FTCEX vs. APHIX

Last updated Aug 1, 2026

FTCEX (Fidelity Advisor Total International Equity Fund Class C) and APHIX (Artisan International Fund Institutional Class) are both Foreign Large Cap Equities funds. Over the past 10 years, FTCEX returned 9.52%/yr vs 10.27%/yr for APHIX. Their correlation of 0.91 means they have usually moved in the same direction. FTCEX charges 2.05%/yr vs 0.96%/yr for APHIX.

Performance

FTCEX vs. APHIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Total International Equity Fund Class C (FTCEX) and Artisan International Fund Institutional Class (APHIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTCEX achieves a 11.60% return, which is significantly lower than APHIX's 15.20% return. Over the past 10 years, FTCEX has underperformed APHIX with an annualized return of 9.52%, while APHIX has yielded a comparatively higher 10.27% annualized return.

FTCEX

• 1D: 3.03%
• 1M: -0.54%
• 6M: 5.05%
• YTD: 11.60%
• 1Y: 24.53%
• 3Y*: 16.31%
• 5Y*: 8.19%
• 10Y*: 9.52%
• ALL TIME*: 4.18%

APHIX

• 1D: 1.73%
• 1M: -0.46%
• 6M: 5.51%
• YTD: 15.20%
• 1Y: 24.01%
• 3Y*: 21.72%
• 5Y*: 10.28%
• 10Y*: 10.27%
• ALL TIME*: 6.01%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
APHIX Artisan International Fund Institutional Class	$0.00	$0.00	$0.00
FTCEX Fidelity Advisor Total International Equity Fund Class C	$0.00	$0.00	$0.00

FTCEX vs. APHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTCEX Fidelity Advisor Total International Equity Fund Class C	11.60%	31.18%	5.41%	15.12%	-17.90%	10.01%	16.73%	26.30%	-15.99%	29.05%
APHIX Artisan International Fund Institutional Class	15.20%	36.49%	10.89%	14.52%	-19.35%	9.10%	7.84%	29.43%	-10.81%	31.25%

Correlation

The correlation between FTCEX and APHIX is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since Nov 2, 2007	0.91

The correlation between FTCEX and APHIX shifts across timeframes, from 0.76 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FTCEX vs. APHIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FTCEX

FTCEX Risk / Return Rank: 48
FTCEX Sharpe Ratio Rank: 47
FTCEX Sortino Ratio Rank: 45
FTCEX Omega Ratio Rank: 48
FTCEX Calmar Ratio Rank: 49
FTCEX Martin Ratio Rank: 50

APHIX

APHIX Risk / Return Rank: 59
APHIX Sharpe Ratio Rank: 59
APHIX Sortino Ratio Rank: 61
APHIX Omega Ratio Rank: 58
APHIX Calmar Ratio Rank: 70
APHIX Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FTCEX vs. APHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Total International Equity Fund Class C (FTCEX) and Artisan International Fund Institutional Class (APHIX). 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.

	FTCEX	APHIX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.46	-0.09
Sortino ratio: Return per unit of downside risk	1.95	2.15	-0.20
Omega ratio: Gain probability vs. loss probability	1.25	1.27	-0.01
Calmar ratio: Return relative to maximum drawdown	1.95	2.29	-0.34
Martin ratio: Return relative to average drawdown	7.23	6.73	+0.50

FTCEX vs. APHIX - Sharpe Ratio Comparison

The current FTCEX Sharpe Ratio is 1.37, which is comparable to the APHIX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of FTCEX and APHIX, 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

FTCEX vs. APHIX - Drawdown Comparison

The maximum FTCEX drawdown since its inception was -62.39%, smaller than the maximum APHIX drawdown of -68.47%. Use the drawdown chart below to compare losses from any high point for FTCEX and APHIX.

Drawdown Indicators

	FTCEX	APHIX	Difference
Max Drawdown Largest peak-to-trough decline	-62.39%	-68.47%	+6.08%
Max Drawdown (1Y) Largest decline over 1 year	-11.84%	-9.77%	-2.07%
Max Drawdown (3Y) Largest decline over 3 years	-14.13%	-13.37%	-0.76%
Max Drawdown (5Y) Largest decline over 5 years	-30.67%	-33.73%	+3.06%
Max Drawdown (10Y) Largest decline over 10 years	-33.53%	-33.73%	+0.20%
Current Drawdown Current decline from peak	-2.92%	-3.89%	+0.97%
Average Drawdown Average peak-to-trough decline	-14.86%	-22.97%	+8.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	3.32%	-0.14%

Volatility

FTCEX vs. APHIX - Volatility Comparison

Fidelity Advisor Total International Equity Fund Class C (FTCEX) has a higher volatility of 5.78% compared to Artisan International Fund Institutional Class (APHIX) at 3.83%. This indicates that FTCEX's price experiences larger fluctuations and is considered to be riskier than APHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTCEX	APHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.78%	3.83%	+1.95%
Volatility (6M) Calculated over the trailing 6-month period	15.01%	12.85%	+2.16%
Volatility (1Y) Calculated over the trailing 1-year period	16.89%	15.34%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.50%	16.00%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.78%	16.14%	+0.64%

FTCEX vs. APHIX - Expense Ratio Comparison

FTCEX has a 2.05% expense ratio, which is higher than APHIX's 0.96% expense ratio.

Dividends

FTCEX vs. APHIX - Dividend Comparison

FTCEX's dividend yield for the trailing twelve months is around 0.19%, less than APHIX's 19.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APHIX Artisan International Fund Institutional Class	19.64%	22.63%	10.37%	2.10%	2.84%	23.52%	3.45%	5.44%	10.02%	0.91%	1.50%	0.73%
FTCEX Fidelity Advisor Total International Equity Fund Class C	0.19%	0.21%	0.24%	0.43%	0.08%	7.34%	1.74%	0.67%	0.00%	3.47%	0.31%	0.00%

Frequently Asked Questions

Can I hold both FTCEX and APHIX in my portfolio?

FTCEX and APHIX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTCEX or APHIX?

FTCEX has higher volatility (5.78%) compared to APHIX (3.83%). In terms of maximum drawdown, FTCEX dropped -62.39% vs APHIX's -68.47%.

Which has better risk-adjusted returns?

APHIX currently has the higher Sharpe Ratio (1.46 vs 1.37), 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.