MSAQX vs. FHKAX

Last updated Aug 5, 2026

MSAQX (Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio) and FHKAX (Fidelity Advisor China Region Fund Class A) are both mutual funds - MSAQX is a Asia Pacific Equities fund managed by Morgan Stanley, while FHKAX is a China Equities fund managed by Fidelity. Over the past 10 years, MSAQX returned 9.92%/yr vs 13.24%/yr for FHKAX. Their correlation of 0.88 means they have usually moved in the same direction. MSAQX charges 1.10%/yr vs 1.21%/yr for FHKAX.

Performance

MSAQX vs. FHKAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX) and Fidelity Advisor China Region Fund Class A (FHKAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSAQX achieves a 14.25% return, which is significantly lower than FHKAX's 28.80% return. Over the past 10 years, MSAQX has underperformed FHKAX with an annualized return of 9.92%, while FHKAX has yielded a comparatively higher 13.24% annualized return.

MSAQX

• 1D: 1.43%
• 1M: 1.97%
• 6M: 11.94%
• YTD: 14.25%
• 1Y: 8.61%
• 3Y*: 8.75%
• 5Y*: -0.98%
• 10Y*: 9.92%
• ALL TIME*: 10.15%

FHKAX

• 1D: 0.73%
• 1M: -2.45%
• 6M: 16.16%
• YTD: 28.80%
• 1Y: 53.96%
• 3Y*: 29.09%
• 5Y*: 8.82%
• 10Y*: 13.24%
• ALL TIME*: 8.47%

*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)
FHKAX Fidelity Advisor China Region Fund Class A	$0.00	$0.00	$0.00
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio	$0.00	$0.00	$0.00

MSAQX vs. FHKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio	14.25%	2.06%	19.71%	-6.83%	-22.01%	-20.52%	52.55%	44.74%	-13.64%	76.83%
FHKAX Fidelity Advisor China Region Fund Class A	28.80%	42.19%	22.84%	-0.60%	-24.09%	-13.95%	47.37%	34.71%	-17.67%	51.46%

Correlation

The correlation between MSAQX and FHKAX is 0.84, 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.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.88
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.88

The correlation between MSAQX and FHKAX has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

Return for Risk

MSAQX vs. FHKAX — Risk / Return Rank

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

MSAQX

MSAQX Risk / Return Rank: 9
MSAQX Sharpe Ratio Rank: 9
MSAQX Sortino Ratio Rank: 10
MSAQX Omega Ratio Rank: 11
MSAQX Calmar Ratio Rank: 8
MSAQX Martin Ratio Rank: 8

FHKAX

FHKAX Risk / Return Rank: 87
FHKAX Sharpe Ratio Rank: 89
FHKAX Sortino Ratio Rank: 80
FHKAX Omega Ratio Rank: 80
FHKAX Calmar Ratio Rank: 95
FHKAX Martin Ratio Rank: 89

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.

MSAQX vs. FHKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX) and Fidelity Advisor China Region Fund Class A (FHKAX). 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.

	MSAQX	FHKAX	Difference
Sharpe ratio: Return per unit of total volatility	0.41	2.28	-1.87
Sortino ratio: Return per unit of downside risk	0.72	2.84	-2.12
Omega ratio: Gain probability vs. loss probability	1.09	1.39	-0.29
Calmar ratio: Return relative to maximum drawdown	0.43	4.59	-4.16
Martin ratio: Return relative to average drawdown	1.08	12.89	-11.81

MSAQX vs. FHKAX - Sharpe Ratio Comparison

The current MSAQX Sharpe Ratio is 0.41, which is lower than the FHKAX Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of MSAQX and FHKAX, 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

MSAQX vs. FHKAX - Drawdown Comparison

The maximum MSAQX drawdown since its inception was -61.11%, roughly equal to the maximum FHKAX drawdown of -58.62%. Use the drawdown chart below to compare losses from any high point for MSAQX and FHKAX.

Drawdown Indicators

	MSAQX	FHKAX	Difference
Max Drawdown Largest peak-to-trough decline	-61.11%	-58.62%	-2.49%
Max Drawdown (1Y) Largest decline over 1 year	-23.57%	-12.29%	-11.28%
Max Drawdown (3Y) Largest decline over 3 years	-23.57%	-22.15%	-1.42%
Max Drawdown (5Y) Largest decline over 5 years	-46.68%	-48.34%	+1.66%
Max Drawdown (10Y) Largest decline over 10 years	-61.11%	-58.62%	-2.49%
Current Drawdown Current decline from peak	-34.20%	-7.83%	-26.37%
Average Drawdown Average peak-to-trough decline	-24.58%	-18.86%	-5.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.43%	4.37%	+5.06%

Volatility

MSAQX vs. FHKAX - Volatility Comparison

The current volatility for Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX) is 8.12%, while Fidelity Advisor China Region Fund Class A (FHKAX) has a volatility of 8.67%. This indicates that MSAQX experiences smaller price fluctuations and is considered to be less risky than FHKAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSAQX	FHKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.12%	8.67%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	22.04%	20.75%	+1.29%
Volatility (1Y) Calculated over the trailing 1-year period	24.93%	24.79%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.86%	24.69%	+0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.72%	22.66%	+0.06%

MSAQX vs. FHKAX - Expense Ratio Comparison

MSAQX has a 1.10% expense ratio, which is lower than FHKAX's 1.21% expense ratio.

Dividends

MSAQX vs. FHKAX - Dividend Comparison

MSAQX has not paid dividends to shareholders, while FHKAX's dividend yield for the trailing twelve months is around 1.24%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHKAX Fidelity Advisor China Region Fund Class A	1.24%	1.59%	1.22%	1.58%	0.59%	10.80%	4.71%	0.38%	0.39%	0.21%	0.99%	15.33%
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio	0.00%	0.00%	1.82%	0.26%	0.00%	0.88%	1.06%	0.05%	0.69%	1.12%	2.24%	0.00%

Frequently Asked Questions

Can I hold both MSAQX and FHKAX in my portfolio?

MSAQX and FHKAX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSAQX or FHKAX?

FHKAX has higher volatility (8.67%) compared to MSAQX (8.12%). In terms of maximum drawdown, MSAQX dropped -61.11% vs FHKAX's -58.62%.

Which has better risk-adjusted returns?

FHKAX currently has the higher Sharpe Ratio (2.28 vs 0.41), 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.