MSAQX vs. FSJPX

Last updated Aug 5, 2026

MSAQX (Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio) and FSJPX (Fidelity SAI Japan Stock Index Fund) are both mutual funds - MSAQX is a Asia Pacific Equities fund managed by Morgan Stanley, while FSJPX is a Japan Equities fund managed by Fidelity. Over the past 5 years, MSAQX returned -0.98%/yr vs 9.69%/yr for FSJPX. Their 0.51 correlation means they have sometimes moved together and sometimes differently. MSAQX charges 1.10%/yr vs 0.11%/yr for FSJPX.

Performance

MSAQX vs. FSJPX - 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 SAI Japan Stock Index Fund (FSJPX). 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 FSJPX's 16.92% 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%

FSJPX

• 1D: 1.32%
• 1M: 1.25%
• 6M: 9.34%
• YTD: 16.92%
• 1Y: 30.18%
• 3Y*: 18.61%
• 5Y*: 9.69%
• 10Y*: —
• ALL TIME*: 9.47%

*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)
FSJPX Fidelity SAI Japan Stock Index Fund	$0.00	$0.00	$0.00
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio	$0.00	$0.00	$0.00

MSAQX vs. FSJPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MSAQX Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio	14.25%	2.06%	19.71%	-6.83%	-22.01%	-21.97%
FSJPX Fidelity SAI Japan Stock Index Fund	16.92%	26.39%	7.19%	20.25%	-17.02%	1.16%

Correlation

The correlation between MSAQX and FSJPX is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (3Y) Balances recent behavior with more history.	0.51
Correlation (5Y) Shows whether the relationship held over a longer period.	0.51
Correlation (All Time) Calculated using the full available price history since May 27, 2021	0.51

The correlation between MSAQX and FSJPX shifts across timeframes, from 0.51 (all time) to 0.61 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MSAQX vs. FSJPX — 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

FSJPX

FSJPX Risk / Return Rank: 50
FSJPX Sharpe Ratio Rank: 45
FSJPX Sortino Ratio Rank: 44
FSJPX Omega Ratio Rank: 45
FSJPX Calmar Ratio Rank: 65
FSJPX Martin Ratio Rank: 52

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. FSJPX - 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 SAI Japan Stock Index Fund (FSJPX). 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	FSJPX	Difference
Sharpe ratio: Return per unit of total volatility	0.41	1.46	-1.05
Sortino ratio: Return per unit of downside risk	0.72	2.07	-1.35
Omega ratio: Gain probability vs. loss probability	1.09	1.27	-0.17
Calmar ratio: Return relative to maximum drawdown	0.43	2.40	-1.97
Martin ratio: Return relative to average drawdown	1.08	7.82	-6.73

MSAQX vs. FSJPX - Sharpe Ratio Comparison

The current MSAQX Sharpe Ratio is 0.41, which is lower than the FSJPX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of MSAQX and FSJPX, 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. FSJPX - Drawdown Comparison

The maximum MSAQX drawdown since its inception was -61.11%, which is greater than FSJPX's maximum drawdown of -32.91%. Use the drawdown chart below to compare losses from any high point for MSAQX and FSJPX.

Drawdown Indicators

	MSAQX	FSJPX	Difference
Max Drawdown Largest peak-to-trough decline	-61.11%	-32.91%	-28.20%
Max Drawdown (1Y) Largest decline over 1 year	-23.57%	-13.59%	-9.98%
Max Drawdown (3Y) Largest decline over 3 years	-23.57%	-15.45%	-8.12%
Max Drawdown (5Y) Largest decline over 5 years	-46.68%	-32.91%	-13.77%
Max Drawdown (10Y) Largest decline over 10 years	-61.11%	—	—
Current Drawdown Current decline from peak	-34.20%	-3.49%	-30.71%
Average Drawdown Average peak-to-trough decline	-24.58%	-9.64%	-14.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.43%	4.16%	+5.27%

Volatility

MSAQX vs. FSJPX - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio (MSAQX) and Fidelity SAI Japan Stock Index Fund (FSJPX) have volatilities of 8.12% and 7.91%, 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

	MSAQX	FSJPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.12%	7.91%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	22.04%	18.38%	+3.66%
Volatility (1Y) Calculated over the trailing 1-year period	24.93%	22.39%	+2.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.86%	18.91%	+5.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.72%	18.73%	+3.99%

MSAQX vs. FSJPX - Expense Ratio Comparison

MSAQX has a 1.10% expense ratio, which is higher than FSJPX's 0.11% expense ratio.

Dividends

MSAQX vs. FSJPX - Dividend Comparison

MSAQX has not paid dividends to shareholders, while FSJPX's dividend yield for the trailing twelve months is around 4.49%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FSJPX Fidelity SAI Japan Stock Index Fund	4.49%	5.25%	2.26%	4.10%	2.28%	0.97%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both MSAQX and FSJPX in my portfolio?

MSAQX and FSJPX 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, MSAQX or FSJPX?

MSAQX has higher volatility (8.12%) compared to FSJPX (7.91%). In terms of maximum drawdown, MSAQX dropped -61.11% vs FSJPX's -32.91%.

Which has better risk-adjusted returns?

FSJPX currently has the higher Sharpe Ratio (1.46 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.