PRASX vs. FEAAX

Last updated Aug 1, 2026

PRASX (T. Rowe Price New Asia Fund) and FEAAX (Fidelity Advisor Emerging Asia Fund Class A) are both Asia Pacific Equities funds. Over the past 10 years, PRASX returned 8.00%/yr vs 13.74%/yr for FEAAX. Their correlation of 0.90 means they have usually moved in the same direction. PRASX charges 0.99%/yr vs 1.20%/yr for FEAAX.

Performance

PRASX vs. FEAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price New Asia Fund (PRASX) and Fidelity Advisor Emerging Asia Fund Class A (FEAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRASX achieves a 16.00% return, which is significantly lower than FEAAX's 23.48% return. Over the past 10 years, PRASX has underperformed FEAAX with an annualized return of 8.00%, while FEAAX has yielded a comparatively higher 13.74% annualized return.

PRASX

• 1D: 4.13%
• 1M: -4.46%
• 6M: 9.16%
• YTD: 16.00%
• 1Y: 33.18%
• 3Y*: 14.21%
• 5Y*: 3.53%
• 10Y*: 8.00%
• ALL TIME*: 8.68%

FEAAX

• 1D: 3.45%
• 1M: -6.69%
• 6M: 13.21%
• YTD: 23.48%
• 1Y: 42.32%
• 3Y*: 26.97%
• 5Y*: 7.56%
• 10Y*: 13.74%
• ALL TIME*: 8.24%

*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)
FEAAX Fidelity Advisor Emerging Asia Fund Class A	$0.00	$0.00	$0.00
PRASX T. Rowe Price New Asia Fund	$0.00	$0.00	$0.00

PRASX vs. FEAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRASX T. Rowe Price New Asia Fund	16.00%	26.60%	6.97%	0.83%	-22.60%	-4.33%	29.56%	26.75%	-15.13%	40.64%
FEAAX Fidelity Advisor Emerging Asia Fund Class A	23.48%	36.67%	20.63%	13.50%	-30.79%	-15.06%	72.51%	30.64%	-15.11%	45.96%

Correlation

The correlation between PRASX and FEAAX is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Mar 25, 1994	0.90

The correlation between PRASX and FEAAX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

PRASX vs. FEAAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PRASX

PRASX Risk / Return Rank: 44
PRASX Sharpe Ratio Rank: 40
PRASX Sortino Ratio Rank: 36
PRASX Omega Ratio Rank: 46
PRASX Calmar Ratio Rank: 52
PRASX Martin Ratio Rank: 44

FEAAX

FEAAX Risk / Return Rank: 64
FEAAX Sharpe Ratio Rank: 64
FEAAX Sortino Ratio Rank: 53
FEAAX Omega Ratio Rank: 63
FEAAX Calmar Ratio Rank: 76
FEAAX Martin Ratio Rank: 64

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PRASX vs. FEAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price New Asia Fund (PRASX) and Fidelity Advisor Emerging Asia Fund Class A (FEAAX). 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.

	PRASX	FEAAX	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.55	-0.36
Sortino ratio: Return per unit of downside risk	1.64	2.02	-0.38
Omega ratio: Gain probability vs. loss probability	1.24	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	1.90	2.53	-0.63
Martin ratio: Return relative to average drawdown	6.26	8.22	-1.96

PRASX vs. FEAAX - Sharpe Ratio Comparison

The current PRASX Sharpe Ratio is 1.20, which is comparable to the FEAAX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of PRASX and FEAAX, 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

PRASX vs. FEAAX - Drawdown Comparison

The maximum PRASX drawdown since its inception was -70.53%, which is greater than FEAAX's maximum drawdown of -60.87%. Use the drawdown chart below to compare losses from any high point for PRASX and FEAAX.

Drawdown Indicators

	PRASX	FEAAX	Difference
Max Drawdown Largest peak-to-trough decline	-70.53%	-60.87%	-9.66%
Max Drawdown (1Y) Largest decline over 1 year	-15.91%	-15.60%	-0.31%
Max Drawdown (3Y) Largest decline over 3 years	-18.34%	-17.33%	-1.01%
Max Drawdown (5Y) Largest decline over 5 years	-39.37%	-50.72%	+11.35%
Max Drawdown (10Y) Largest decline over 10 years	-45.07%	-57.90%	+12.83%
Current Drawdown Current decline from peak	-12.44%	-12.69%	+0.25%
Average Drawdown Average peak-to-trough decline	-18.47%	-20.13%	+1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.82%	4.79%	+0.03%

Volatility

PRASX vs. FEAAX - Volatility Comparison

T. Rowe Price New Asia Fund (PRASX) has a higher volatility of 11.21% compared to Fidelity Advisor Emerging Asia Fund Class A (FEAAX) at 9.96%. This indicates that PRASX's price experiences larger fluctuations and is considered to be riskier than FEAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRASX	FEAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.21%	9.96%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	23.11%	23.05%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	25.28%	25.39%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.28%	23.76%	-3.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	21.50%	-2.54%

PRASX vs. FEAAX - Expense Ratio Comparison

PRASX has a 0.99% expense ratio, which is lower than FEAAX's 1.20% expense ratio.

Dividends

PRASX vs. FEAAX - Dividend Comparison

PRASX's dividend yield for the trailing twelve months is around 0.54%, while FEAAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEAAX Fidelity Advisor Emerging Asia Fund Class A	0.00%	0.00%	0.00%	0.00%	0.00%	12.88%	6.62%	5.21%	6.49%	0.03%	1.10%	0.84%
PRASX T. Rowe Price New Asia Fund	0.54%	0.62%	1.05%	1.77%	1.96%	14.22%	0.46%	0.77%	7.23%	9.15%	0.46%	1.31%

Frequently Asked Questions

Can I hold both PRASX and FEAAX in my portfolio?

With a correlation of 0.94, PRASX and FEAAX 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, PRASX or FEAAX?

PRASX has higher volatility (11.21%) compared to FEAAX (9.96%). In terms of maximum drawdown, PRASX dropped -70.53% vs FEAAX's -60.87%.

Which has better risk-adjusted returns?

FEAAX currently has the higher Sharpe Ratio (1.55 vs 1.20), 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.