MIOIX vs. FSOSX

Last updated Jun 4, 2026

MIOIX (Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio) and FSOSX (Fidelity Series Overseas Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, MIOIX returned -1.62%/yr vs 6.73%/yr for FSOSX. Their correlation of 0.81 suggests significant overlap in exposure. MIOIX charges 1.00%/yr vs 0.01%/yr for FSOSX.

Performance

MIOIX vs. FSOSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio (MIOIX) 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, MIOIX achieves a 9.63% return, which is significantly higher than FSOSX's 5.63% return.

MIOIX

• 1D: -0.14%
• 1M: 11.36%
• YTD: 9.63%
• 6M: 9.74%
• 1Y: 9.19%
• 3Y*: 14.61%
• 5Y*: -1.62%
• 10Y*: 10.43%

FSOSX

• 1D: 0.96%
• 1M: 3.89%
• YTD: 5.63%
• 6M: 7.55%
• 1Y: 8.98%
• 3Y*: 13.16%
• 5Y*: 6.73%
• 10Y*: —

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

MIOIX vs. FSOSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MIOIX Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio	9.63%	12.64%	19.32%	21.11%	-43.76%	-5.25%	55.49%	8.13%
FSOSX Fidelity Series Overseas Fund	5.63%	21.29%	5.87%	21.49%	-23.25%	19.59%	16.36%	7.78%

Correlation

The correlation between MIOIX and FSOSX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jul 1, 2019	0.81

The correlation between MIOIX and FSOSX has been stable across timeframes, ranging from 0.78 to 0.81 - a consistent structural relationship.

Return for Risk

MIOIX vs. FSOSX — Risk / Return Rank

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

MIOIX

MIOIX Risk / Return Rank: 6
MIOIX Sharpe Ratio Rank: 6
MIOIX Sortino Ratio Rank: 6
MIOIX Omega Ratio Rank: 6
MIOIX Calmar Ratio Rank: 5
MIOIX Martin Ratio Rank: 6

FSOSX

FSOSX Risk / Return Rank: 7
FSOSX Sharpe Ratio Rank: 6
FSOSX Sortino Ratio Rank: 6
FSOSX Omega Ratio Rank: 6
FSOSX Calmar Ratio Rank: 7
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.

MIOIX vs. FSOSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio (MIOIX) 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.

	MIOIX	FSOSX	Difference
Sharpe ratio: Return per unit of total volatility	0.44	0.50	-0.06
Sortino ratio: Return per unit of downside risk	0.75	0.83	-0.08
Omega ratio: Gain probability vs. loss probability	1.09	1.10	-0.01
Calmar ratio: Return relative to maximum drawdown	0.47	0.68	-0.21
Martin ratio: Return relative to average drawdown	1.46	2.42	-0.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MIOIX vs. FSOSX - Sharpe Ratio Comparison

The current MIOIX Sharpe Ratio is 0.44, which is comparable to the FSOSX Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of MIOIX 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

	MIOIX	FSOSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.44	0.50	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	0.38	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.51	-0.02

Drawdowns

MIOIX vs. FSOSX - Drawdown Comparison

The maximum MIOIX drawdown since its inception was -60.88%, which is greater than FSOSX's maximum drawdown of -35.36%. Use the drawdown chart below to compare losses from any high point for MIOIX and FSOSX.

Drawdown Indicators

	MIOIX	FSOSX	Difference
Max Drawdown Largest peak-to-trough decline	-60.88%	-35.36%	-25.52%
Max Drawdown (1Y) Largest decline over 1 year	-18.50%	-12.39%	-6.11%
Max Drawdown (3Y) Largest decline over 3 years	-19.42%	-14.07%	-5.35%
Max Drawdown (5Y) Largest decline over 5 years	-56.75%	-35.36%	-21.39%
Max Drawdown (10Y) Largest decline over 10 years	-60.88%	—	—
Current Drawdown Current decline from peak	-19.48%	-1.31%	-18.17%
Average Drawdown Average peak-to-trough decline	-15.81%	-7.78%	-8.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.90%	3.46%	+2.44%

Volatility

MIOIX vs. FSOSX - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio (MIOIX) has a higher volatility of 7.67% compared to Fidelity Series Overseas Fund (FSOSX) at 6.14%. This indicates that MIOIX's price experiences larger fluctuations and is considered to be riskier than FSOSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MIOIX	FSOSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.67%	6.14%	+1.53%
Volatility (6M) Calculated over the trailing 6-month period	16.59%	14.30%	+2.29%
Volatility (1Y) Calculated over the trailing 1-year period	19.65%	16.80%	+2.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.06%	17.67%	+7.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.15%	19.05%	+3.10%

MIOIX vs. FSOSX - Expense Ratio Comparison

MIOIX has a 1.00% expense ratio, which is higher than FSOSX's 0.01% expense ratio.

Dividends

MIOIX vs. FSOSX - Dividend Comparison

MIOIX has not paid dividends to shareholders, while FSOSX's dividend yield for the trailing twelve months is around 8.66%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSOSX Fidelity Series Overseas Fund	8.66%	9.15%	2.25%	1.63%	1.80%	2.92%	1.12%	0.37%	0.00%	0.00%	0.00%	0.00%
MIOIX Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio	0.00%	0.00%	0.16%	0.00%	9.25%	2.13%	0.24%	0.00%	0.24%	1.63%	0.02%	3.15%

Frequently Asked Questions

Can I hold both MIOIX and FSOSX in my portfolio?

MIOIX and FSOSX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MIOIX or FSOSX?

MIOIX has higher volatility (7.67%) compared to FSOSX (6.14%). In terms of maximum drawdown, MIOIX dropped -60.88% vs FSOSX's -35.36%.

Which has better risk-adjusted returns?

FSOSX currently has the higher Sharpe Ratio (0.50 vs 0.44), 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.