MSMLX vs. FIVFX

Last updated Jun 23, 2026

MSMLX (Matthews Emerging Markets Small Companies Fund) and FIVFX (Fidelity International Capital Appreciation Fund) are both mutual funds - MSMLX is a Emerging Markets Diversified fund managed by Matthews, while FIVFX is a Foreign Large Cap Equities fund managed by Fidelity. A 0.64 correlation means they provide meaningful diversification when combined. MSMLX charges 1.37%/yr vs 1.00%/yr for FIVFX.

Performance

MSMLX vs. FIVFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Small Companies Fund (MSMLX) and Fidelity International Capital Appreciation Fund (FIVFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MSMLX

• 1D: 1.17%
• 1M: 3.81%
• YTD: 27.83%
• 6M: 28.38%
• 1Y: 35.36%
• 3Y*: 12.57%
• 5Y*: 8.79%
• 10Y*: 12.03%

FIVFX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSMLX vs. FIVFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSMLX Matthews Emerging Markets Small Companies Fund	27.83%	13.50%	-6.10%	20.04%	-16.78%	26.40%	43.69%	17.38%	-17.80%	30.43%
FIVFX Fidelity International Capital Appreciation Fund	0.00%	19.54%	8.05%	27.58%	-26.48%	12.14%	22.32%	33.05%	-12.87%	35.81%

Correlation

The correlation between MSMLX and FIVFX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Sep 15, 2008	0.64

Over the past year, the correlation between MSMLX and FIVFX has dropped to 0.17 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

Return for Risk

MSMLX vs. FIVFX — Risk / Return Rank

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

MSMLX

MSMLX Risk / Return Rank: 43
MSMLX Sharpe Ratio Rank: 41
MSMLX Sortino Ratio Rank: 39
MSMLX Omega Ratio Rank: 40
MSMLX Calmar Ratio Rank: 52
MSMLX Martin Ratio Rank: 42

FIVFX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

MSMLX vs. FIVFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Small Companies Fund (MSMLX) and Fidelity International Capital Appreciation Fund (FIVFX). 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.

	MSMLX	FIVFX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	—	—
Sortino ratio: Return per unit of downside risk	2.42	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.63	—	—
Martin ratio: Return relative to average drawdown	8.52	—	—

Drawdowns

Drawdown Indicators

	MSMLX	FIVFX	Difference
Max Drawdown Largest peak-to-trough decline	-36.40%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-12.89%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-22.62%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.00%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.33%	—	—
Current Drawdown Current decline from peak	-0.18%	—	—
Average Drawdown Average peak-to-trough decline	-9.22%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	—	—

Volatility

Volatility by Period

	MSMLX	FIVFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.57%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.95%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.60%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.92%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.29%	—	—

MSMLX vs. FIVFX - Expense Ratio Comparison

MSMLX has a 1.37% expense ratio, which is higher than FIVFX's 1.00% expense ratio.

Dividends

MSMLX vs. FIVFX - Dividend Comparison

MSMLX's dividend yield for the trailing twelve months is around 1.17%, while FIVFX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIVFX Fidelity International Capital Appreciation Fund	10.67%	10.67%	4.19%	0.38%	0.05%	9.08%	1.28%	3.29%	3.00%	2.99%	0.68%	1.57%
MSMLX Matthews Emerging Markets Small Companies Fund	1.17%	1.50%	3.95%	8.36%	8.04%	9.18%	0.28%	0.51%	21.31%	8.12%	0.43%	0.13%

Frequently Asked Questions

Can I hold both MSMLX and FIVFX in my portfolio?

MSMLX and FIVFX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.