MNCEX vs. FAOSX

Last updated Jun 4, 2026

MNCEX (Mercer Non-US Core Equity Fund) and FAOSX (Fidelity Advisor Overseas Fund Class Z) are both Foreign Large Cap Equities funds. Over the past 5 years, MNCEX returned 9.91%/yr vs 3.79%/yr for FAOSX. A 0.79 correlation means they provide meaningful diversification when combined. MNCEX charges 0.39%/yr vs 1.02%/yr for FAOSX.

Performance

MNCEX vs. FAOSX - 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 Z (FAOSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MNCEX

• 1D: 0.82%
• 1M: 4.49%
• YTD: 10.30%
• 6M: 13.02%
• 1Y: 25.18%
• 3Y*: 20.47%
• 5Y*: 9.91%
• 10Y*: —

FAOSX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: -1.63%
• 3Y*: 8.88%
• 5Y*: 3.79%
• 10Y*: —

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

MNCEX vs. FAOSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MNCEX Mercer Non-US Core Equity Fund	10.30%	37.46%	6.24%	18.86%	-16.89%	11.36%	9.63%	10.44%
FAOSX Fidelity Advisor Overseas Fund Class Z	0.00%	15.36%	5.06%	20.52%	-24.31%	19.42%	15.17%	11.29%

Correlation

The correlation between MNCEX and FAOSX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Sep 4, 2019	0.79

Over the past year, the correlation between MNCEX and FAOSX has dropped to 0.36 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

Return for Risk

MNCEX vs. FAOSX — Risk / Return Rank

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

MNCEX

MNCEX Risk / Return Rank: 43
MNCEX Sharpe Ratio Rank: 44
MNCEX Sortino Ratio Rank: 45
MNCEX Omega Ratio Rank: 44
MNCEX Calmar Ratio Rank: 41
MNCEX Martin Ratio Rank: 41

FAOSX

FAOSX Risk / Return Rank: 1
FAOSX Sharpe Ratio Rank: 2
FAOSX Sortino Ratio Rank: 2
FAOSX Omega Ratio Rank: 1
FAOSX Calmar Ratio Rank: 1
FAOSX Martin Ratio Rank: 2

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. FAOSX - 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 Z (FAOSX). 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.

	MNCEX	FAOSX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	-0.27	+2.23
Sortino ratio: Return per unit of downside risk	2.82	-0.31	+3.14
Omega ratio: Gain probability vs. loss probability	1.36	0.95	+0.41
Calmar ratio: Return relative to maximum drawdown	2.41	-0.34	+2.75
Martin ratio: Return relative to average drawdown	8.73	-0.59	+9.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MNCEX vs. FAOSX - Sharpe Ratio Comparison

The current MNCEX Sharpe Ratio is 1.96, which is higher than the FAOSX Sharpe Ratio of -0.27. The chart below compares the historical Sharpe Ratios of MNCEX and FAOSX, 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

	MNCEX	FAOSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	-0.27	+2.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.23	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.50	+0.19

Drawdowns

MNCEX vs. FAOSX - Drawdown Comparison

The maximum MNCEX drawdown since its inception was -32.79%, smaller than the maximum FAOSX drawdown of -36.24%. Use the drawdown chart below to compare losses from any high point for MNCEX and FAOSX.

Drawdown Indicators

	MNCEX	FAOSX	Difference
Max Drawdown Largest peak-to-trough decline	-32.79%	-36.24%	+3.45%
Max Drawdown (1Y) Largest decline over 1 year	-11.97%	-7.26%	-4.71%
Max Drawdown (3Y) Largest decline over 3 years	-13.79%	-13.96%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	-30.57%	-36.24%	+5.67%
Current Drawdown Current decline from peak	-0.30%	-5.86%	+5.56%
Average Drawdown Average peak-to-trough decline	-6.70%	-7.93%	+1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	3.97%	-0.86%

Volatility

MNCEX vs. FAOSX - Volatility Comparison

Mercer Non-US Core Equity Fund (MNCEX) has a higher volatility of 4.45% compared to Fidelity Advisor Overseas Fund Class Z (FAOSX) at 0.00%. This indicates that MNCEX's price experiences larger fluctuations and is considered to be riskier than FAOSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNCEX	FAOSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	0.00%	+4.45%
Volatility (6M) Calculated over the trailing 6-month period	11.98%	4.08%	+7.90%
Volatility (1Y) Calculated over the trailing 1-year period	14.75%	9.18%	+5.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.93%	16.72%	-0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.24%	16.68%	+1.56%

MNCEX vs. FAOSX - Expense Ratio Comparison

MNCEX has a 0.39% expense ratio, which is lower than FAOSX's 1.02% expense ratio.

Dividends

MNCEX vs. FAOSX - Dividend Comparison

MNCEX's dividend yield for the trailing twelve months is around 12.37%, more than FAOSX's 8.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAOSX Fidelity Advisor Overseas Fund Class Z	8.67%	8.67%	1.80%	1.12%	0.85%	2.07%	0.00%	1.70%	5.30%	3.93%
MNCEX Mercer Non-US Core Equity Fund	12.37%	13.64%	8.97%	3.60%	3.14%	18.31%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MNCEX and FAOSX in my portfolio?

MNCEX and FAOSX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MNCEX or FAOSX?

MNCEX has higher volatility (4.45%) compared to FAOSX (0.00%). In terms of maximum drawdown, MNCEX dropped -32.79% vs FAOSX's -36.24%.

Which has better risk-adjusted returns?

MNCEX currently has the higher Sharpe Ratio (1.96 vs -0.27), 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.