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MNCEX vs. FAOAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MNCEX vs. FAOAX

Last updated Jun 24, 2026

MNCEX (Mercer Non-US Core Equity Fund) and FAOAX (Fidelity Advisor Overseas Fund Class A) are both Foreign Large Cap Equities funds. Over the past 5 years, MNCEX returned 10.23%/yr vs 3.50%/yr for FAOAX. A 0.79 correlation means they provide meaningful diversification when combined. MNCEX charges 0.39%/yr vs 1.43%/yr for FAOAX.

Performance

MNCEX vs. FAOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mercer Non-US Core Equity Fund (MNCEX) and Fidelity Advisor Overseas Fund Class A (FAOAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

MNCEX

1D
0.07%
1M
2.03%
YTD
10.71%
6M
9.99%
1Y
26.99%
3Y*
20.62%
5Y*
10.23%
10Y*
—

FAOAX

1D
0.00%
1M
0.00%
YTD
0.00%
6M
0.00%
1Y
-0.69%
3Y*
7.64%
5Y*
3.50%
10Y*
7.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MNCEX vs. FAOAX - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
MNCEX
Mercer Non-US Core Equity Fund		10.71%37.46%6.24%18.86%-16.89%11.36%9.63%10.44%
FAOAX
Fidelity Advisor Overseas Fund Class A		0.00%14.93%4.63%20.01%-24.61%18.90%14.71%10.91%

Correlation

The correlation between MNCEX and FAOAX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.35

Correlation (3Y)
Calculated over the trailing 3-year period

0.65

Correlation (5Y)
Calculated over the trailing 5-year period

0.78

Correlation (All Time)
Calculated using the full available price history since Sep 3, 2019

0.79

Over the past year, the correlation between MNCEX and FAOAX has dropped to 0.35 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

Compare stocks, funds, or ETFs

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Mercer Non-US Core Equity Fund

Fidelity Advisor Overseas Fund Class A

Often compared with MNCEX:
MNCEX vs. BROIXMNCEX vs. DGROMNCEX vs. VTIMNCEX vs. IXUSMNCEX vs. MSCGXMNCEX vs. FINVXMNCEX vs. MEMQX
Often compared with FAOAX:
FAOAX vs. FOCPXFAOAX vs. KGIIXFAOAX vs. FAOIXFAOAX vs. SIMYXFAOAX vs. IVFIXFAOAX vs. GSINXFAOAX vs. ANDIX

Return for Risk

MNCEX vs. FAOAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MNCEX
MNCEX Risk / Return Rank: 4848
Overall Rank
MNCEX Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
MNCEX Sortino Ratio Rank: 5151
Sortino Ratio Rank
MNCEX Omega Ratio Rank: 4848
Omega Ratio Rank
MNCEX Calmar Ratio Rank: 4646
Calmar Ratio Rank
MNCEX Martin Ratio Rank: 4444
Martin Ratio Rank
FAOAX
FAOAX Risk / Return Rank: 22
Overall Rank
FAOAX Sharpe Ratio Rank: 33
Sharpe Ratio Rank
FAOAX Sortino Ratio Rank: 22
Sortino Ratio Rank
FAOAX Omega Ratio Rank: 22
Omega Ratio Rank
FAOAX Calmar Ratio Rank: 22
Calmar Ratio Rank
FAOAX Martin Ratio Rank: 33
Martin Ratio Rank
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.

MNCEX vs. FAOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mercer Non-US Core Equity Fund (MNCEX) and Fidelity Advisor Overseas Fund Class A (FAOAX). 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.

MNCEXFAOAXDifference
Sharpe ratioReturn per unit of total volatility
1.93
-0.07

+1.99

Sortino ratioReturn per unit of downside risk
2.75
-0.03

+2.78

Omega ratioGain probability vs. loss probability

1.35

1.00

+0.36

Calmar ratioReturn relative to maximum drawdown

2.45

-0.08

+2.53

Martin ratioReturn relative to average drawdown

8.85

-0.13

+8.98

MNCEX vs. FAOAX - Sharpe Ratio Comparison

The current MNCEX Sharpe Ratio is 1.93, which is higher than the FAOAX Sharpe Ratio of -0.07. The chart below compares the historical Sharpe Ratios of MNCEX and FAOAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

MNCEX vs. FAOAX - Drawdown Comparison

The maximum MNCEX drawdown since its inception was -32.79%, smaller than the maximum FAOAX drawdown of -60.03%. Use the drawdown chart below to compare losses from any high point for MNCEX and FAOAX.

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Drawdown Indicators

MNCEXFAOAXDifference

Max Drawdown

Largest peak-to-trough decline

-32.79%

-60.03%

+27.24%

Max Drawdown (1Y)

Largest decline over 1 year

-11.97%

-7.29%

-4.68%

Max Drawdown (3Y)

Largest decline over 3 years

-13.79%

-13.99%

+0.20%

Max Drawdown (5Y)

Largest decline over 5 years

-30.57%

-36.50%

+5.93%

Max Drawdown (10Y)

Largest decline over 10 years

—

-36.50%

—

Current Drawdown

Current decline from peak

0.00%

-5.87%

+5.87%

Average Drawdown

Average peak-to-trough decline

-6.66%

-14.54%

+7.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.15%

4.15%

-1.00%

Volatility

MNCEX vs. FAOAX - Volatility Comparison

Mercer Non-US Core Equity Fund (MNCEX) has a higher volatility of 4.79% compared to Fidelity Advisor Overseas Fund Class A (FAOAX) at 0.00%. This indicates that MNCEX's price experiences larger fluctuations and is considered to be riskier than FAOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MNCEXFAOAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.79%

0.00%

+4.79%

Volatility (6M)

Calculated over the trailing 6-month period

12.40%

3.63%

+8.77%

Volatility (1Y)

Calculated over the trailing 1-year period

15.24%

8.76%

+6.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.00%

16.71%

-0.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.24%

16.64%

+1.60%

MNCEX vs. FAOAX - Expense Ratio Comparison

MNCEX has a 0.39% expense ratio, which is lower than FAOAX's 1.43% expense ratio.

Dividends

MNCEX vs. FAOAX - Dividend Comparison

MNCEX's dividend yield for the trailing twelve months is around 12.32%, more than FAOAX's 8.54% yield.

PositionTTM20252024202320222021202020192018201720162015
FAOAX
Fidelity Advisor Overseas Fund Class A		8.54%8.54%1.33%0.74%0.38%2.12%0.00%1.37%4.64%3.64%1.75%0.38%
MNCEX
Mercer Non-US Core Equity Fund		12.32%13.64%8.97%3.60%3.14%18.31%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

MNCEX and FAOAX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MNCEX has higher volatility (4.79%) compared to FAOAX (0.00%). In terms of maximum drawdown, MNCEX dropped -32.79% vs FAOAX's -60.03%.

MNCEX currently has the higher Sharpe Ratio (1.93 vs -0.07), 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.

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