FZABX vs. FSOSX

Last updated Jun 24, 2026

FZABX (Fidelity Advisor Diversified International Fund Class Z) and FSOSX (Fidelity Series Overseas Fund) are both Foreign Large Cap Equities funds from Fidelity. Over the past 5 years, FZABX returned 8.37%/yr vs 7.40%/yr for FSOSX. With a 0.98 correlation, they move nearly in lockstep. FZABX charges 0.76%/yr vs 0.01%/yr for FSOSX.

Performance

FZABX vs. FSOSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Diversified International Fund Class Z (FZABX) and Fidelity Series Overseas Fund (FSOSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FZABX achieves a 15.15% return, which is significantly higher than FSOSX's 9.78% return.

FZABX

• 1D: 0.43%
• 1M: 5.33%
• YTD: 15.15%
• 6M: 15.03%
• 1Y: 27.51%
• 3Y*: 18.36%
• 5Y*: 8.37%
• 10Y*: 10.75%

FSOSX

• 1D: 0.61%
• 1M: 5.33%
• YTD: 9.78%
• 6M: 9.27%
• 1Y: 14.49%
• 3Y*: 14.96%
• 5Y*: 7.40%
• 10Y*: —

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

FZABX vs. FSOSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FZABX Fidelity Advisor Diversified International Fund Class Z	15.15%	27.71%	6.59%	17.56%	-23.58%	13.11%	19.79%	11.00%
FSOSX Fidelity Series Overseas Fund	9.78%	21.29%	5.87%	21.49%	-23.25%	19.59%	16.36%	7.78%

Correlation

The correlation between FZABX and FSOSX is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jun 28, 2019	0.98

The correlation between FZABX and FSOSX has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

FZABX vs. FSOSX — Risk / Return Rank

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

FZABX

FZABX Risk / Return Rank: 38
FZABX Sharpe Ratio Rank: 35
FZABX Sortino Ratio Rank: 34
FZABX Omega Ratio Rank: 35
FZABX Calmar Ratio Rank: 39
FZABX Martin Ratio Rank: 44

FSOSX

FSOSX Risk / Return Rank: 14
FSOSX Sharpe Ratio Rank: 12
FSOSX Sortino Ratio Rank: 13
FSOSX Omega Ratio Rank: 12
FSOSX Calmar Ratio Rank: 15
FSOSX Martin Ratio Rank: 18

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.

FZABX vs. FSOSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Diversified International Fund Class Z (FZABX) and Fidelity Series Overseas Fund (FSOSX). 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.

	FZABX	FSOSX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	0.88	+0.71
Sortino ratio: Return per unit of downside risk	2.26	1.35	+0.91
Omega ratio: Gain probability vs. loss probability	1.29	1.17	+0.12
Calmar ratio: Return relative to maximum drawdown	2.26	1.25	+1.01
Martin ratio: Return relative to average drawdown	8.79	4.43	+4.36

FZABX vs. FSOSX - Sharpe Ratio Comparison

The current FZABX Sharpe Ratio is 1.59, which is higher than the FSOSX Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of FZABX and FSOSX, 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

FZABX vs. FSOSX - Drawdown Comparison

The maximum FZABX drawdown since its inception was -35.21%, roughly equal to the maximum FSOSX drawdown of -35.36%. Use the drawdown chart below to compare losses from any high point for FZABX and FSOSX.

Drawdown Indicators

	FZABX	FSOSX	Difference
Max Drawdown Largest peak-to-trough decline	-35.21%	-35.36%	+0.15%
Max Drawdown (1Y) Largest decline over 1 year	-12.55%	-12.39%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-14.65%	-14.07%	-0.58%
Max Drawdown (5Y) Largest decline over 5 years	-35.21%	-35.36%	+0.15%
Max Drawdown (10Y) Largest decline over 10 years	-35.21%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.55%	-7.74%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	3.49%	-0.27%

Volatility

FZABX vs. FSOSX - Volatility Comparison

Fidelity Advisor Diversified International Fund Class Z (FZABX) has a higher volatility of 6.65% compared to Fidelity Series Overseas Fund (FSOSX) at 6.30%. This indicates that FZABX's price experiences larger fluctuations and is considered to be riskier than FSOSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZABX	FSOSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.65%	6.30%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	15.40%	15.32%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	17.88%	17.64%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.33%	17.85%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.13%	19.10%	-1.97%

FZABX vs. FSOSX - Expense Ratio Comparison

FZABX has a 0.76% expense ratio, which is higher than FSOSX's 0.01% expense ratio.

Dividends

FZABX vs. FSOSX - Dividend Comparison

FZABX's dividend yield for the trailing twelve months is around 12.21%, more than FSOSX's 8.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSOSX Fidelity Series Overseas Fund	8.33%	9.15%	2.25%	1.63%	1.80%	2.92%	1.12%	0.37%	0.00%	0.00%	0.00%	0.00%
FZABX Fidelity Advisor Diversified International Fund Class Z	12.21%	14.06%	6.53%	4.41%	2.40%	10.92%	0.15%	1.64%	5.22%	0.29%	1.70%	1.08%

Frequently Asked Questions

Can I hold both FZABX and FSOSX in my portfolio?

With a correlation of 0.98, FZABX and FSOSX 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, FZABX or FSOSX?

FZABX has higher volatility (6.65%) compared to FSOSX (6.30%). In terms of maximum drawdown, FZABX dropped -35.21% vs FSOSX's -35.36%.

Which has better risk-adjusted returns?

FZABX currently has the higher Sharpe Ratio (1.59 vs 0.88), 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.