ISCAX vs. FIEUX

Last updated Aug 1, 2026

ISCAX (Federated Hermes International Small-Mid Company Fund) and FIEUX (Fidelity Europe Fund) are both mutual funds - ISCAX is a Foreign Small & Mid Cap Equities fund managed by Federated, while FIEUX is a Europe Equities fund actively managed by Fidelity. Over the past 10 years, ISCAX returned 9.96%/yr vs 8.56%/yr for FIEUX. Their correlation of 0.81 means they have usually moved in the same direction. ISCAX charges 1.24%/yr vs 0.77%/yr for FIEUX.

Performance

ISCAX vs. FIEUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes International Small-Mid Company Fund (ISCAX) and Fidelity Europe Fund (FIEUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ISCAX having a 8.26% return and FIEUX slightly lower at 8.08%. Over the past 10 years, ISCAX has outperformed FIEUX with an annualized return of 9.96%, while FIEUX has yielded a comparatively lower 8.56% annualized return.

ISCAX

• 1D: 2.45%
• 1M: -0.86%
• 6M: 1.45%
• YTD: 8.26%
• 1Y: 14.36%
• 3Y*: 15.27%
• 5Y*: 4.95%
• 10Y*: 9.96%
• ALL TIME*: 9.49%

FIEUX

• 1D: 2.38%
• 1M: -0.16%
• 6M: 3.70%
• YTD: 8.08%
• 1Y: 19.14%
• 3Y*: 16.51%
• 5Y*: 5.88%
• 10Y*: 8.56%
• ALL TIME*: 8.28%

*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)
FIEUX Fidelity Europe Fund	$0.00	$0.00	$0.00
ISCAX Federated Hermes International Small-Mid Company Fund	$0.00	$0.00	$0.00

ISCAX vs. FIEUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISCAX Federated Hermes International Small-Mid Company Fund	8.26%	34.01%	5.67%	12.61%	-23.62%	5.98%	31.26%	31.76%	-18.88%	34.73%
FIEUX Fidelity Europe Fund	8.08%	37.53%	4.21%	13.68%	-20.62%	6.63%	18.29%	24.43%	-17.22%	29.16%

Correlation

The correlation between ISCAX and FIEUX is 0.70, 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.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (10Y) Provides a long-term view across more market conditions.	0.85
Correlation (All Time) Calculated using the full available price history since Feb 28, 1996	0.81

The correlation between ISCAX and FIEUX shifts across timeframes, from 0.70 (1 year) to 0.85 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

ISCAX vs. FIEUX — Risk / Return Rank

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

ISCAX

ISCAX Risk / Return Rank: 33
ISCAX Sharpe Ratio Rank: 31
ISCAX Sortino Ratio Rank: 34
ISCAX Omega Ratio Rank: 32
ISCAX Calmar Ratio Rank: 33
ISCAX Martin Ratio Rank: 34

FIEUX

FIEUX Risk / Return Rank: 34
FIEUX Sharpe Ratio Rank: 32
FIEUX Sortino Ratio Rank: 34
FIEUX Omega Ratio Rank: 31
FIEUX Calmar Ratio Rank: 34
FIEUX Martin Ratio Rank: 37

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.

ISCAX vs. FIEUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes International Small-Mid Company Fund (ISCAX) and Fidelity Europe Fund (FIEUX). 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.

	ISCAX	FIEUX	Difference
Sharpe ratio: Return per unit of total volatility	1.00	1.01	-0.01
Sortino ratio: Return per unit of downside risk	1.55	1.54	+0.01
Omega ratio: Gain probability vs. loss probability	1.19	1.18	0.00
Calmar ratio: Return relative to maximum drawdown	1.42	1.43	-0.01
Martin ratio: Return relative to average drawdown	4.96	5.27	-0.32

ISCAX vs. FIEUX - Sharpe Ratio Comparison

The current ISCAX Sharpe Ratio is 1.00, which is comparable to the FIEUX Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of ISCAX and FIEUX, 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

ISCAX vs. FIEUX - Drawdown Comparison

The maximum ISCAX drawdown since its inception was -71.55%, which is greater than FIEUX's maximum drawdown of -59.96%. Use the drawdown chart below to compare losses from any high point for ISCAX and FIEUX.

Drawdown Indicators

	ISCAX	FIEUX	Difference
Max Drawdown Largest peak-to-trough decline	-71.55%	-59.96%	-11.59%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-12.38%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-13.18%	-13.13%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-40.33%	-38.04%	-2.29%
Max Drawdown (10Y) Largest decline over 10 years	-40.33%	-38.04%	-2.29%
Current Drawdown Current decline from peak	-4.05%	-0.85%	-3.20%
Average Drawdown Average peak-to-trough decline	-22.13%	-13.99%	-8.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	3.35%	-0.21%

Volatility

ISCAX vs. FIEUX - Volatility Comparison

Federated Hermes International Small-Mid Company Fund (ISCAX) has a higher volatility of 5.20% compared to Fidelity Europe Fund (FIEUX) at 4.80%. This indicates that ISCAX's price experiences larger fluctuations and is considered to be riskier than FIEUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISCAX	FIEUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	4.80%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	13.89%	15.31%	-1.42%
Volatility (1Y) Calculated over the trailing 1-year period	16.83%	17.55%	-0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	17.52%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.23%	17.45%	-0.22%

ISCAX vs. FIEUX - Expense Ratio Comparison

ISCAX has a 1.24% expense ratio, which is higher than FIEUX's 0.77% expense ratio.

Dividends

ISCAX vs. FIEUX - Dividend Comparison

ISCAX's dividend yield for the trailing twelve months is around 6.88%, more than FIEUX's 2.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIEUX Fidelity Europe Fund	2.07%	2.23%	3.28%	1.62%	0.00%	16.10%	1.15%	7.42%	11.93%	2.52%	1.51%	0.43%
ISCAX Federated Hermes International Small-Mid Company Fund	6.88%	7.45%	0.00%	0.84%	0.79%	7.79%	5.80%	4.89%	15.53%	6.51%	0.92%	12.23%

Frequently Asked Questions

Can I hold both ISCAX and FIEUX in my portfolio?

ISCAX and FIEUX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISCAX or FIEUX?

ISCAX has higher volatility (5.20%) compared to FIEUX (4.80%). In terms of maximum drawdown, ISCAX dropped -71.55% vs FIEUX's -59.96%.

Which has better risk-adjusted returns?

FIEUX currently has the higher Sharpe Ratio (1.01 vs 1.00), 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.