MMCFX vs. FIQFX

Last updated Aug 1, 2026

MMCFX (AMG Veritas China Fund) and FIQFX (Fidelity Advisor China Region Fund Class Z) are both China Equities funds. Over the past 5 years, MMCFX returned -7.82%/yr vs 9.08%/yr for FIQFX. Their 0.75 correlation means they have sometimes moved together and sometimes differently. MMCFX charges 1.14%/yr vs 0.80%/yr for FIQFX.

Performance

MMCFX vs. FIQFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG Veritas China Fund (MMCFX) and Fidelity Advisor China Region Fund Class Z (FIQFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMCFX achieves a -2.15% return, which is significantly lower than FIQFX's 25.90% return.

MMCFX

• 1D: 0.96%
• 1M: -5.02%
• 6M: -6.13%
• YTD: -2.15%
• 1Y: 9.21%
• 3Y*: 0.17%
• 5Y*: -7.82%
• 10Y*: 3.79%
• ALL TIME*: 7.42%

FIQFX

• 1D: 2.48%
• 1M: -4.85%
• 6M: 13.59%
• YTD: 25.90%
• 1Y: 52.88%
• 3Y*: 27.26%
• 5Y*: 9.08%
• 10Y*: —
• ALL TIME*: 14.50%

*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)
FIQFX Fidelity Advisor China Region Fund Class Z	$0.00	$0.00	$0.00
MMCFX AMG Veritas China Fund	$0.00	$0.00	$0.00

MMCFX vs. FIQFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MMCFX AMG Veritas China Fund	-2.15%	27.88%	-0.59%	-18.35%	-26.33%	-0.49%	17.79%	27.49%	-15.68%
FIQFX Fidelity Advisor China Region Fund Class Z	25.90%	42.75%	23.34%	-0.13%	-23.76%	-13.61%	48.04%	35.33%	-1.81%

Correlation

The correlation between MMCFX and FIQFX is 0.83, 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.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.75

The correlation between MMCFX and FIQFX has been stable across timeframes, ranging from 0.75 to 0.84 - a consistent structural relationship.

Return for Risk

MMCFX vs. FIQFX — Risk / Return Rank

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

MMCFX

MMCFX Risk / Return Rank: 7
MMCFX Sharpe Ratio Rank: 7
MMCFX Sortino Ratio Rank: 8
MMCFX Omega Ratio Rank: 8
MMCFX Calmar Ratio Rank: 8
MMCFX Martin Ratio Rank: 7

FIQFX

FIQFX Risk / Return Rank: 84
FIQFX Sharpe Ratio Rank: 83
FIQFX Sortino Ratio Rank: 76
FIQFX Omega Ratio Rank: 77
FIQFX Calmar Ratio Rank: 94
FIQFX Martin Ratio Rank: 88

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.

MMCFX vs. FIQFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG Veritas China Fund (MMCFX) and Fidelity Advisor China Region Fund Class Z (FIQFX). 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.

	MMCFX	FIQFX	Difference
Sharpe ratio: Return per unit of total volatility	0.24	2.01	-1.77
Sortino ratio: Return per unit of downside risk	0.49	2.57	-2.08
Omega ratio: Gain probability vs. loss probability	1.06	1.34	-0.28
Calmar ratio: Return relative to maximum drawdown	0.33	4.07	-3.74
Martin ratio: Return relative to average drawdown	0.66	11.59	-10.93

MMCFX vs. FIQFX - Sharpe Ratio Comparison

The current MMCFX Sharpe Ratio is 0.24, which is lower than the FIQFX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of MMCFX and FIQFX, 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

MMCFX vs. FIQFX - Drawdown Comparison

The maximum MMCFX drawdown since its inception was -70.40%, which is greater than FIQFX's maximum drawdown of -58.33%. Use the drawdown chart below to compare losses from any high point for MMCFX and FIQFX.

Drawdown Indicators

	MMCFX	FIQFX	Difference
Max Drawdown Largest peak-to-trough decline	-70.40%	-58.33%	-12.07%
Max Drawdown (1Y) Largest decline over 1 year	-18.42%	-12.23%	-6.19%
Max Drawdown (3Y) Largest decline over 3 years	-26.79%	-21.98%	-4.81%
Max Drawdown (5Y) Largest decline over 5 years	-54.40%	-48.10%	-6.30%
Max Drawdown (10Y) Largest decline over 10 years	-57.48%	—	—
Current Drawdown Current decline from peak	-39.81%	-10.06%	-29.75%
Average Drawdown Average peak-to-trough decline	-26.72%	-22.07%	-4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.14%	4.29%	+4.85%

Volatility

MMCFX vs. FIQFX - Volatility Comparison

AMG Veritas China Fund (MMCFX) has a higher volatility of 10.29% compared to Fidelity Advisor China Region Fund Class Z (FIQFX) at 8.71%. This indicates that MMCFX's price experiences larger fluctuations and is considered to be riskier than FIQFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMCFX	FIQFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.29%	8.71%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	20.54%	20.80%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	25.48%	24.78%	+0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.57%	24.69%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.05%	24.36%	+0.69%

MMCFX vs. FIQFX - Expense Ratio Comparison

MMCFX has a 1.14% expense ratio, which is higher than FIQFX's 0.80% expense ratio.

Dividends

MMCFX vs. FIQFX - Dividend Comparison

MMCFX's dividend yield for the trailing twelve months is around 0.33%, less than FIQFX's 1.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQFX Fidelity Advisor China Region Fund Class Z	1.64%	2.07%	1.58%	2.14%	0.86%	11.06%	4.98%	0.84%	1.09%	0.00%	0.00%	0.00%
MMCFX AMG Veritas China Fund	0.33%	0.32%	1.34%	0.83%	0.00%	114.57%	4.66%	9.14%	25.03%	12.44%	0.35%	12.74%

Frequently Asked Questions

Can I hold both MMCFX and FIQFX in my portfolio?

MMCFX and FIQFX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMCFX or FIQFX?

MMCFX has higher volatility (10.29%) compared to FIQFX (8.71%). In terms of maximum drawdown, MMCFX dropped -70.40% vs FIQFX's -58.33%.

Which has better risk-adjusted returns?

FIQFX currently has the higher Sharpe Ratio (2.01 vs 0.24), 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.