MWNIX vs. FIQIX

Last updated Apr 1, 2026

Compare and contrast key facts about MFS International New Discovery Fund (MWNIX) and Fidelity Advisor International Small Cap Fund Class Z (FIQIX).

MWNIX is managed by MFS. It was launched on Oct 8, 1997. FIQIX is managed by Fidelity. It was launched on Oct 2, 2018.

Performance

MWNIX vs. FIQIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS International New Discovery Fund (MWNIX) and Fidelity Advisor International Small Cap Fund Class Z (FIQIX). The values are adjusted to include any dividend payments, if applicable.

MWNIX vs. FIQIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MWNIX MFS International New Discovery Fund	-4.10%	16.88%	0.90%	13.03%	-18.63%	5.06%	9.98%	22.85%	-6.21%
FIQIX Fidelity Advisor International Small Cap Fund Class Z	-2.49%	24.80%	0.14%	19.76%	-16.53%	13.56%	10.12%	21.61%	-7.47%

Returns By Period

In the year-to-date period, MWNIX achieves a -4.10% return, which is significantly lower than FIQIX's -2.49% return.

MWNIX

• 1D: -0.25%
• 1M: -11.78%
• YTD: -4.10%
• 6M: -4.89%
• 1Y: 9.37%
• 3Y*: 6.45%
• 5Y*: 1.70%
• 10Y*: 5.54%

FIQIX

• 1D: -0.30%
• 1M: -10.40%
• YTD: -2.49%
• 6M: -0.76%
• 1Y: 15.97%
• 3Y*: 10.38%
• 5Y*: 5.19%
• 10Y*: —

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

MWNIX vs. FIQIX - Expense Ratio Comparison

MWNIX has a 1.03% expense ratio, which is higher than FIQIX's 0.89% expense ratio.

MWNIX

MFS International New Discovery Fund

FIQIX

Fidelity Advisor International Small Cap Fund Class Z

Return for Risk

MWNIX vs. FIQIX — Risk / Return Rank

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

MWNIX

MWNIX Risk / Return Rank: 23
MWNIX Sharpe Ratio Rank: 28
MWNIX Sortino Ratio Rank: 23
MWNIX Omega Ratio Rank: 23
MWNIX Calmar Ratio Rank: 21
MWNIX Martin Ratio Rank: 22

FIQIX

FIQIX Risk / Return Rank: 56
FIQIX Sharpe Ratio Rank: 63
FIQIX Sortino Ratio Rank: 56
FIQIX Omega Ratio Rank: 59
FIQIX Calmar Ratio Rank: 54
FIQIX Martin Ratio Rank: 46

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.

MWNIX vs. FIQIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS International New Discovery Fund (MWNIX) and Fidelity Advisor International Small Cap Fund Class Z (FIQIX). 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.

	MWNIX	FIQIX	Difference
Sharpe ratio Return per unit of total volatility	0.68	1.11	-0.43
Sortino ratio Return per unit of downside risk	0.93	1.47	-0.54
Omega ratio Gain probability vs. loss probability	1.13	1.23	-0.09
Calmar ratio Return relative to maximum drawdown	0.63	1.28	-0.65
Martin ratio Return relative to average drawdown	2.39	4.66	-2.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MWNIX vs. FIQIX - Sharpe Ratio Comparison

The current MWNIX Sharpe Ratio is 0.68, which is lower than the FIQIX Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of MWNIX and FIQIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MWNIX	FIQIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	1.11	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.39	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.50	+0.06

Correlation

The correlation between MWNIX and FIQIX is 0.92, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MWNIX vs. FIQIX - Dividend Comparison

MWNIX's dividend yield for the trailing twelve months is around 3.38%, less than FIQIX's 3.78% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MWNIX MFS International New Discovery Fund	3.38%	3.24%	7.61%	4.05%	5.68%	5.06%	3.90%	2.67%	6.68%	1.63%	1.09%	1.12%
FIQIX Fidelity Advisor International Small Cap Fund Class Z	3.78%	3.68%	2.73%	1.99%	0.83%	7.39%	0.93%	2.47%	6.33%	0.00%	0.00%	0.00%

Drawdowns

MWNIX vs. FIQIX - Drawdown Comparison

The maximum MWNIX drawdown since its inception was -58.38%, which is greater than FIQIX's maximum drawdown of -36.61%. Use the drawdown chart below to compare losses from any high point for MWNIX and FIQIX.

Drawdown Indicators

	MWNIX	FIQIX	Difference
Max Drawdown Largest peak-to-trough decline	-58.38%	-36.61%	-21.77%
Max Drawdown (1Y) Largest decline over 1 year	-11.78%	-10.72%	-1.06%
Max Drawdown (5Y) Largest decline over 5 years	-33.67%	-30.95%	-2.72%
Max Drawdown (10Y) Largest decline over 10 years	-34.72%	—	—
Current Drawdown Current decline from peak	-11.78%	-10.40%	-1.38%
Average Drawdown Average peak-to-trough decline	-9.61%	-6.88%	-2.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	2.93%	+0.16%

Volatility

MWNIX vs. FIQIX - Volatility Comparison

The current volatility for MFS International New Discovery Fund (MWNIX) is 5.09%, while Fidelity Advisor International Small Cap Fund Class Z (FIQIX) has a volatility of 5.72%. This indicates that MWNIX experiences smaller price fluctuations and is considered to be less risky than FIQIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MWNIX	FIQIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	5.72%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	8.21%	8.69%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	12.11%	13.29%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.02%	13.36%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.90%	15.11%	-1.21%