TFSCX vs. FIQIX

Last updated Jun 25, 2026

TFSCX (Templeton Institutional Foreign Smaller Companies Series Fund) and FIQIX (Fidelity Advisor International Small Cap Fund Class Z) are both Foreign Small & Mid Cap Equities funds. Over the past 5 years, TFSCX returned 0.29%/yr vs 6.34%/yr for FIQIX. Their correlation of 0.90 suggests significant overlap in exposure. TFSCX charges 1.02%/yr vs 0.89%/yr for FIQIX.

Performance

TFSCX vs. FIQIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Templeton Institutional Foreign Smaller Companies Series Fund (TFSCX) and Fidelity Advisor International Small Cap Fund Class Z (FIQIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TFSCX having a 8.25% return and FIQIX slightly lower at 8.13%.

TFSCX

• 1D: -2.04%
• 1M: -3.42%
• YTD: 8.25%
• 6M: 7.93%
• 1Y: 10.58%
• 3Y*: 8.17%
• 5Y*: 0.29%
• 10Y*: 5.35%

FIQIX

• 1D: -2.72%
• 1M: -1.48%
• YTD: 8.13%
• 6M: 8.13%
• 1Y: 15.18%
• 3Y*: 14.17%
• 5Y*: 6.34%
• 10Y*: —

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

TFSCX vs. FIQIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TFSCX Templeton Institutional Foreign Smaller Companies Series Fund	8.25%	10.61%	-2.43%	15.89%	-23.28%	10.58%	8.95%	22.86%	-8.37%
FIQIX Fidelity Advisor International Small Cap Fund Class Z	8.13%	24.80%	0.14%	19.76%	-16.53%	13.56%	10.12%	21.61%	-7.47%

Correlation

The correlation between TFSCX and FIQIX 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	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.90

The correlation between TFSCX and FIQIX has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

Return for Risk

TFSCX vs. FIQIX — Risk / Return Rank

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

TFSCX

TFSCX Risk / Return Rank: 15
TFSCX Sharpe Ratio Rank: 15
TFSCX Sortino Ratio Rank: 15
TFSCX Omega Ratio Rank: 16
TFSCX Calmar Ratio Rank: 14
TFSCX Martin Ratio Rank: 14

FIQIX

FIQIX Risk / Return Rank: 24
FIQIX Sharpe Ratio Rank: 24
FIQIX Sortino Ratio Rank: 24
FIQIX Omega Ratio Rank: 26
FIQIX Calmar Ratio Rank: 22
FIQIX Martin Ratio Rank: 25

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.

TFSCX vs. FIQIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Templeton Institutional Foreign Smaller Companies Series Fund (TFSCX) and Fidelity Advisor International Small Cap Fund Class Z (FIQIX). 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.

	TFSCX	FIQIX	Difference
Sharpe ratio: Return per unit of total volatility	0.90	1.25	-0.35
Sortino ratio: Return per unit of downside risk	1.34	1.82	-0.48
Omega ratio: Gain probability vs. loss probability	1.17	1.24	-0.07
Calmar ratio: Return relative to maximum drawdown	1.07	1.54	-0.47
Martin ratio: Return relative to average drawdown	3.21	5.41	-2.20

TFSCX vs. FIQIX - Sharpe Ratio Comparison

The current TFSCX Sharpe Ratio is 0.90, which is comparable to the FIQIX Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of TFSCX and FIQIX, 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

TFSCX vs. FIQIX - Drawdown Comparison

The maximum TFSCX drawdown since its inception was -61.28%, which is greater than FIQIX's maximum drawdown of -36.61%. Use the drawdown chart below to compare losses from any high point for TFSCX and FIQIX.

Drawdown Indicators

	TFSCX	FIQIX	Difference
Max Drawdown Largest peak-to-trough decline	-61.28%	-36.61%	-24.67%
Max Drawdown (1Y) Largest decline over 1 year	-11.58%	-10.72%	-0.86%
Max Drawdown (3Y) Largest decline over 3 years	-20.10%	-12.65%	-7.45%
Max Drawdown (5Y) Largest decline over 5 years	-37.98%	-30.95%	-7.03%
Max Drawdown (10Y) Largest decline over 10 years	-43.43%	—	—
Current Drawdown Current decline from peak	-4.67%	-3.01%	-1.66%
Average Drawdown Average peak-to-trough decline	-11.21%	-6.73%	-4.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	3.04%	+0.81%

Volatility

TFSCX vs. FIQIX - Volatility Comparison

The current volatility for Templeton Institutional Foreign Smaller Companies Series Fund (TFSCX) is 5.02%, while Fidelity Advisor International Small Cap Fund Class Z (FIQIX) has a volatility of 5.76%. This indicates that TFSCX experiences smaller price fluctuations and is considered to be less risky than FIQIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFSCX	FIQIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	5.76%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	11.30%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	13.76%	13.15%	+0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.77%	13.74%	+3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.97%	15.20%	+0.77%

TFSCX vs. FIQIX - Expense Ratio Comparison

TFSCX has a 1.02% expense ratio, which is higher than FIQIX's 0.89% expense ratio.

Dividends

TFSCX vs. FIQIX - Dividend Comparison

TFSCX's dividend yield for the trailing twelve months is around 66.31%, more than FIQIX's 3.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIQIX Fidelity Advisor International Small Cap Fund Class Z	3.41%	3.68%	2.73%	1.99%	0.83%	7.39%	0.93%	2.47%	6.33%	0.00%	0.00%	0.00%
TFSCX Templeton Institutional Foreign Smaller Companies Series Fund	66.31%	71.78%	14.37%	1.28%	2.34%	16.40%	1.23%	3.06%	14.00%	3.83%	1.83%	1.43%

Frequently Asked Questions

Can I hold both TFSCX and FIQIX in my portfolio?

TFSCX and FIQIX 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, TFSCX or FIQIX?

FIQIX has higher volatility (5.76%) compared to TFSCX (5.02%). In terms of maximum drawdown, TFSCX dropped -61.28% vs FIQIX's -36.61%.

Which has better risk-adjusted returns?

FIQIX currently has the higher Sharpe Ratio (1.25 vs 0.90), 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.