MWNIX vs. FSTSX

Last updated Jun 4, 2026

MWNIX (MFS International New Discovery Fund) and FSTSX (Fidelity Series International Small Cap Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, MWNIX returned 6.33%/yr vs 9.90%/yr for FSTSX. Their correlation of 0.92 suggests significant overlap in exposure. MWNIX charges 1.03%/yr vs 0.03%/yr for FSTSX.

Performance

MWNIX vs. FSTSX - Performance Comparison

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

Returns By Period

In the year-to-date period, MWNIX achieves a 6.86% return, which is significantly lower than FSTSX's 7.71% return. Over the past 10 years, MWNIX has underperformed FSTSX with an annualized return of 6.33%, while FSTSX has yielded a comparatively higher 9.90% annualized return.

MWNIX

• 1D: -0.11%
• 1M: 2.42%
• YTD: 6.86%
• 6M: 7.86%
• 1Y: 11.22%
• 3Y*: 10.11%
• 5Y*: 3.01%
• 10Y*: 6.33%

FSTSX

• 1D: 0.47%
• 1M: 2.77%
• YTD: 7.71%
• 6M: 10.35%
• 1Y: 18.27%
• 3Y*: 15.84%
• 5Y*: 6.40%
• 10Y*: 9.90%

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

MWNIX vs. FSTSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MWNIX MFS International New Discovery Fund	6.86%	16.88%	0.90%	13.03%	-18.63%	5.06%	9.98%	22.85%	-10.41%	30.67%
FSTSX Fidelity Series International Small Cap Fund	7.71%	27.49%	4.97%	18.36%	-26.25%	18.29%	19.61%	28.24%	-13.19%	34.44%

Correlation

The correlation between MWNIX and FSTSX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 7, 2009	0.92

The correlation between MWNIX and FSTSX has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

MWNIX vs. FSTSX — Risk / Return Rank

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

MWNIX

MWNIX Risk / Return Rank: 11
MWNIX Sharpe Ratio Rank: 12
MWNIX Sortino Ratio Rank: 12
MWNIX Omega Ratio Rank: 12
MWNIX Calmar Ratio Rank: 9
MWNIX Martin Ratio Rank: 11

FSTSX

FSTSX Risk / Return Rank: 20
FSTSX Sharpe Ratio Rank: 20
FSTSX Sortino Ratio Rank: 20
FSTSX Omega Ratio Rank: 20
FSTSX Calmar Ratio Rank: 19
FSTSX Martin Ratio Rank: 20

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. FSTSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS International New Discovery Fund (MWNIX) and Fidelity Series International Small Cap Fund (FSTSX). 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	FSTSX	Difference
Sharpe ratio: Return per unit of total volatility	0.93	1.28	-0.35
Sortino ratio: Return per unit of downside risk	1.39	1.88	-0.50
Omega ratio: Gain probability vs. loss probability	1.17	1.23	-0.06
Calmar ratio: Return relative to maximum drawdown	0.90	1.59	-0.68
Martin ratio: Return relative to average drawdown	3.10	5.37	-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. FSTSX - Sharpe Ratio Comparison

The current MWNIX Sharpe Ratio is 0.93, which is comparable to the FSTSX Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of MWNIX and FSTSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MWNIX	FSTSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	1.28	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.39	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.62	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.62	-0.04

Drawdowns

MWNIX vs. FSTSX - Drawdown Comparison

The maximum MWNIX drawdown since its inception was -58.38%, which is greater than FSTSX's maximum drawdown of -38.91%. Use the drawdown chart below to compare losses from any high point for MWNIX and FSTSX.

Drawdown Indicators

	MWNIX	FSTSX	Difference
Max Drawdown Largest peak-to-trough decline	-58.38%	-38.91%	-19.47%
Max Drawdown (1Y) Largest decline over 1 year	-11.78%	-11.22%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-15.12%	-14.47%	-0.65%
Max Drawdown (5Y) Largest decline over 5 years	-33.67%	-38.91%	+5.24%
Max Drawdown (10Y) Largest decline over 10 years	-34.72%	-38.91%	+4.19%
Current Drawdown Current decline from peak	-1.69%	-1.08%	-0.61%
Average Drawdown Average peak-to-trough decline	-9.57%	-7.89%	-1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	3.30%	+0.12%

Volatility

MWNIX vs. FSTSX - Volatility Comparison

The current volatility for MFS International New Discovery Fund (MWNIX) is 3.50%, while Fidelity Series International Small Cap Fund (FSTSX) has a volatility of 4.43%. This indicates that MWNIX experiences smaller price fluctuations and is considered to be less risky than FSTSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MWNIX	FSTSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	4.43%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	9.49%	11.06%	-1.57%
Volatility (1Y) Calculated over the trailing 1-year period	11.54%	13.93%	-2.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.18%	16.42%	-3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.99%	15.94%	-1.95%

MWNIX vs. FSTSX - Expense Ratio Comparison

MWNIX has a 1.03% expense ratio, which is higher than FSTSX's 0.03% expense ratio.

Dividends

MWNIX vs. FSTSX - Dividend Comparison

MWNIX's dividend yield for the trailing twelve months is around 3.03%, less than FSTSX's 14.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSTSX Fidelity Series International Small Cap Fund	14.15%	15.24%	10.22%	3.34%	6.38%	13.22%	0.81%	4.27%	10.99%	6.30%	4.01%	7.32%
MWNIX MFS International New Discovery Fund	3.03%	3.24%	7.61%	4.05%	5.68%	5.06%	3.90%	2.67%	6.68%	1.63%	1.09%	1.12%

Frequently Asked Questions

Can I hold both MWNIX and FSTSX in my portfolio?

With a correlation of 0.90, MWNIX and FSTSX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MWNIX or FSTSX?

FSTSX has higher volatility (4.43%) compared to MWNIX (3.50%). In terms of maximum drawdown, MWNIX dropped -58.38% vs FSTSX's -38.91%.

Which has better risk-adjusted returns?

FSTSX currently has the higher Sharpe Ratio (1.28 vs 0.93), 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.