MGSEX vs. FHKTX

Last updated Jul 18, 2026

MGSEX (AMG Veritas Asia Pacific Fund) and FHKTX (Fidelity Advisor China Region Fund Class M) are both mutual funds - MGSEX is a Asia Pacific Equities fund managed by AMG, while FHKTX is a China Equities fund managed by Fidelity. Over the past 10 years, MGSEX returned 15.50%/yr vs 13.14%/yr for FHKTX. A 0.65 correlation means they provide meaningful diversification when combined. MGSEX charges 1.18%/yr vs 1.50%/yr for FHKTX.

Performance

MGSEX vs. FHKTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG Veritas Asia Pacific Fund (MGSEX) and Fidelity Advisor China Region Fund Class M (FHKTX). 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 MGSEX having a 28.28% return and FHKTX slightly higher at 28.62%. Over the past 10 years, MGSEX has outperformed FHKTX with an annualized return of 15.50%, while FHKTX has yielded a comparatively lower 13.14% annualized return.

MGSEX

• 1D: -2.61%
• 1M: -12.78%
• 6M: 17.35%
• YTD: 28.28%
• 1Y: 51.23%
• 3Y*: 22.45%
• 5Y*: 4.96%
• 10Y*: 15.50%

FHKTX

• 1D: -1.72%
• 1M: -4.49%
• 6M: 18.70%
• YTD: 28.62%
• 1Y: 53.78%
• 3Y*: 28.44%
• 5Y*: 7.57%
• 10Y*: 13.14%

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

MGSEX vs. FHKTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGSEX AMG Veritas Asia Pacific Fund	28.28%	41.56%	7.23%	-4.82%	-27.91%	0.83%	38.74%	80.58%	-3.77%	20.26%
FHKTX Fidelity Advisor China Region Fund Class M	28.62%	41.85%	22.53%	-0.84%	-24.32%	-14.20%	46.95%	34.26%	-17.96%	50.94%

Correlation

The correlation between MGSEX and FHKTX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since May 8, 2008	0.65

Over the past year, MGSEX and FHKTX have become more correlated (0.86) than their long-term average of 0.65, meaning their price movements have been converging.

Return for Risk

MGSEX vs. FHKTX — Risk / Return Rank

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

MGSEX

MGSEX Risk / Return Rank: 59
MGSEX Sharpe Ratio Rank: 56
MGSEX Sortino Ratio Rank: 39
MGSEX Omega Ratio Rank: 59
MGSEX Calmar Ratio Rank: 81
MGSEX Martin Ratio Rank: 61

FHKTX

FHKTX Risk / Return Rank: 85
FHKTX Sharpe Ratio Rank: 85
FHKTX Sortino Ratio Rank: 75
FHKTX Omega Ratio Rank: 78
FHKTX Calmar Ratio Rank: 96
FHKTX Martin Ratio Rank: 91

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.

MGSEX vs. FHKTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG Veritas Asia Pacific Fund (MGSEX) and Fidelity Advisor China Region Fund Class M (FHKTX). 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.

	MGSEX	FHKTX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.32	-0.58
Sortino ratio: Return per unit of downside risk	2.11	2.88	-0.78
Omega ratio: Gain probability vs. loss probability	1.33	1.40	-0.07
Calmar ratio: Return relative to maximum drawdown	3.06	5.14	-2.08
Martin ratio: Return relative to average drawdown	9.84	14.29	-4.45

MGSEX vs. FHKTX - Sharpe Ratio Comparison

The current MGSEX Sharpe Ratio is 1.74, which is comparable to the FHKTX Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of MGSEX and FHKTX, 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

MGSEX vs. FHKTX - Drawdown Comparison

The maximum MGSEX drawdown since its inception was -62.06%, which is greater than FHKTX's maximum drawdown of -58.83%. Use the drawdown chart below to compare losses from any high point for MGSEX and FHKTX.

Drawdown Indicators

	MGSEX	FHKTX	Difference
Max Drawdown Largest peak-to-trough decline	-62.06%	-58.83%	-3.23%
Max Drawdown (1Y) Largest decline over 1 year	-17.40%	-10.83%	-6.57%
Max Drawdown (3Y) Largest decline over 3 years	-19.30%	-22.25%	+2.95%
Max Drawdown (5Y) Largest decline over 5 years	-42.34%	-50.33%	+7.99%
Max Drawdown (10Y) Largest decline over 10 years	-45.32%	-58.83%	+13.51%
Current Drawdown Current decline from peak	-17.40%	-7.85%	-9.55%
Average Drawdown Average peak-to-trough decline	-13.86%	-19.01%	+5.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.39%	3.89%	+1.50%

Volatility

MGSEX vs. FHKTX - Volatility Comparison

AMG Veritas Asia Pacific Fund (MGSEX) has a higher volatility of 14.30% compared to Fidelity Advisor China Region Fund Class M (FHKTX) at 8.98%. This indicates that MGSEX's price experiences larger fluctuations and is considered to be riskier than FHKTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGSEX	FHKTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.30%	8.98%	+5.32%
Volatility (6M) Calculated over the trailing 6-month period	27.61%	19.99%	+7.62%
Volatility (1Y) Calculated over the trailing 1-year period	30.54%	23.95%	+6.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.56%	24.71%	-3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.55%	22.57%	+3.98%

MGSEX vs. FHKTX - Expense Ratio Comparison

MGSEX has a 1.18% expense ratio, which is lower than FHKTX's 1.50% expense ratio.

Dividends

MGSEX vs. FHKTX - Dividend Comparison

MGSEX's dividend yield for the trailing twelve months is around 0.11%, less than FHKTX's 0.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHKTX Fidelity Advisor China Region Fund Class M	0.99%	1.27%	1.10%	1.27%	0.29%	10.88%	4.51%	0.02%	0.00%	0.00%	0.69%	14.81%
MGSEX AMG Veritas Asia Pacific Fund	0.11%	0.14%	0.47%	0.11%	0.00%	83.77%	4.35%	59.30%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MGSEX and FHKTX in my portfolio?

MGSEX and FHKTX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGSEX or FHKTX?

MGSEX has higher volatility (14.30%) compared to FHKTX (8.98%). In terms of maximum drawdown, MGSEX dropped -62.06% vs FHKTX's -58.83%.

Which has better risk-adjusted returns?

FHKTX currently has the higher Sharpe Ratio (2.32 vs 1.74), 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.