TBWIX vs. FAOIX

Last updated Jun 4, 2026

TBWIX (Thornburg Better World International Fund) and FAOIX (Fidelity Advisor Overseas Fund Class I) are both Foreign Large Cap Equities funds. Over the past 10 years, TBWIX returned 10.68%/yr vs 7.40%/yr for FAOIX. Their correlation of 0.84 suggests significant overlap in exposure. TBWIX charges 1.21%/yr vs 1.12%/yr for FAOIX.

Performance

TBWIX vs. FAOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thornburg Better World International Fund (TBWIX) and Fidelity Advisor Overseas Fund Class I (FAOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

Over the past 10 years, TBWIX has outperformed FAOIX with an annualized return of 10.68%, while FAOIX has yielded a comparatively lower 7.40% annualized return.

TBWIX

• 1D: 1.07%
• 1M: 3.43%
• YTD: 4.58%
• 6M: 6.00%
• 1Y: 14.22%
• 3Y*: 12.30%
• 5Y*: 6.26%
• 10Y*: 10.68%

FAOIX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: -1.66%
• 3Y*: 8.78%
• 5Y*: 3.68%
• 10Y*: 7.40%

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

TBWIX vs. FAOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBWIX Thornburg Better World International Fund	4.58%	24.25%	7.10%	12.72%	-18.02%	20.88%	26.67%	24.57%	-13.61%	22.88%
FAOIX Fidelity Advisor Overseas Fund Class I	0.00%	15.25%	4.92%	20.35%	-24.38%	19.23%	15.08%	27.82%	-14.85%	30.05%

Correlation

The correlation between TBWIX and FAOIX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.84

Over the past year, the correlation between TBWIX and FAOIX has dropped to 0.49 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

Return for Risk

TBWIX vs. FAOIX — Risk / Return Rank

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

TBWIX

TBWIX Risk / Return Rank: 14
TBWIX Sharpe Ratio Rank: 15
TBWIX Sortino Ratio Rank: 15
TBWIX Omega Ratio Rank: 15
TBWIX Calmar Ratio Rank: 12
TBWIX Martin Ratio Rank: 13

FAOIX

FAOIX Risk / Return Rank: 1
FAOIX Sharpe Ratio Rank: 2
FAOIX Sortino Ratio Rank: 2
FAOIX Omega Ratio Rank: 1
FAOIX Calmar Ratio Rank: 1
FAOIX Martin Ratio Rank: 1

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.

TBWIX vs. FAOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thornburg Better World International Fund (TBWIX) and Fidelity Advisor Overseas Fund Class I (FAOIX). 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.

	TBWIX	FAOIX	Difference
Sharpe ratio: Return per unit of total volatility	1.06	-0.28	+1.34
Sortino ratio: Return per unit of downside risk	1.57	-0.32	+1.89
Omega ratio: Gain probability vs. loss probability	1.20	0.95	+0.24
Calmar ratio: Return relative to maximum drawdown	1.14	-0.35	+1.49
Martin ratio: Return relative to average drawdown	3.91	-0.60	+4.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBWIX vs. FAOIX - Sharpe Ratio Comparison

The current TBWIX Sharpe Ratio is 1.06, which is higher than the FAOIX Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of TBWIX and FAOIX, 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

	TBWIX	FAOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	-0.28	+1.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.23	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.45	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.32	+0.32

Drawdowns

TBWIX vs. FAOIX - Drawdown Comparison

The maximum TBWIX drawdown since its inception was -40.11%, smaller than the maximum FAOIX drawdown of -59.86%. Use the drawdown chart below to compare losses from any high point for TBWIX and FAOIX.

Drawdown Indicators

	TBWIX	FAOIX	Difference
Max Drawdown Largest peak-to-trough decline	-40.11%	-59.86%	+19.75%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-7.28%	-4.73%
Max Drawdown (3Y) Largest decline over 3 years	-12.49%	-13.98%	+1.49%
Max Drawdown (5Y) Largest decline over 5 years	-40.11%	-36.33%	-3.78%
Max Drawdown (10Y) Largest decline over 10 years	-40.11%	-36.33%	-3.78%
Current Drawdown Current decline from peak	-2.29%	-5.85%	+3.56%
Average Drawdown Average peak-to-trough decline	-10.22%	-14.20%	+3.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	3.96%	-0.47%

Volatility

TBWIX vs. FAOIX - Volatility Comparison

Thornburg Better World International Fund (TBWIX) has a higher volatility of 3.72% compared to Fidelity Advisor Overseas Fund Class I (FAOIX) at 0.00%. This indicates that TBWIX's price experiences larger fluctuations and is considered to be riskier than FAOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBWIX	FAOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	0.00%	+3.72%
Volatility (6M) Calculated over the trailing 6-month period	10.19%	4.08%	+6.11%
Volatility (1Y) Calculated over the trailing 1-year period	12.88%	9.20%	+3.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	16.74%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.86%	16.70%	+0.16%

TBWIX vs. FAOIX - Expense Ratio Comparison

TBWIX has a 1.21% expense ratio, which is higher than FAOIX's 1.12% expense ratio.

Dividends

TBWIX vs. FAOIX - Dividend Comparison

TBWIX's dividend yield for the trailing twelve months is around 1.46%, less than FAOIX's 8.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAOIX Fidelity Advisor Overseas Fund Class I	8.49%	8.49%	1.66%	0.96%	0.63%	2.06%	0.00%	1.35%	5.09%	3.79%	1.49%	0.63%
TBWIX Thornburg Better World International Fund	1.46%	1.53%	1.40%	1.55%	0.87%	15.10%	0.40%	1.17%	10.14%	3.53%	5.99%	0.00%

Frequently Asked Questions

Can I hold both TBWIX and FAOIX in my portfolio?

TBWIX and FAOIX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBWIX or FAOIX?

TBWIX has higher volatility (3.72%) compared to FAOIX (0.00%). In terms of maximum drawdown, TBWIX dropped -40.11% vs FAOIX's -59.86%.

Which has better risk-adjusted returns?

TBWIX currently has the higher Sharpe Ratio (1.06 vs -0.28), 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.