MWNIX vs. FTISX

Last updated Jun 24, 2026

MWNIX (MFS International New Discovery Fund) and FTISX (Fidelity Advisor International Small Cap Fund Class M) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, MWNIX returned 6.93%/yr vs 8.99%/yr for FTISX. Their correlation of 0.89 suggests significant overlap in exposure. MWNIX charges 1.03%/yr vs 1.57%/yr for FTISX.

Performance

MWNIX vs. FTISX - 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 M (FTISX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MWNIX achieves a 7.13% return, which is significantly lower than FTISX's 10.82% return. Over the past 10 years, MWNIX has underperformed FTISX with an annualized return of 6.93%, while FTISX has yielded a comparatively higher 8.99% annualized return.

MWNIX

• 1D: -0.55%
• 1M: 0.92%
• YTD: 7.13%
• 6M: 6.65%
• 1Y: 11.60%
• 3Y*: 10.61%
• 5Y*: 3.00%
• 10Y*: 6.93%

FTISX

• 1D: -0.18%
• 1M: 1.20%
• YTD: 10.82%
• 6M: 10.66%
• 1Y: 18.89%
• 3Y*: 14.51%
• 5Y*: 6.29%
• 10Y*: 8.99%

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

MWNIX vs. FTISX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MWNIX MFS International New Discovery Fund	7.13%	16.88%	0.90%	13.03%	-18.63%	5.06%	9.98%	22.85%	-10.41%	30.67%
FTISX Fidelity Advisor International Small Cap Fund Class M	10.82%	24.03%	-0.46%	18.97%	-17.12%	12.83%	9.29%	20.77%	-16.57%	31.41%

Correlation

The correlation between MWNIX and FTISX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
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 Sep 30, 2002	0.89

The correlation between MWNIX and FTISX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

MWNIX vs. FTISX — Risk / Return Rank

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

MWNIX

MWNIX Risk / Return Rank: 14
MWNIX Sharpe Ratio Rank: 15
MWNIX Sortino Ratio Rank: 15
MWNIX Omega Ratio Rank: 16
MWNIX Calmar Ratio Rank: 11
MWNIX Martin Ratio Rank: 13

FTISX

FTISX Risk / Return Rank: 31
FTISX Sharpe Ratio Rank: 32
FTISX Sortino Ratio Rank: 32
FTISX Omega Ratio Rank: 34
FTISX Calmar Ratio Rank: 27
FTISX Martin Ratio Rank: 29

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. FTISX - 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 M (FTISX). 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.

	MWNIX	FTISX	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.51	-0.50
Sortino ratio: Return per unit of downside risk	1.50	2.20	-0.70
Omega ratio: Gain probability vs. loss probability	1.19	1.29	-0.10
Calmar ratio: Return relative to maximum drawdown	1.02	1.80	-0.78
Martin ratio: Return relative to average drawdown	3.45	6.32	-2.87

MWNIX vs. FTISX - Sharpe Ratio Comparison

The current MWNIX Sharpe Ratio is 1.01, which is lower than the FTISX Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of MWNIX and FTISX, 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

MWNIX vs. FTISX - Drawdown Comparison

The maximum MWNIX drawdown since its inception was -58.38%, roughly equal to the maximum FTISX drawdown of -61.12%. Use the drawdown chart below to compare losses from any high point for MWNIX and FTISX.

Drawdown Indicators

	MWNIX	FTISX	Difference
Max Drawdown Largest peak-to-trough decline	-58.38%	-61.12%	+2.74%
Max Drawdown (1Y) Largest decline over 1 year	-11.78%	-10.75%	-1.03%
Max Drawdown (3Y) Largest decline over 3 years	-15.12%	-12.95%	-2.17%
Max Drawdown (5Y) Largest decline over 5 years	-33.67%	-31.45%	-2.22%
Max Drawdown (10Y) Largest decline over 10 years	-34.72%	-39.55%	+4.83%
Current Drawdown Current decline from peak	-1.45%	-0.33%	-1.12%
Average Drawdown Average peak-to-trough decline	-9.56%	-10.96%	+1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	3.06%	+0.41%

Volatility

MWNIX vs. FTISX - Volatility Comparison

The current volatility for MFS International New Discovery Fund (MWNIX) is 4.13%, while Fidelity Advisor International Small Cap Fund Class M (FTISX) has a volatility of 5.01%. This indicates that MWNIX experiences smaller price fluctuations and is considered to be less risky than FTISX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MWNIX	FTISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	5.01%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	10.07%	10.93%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	11.93%	12.87%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.26%	13.69%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.96%	14.06%	-0.10%

MWNIX vs. FTISX - Expense Ratio Comparison

MWNIX has a 1.03% expense ratio, which is lower than FTISX's 1.57% expense ratio.

Dividends

MWNIX vs. FTISX - Dividend Comparison

MWNIX's dividend yield for the trailing twelve months is around 3.02%, more than FTISX's 2.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTISX Fidelity Advisor International Small Cap Fund Class M	2.95%	3.26%	2.24%	1.40%	0.13%	6.94%	0.34%	1.81%	5.50%	2.52%	2.08%	2.86%
MWNIX MFS International New Discovery Fund	3.02%	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 FTISX in my portfolio?

With a correlation of 0.91, MWNIX and FTISX 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 FTISX?

FTISX has higher volatility (5.01%) compared to MWNIX (4.13%). In terms of maximum drawdown, MWNIX dropped -58.38% vs FTISX's -61.12%.

Which has better risk-adjusted returns?

FTISX currently has the higher Sharpe Ratio (1.51 vs 1.01), 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.