratio is 3.26, which is comparable to the FPBFX Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of FSEAX and FPBFX, 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. FPBFX - Drawdown Comparison

The maximum FSEAX drawdown since its inception was -65.59%, smaller than the maximum FPBFX drawdown of -69.06%. Use the drawdown chart below to compare losses from any high point for FSEAX and FPBFX.

Drawdown Indicators

	FSEAX	FPBFX	Difference
Max Drawdown Largest peak-to-trough decline	-65.59%	-69.06%	+3.47%
Max Drawdown (1Y) Largest decline over 1 year	-13.42%	-12.25%	-1.17%
Max Drawdown (3Y) Largest decline over 3 years	-17.54%	-19.48%	+1.94%
Max Drawdown (5Y) Largest decline over 5 years	-53.64%	-37.97%	-15.67%
Max Drawdown (10Y) Largest decline over 10 years	-58.07%	-39.85%	-18.22%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-24.65%	-17.56%	-7.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	3.31%	+0.58%

Volatility

FSEAX vs. FPBFX - Volatility Comparison

Fidelity Emerging Asia Fund (FSEAX) has a higher volatility of 12.64% compared to Fidelity Pacific Basin Fund (FPBFX) at 9.69%. This indicates that FSEAX's price experiences larger fluctuations and is considered to be riskier than FPBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSEAX	FPBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.64%	9.69%	+2.95%
Volatility (6M) Calculated over the trailing 6-month period	19.86%	18.00%	+1.86%
Volatility (1Y) Calculated over the trailing 1-year period	22.45%	21.55%	+0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.39%	19.48%	+3.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.30%	17.88%	+3.42%

FSEAX vs. FPBFX - Expense Ratio Comparison

FSEAX has a 1.02% expense ratio, which is lower than FPBFX's 1.04% expense ratio.

Dividends

FSEAX vs. FPBFX - Dividend Comparison

FSEAX's dividend yield for the trailing twelve months is around 0.15%, less than FPBFX's 6.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPBFX Fidelity Pacific Basin Fund	6.13%	8.19%	5.99%	5.36%	8.76%	14.97%	4.45%	0.75%	10.88%	4.36%	2.38%	3.61%
FSEAX Fidelity Emerging Asia Fund	0.15%	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 FPBFX in my portfolio?

FSEAX and FPBFX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSEAX or FPBFX?

FSEAX has higher volatility (12.64%) compared to FPBFX (9.69%). In terms of maximum drawdown, FSEAX dropped -65.59% vs FPBFX's -69.06%.

Which has better risk-adjusted returns?

FSEAX currently has the higher Sharpe Ratio (3.26 vs 2.88), 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.