FSTSX vs. BISMX

Last updated Jul 17, 2026

FSTSX (Fidelity Series International Small Cap Fund) and BISMX (Brandes International Small Cap Equity Fund Class I) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, FSTSX returned 10.26%/yr vs 11.34%/yr for BISMX. A 0.79 correlation means they provide meaningful diversification when combined. FSTSX charges 0.03%/yr vs 1.11%/yr for BISMX.

Performance

FSTSX vs. BISMX - Performance Comparison

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

Returns By Period

In the year-to-date period, FSTSX achieves a 6.60% return, which is significantly higher than BISMX's 2.04% return. Over the past 10 years, FSTSX has underperformed BISMX with an annualized return of 10.26%, while BISMX has yielded a comparatively higher 11.34% annualized return.

FSTSX

• 1D: 0.53%
• 1M: -0.52%
• 6M: 3.36%
• YTD: 6.60%
• 1Y: 12.10%
• 3Y*: 14.78%
• 5Y*: 6.11%
• 10Y*: 10.26%

BISMX

• 1D: 0.92%
• 1M: 1.30%
• 6M: -1.24%
• YTD: 2.04%
• 1Y: 9.42%
• 3Y*: 27.27%
• 5Y*: 18.25%
• 10Y*: 11.34%

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

FSTSX vs. BISMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSTSX Fidelity Series International Small Cap Fund	6.60%	27.49%	4.97%	18.36%	-26.25%	18.29%	19.61%	28.24%	-13.19%	34.44%
BISMX Brandes International Small Cap Equity Fund Class I	2.04%	45.81%	23.44%	39.27%	-8.48%	18.58%	4.85%	7.16%	-20.04%	11.79%

Correlation

The correlation between FSTSX and BISMX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012	0.79

The correlation between FSTSX and BISMX has been stable across timeframes, ranging from 0.78 to 0.80 - a consistent structural relationship.

Return for Risk

FSTSX vs. BISMX — Risk / Return Rank

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

FSTSX

FSTSX Risk / Return Rank: 17
FSTSX Sharpe Ratio Rank: 17
FSTSX Sortino Ratio Rank: 17
FSTSX Omega Ratio Rank: 16
FSTSX Calmar Ratio Rank: 17
FSTSX Martin Ratio Rank: 19

BISMX

BISMX Risk / Return Rank: 12
BISMX Sharpe Ratio Rank: 13
BISMX Sortino Ratio Rank: 14
BISMX Omega Ratio Rank: 12
BISMX Calmar Ratio Rank: 11
BISMX Martin Ratio Rank: 9

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.

FSTSX vs. BISMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series International Small Cap Fund (FSTSX) and Brandes International Small Cap Equity Fund Class I (BISMX). 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.

	FSTSX	BISMX	Difference
Sharpe ratio: Return per unit of total volatility	0.87	0.74	+0.13
Sortino ratio: Return per unit of downside risk	1.32	1.18	+0.14
Omega ratio: Gain probability vs. loss probability	1.16	1.14	+0.02
Calmar ratio: Return relative to maximum drawdown	1.11	0.81	+0.30
Martin ratio: Return relative to average drawdown	3.62	1.92	+1.70

FSTSX vs. BISMX - Sharpe Ratio Comparison

The current FSTSX Sharpe Ratio is 0.87, which is comparable to the BISMX Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of FSTSX and BISMX, 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

FSTSX vs. BISMX - Drawdown Comparison

The maximum FSTSX drawdown since its inception was -38.91%, smaller than the maximum BISMX drawdown of -47.07%. Use the drawdown chart below to compare losses from any high point for FSTSX and BISMX.

Drawdown Indicators

	FSTSX	BISMX	Difference
Max Drawdown Largest peak-to-trough decline	-38.91%	-47.07%	+8.16%
Max Drawdown (1Y) Largest decline over 1 year	-11.22%	-11.61%	+0.39%
Max Drawdown (3Y) Largest decline over 3 years	-14.17%	-11.61%	-2.56%
Max Drawdown (5Y) Largest decline over 5 years	-38.91%	-31.26%	-7.65%
Max Drawdown (10Y) Largest decline over 10 years	-38.91%	-47.07%	+8.16%
Current Drawdown Current decline from peak	-2.10%	-6.38%	+4.28%
Average Drawdown Average peak-to-trough decline	-7.86%	-7.94%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	4.90%	-1.47%

Volatility

FSTSX vs. BISMX - Volatility Comparison

Fidelity Series International Small Cap Fund (FSTSX) and Brandes International Small Cap Equity Fund Class I (BISMX) have volatilities of 3.63% and 3.80%, 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

	FSTSX	BISMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	3.80%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	11.89%	10.68%	+1.21%
Volatility (1Y) Calculated over the trailing 1-year period	14.30%	12.71%	+1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.52%	13.91%	+2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.68%	14.08%	+1.60%

FSTSX vs. BISMX - Expense Ratio Comparison

FSTSX has a 0.03% expense ratio, which is lower than BISMX's 1.11% expense ratio.

Dividends

FSTSX vs. BISMX - Dividend Comparison

FSTSX's dividend yield for the trailing twelve months is around 14.29%, more than BISMX's 3.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BISMX Brandes International Small Cap Equity Fund Class I	3.73%	3.34%	3.22%	2.93%	4.16%	3.45%	0.92%	0.82%	4.10%	8.51%	4.16%	3.65%
FSTSX Fidelity Series International Small Cap Fund	14.29%	15.24%	10.22%	3.34%	6.38%	13.22%	0.81%	4.27%	10.99%	6.30%	4.01%	7.32%

Frequently Asked Questions

Can I hold both FSTSX and BISMX in my portfolio?

FSTSX and BISMX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSTSX or BISMX?

BISMX has higher volatility (3.80%) compared to FSTSX (3.63%). In terms of maximum drawdown, FSTSX dropped -38.91% vs BISMX's -47.07%.

Which has better risk-adjusted returns?

FSTSX currently has the higher Sharpe Ratio (0.87 vs 0.74), 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.