MSIQX vs. FAOSX

Last updated Jul 23, 2026

MSIQX (Morgan Stanley Institutional Fund, Inc. International Equity Portfolio) and FAOSX (Fidelity Advisor Overseas Fund Class Z) are both Foreign Large Cap Equities funds. Over the past 5 years, MSIQX returned -6.64%/yr vs 3.29%/yr for FAOSX. Their correlation of 0.88 suggests significant overlap in exposure. MSIQX charges 0.95%/yr vs 1.02%/yr for FAOSX.

Performance

MSIQX vs. FAOSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund, Inc. International Equity Portfolio (MSIQX) and Fidelity Advisor Overseas Fund Class Z (FAOSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MSIQX

• 1D: 0.57%
• 1M: 0.28%
• 6M: 2.92%
• YTD: 5.39%
• 1Y: -40.59%
• 3Y*: -10.18%
• 5Y*: -6.64%
• 10Y*: 0.73%
• ALL TIME*: 6.10%

FAOSX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: -3.33%
• 3Y*: 8.08%
• 5Y*: 3.29%
• 10Y*: —
• ALL TIME*: 8.13%

*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)
FAOSX Fidelity Advisor Overseas Fund Class Z	$0.00	$0.00	$0.00
MSIQX Morgan Stanley Institutional Fund, Inc. International Equity Portfolio	$0.00	$0.00	$0.00

MSIQX vs. FAOSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSIQX Morgan Stanley Institutional Fund, Inc. International Equity Portfolio	5.39%	-33.40%	2.70%	16.86%	-14.24%	4.11%	11.43%	20.49%	-13.92%	21.94%
FAOSX Fidelity Advisor Overseas Fund Class Z	0.00%	15.36%	5.06%	20.52%	-24.31%	19.42%	15.17%	27.96%	-14.73%	26.25%

Correlation

The correlation between MSIQX and FAOSX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.88

Over the past year, the correlation between MSIQX and FAOSX has dropped to 0.49 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.

Return for Risk

MSIQX vs. FAOSX — Risk / Return Rank

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

MSIQX

MSIQX Risk / Return Rank: 1
MSIQX Sharpe Ratio Rank: 1
MSIQX Sortino Ratio Rank: 1
MSIQX Omega Ratio Rank: 0
MSIQX Calmar Ratio Rank: 0
MSIQX Martin Ratio Rank: 1

FAOSX

FAOSX Risk / Return Rank: 1
FAOSX Sharpe Ratio Rank: 1
FAOSX Sortino Ratio Rank: 1
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.

MSIQX vs. FAOSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. International Equity Portfolio (MSIQX) 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.

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.

	MSIQX	FAOSX	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	-0.44	-0.40
Sortino ratio: Return per unit of downside risk	-0.74	-0.55	-0.19
Omega ratio: Gain probability vs. loss probability	0.74	0.91	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.82	-0.49	-0.33
Martin ratio: Return relative to average drawdown	-1.19	-0.75	-0.43

MSIQX vs. FAOSX - Sharpe Ratio Comparison

The current MSIQX Sharpe Ratio is -0.84, which is lower than the FAOSX Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of MSIQX 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.

Drawdowns

MSIQX vs. FAOSX - Drawdown Comparison

The maximum MSIQX drawdown since its inception was -56.18%, which is greater than FAOSX's maximum drawdown of -36.24%. Use the drawdown chart below to compare losses from any high point for MSIQX and FAOSX.

Drawdown Indicators

	MSIQX	FAOSX	Difference
Max Drawdown Largest peak-to-trough decline	-56.18%	-36.24%	-19.94%
Max Drawdown (1Y) Largest decline over 1 year	-49.39%	-7.26%	-42.13%
Max Drawdown (3Y) Largest decline over 3 years	-56.18%	-13.96%	-42.22%
Max Drawdown (5Y) Largest decline over 5 years	-56.18%	-36.24%	-19.94%
Max Drawdown (10Y) Largest decline over 10 years	-56.18%	—	—
Current Drawdown Current decline from peak	-50.80%	-5.86%	-44.94%
Average Drawdown Average peak-to-trough decline	-9.25%	-7.90%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.07%	4.39%	+29.68%

Volatility

MSIQX vs. FAOSX - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. International Equity Portfolio (MSIQX) has a higher volatility of 4.01% compared to Fidelity Advisor Overseas Fund Class Z (FAOSX) at 0.00%. This indicates that MSIQX'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

	MSIQX	FAOSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	0.00%	+4.01%
Volatility (6M) Calculated over the trailing 6-month period	12.88%	0.00%	+12.88%
Volatility (1Y) Calculated over the trailing 1-year period	48.59%	8.13%	+40.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.05%	16.66%	+17.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.57%	16.58%	+9.99%

MSIQX vs. FAOSX - Expense Ratio Comparison

MSIQX has a 0.95% expense ratio, which is lower than FAOSX's 1.02% expense ratio.

Dividends

MSIQX vs. FAOSX - Dividend Comparison

MSIQX has not paid dividends to shareholders, while FAOSX's dividend yield for the trailing twelve months is around 8.67%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
MSIQX Morgan Stanley Institutional Fund, Inc. International Equity Portfolio	0.00%	0.00%	40.18%	4.40%	7.56%	10.56%	1.36%	10.14%	14.89%	1.91%	1.07%	2.89%

Frequently Asked Questions

Can I hold both MSIQX and FAOSX in my portfolio?

MSIQX and FAOSX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSIQX or FAOSX?

MSIQX has higher volatility (4.01%) compared to FAOSX (0.00%). In terms of maximum drawdown, MSIQX dropped -56.18% vs FAOSX's -36.24%.

Which has better risk-adjusted returns?

FAOSX currently has the higher Sharpe Ratio (-0.44 vs -0.84), 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.