MGSEX vs. FSEAX

Last updated Aug 1, 2026

MGSEX (AMG Veritas Asia Pacific Fund) and FSEAX (Fidelity Emerging Asia Fund) are both Asia Pacific Equities funds. Over the past 10 years, MGSEX returned 14.72%/yr vs 13.85%/yr for FSEAX. Their 0.52 correlation means they have sometimes moved together and sometimes differently. MGSEX charges 1.18%/yr vs 1.03%/yr for FSEAX.

Performance

MGSEX vs. FSEAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG Veritas Asia Pacific Fund (MGSEX) and Fidelity Emerging Asia Fund (FSEAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGSEX achieves a 21.75% return, which is significantly lower than FSEAX's 23.64% return. Over the past 10 years, MGSEX has outperformed FSEAX with an annualized return of 14.72%, while FSEAX has yielded a comparatively lower 13.85% annualized return.

MGSEX

• 1D: 4.78%
• 1M: -11.74%
• 6M: 9.52%
• YTD: 21.75%
• 1Y: 45.09%
• 3Y*: 19.68%
• 5Y*: 4.13%
• 10Y*: 14.72%
• ALL TIME*: 10.61%

FSEAX

• 1D: 3.37%
• 1M: -6.52%
• 6M: 13.54%
• YTD: 23.64%
• 1Y: 42.33%
• 3Y*: 27.40%
• 5Y*: 7.64%
• 10Y*: 13.85%
• ALL TIME*: 8.83%

*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)
FSEAX Fidelity Emerging Asia Fund	$0.00	$0.00	$0.00
MGSEX AMG Veritas Asia Pacific Fund	$0.00	$0.00	$0.00

MGSEX vs. FSEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGSEX AMG Veritas Asia Pacific Fund	21.75%	41.56%	7.23%	-4.82%	-27.91%	0.83%	38.74%	80.58%	-3.77%	20.26%
FSEAX Fidelity Emerging Asia Fund	23.64%	36.43%	21.80%	13.58%	-31.26%	-14.91%	73.43%	30.97%	-15.08%	45.13%

Correlation

The correlation between MGSEX and FSEAX 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.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (10Y) Provides a long-term view across more market conditions.	0.74
Correlation (All Time) Calculated using the full available price history since Apr 19, 1993	0.52

Over the past year, MGSEX and FSEAX have become more correlated (0.92) than their long-term average of 0.52, meaning their price movements have been converging.

Return for Risk

MGSEX vs. FSEAX — Risk / Return Rank

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

MGSEX

MGSEX Risk / Return Rank: 45
MGSEX Sharpe Ratio Rank: 48
MGSEX Sortino Ratio Rank: 39
MGSEX Omega Ratio Rank: 53
MGSEX Calmar Ratio Rank: 41
MGSEX Martin Ratio Rank: 43

FSEAX

FSEAX Risk / Return Rank: 69
FSEAX Sharpe Ratio Rank: 69
FSEAX Sortino Ratio Rank: 59
FSEAX Omega Ratio Rank: 69
FSEAX Calmar Ratio Rank: 80
FSEAX 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.

MGSEX vs. FSEAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG Veritas Asia Pacific Fund (MGSEX) and Fidelity Emerging Asia Fund (FSEAX). 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	FSEAX	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.57	-0.25
Sortino ratio: Return per unit of downside risk	1.73	2.05	-0.32
Omega ratio: Gain probability vs. loss probability	1.26	1.29	-0.03
Calmar ratio: Return relative to maximum drawdown	1.68	2.57	-0.89
Martin ratio: Return relative to average drawdown	6.28	8.36	-2.08

MGSEX vs. FSEAX - Sharpe Ratio Comparison

The current MGSEX Sharpe Ratio is 1.32, which is comparable to the FSEAX Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of MGSEX and FSEAX, 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. FSEAX - Drawdown Comparison

The maximum MGSEX drawdown since its inception was -62.06%, smaller than the maximum FSEAX drawdown of -65.59%. Use the drawdown chart below to compare losses from any high point for MGSEX and FSEAX.

Drawdown Indicators

	MGSEX	FSEAX	Difference
Max Drawdown Largest peak-to-trough decline	-62.06%	-65.59%	+3.53%
Max Drawdown (1Y) Largest decline over 1 year	-25.18%	-15.33%	-9.85%
Max Drawdown (3Y) Largest decline over 3 years	-25.18%	-17.54%	-7.64%
Max Drawdown (5Y) Largest decline over 5 years	-42.34%	-50.98%	+8.64%
Max Drawdown (10Y) Largest decline over 10 years	-45.32%	-58.07%	+12.75%
Current Drawdown Current decline from peak	-21.61%	-12.47%	-9.14%
Average Drawdown Average peak-to-trough decline	-13.86%	-24.59%	+10.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.71%	4.71%	+2.00%

Volatility

MGSEX vs. FSEAX - Volatility Comparison

AMG Veritas Asia Pacific Fund (MGSEX) has a higher volatility of 12.69% compared to Fidelity Emerging Asia Fund (FSEAX) at 9.87%. This indicates that MGSEX's price experiences larger fluctuations and is considered to be riskier than FSEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGSEX	FSEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.69%	9.87%	+2.82%
Volatility (6M) Calculated over the trailing 6-month period	29.00%	22.75%	+6.25%
Volatility (1Y) Calculated over the trailing 1-year period	31.93%	25.08%	+6.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.81%	23.69%	-1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.70%	21.53%	+5.17%

MGSEX vs. FSEAX - Expense Ratio Comparison

MGSEX has a 1.18% expense ratio, which is higher than FSEAX's 1.03% expense ratio.

Dividends

MGSEX vs. FSEAX - Dividend Comparison

MGSEX's dividend yield for the trailing twelve months is around 0.11%, less than FSEAX's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSEAX Fidelity Emerging Asia Fund	0.17%	0.22%	0.00%	0.08%	0.00%	14.14%	14.10%	6.15%	3.44%	0.05%	1.26%	0.44%
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 FSEAX in my portfolio?

With a correlation of 0.92, MGSEX and FSEAX 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, MGSEX or FSEAX?

MGSEX has higher volatility (12.69%) compared to FSEAX (9.87%). In terms of maximum drawdown, MGSEX dropped -62.06% vs FSEAX's -65.59%.

Which has better risk-adjusted returns?

FSEAX currently has the higher Sharpe Ratio (1.57 vs 1.32), 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.