PRASX vs. FIQFX

Last updated Jul 14, 2026

PRASX (T. Rowe Price New Asia Fund) and FIQFX (Fidelity Advisor China Region Fund Class Z) are both mutual funds - PRASX is a Asia Pacific Equities fund managed by T. Rowe Price, while FIQFX is a China Equities fund managed by Fidelity. Over the past 5 years, PRASX returned 4.03%/yr vs 8.91%/yr for FIQFX. Their correlation of 0.94 suggests significant overlap in exposure. PRASX charges 0.99%/yr vs 0.80%/yr for FIQFX.

Performance

PRASX vs. FIQFX - 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 China Region Fund Class Z (FIQFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRASX achieves a 24.07% return, which is significantly lower than FIQFX's 33.20% return.

PRASX

• 1D: -0.23%
• 1M: -0.83%
• 6M: 17.17%
• YTD: 24.07%
• 1Y: 41.76%
• 3Y*: 18.07%
• 5Y*: 4.03%
• 10Y*: 8.95%

FIQFX

• 1D: -0.37%
• 1M: -0.72%
• 6M: 23.08%
• YTD: 33.20%
• 1Y: 65.31%
• 3Y*: 31.89%
• 5Y*: 8.91%
• 10Y*: —

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

PRASX vs. FIQFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PRASX T. Rowe Price New Asia Fund	24.07%	26.60%	6.97%	0.83%	-22.60%	-4.33%	29.56%	26.75%	-0.35%
FIQFX Fidelity Advisor China Region Fund Class Z	33.20%	42.75%	23.34%	-0.13%	-23.76%	-13.61%	48.04%	35.33%	-1.81%

Correlation

The correlation between PRASX and FIQFX 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	0.93
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.94

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

Return for Risk

PRASX vs. FIQFX — Risk / Return Rank

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

PRASX

PRASX Risk / Return Rank: 66
PRASX Sharpe Ratio Rank: 64
PRASX Sortino Ratio Rank: 49
PRASX Omega Ratio Rank: 69
PRASX Calmar Ratio Rank: 80
PRASX Martin Ratio Rank: 69

FIQFX

FIQFX Risk / Return Rank: 92
FIQFX Sharpe Ratio Rank: 95
FIQFX Sortino Ratio Rank: 86
FIQFX Omega Ratio Rank: 86
FIQFX Calmar Ratio Rank: 97
FIQFX Martin Ratio Rank: 95

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.

PRASX vs. FIQFX - 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 China Region Fund Class Z (FIQFX). 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	FIQFX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.76	-0.99
Sortino ratio: Return per unit of downside risk	2.25	3.33	-1.08
Omega ratio: Gain probability vs. loss probability	1.34	1.47	-0.12
Calmar ratio: Return relative to maximum drawdown	2.90	6.10	-3.19
Martin ratio: Return relative to average drawdown	10.19	17.46	-7.27

PRASX vs. FIQFX - Sharpe Ratio Comparison

The current PRASX Sharpe Ratio is 1.77, which is lower than the FIQFX Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of PRASX and FIQFX, 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. FIQFX - Drawdown Comparison

The maximum PRASX drawdown since its inception was -70.53%, which is greater than FIQFX's maximum drawdown of -58.33%. Use the drawdown chart below to compare losses from any high point for PRASX and FIQFX.

Drawdown Indicators

	PRASX	FIQFX	Difference
Max Drawdown Largest peak-to-trough decline	-70.53%	-58.33%	-12.20%
Max Drawdown (1Y) Largest decline over 1 year	-14.39%	-10.78%	-3.61%
Max Drawdown (3Y) Largest decline over 3 years	-18.34%	-21.98%	+3.64%
Max Drawdown (5Y) Largest decline over 5 years	-40.20%	-50.60%	+10.40%
Max Drawdown (10Y) Largest decline over 10 years	-45.07%	—	—
Current Drawdown Current decline from peak	-6.34%	-4.85%	-1.49%
Average Drawdown Average peak-to-trough decline	-18.49%	-22.16%	+3.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	3.76%	+0.33%

Volatility

PRASX vs. FIQFX - Volatility Comparison

T. Rowe Price New Asia Fund (PRASX) has a higher volatility of 12.25% compared to Fidelity Advisor China Region Fund Class Z (FIQFX) at 10.04%. This indicates that PRASX's price experiences larger fluctuations and is considered to be riskier than FIQFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRASX	FIQFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.25%	10.04%	+2.21%
Volatility (6M) Calculated over the trailing 6-month period	21.48%	19.79%	+1.69%
Volatility (1Y) Calculated over the trailing 1-year period	23.64%	23.79%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.00%	24.66%	-4.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.75%	24.30%	-5.55%

PRASX vs. FIQFX - Expense Ratio Comparison

PRASX has a 0.99% expense ratio, which is higher than FIQFX's 0.80% expense ratio.

Dividends

PRASX vs. FIQFX - Dividend Comparison

PRASX's dividend yield for the trailing twelve months is around 0.50%, less than FIQFX's 1.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQFX Fidelity Advisor China Region Fund Class Z	1.55%	2.07%	1.58%	2.14%	0.86%	11.06%	4.98%	0.84%	1.09%	0.00%	0.00%	0.00%
PRASX T. Rowe Price New Asia Fund	0.50%	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 FIQFX in my portfolio?

With a correlation of 0.90, PRASX and FIQFX 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 FIQFX?

PRASX has higher volatility (12.25%) compared to FIQFX (10.04%). In terms of maximum drawdown, PRASX dropped -70.53% vs FIQFX's -58.33%.

Which has better risk-adjusted returns?

FIQFX currently has the higher Sharpe Ratio (2.76 vs 1.77), 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.