RAIIX vs. FSTSX

Last updated Jun 3, 2026

RAIIX (Manning & Napier Rainier International Discovery Series) and FSTSX (Fidelity Series International Small Cap Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, RAIIX returned 8.67%/yr vs 9.85%/yr for FSTSX. Their correlation of 0.88 suggests significant overlap in exposure. RAIIX charges 1.12%/yr vs 0.03%/yr for FSTSX.

Performance

RAIIX vs. FSTSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manning & Napier Rainier International Discovery Series (RAIIX) 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, RAIIX achieves a 11.37% return, which is significantly higher than FSTSX's 7.21% return. Over the past 10 years, RAIIX has underperformed FSTSX with an annualized return of 8.67%, while FSTSX has yielded a comparatively higher 9.85% annualized return.

RAIIX

• 1D: -0.41%
• 1M: 0.83%
• YTD: 11.37%
• 6M: 13.09%
• 1Y: 20.08%
• 3Y*: 13.29%
• 5Y*: 1.93%
• 10Y*: 8.67%

FSTSX

• 1D: -1.54%
• 1M: 1.97%
• YTD: 7.21%
• 6M: 10.28%
• 1Y: 17.16%
• 3Y*: 15.66%
• 5Y*: 6.25%
• 10Y*: 9.85%

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

RAIIX vs. FSTSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RAIIX Manning & Napier Rainier International Discovery Series	11.37%	27.00%	0.62%	6.55%	-30.41%	14.09%	41.45%	24.94%	-18.03%	42.04%
FSTSX Fidelity Series International Small Cap Fund	7.21%	27.49%	4.97%	18.36%	-26.25%	18.29%	19.61%	28.24%	-13.19%	34.44%

Correlation

The correlation between RAIIX and FSTSX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.88

The correlation between RAIIX and FSTSX has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

Return for Risk

RAIIX vs. FSTSX — Risk / Return Rank

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

RAIIX

RAIIX Risk / Return Rank: 27
RAIIX Sharpe Ratio Rank: 28
RAIIX Sortino Ratio Rank: 27
RAIIX Omega Ratio Rank: 27
RAIIX Calmar Ratio Rank: 23
RAIIX Martin Ratio Rank: 30

FSTSX

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

RAIIX vs. FSTSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier Rainier International Discovery Series (RAIIX) 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.

	RAIIX	FSTSX	Difference
Sharpe ratio Return per unit of total volatility	1.54	1.31	+0.23
Sortino ratio Return per unit of downside risk	2.21	1.92	+0.28
Omega ratio Gain probability vs. loss probability	1.28	1.24	+0.04
Calmar ratio Return relative to maximum drawdown	1.84	1.62	+0.22
Martin ratio Return relative to average drawdown	7.11	5.50	+1.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RAIIX vs. FSTSX - Sharpe Ratio Comparison

The current RAIIX Sharpe Ratio is 1.54, which is comparable to the FSTSX Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of RAIIX 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

	RAIIX	FSTSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	1.31	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.38	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.62	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.62	0.00

Drawdowns

RAIIX vs. FSTSX - Drawdown Comparison

The maximum RAIIX drawdown since its inception was -39.87%, roughly equal to the maximum FSTSX drawdown of -38.91%. Use the drawdown chart below to compare losses from any high point for RAIIX and FSTSX.

Drawdown Indicators

	RAIIX	FSTSX	Difference
Max Drawdown Largest peak-to-trough decline	-39.87%	-38.91%	-0.96%
Max Drawdown (1Y) Largest decline over 1 year	-12.00%	-11.22%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	-14.68%	-14.47%	-0.21%
Max Drawdown (5Y) Largest decline over 5 years	-39.87%	-38.91%	-0.96%
Max Drawdown (10Y) Largest decline over 10 years	-39.87%	-38.91%	-0.96%
Current Drawdown Current decline from peak	-1.62%	-1.54%	-0.08%
Average Drawdown Average peak-to-trough decline	-11.11%	-7.90%	-3.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	3.30%	-0.20%

Volatility

RAIIX vs. FSTSX - Volatility Comparison

The current volatility for Manning & Napier Rainier International Discovery Series (RAIIX) is 4.13%, while Fidelity Series International Small Cap Fund (FSTSX) has a volatility of 4.42%. This indicates that RAIIX 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

	RAIIX	FSTSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	4.42%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	11.82%	11.10%	+0.72%
Volatility (1Y) Calculated over the trailing 1-year period	14.48%	13.95%	+0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.88%	16.42%	+0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.99%	15.94%	+1.05%

RAIIX vs. FSTSX - Expense Ratio Comparison

RAIIX has a 1.12% expense ratio, which is higher than FSTSX's 0.03% expense ratio.

Dividends

RAIIX vs. FSTSX - Dividend Comparison

RAIIX's dividend yield for the trailing twelve months is around 2.54%, less than FSTSX's 14.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSTSX Fidelity Series International Small Cap Fund	14.21%	15.24%	10.22%	3.34%	6.38%	13.22%	0.81%	4.27%	10.99%	6.30%	4.01%	7.32%
RAIIX Manning & Napier Rainier International Discovery Series	2.54%	2.83%	0.14%	1.31%	0.00%	11.60%	1.67%	0.28%	0.38%	0.13%	0.00%	0.05%

Frequently Asked Questions

Can I hold both RAIIX and FSTSX in my portfolio?

RAIIX and FSTSX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RAIIX or FSTSX?

FSTSX has higher volatility (4.42%) compared to RAIIX (4.13%). In terms of maximum drawdown, RAIIX dropped -39.87% vs FSTSX's -38.91%.

Which has better risk-adjusted returns?

RAIIX currently has the higher Sharpe Ratio (1.54 vs 1.31), 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.