FSJPX vs. FIQLX

Last updated Jun 4, 2026

FSJPX (Fidelity SAI Japan Stock Index Fund) and FIQLX (Fidelity Advisor Japan Fund Class Z) are both Japan Equities funds from Fidelity. Over the past 5 years, FSJPX returned 9.32%/yr vs 10.41%/yr for FIQLX. With a 0.96 correlation, they move nearly in lockstep. FSJPX charges 0.11%/yr vs 0.96%/yr for FIQLX.

Performance

FSJPX vs. FIQLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI Japan Stock Index Fund (FSJPX) and Fidelity Advisor Japan Fund Class Z (FIQLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSJPX achieves a 16.24% return, which is significantly lower than FIQLX's 24.51% return.

FSJPX

• 1D: 0.00%
• 1M: 5.37%
• YTD: 16.24%
• 6M: 17.54%
• 1Y: 32.39%
• 3Y*: 18.94%
• 5Y*: 9.32%
• 10Y*: —

FIQLX

• 1D: -0.12%
• 1M: 7.40%
• YTD: 24.51%
• 6M: 24.92%
• 1Y: 44.14%
• 3Y*: 21.98%
• 5Y*: 10.41%
• 10Y*: —

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

FSJPX vs. FIQLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSJPX Fidelity SAI Japan Stock Index Fund	16.24%	26.39%	7.19%	20.25%	-17.02%	1.16%
FIQLX Fidelity Advisor Japan Fund Class Z	24.51%	31.84%	7.43%	16.09%	-22.16%	3.68%

Correlation

The correlation between FSJPX and FIQLX is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 28, 2021	0.96

The correlation between FSJPX and FIQLX has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

FSJPX vs. FIQLX — Risk / Return Rank

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

FSJPX

FSJPX Risk / Return Rank: 31
FSJPX Sharpe Ratio Rank: 27
FSJPX Sortino Ratio Rank: 27
FSJPX Omega Ratio Rank: 28
FSJPX Calmar Ratio Rank: 37
FSJPX Martin Ratio Rank: 36

FIQLX

FIQLX Risk / Return Rank: 55
FIQLX Sharpe Ratio Rank: 48
FIQLX Sortino Ratio Rank: 43
FIQLX Omega Ratio Rank: 44
FIQLX Calmar Ratio Rank: 74
FIQLX Martin Ratio Rank: 66

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.

FSJPX vs. FIQLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Japan Stock Index Fund (FSJPX) and Fidelity Advisor Japan Fund Class Z (FIQLX). 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.

	FSJPX	FIQLX	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.03	-0.54
Sortino ratio: Return per unit of downside risk	2.15	2.77	-0.62
Omega ratio: Gain probability vs. loss probability	1.27	1.36	-0.08
Calmar ratio: Return relative to maximum drawdown	2.28	3.38	-1.09
Martin ratio: Return relative to average drawdown	7.89	12.89	-5.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSJPX vs. FIQLX - Sharpe Ratio Comparison

The current FSJPX Sharpe Ratio is 1.49, which is comparable to the FIQLX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of FSJPX and FIQLX, 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

	FSJPX	FIQLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	2.03	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.52	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.59	-0.05

Drawdowns

FSJPX vs. FIQLX - Drawdown Comparison

The maximum FSJPX drawdown since its inception was -32.91%, smaller than the maximum FIQLX drawdown of -36.13%. Use the drawdown chart below to compare losses from any high point for FSJPX and FIQLX.

Drawdown Indicators

	FSJPX	FIQLX	Difference
Max Drawdown Largest peak-to-trough decline	-32.91%	-36.13%	+3.22%
Max Drawdown (1Y) Largest decline over 1 year	-13.59%	-12.73%	-0.86%
Max Drawdown (3Y) Largest decline over 3 years	-15.45%	-19.14%	+3.69%
Max Drawdown (5Y) Largest decline over 5 years	-32.91%	-36.13%	+3.22%
Current Drawdown Current decline from peak	-0.15%	-1.64%	+1.49%
Average Drawdown Average peak-to-trough decline	-9.85%	-10.30%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	3.33%	+0.61%

Volatility

FSJPX vs. FIQLX - Volatility Comparison

The current volatility for Fidelity SAI Japan Stock Index Fund (FSJPX) is 4.52%, while Fidelity Advisor Japan Fund Class Z (FIQLX) has a volatility of 5.06%. This indicates that FSJPX experiences smaller price fluctuations and is considered to be less risky than FIQLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSJPX	FIQLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	5.06%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	15.40%	16.36%	-0.96%
Volatility (1Y) Calculated over the trailing 1-year period	20.84%	21.19%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.36%	19.96%	-1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.35%	19.85%	-1.50%

FSJPX vs. FIQLX - Expense Ratio Comparison

FSJPX has a 0.11% expense ratio, which is lower than FIQLX's 0.96% expense ratio.

Dividends

FSJPX vs. FIQLX - Dividend Comparison

FSJPX's dividend yield for the trailing twelve months is around 4.52%, less than FIQLX's 8.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FIQLX Fidelity Advisor Japan Fund Class Z	8.06%	10.04%	5.04%	3.88%	0.00%	11.89%	1.97%	1.35%	0.48%
FSJPX Fidelity SAI Japan Stock Index Fund	4.52%	5.25%	2.26%	4.10%	2.28%	0.97%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSJPX and FIQLX in my portfolio?

With a correlation of 0.95, FSJPX and FIQLX 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, FSJPX or FIQLX?

FIQLX has higher volatility (5.06%) compared to FSJPX (4.52%). In terms of maximum drawdown, FSJPX dropped -32.91% vs FIQLX's -36.13%.

Which has better risk-adjusted returns?

FIQLX currently has the higher Sharpe Ratio (2.03 vs 1.49), 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.