WAIOX vs. FIQIX

Last updated Jul 17, 2026

WAIOX (Wasatch International Opportunities Fund) and FIQIX (Fidelity Advisor International Small Cap Fund Class Z) are both Foreign Small & Mid Cap Equities funds. Over the past 5 years, WAIOX returned -6.28%/yr vs 6.61%/yr for FIQIX. A 0.76 correlation means they provide meaningful diversification when combined. WAIOX charges 1.96%/yr vs 0.89%/yr for FIQIX.

Performance

WAIOX vs. FIQIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wasatch International Opportunities Fund (WAIOX) and Fidelity Advisor International Small Cap Fund Class Z (FIQIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WAIOX achieves a 8.38% return, which is significantly higher than FIQIX's 7.89% return.

WAIOX

• 1D: 0.52%
• 1M: 0.52%
• 6M: 7.78%
• YTD: 8.38%
• 1Y: -2.57%
• 3Y*: 3.71%
• 5Y*: -6.28%
• 10Y*: 4.10%

FIQIX

• 1D: 0.86%
• 1M: -2.87%
• 6M: 5.50%
• YTD: 7.89%
• 1Y: 13.81%
• 3Y*: 12.49%
• 5Y*: 6.61%
• 10Y*: —

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

WAIOX vs. FIQIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
WAIOX Wasatch International Opportunities Fund	8.38%	2.57%	-4.49%	10.64%	-36.63%	-1.36%	41.75%	32.19%	-9.21%
FIQIX Fidelity Advisor International Small Cap Fund Class Z	7.89%	24.80%	0.14%	19.76%	-16.53%	13.56%	10.12%	21.61%	-7.47%

Correlation

The correlation between WAIOX and FIQIX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.76

The correlation between WAIOX and FIQIX has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.

Return for Risk

WAIOX vs. FIQIX — Risk / Return Rank

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

WAIOX

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

FIQIX

FIQIX Risk / Return Rank: 23
FIQIX Sharpe Ratio Rank: 23
FIQIX Sortino Ratio Rank: 23
FIQIX Omega Ratio Rank: 25
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.

WAIOX vs. FIQIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wasatch International Opportunities Fund (WAIOX) 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.

	WAIOX	FIQIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	1.06	-1.19
Sortino ratio: Return per unit of downside risk	-0.09	1.54	-1.64
Omega ratio: Gain probability vs. loss probability	0.99	1.20	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.10	1.32	-1.42
Martin ratio: Return relative to average drawdown	-0.23	4.52	-4.74

WAIOX vs. FIQIX - Sharpe Ratio Comparison

The current WAIOX Sharpe Ratio is -0.14, which is lower than the FIQIX Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of WAIOX 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

WAIOX vs. FIQIX - Drawdown Comparison

The maximum WAIOX drawdown since its inception was -68.04%, which is greater than FIQIX's maximum drawdown of -36.61%. Use the drawdown chart below to compare losses from any high point for WAIOX and FIQIX.

Drawdown Indicators

	WAIOX	FIQIX	Difference
Max Drawdown Largest peak-to-trough decline	-68.04%	-36.61%	-31.43%
Max Drawdown (1Y) Largest decline over 1 year	-19.38%	-10.72%	-8.66%
Max Drawdown (3Y) Largest decline over 3 years	-21.23%	-12.65%	-8.58%
Max Drawdown (5Y) Largest decline over 5 years	-50.21%	-30.95%	-19.26%
Max Drawdown (10Y) Largest decline over 10 years	-50.21%	—	—
Current Drawdown Current decline from peak	-32.68%	-3.22%	-29.46%
Average Drawdown Average peak-to-trough decline	-16.90%	-6.70%	-10.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.81%	3.12%	+5.69%

Volatility

WAIOX vs. FIQIX - Volatility Comparison

The current volatility for Wasatch International Opportunities Fund (WAIOX) is 3.54%, while Fidelity Advisor International Small Cap Fund Class Z (FIQIX) has a volatility of 4.99%. This indicates that WAIOX 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

	WAIOX	FIQIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	4.99%	-1.45%
Volatility (6M) Calculated over the trailing 6-month period	12.50%	11.73%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	14.74%	13.40%	+1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	13.78%	+3.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.56%	15.19%	+1.37%

WAIOX vs. FIQIX - Expense Ratio Comparison

WAIOX has a 1.96% expense ratio, which is higher than FIQIX's 0.89% expense ratio.

Dividends

WAIOX vs. FIQIX - Dividend Comparison

WAIOX's dividend yield for the trailing twelve months is around 63.01%, 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%
WAIOX Wasatch International Opportunities Fund	63.01%	68.29%	0.00%	0.00%	0.00%	14.35%	1.98%	2.38%	2.73%	7.00%	0.00%	4.76%

Frequently Asked Questions

Can I hold both WAIOX and FIQIX in my portfolio?

WAIOX and FIQIX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WAIOX or FIQIX?

FIQIX has higher volatility (4.99%) compared to WAIOX (3.54%). In terms of maximum drawdown, WAIOX dropped -68.04% vs FIQIX's -36.61%.

Which has better risk-adjusted returns?

FIQIX currently has the higher Sharpe Ratio (1.06 vs -0.14), 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.