FTCNX vs. IUESX

Last updated Jun 3, 2026

FTCNX (Fidelity Advisor Canada Fund Class M) and IUESX (JPMorgan International Focus Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, FTCNX returned 9.77%/yr vs 9.16%/yr for IUESX. A 0.73 correlation means they provide meaningful diversification when combined. FTCNX charges 1.40%/yr vs 0.75%/yr for IUESX.

Performance

FTCNX vs. IUESX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Canada Fund Class M (FTCNX) and JPMorgan International Focus Fund (IUESX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTCNX achieves a 6.82% return, which is significantly lower than IUESX's 13.37% return. Over the past 10 years, FTCNX has outperformed IUESX with an annualized return of 9.77%, while IUESX has yielded a comparatively lower 9.16% annualized return.

FTCNX

• 1D: -0.26%
• 1M: 0.56%
• YTD: 6.82%
• 6M: 11.40%
• 1Y: 17.07%
• 3Y*: 16.28%
• 5Y*: 9.84%
• 10Y*: 9.77%

IUESX

• 1D: 0.51%
• 1M: 4.92%
• YTD: 13.37%
• 6M: 15.78%
• 1Y: 24.67%
• 3Y*: 16.13%
• 5Y*: 6.54%
• 10Y*: 9.16%

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

FTCNX vs. IUESX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTCNX Fidelity Advisor Canada Fund Class M	6.82%	25.18%	8.57%	14.02%	-6.70%	26.10%	3.82%	25.08%	-14.85%	12.87%
IUESX JPMorgan International Focus Fund	13.37%	26.33%	2.54%	16.94%	-18.53%	6.79%	15.15%	29.61%	-16.45%	28.46%

Correlation

The correlation between FTCNX and IUESX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jun 3, 2013	0.73

The correlation between FTCNX and IUESX shifts across timeframes, from 0.58 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FTCNX vs. IUESX — Risk / Return Rank

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

FTCNX

FTCNX Risk / Return Rank: 31
FTCNX Sharpe Ratio Rank: 26
FTCNX Sortino Ratio Rank: 23
FTCNX Omega Ratio Rank: 25
FTCNX Calmar Ratio Rank: 42
FTCNX Martin Ratio Rank: 37

IUESX

IUESX Risk / Return Rank: 33
IUESX Sharpe Ratio Rank: 34
IUESX Sortino Ratio Rank: 32
IUESX Omega Ratio Rank: 34
IUESX Calmar Ratio Rank: 29
IUESX Martin Ratio Rank: 34

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.

FTCNX vs. IUESX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Canada Fund Class M (FTCNX) and JPMorgan International Focus Fund (IUESX). 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.

	FTCNX	IUESX	Difference
Sharpe ratio Return per unit of total volatility	1.46	1.68	-0.22
Sortino ratio Return per unit of downside risk	2.02	2.34	-0.32
Omega ratio Gain probability vs. loss probability	1.26	1.31	-0.05
Calmar ratio Return relative to maximum drawdown	2.49	2.05	+0.43
Martin ratio Return relative to average drawdown	8.22	7.65	+0.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTCNX vs. IUESX - Sharpe Ratio Comparison

The current FTCNX Sharpe Ratio is 1.46, which is comparable to the IUESX Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of FTCNX and IUESX, 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

	FTCNX	IUESX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.68	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.40	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.53	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.47	-0.20

Drawdowns

FTCNX vs. IUESX - Drawdown Comparison

The maximum FTCNX drawdown since its inception was -58.27%, which is greater than IUESX's maximum drawdown of -33.58%. Use the drawdown chart below to compare losses from any high point for FTCNX and IUESX.

Drawdown Indicators

	FTCNX	IUESX	Difference
Max Drawdown Largest peak-to-trough decline	-58.27%	-33.58%	-24.69%
Max Drawdown (1Y) Largest decline over 1 year	-7.65%	-12.50%	+4.85%
Max Drawdown (3Y) Largest decline over 3 years	-12.23%	-13.36%	+1.13%
Max Drawdown (5Y) Largest decline over 5 years	-21.21%	-33.14%	+11.93%
Max Drawdown (10Y) Largest decline over 10 years	-39.92%	-33.58%	-6.34%
Current Drawdown Current decline from peak	-1.49%	0.00%	-1.49%
Average Drawdown Average peak-to-trough decline	-12.40%	-7.89%	-4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	3.36%	-1.04%

Volatility

FTCNX vs. IUESX - Volatility Comparison

The current volatility for Fidelity Advisor Canada Fund Class M (FTCNX) is 2.67%, while JPMorgan International Focus Fund (IUESX) has a volatility of 5.38%. This indicates that FTCNX experiences smaller price fluctuations and is considered to be less risky than IUESX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTCNX	IUESX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	5.38%	-2.71%
Volatility (6M) Calculated over the trailing 6-month period	9.86%	12.94%	-3.08%
Volatility (1Y) Calculated over the trailing 1-year period	12.53%	15.63%	-3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	16.45%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.43%	17.31%	+0.12%

FTCNX vs. IUESX - Expense Ratio Comparison

FTCNX has a 1.40% expense ratio, which is higher than IUESX's 0.75% expense ratio.

Dividends

FTCNX vs. IUESX - Dividend Comparison

FTCNX's dividend yield for the trailing twelve months is around 4.80%, more than IUESX's 4.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTCNX Fidelity Advisor Canada Fund Class M	4.80%	5.13%	6.90%	2.83%	3.47%	4.58%	1.99%	3.89%	6.55%	0.90%	1.08%	0.15%
IUESX JPMorgan International Focus Fund	4.02%	4.56%	3.10%	1.98%	3.64%	1.77%	0.96%	0.21%	2.32%	0.78%	2.37%	0.00%

Frequently Asked Questions

Can I hold both FTCNX and IUESX in my portfolio?

FTCNX and IUESX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTCNX or IUESX?

IUESX has higher volatility (5.38%) compared to FTCNX (2.67%). In terms of maximum drawdown, FTCNX dropped -58.27% vs IUESX's -33.58%.

Which has better risk-adjusted returns?

IUESX currently has the higher Sharpe Ratio (1.68 vs 1.46), 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.