MISIX vs. FIQIX

Last updated Jun 23, 2026

MISIX (Victory Trivalent International Small-Cap Fund Class I) and FIQIX (Fidelity Advisor International Small Cap Fund Class Z) are both mutual funds - MISIX is a Mid Cap Blend Equities fund managed by Victory, while FIQIX is a Foreign Small & Mid Cap Equities fund managed by Fidelity. Over the past 5 years, MISIX returned 8.87%/yr vs 7.19%/yr for FIQIX. Their correlation of 0.92 suggests significant overlap in exposure. MISIX charges 0.97%/yr vs 0.89%/yr for FIQIX.

Performance

MISIX vs. FIQIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Trivalent International Small-Cap Fund Class I (MISIX) and Fidelity Advisor International Small Cap Fund Class Z (FIQIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MISIX achieves a 13.49% return, which is significantly higher than FIQIX's 11.35% return.

MISIX

• 1D: 0.36%
• 1M: 0.99%
• YTD: 13.49%
• 6M: 13.32%
• 1Y: 32.36%
• 3Y*: 20.40%
• 5Y*: 8.87%
• 10Y*: 10.36%

FIQIX

• 1D: 0.86%
• 1M: 1.45%
• YTD: 11.35%
• 6M: 11.92%
• 1Y: 20.27%
• 3Y*: 14.02%
• 5Y*: 7.19%
• 10Y*: —

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

MISIX vs. FIQIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MISIX Victory Trivalent International Small-Cap Fund Class I	13.49%	42.00%	4.70%	15.49%	-23.13%	12.41%	15.42%	27.88%	-13.30%
FIQIX Fidelity Advisor International Small Cap Fund Class Z	11.35%	24.80%	0.14%	19.76%	-16.53%	13.56%	10.12%	21.61%	-7.47%

Correlation

The correlation between MISIX and FIQIX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.92

The correlation between MISIX and FIQIX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

MISIX vs. FIQIX — Risk / Return Rank

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

MISIX

MISIX Risk / Return Rank: 48
MISIX Sharpe Ratio Rank: 52
MISIX Sortino Ratio Rank: 50
MISIX Omega Ratio Rank: 51
MISIX Calmar Ratio Rank: 41
MISIX Martin Ratio Rank: 45

FIQIX

FIQIX Risk / Return Rank: 31
FIQIX Sharpe Ratio Rank: 32
FIQIX Sortino Ratio Rank: 32
FIQIX Omega Ratio Rank: 34
FIQIX Calmar Ratio Rank: 27
FIQIX Martin Ratio Rank: 29

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.

MISIX vs. FIQIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Trivalent International Small-Cap Fund Class I (MISIX) and Fidelity Advisor International Small Cap Fund Class Z (FIQIX). 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.

	MISIX	FIQIX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.51	+0.45
Sortino ratio: Return per unit of downside risk	2.73	2.20	+0.53
Omega ratio: Gain probability vs. loss probability	1.36	1.29	+0.08
Calmar ratio: Return relative to maximum drawdown	2.32	1.81	+0.50
Martin ratio: Return relative to average drawdown	8.99	6.40	+2.59

MISIX vs. FIQIX - Sharpe Ratio Comparison

The current MISIX Sharpe Ratio is 1.97, which is higher than the FIQIX Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of MISIX and FIQIX, 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

MISIX vs. FIQIX - Drawdown Comparison

The maximum MISIX drawdown since its inception was -67.61%, which is greater than FIQIX's maximum drawdown of -36.61%. Use the drawdown chart below to compare losses from any high point for MISIX and FIQIX.

Drawdown Indicators

	MISIX	FIQIX	Difference
Max Drawdown Largest peak-to-trough decline	-67.61%	-36.61%	-31.00%
Max Drawdown (1Y) Largest decline over 1 year	-13.84%	-10.72%	-3.12%
Max Drawdown (3Y) Largest decline over 3 years	-14.15%	-12.65%	-1.50%
Max Drawdown (5Y) Largest decline over 5 years	-37.69%	-30.95%	-6.74%
Max Drawdown (10Y) Largest decline over 10 years	-41.82%	—	—
Current Drawdown Current decline from peak	-1.53%	-0.12%	-1.41%
Average Drawdown Average peak-to-trough decline	-16.83%	-6.73%	-10.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	3.03%	+0.53%

Volatility

MISIX vs. FIQIX - Volatility Comparison

Victory Trivalent International Small-Cap Fund Class I (MISIX) has a higher volatility of 6.21% compared to Fidelity Advisor International Small Cap Fund Class Z (FIQIX) at 5.03%. This indicates that MISIX's price experiences larger fluctuations and is considered to be riskier than FIQIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MISIX	FIQIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	5.03%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	14.02%	10.96%	+3.06%
Volatility (1Y) Calculated over the trailing 1-year period	16.31%	12.87%	+3.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.06%	13.68%	+4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.97%	15.18%	+2.79%

MISIX vs. FIQIX - Expense Ratio Comparison

MISIX has a 0.97% expense ratio, which is higher than FIQIX's 0.89% expense ratio.

Dividends

MISIX vs. FIQIX - Dividend Comparison

MISIX's dividend yield for the trailing twelve months is around 5.33%, more than FIQIX's 3.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQIX Fidelity Advisor International Small Cap Fund Class Z	3.31%	3.68%	2.73%	1.99%	0.83%	7.39%	0.93%	2.47%	6.33%	0.00%	0.00%	0.00%
MISIX Victory Trivalent International Small-Cap Fund Class I	5.33%	6.05%	2.27%	1.90%	1.12%	8.61%	0.41%	1.99%	3.59%	1.85%	1.56%	1.21%

Frequently Asked Questions

Can I hold both MISIX and FIQIX in my portfolio?

With a correlation of 0.90, MISIX and FIQIX 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, MISIX or FIQIX?

MISIX has higher volatility (6.21%) compared to FIQIX (5.03%). In terms of maximum drawdown, MISIX dropped -67.61% vs FIQIX's -36.61%.

Which has better risk-adjusted returns?

MISIX currently has the higher Sharpe Ratio (1.97 vs 1.51), 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.