FTISX vs. FMNEX

Last updated Aug 4, 2026

FTISX (Fidelity Advisor International Small Cap Fund Class M) and FMNEX (RBB Free Market International Equity Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, FTISX returned 7.76%/yr vs 9.83%/yr for FMNEX. Their correlation of 0.91 means they have usually moved in the same direction. FTISX charges 1.57%/yr vs 0.56%/yr for FMNEX.

Performance

FTISX vs. FMNEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor International Small Cap Fund Class M (FTISX) and RBB Free Market International Equity Fund (FMNEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTISX achieves a 5.25% return, which is significantly lower than FMNEX's 12.36% return. Over the past 10 years, FTISX has underperformed FMNEX with an annualized return of 7.76%, while FMNEX has yielded a comparatively higher 9.83% annualized return.

FTISX

• 1D: -0.53%
• 1M: -2.84%
• 6M: 0.99%
• YTD: 5.25%
• 1Y: 11.25%
• 3Y*: 10.86%
• 5Y*: 5.15%
• 10Y*: 7.76%
• ALL TIME*: 10.87%

FMNEX

• 1D: -0.51%
• 1M: 1.81%
• 6M: 5.37%
• YTD: 12.36%
• 1Y: 30.07%
• 3Y*: 19.16%
• 5Y*: 11.45%
• 10Y*: 9.83%
• ALL TIME*: 5.75%

*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)
FMNEX RBB Free Market International Equity Fund	$0.00	$0.00	$0.00
FTISX Fidelity Advisor International Small Cap Fund Class M	$0.00	$0.00	$0.00

FTISX vs. FMNEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTISX Fidelity Advisor International Small Cap Fund Class M	5.25%	24.03%	-0.46%	18.97%	-17.12%	12.83%	9.29%	20.77%	-16.57%	31.41%
FMNEX RBB Free Market International Equity Fund	12.36%	42.81%	2.15%	16.13%	-10.54%	14.50%	2.74%	17.72%	-19.58%	27.74%

Correlation

The correlation between FTISX and FMNEX is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Jan 2, 2008	0.91

The correlation between FTISX and FMNEX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

FTISX vs. FMNEX — Risk / Return Rank

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

FTISX

FTISX Risk / Return Rank: 23
FTISX Sharpe Ratio Rank: 22
FTISX Sortino Ratio Rank: 23
FTISX Omega Ratio Rank: 23
FTISX Calmar Ratio Rank: 22
FTISX Martin Ratio Rank: 23

FMNEX

FMNEX Risk / Return Rank: 80
FMNEX Sharpe Ratio Rank: 84
FMNEX Sortino Ratio Rank: 80
FMNEX Omega Ratio Rank: 80
FMNEX Calmar Ratio Rank: 78
FMNEX Martin Ratio Rank: 77

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.

FTISX vs. FMNEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor International Small Cap Fund Class M (FTISX) and RBB Free Market International Equity Fund (FMNEX). 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.

	FTISX	FMNEX	Difference
Sharpe ratio: Return per unit of total volatility	0.87	2.08	-1.21
Sortino ratio: Return per unit of downside risk	1.31	2.86	-1.55
Omega ratio: Gain probability vs. loss probability	1.17	1.38	-0.21
Calmar ratio: Return relative to maximum drawdown	1.10	2.66	-1.56
Martin ratio: Return relative to average drawdown	3.55	9.87	-6.32

FTISX vs. FMNEX - Sharpe Ratio Comparison

The current FTISX Sharpe Ratio is 0.87, which is lower than the FMNEX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of FTISX and FMNEX, 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

FTISX vs. FMNEX - Drawdown Comparison

The maximum FTISX drawdown since its inception was -61.12%, roughly equal to the maximum FMNEX drawdown of -59.76%. Use the drawdown chart below to compare losses from any high point for FTISX and FMNEX.

Drawdown Indicators

	FTISX	FMNEX	Difference
Max Drawdown Largest peak-to-trough decline	-61.12%	-59.76%	-1.36%
Max Drawdown (1Y) Largest decline over 1 year	-10.75%	-11.38%	+0.63%
Max Drawdown (3Y) Largest decline over 3 years	-12.95%	-13.46%	+0.51%
Max Drawdown (5Y) Largest decline over 5 years	-31.45%	-26.61%	-4.84%
Max Drawdown (10Y) Largest decline over 10 years	-39.55%	-47.35%	+7.80%
Current Drawdown Current decline from peak	-5.33%	-0.63%	-4.70%
Average Drawdown Average peak-to-trough decline	-10.93%	-12.10%	+1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	3.07%	+0.27%

Volatility

FTISX vs. FMNEX - Volatility Comparison

Fidelity Advisor International Small Cap Fund Class M (FTISX) and RBB Free Market International Equity Fund (FMNEX) have volatilities of 4.68% and 4.65%, 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

	FTISX	FMNEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	4.65%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	11.97%	12.55%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	13.69%	14.58%	-0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.79%	15.64%	-1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.94%	15.91%	-1.97%

FTISX vs. FMNEX - Expense Ratio Comparison

FTISX has a 1.57% expense ratio, which is higher than FMNEX's 0.56% expense ratio.

Dividends

FTISX vs. FMNEX - Dividend Comparison

FTISX's dividend yield for the trailing twelve months is around 3.10%, less than FMNEX's 4.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMNEX RBB Free Market International Equity Fund	4.17%	4.69%	0.00%	2.49%	3.46%	1.31%	3.03%	2.56%	4.12%	3.30%	3.17%	3.60%
FTISX Fidelity Advisor International Small Cap Fund Class M	3.10%	3.26%	2.24%	1.40%	0.13%	6.94%	0.34%	1.81%	5.50%	2.52%	2.08%	2.86%

Frequently Asked Questions

Can I hold both FTISX and FMNEX in my portfolio?

With a correlation of 0.91, FTISX and FMNEX 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, FTISX or FMNEX?

FTISX has higher volatility (4.68%) compared to FMNEX (4.65%). In terms of maximum drawdown, FTISX dropped -61.12% vs FMNEX's -59.76%.

Which has better risk-adjusted returns?

FMNEX currently has the higher Sharpe Ratio (2.08 vs 0.87), 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.