FZAIX vs. FSOSX

Last updated Jun 3, 2026

FZAIX (Fidelity Advisor International Discovery Fund Class Z) and FSOSX (Fidelity Series Overseas Fund) are both Foreign Large Cap Equities funds from Fidelity. Over the past 5 years, FZAIX returned 6.30%/yr vs 6.40%/yr for FSOSX. With a 0.97 correlation, they move nearly in lockstep. FZAIX charges 0.90%/yr vs 0.01%/yr for FSOSX.

Performance

FZAIX vs. FSOSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor International Discovery Fund Class Z (FZAIX) 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, FZAIX achieves a 11.05% return, which is significantly higher than FSOSX's 4.62% return.

FZAIX

• 1D: -0.66%
• 1M: 3.52%
• YTD: 11.05%
• 6M: 14.04%
• 1Y: 22.00%
• 3Y*: 18.04%
• 5Y*: 6.30%
• 10Y*: 9.27%

FSOSX

• 1D: -0.64%
• 1M: 1.36%
• YTD: 4.62%
• 6M: 7.06%
• 1Y: 7.33%
• 3Y*: 12.80%
• 5Y*: 6.40%
• 10Y*: —

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

FZAIX vs. FSOSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FZAIX Fidelity Advisor International Discovery Fund Class Z	11.05%	27.69%	11.05%	14.28%	-24.72%	11.18%	21.54%	9.15%
FSOSX Fidelity Series Overseas Fund	4.62%	21.29%	5.87%	21.49%	-23.25%	19.59%	16.36%	7.78%

Correlation

The correlation between FZAIX and FSOSX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jul 1, 2019	0.97

The correlation between FZAIX and FSOSX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

FZAIX vs. FSOSX — Risk / Return Rank

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

FZAIX

FZAIX Risk / Return Rank: 23
FZAIX Sharpe Ratio Rank: 21
FZAIX Sortino Ratio Rank: 21
FZAIX Omega Ratio Rank: 21
FZAIX Calmar Ratio Rank: 22
FZAIX Martin Ratio Rank: 28

FSOSX

FSOSX Risk / Return Rank: 6
FSOSX Sharpe Ratio Rank: 6
FSOSX Sortino Ratio Rank: 6
FSOSX Omega Ratio Rank: 6
FSOSX Calmar Ratio Rank: 6
FSOSX Martin Ratio Rank: 8

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.

FZAIX vs. FSOSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor International Discovery Fund Class Z (FZAIX) 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.

	FZAIX	FSOSX	Difference
Sharpe ratio Return per unit of total volatility	1.34	0.49	+0.85
Sortino ratio Return per unit of downside risk	1.94	0.81	+1.12
Omega ratio Gain probability vs. loss probability	1.24	1.10	+0.14
Calmar ratio Return relative to maximum drawdown	1.79	0.66	+1.13
Martin ratio Return relative to average drawdown	6.86	2.37	+4.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FZAIX vs. FSOSX - Sharpe Ratio Comparison

The current FZAIX Sharpe Ratio is 1.34, which is higher than the FSOSX Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of FZAIX 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.

Sharpe Ratios by Period

	FZAIX	FSOSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	0.49	+0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.36	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.50	-0.01

Drawdowns

FZAIX vs. FSOSX - Drawdown Comparison

The maximum FZAIX drawdown since its inception was -36.47%, roughly equal to the maximum FSOSX drawdown of -35.36%. Use the drawdown chart below to compare losses from any high point for FZAIX and FSOSX.

Drawdown Indicators

	FZAIX	FSOSX	Difference
Max Drawdown Largest peak-to-trough decline	-36.47%	-35.36%	-1.11%
Max Drawdown (1Y) Largest decline over 1 year	-13.10%	-12.39%	-0.71%
Max Drawdown (3Y) Largest decline over 3 years	-14.66%	-14.07%	-0.59%
Max Drawdown (5Y) Largest decline over 5 years	-36.47%	-35.36%	-1.11%
Max Drawdown (10Y) Largest decline over 10 years	-36.47%	—	—
Current Drawdown Current decline from peak	-0.93%	-2.25%	+1.32%
Average Drawdown Average peak-to-trough decline	-8.59%	-7.79%	-0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	3.46%	-0.05%

Volatility

FZAIX vs. FSOSX - Volatility Comparison

Fidelity Advisor International Discovery Fund Class Z (FZAIX) and Fidelity Series Overseas Fund (FSOSX) have volatilities of 5.85% and 6.13%, 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

	FZAIX	FSOSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	6.13%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	14.45%	14.28%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	17.34%	16.81%	+0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	17.67%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.01%	19.05%	-2.04%

FZAIX vs. FSOSX - Expense Ratio Comparison

FZAIX has a 0.90% expense ratio, which is higher than FSOSX's 0.01% expense ratio.

Dividends

FZAIX vs. FSOSX - Dividend Comparison

FZAIX's dividend yield for the trailing twelve months is around 6.37%, less than FSOSX's 8.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSOSX Fidelity Series Overseas Fund	8.75%	9.15%	2.25%	1.63%	1.80%	2.92%	1.12%	0.37%	0.00%	0.00%	0.00%	0.00%
FZAIX Fidelity Advisor International Discovery Fund Class Z	6.37%	7.08%	3.06%	2.03%	0.47%	11.45%	3.78%	2.43%	4.00%	4.03%	1.97%	1.19%

Frequently Asked Questions

Can I hold both FZAIX and FSOSX in my portfolio?

With a correlation of 0.96, FZAIX 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, FZAIX or FSOSX?

FSOSX has higher volatility (6.13%) compared to FZAIX (5.85%). In terms of maximum drawdown, FZAIX dropped -36.47% vs FSOSX's -35.36%.

Which has better risk-adjusted returns?

FZAIX currently has the higher Sharpe Ratio (1.34 vs 0.49), 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.