MOSAX vs. FIQEX

Last updated Jun 24, 2026

MOSAX (MassMutual Overseas Fund) and FIQEX (Fidelity Advisor Canada Fund Class Z) are both Foreign Large Cap Equities funds. Over the past 5 years, MOSAX returned 5.53%/yr vs 10.38%/yr for FIQEX. A 0.76 correlation means they provide meaningful diversification when combined. MOSAX charges 1.34%/yr vs 0.66%/yr for FIQEX.

Performance

MOSAX vs. FIQEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MassMutual Overseas Fund (MOSAX) and Fidelity Advisor Canada Fund Class Z (FIQEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MOSAX achieves a 1.99% return, which is significantly lower than FIQEX's 4.56% return.

MOSAX

• 1D: -0.34%
• 1M: 0.58%
• YTD: 1.99%
• 6M: 1.75%
• 1Y: 11.29%
• 3Y*: 10.31%
• 5Y*: 5.53%
• 10Y*: 8.99%

FIQEX

• 1D: -0.27%
• 1M: -1.81%
• YTD: 4.56%
• 6M: 3.60%
• 1Y: 14.60%
• 3Y*: 16.33%
• 5Y*: 10.38%
• 10Y*: —

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

MOSAX vs. FIQEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MOSAX MassMutual Overseas Fund	1.99%	25.48%	0.12%	18.26%	-15.35%	12.61%	8.51%	28.26%	-8.81%
FIQEX Fidelity Advisor Canada Fund Class Z	4.56%	25.98%	9.25%	14.83%	-6.02%	27.01%	4.61%	26.04%	-9.33%

Correlation

The correlation between MOSAX and FIQEX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.76

The correlation between MOSAX and FIQEX shifts across timeframes, from 0.61 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MOSAX vs. FIQEX — Risk / Return Rank

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

MOSAX

MOSAX Risk / Return Rank: 12
MOSAX Sharpe Ratio Rank: 11
MOSAX Sortino Ratio Rank: 12
MOSAX Omega Ratio Rank: 11
MOSAX Calmar Ratio Rank: 12
MOSAX Martin Ratio Rank: 13

FIQEX

FIQEX Risk / Return Rank: 23
FIQEX Sharpe Ratio Rank: 20
FIQEX Sortino Ratio Rank: 17
FIQEX Omega Ratio Rank: 18
FIQEX Calmar Ratio Rank: 32
FIQEX Martin Ratio Rank: 30

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.

MOSAX vs. FIQEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MassMutual Overseas Fund (MOSAX) and Fidelity Advisor Canada Fund Class Z (FIQEX). 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.

	MOSAX	FIQEX	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.16	-0.31
Sortino ratio: Return per unit of downside risk	1.28	1.62	-0.33
Omega ratio: Gain probability vs. loss probability	1.16	1.21	-0.05
Calmar ratio: Return relative to maximum drawdown	1.03	1.97	-0.94
Martin ratio: Return relative to average drawdown	3.48	6.41	-2.93

MOSAX vs. FIQEX - Sharpe Ratio Comparison

The current MOSAX Sharpe Ratio is 0.85, which is comparable to the FIQEX Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of MOSAX and FIQEX, 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

MOSAX vs. FIQEX - Drawdown Comparison

The maximum MOSAX drawdown since its inception was -58.43%, which is greater than FIQEX's maximum drawdown of -39.84%. Use the drawdown chart below to compare losses from any high point for MOSAX and FIQEX.

Drawdown Indicators

	MOSAX	FIQEX	Difference
Max Drawdown Largest peak-to-trough decline	-58.43%	-39.84%	-18.59%
Max Drawdown (1Y) Largest decline over 1 year	-11.74%	-7.61%	-4.13%
Max Drawdown (3Y) Largest decline over 3 years	-14.43%	-12.05%	-2.38%
Max Drawdown (5Y) Largest decline over 5 years	-33.69%	-20.97%	-12.72%
Max Drawdown (10Y) Largest decline over 10 years	-36.75%	—	—
Current Drawdown Current decline from peak	-2.46%	-3.68%	+1.22%
Average Drawdown Average peak-to-trough decline	-11.60%	-4.79%	-6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	2.33%	+1.13%

Volatility

MOSAX vs. FIQEX - Volatility Comparison

MassMutual Overseas Fund (MOSAX) and Fidelity Advisor Canada Fund Class Z (FIQEX) have volatilities of 3.83% and 3.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MOSAX	FIQEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	3.98%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	11.32%	10.23%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	14.17%	12.96%	+1.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.71%	16.00%	+1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	18.80%	-0.63%

MOSAX vs. FIQEX - Expense Ratio Comparison

MOSAX has a 1.34% expense ratio, which is higher than FIQEX's 0.66% expense ratio.

Dividends

MOSAX vs. FIQEX - Dividend Comparison

MOSAX's dividend yield for the trailing twelve months is around 17.85%, more than FIQEX's 5.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQEX Fidelity Advisor Canada Fund Class Z	5.55%	5.80%	7.84%	3.50%	4.07%	5.32%	2.74%	4.64%	7.61%	0.00%	0.00%	0.00%
MOSAX MassMutual Overseas Fund	17.85%	18.21%	6.02%	2.24%	9.26%	9.64%	1.78%	5.10%	12.16%	1.42%	1.71%	3.12%

Frequently Asked Questions

Can I hold both MOSAX and FIQEX in my portfolio?

MOSAX and FIQEX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MOSAX or FIQEX?

FIQEX has higher volatility (3.98%) compared to MOSAX (3.83%). In terms of maximum drawdown, MOSAX dropped -58.43% vs FIQEX's -39.84%.

Which has better risk-adjusted returns?

FIQEX currently has the higher Sharpe Ratio (1.16 vs 0.85), 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.