IUESX vs. FSPSX

Last updated Aug 1, 2026

IUESX (JPMorgan International Focus Fund) and FSPSX (Fidelity International Index Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, IUESX returned 8.94%/yr vs 9.69%/yr for FSPSX. Their correlation of 0.94 means they have usually moved in the same direction. IUESX charges 0.75%/yr vs 0.04%/yr for FSPSX.

Performance

IUESX vs. FSPSX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with IUESX having a 12.18% return and FSPSX slightly higher at 12.57%. Over the past 10 years, IUESX has underperformed FSPSX with an annualized return of 8.94%, while FSPSX has yielded a comparatively higher 9.69% annualized return.

IUESX

• 1D: 2.92%
• 1M: 0.45%
• 6M: 5.20%
• YTD: 12.18%
• 1Y: 23.72%
• 3Y*: 14.55%
• 5Y*: 6.61%
• 10Y*: 8.94%
• ALL TIME*: 7.59%

FSPSX

• 1D: 2.56%
• 1M: 1.98%
• 6M: 7.21%
• YTD: 12.57%
• 1Y: 26.28%
• 3Y*: 16.54%
• 5Y*: 9.66%
• 10Y*: 9.69%
• 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)
FSPSX Fidelity International Index Fund	$0.00	$0.00	$0.00
IUESX JPMorgan International Focus Fund	$0.00	$0.00	$0.00

IUESX vs. FSPSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IUESX JPMorgan International Focus Fund	12.18%	26.33%	2.54%	16.94%	-18.53%	6.79%	15.15%	29.61%	-16.45%	28.46%
FSPSX Fidelity International Index Fund	12.57%	31.98%	3.70%	18.31%	-14.23%	11.45%	8.16%	22.03%	-13.55%	25.37%

Correlation

The correlation between IUESX and FSPSX is 0.92, 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.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since May 31, 2013	0.94

The correlation between IUESX and FSPSX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

IUESX vs. FSPSX — Risk / Return Rank

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

IUESX

IUESX Risk / Return Rank: 43
IUESX Sharpe Ratio Rank: 43
IUESX Sortino Ratio Rank: 41
IUESX Omega Ratio Rank: 45
IUESX Calmar Ratio Rank: 44
IUESX Martin Ratio Rank: 43

FSPSX

FSPSX Risk / Return Rank: 70
FSPSX Sharpe Ratio Rank: 72
FSPSX Sortino Ratio Rank: 70
FSPSX Omega Ratio Rank: 69
FSPSX Calmar Ratio Rank: 70
FSPSX Martin Ratio Rank: 70

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.

IUESX vs. FSPSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan International Focus Fund (IUESX) and Fidelity International Index Fund (FSPSX). 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.

	IUESX	FSPSX	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.62	-0.32
Sortino ratio: Return per unit of downside risk	1.81	2.29	-0.48
Omega ratio: Gain probability vs. loss probability	1.24	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	1.79	2.20	-0.40
Martin ratio: Return relative to average drawdown	6.37	8.33	-1.95

IUESX vs. FSPSX - Sharpe Ratio Comparison

The current IUESX Sharpe Ratio is 1.29, which is comparable to the FSPSX Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of IUESX and FSPSX, 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

IUESX vs. FSPSX - Drawdown Comparison

The maximum IUESX drawdown since its inception was -33.58%, roughly equal to the maximum FSPSX drawdown of -33.69%. Use the drawdown chart below to compare losses from any high point for IUESX and FSPSX.

Drawdown Indicators

	IUESX	FSPSX	Difference
Max Drawdown Largest peak-to-trough decline	-33.58%	-33.69%	+0.11%
Max Drawdown (1Y) Largest decline over 1 year	-12.50%	-11.39%	-1.11%
Max Drawdown (3Y) Largest decline over 3 years	-13.36%	-13.58%	+0.22%
Max Drawdown (5Y) Largest decline over 5 years	-33.14%	-29.41%	-3.73%
Max Drawdown (10Y) Largest decline over 10 years	-33.58%	-33.69%	+0.11%
Current Drawdown Current decline from peak	-2.53%	0.00%	-2.53%
Average Drawdown Average peak-to-trough decline	-7.82%	-6.49%	-1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	3.00%	+0.51%

Volatility

IUESX vs. FSPSX - Volatility Comparison

JPMorgan International Focus Fund (IUESX) has a higher volatility of 5.45% compared to Fidelity International Index Fund (FSPSX) at 4.57%. This indicates that IUESX's price experiences larger fluctuations and is considered to be riskier than FSPSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IUESX	FSPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.45%	4.57%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	15.20%	13.22%	+1.98%
Volatility (1Y) Calculated over the trailing 1-year period	17.39%	15.52%	+1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.77%	16.12%	+0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.20%	16.29%	+0.91%

IUESX vs. FSPSX - Expense Ratio Comparison

IUESX has a 0.75% expense ratio, which is higher than FSPSX's 0.04% expense ratio.

Dividends

IUESX vs. FSPSX - Dividend Comparison

IUESX's dividend yield for the trailing twelve months is around 4.06%, more than FSPSX's 2.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSPSX Fidelity International Index Fund	2.80%	3.15%	3.27%	2.79%	2.66%	3.07%	1.84%	3.18%	2.79%	2.50%	3.08%	2.79%
IUESX JPMorgan International Focus Fund	4.06%	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 IUESX and FSPSX in my portfolio?

With a correlation of 0.92, IUESX and FSPSX 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, IUESX or FSPSX?

IUESX has higher volatility (5.45%) compared to FSPSX (4.57%). In terms of maximum drawdown, IUESX dropped -33.58% vs FSPSX's -33.69%.

Which has better risk-adjusted returns?

FSPSX currently has the higher Sharpe Ratio (1.62 vs 1.29), 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.