Fidelity Fund Research
Fidelity Fund Analysis
In-depth analysis and research notes on mutual funds, ETFs, and investment trusts.
Fidelity Funds — Modern Portfolio Theory
Expected annualised return vs. risk (std dev). The green curve is a long-only Markowitz efficient frontier generated by scanning the variance-covariance matrix alongside expected returns. Dashed line = Capital Market Line from risk-free rate (4.5%).
High SharpeMid SharpeLow Sharpe
Variance-Covariance Matrix
Pair covariance is estimated for every Fidelity Hong Kong fund pair as ρij × σi × σj, where ρij is derived from each fund's market correlation (ρi,m × ρj,m) and the diagonal is each fund variance (σ²). The efficient-frontier optimizer uses the full 63 × 63 matrix; the table previews the top 10 funds by Sharpe ratio for readability.
| Cov (%²) | Focused Stock | Iberia | Euro 50 Index | Global Financial Services | Global Dividend | Global Technology | European Dividend | Global Discovery | Asia Pacific Dividend | European Dynamic Growth |
|---|---|---|---|---|---|---|---|---|---|---|
| Focused Stock | 411.62 | 37.04 | 55.29 | 48.11 | 42.31 | 62.52 | 35.78 | 20.60 | 38.49 | 74.11 |
| Iberia | 37.04 | 159.01 | 137.10 | 119.30 | 104.91 | 155.02 | 88.73 | 51.08 | 95.43 | 183.77 |
| Euro 50 Index | 55.29 | 137.10 | 290.02 | 178.08 | 156.60 | 231.40 | 132.45 | 76.25 | 142.45 | 274.31 |
| Global Financial Services | 48.11 | 119.30 | 178.08 | 298.94 | 136.28 | 201.37 | 115.26 | 66.36 | 123.96 | 238.71 |
| Global Dividend | 42.31 | 104.91 | 156.60 | 136.28 | 154.75 | 177.08 | 101.36 | 58.35 | 109.01 | 209.91 |
| Global Technology | 62.52 | 155.02 | 231.40 | 201.37 | 177.08 | 408.85 | 149.77 | 86.22 | 161.07 | 310.18 |
| European Dividend | 35.78 | 88.73 | 132.45 | 115.26 | 101.36 | 149.77 | 140.90 | 49.35 | 92.19 | 177.54 |
| Global Discovery | 20.60 | 51.08 | 76.25 | 66.36 | 58.35 | 86.22 | 49.35 | 213.03 | 53.08 | 102.21 |
| Asia Pacific Dividend | 38.49 | 95.43 | 142.45 | 123.96 | 109.01 | 161.07 | 92.19 | 53.08 | 191.27 | 190.94 |
| European Dynamic Growth | 74.11 | 183.77 | 274.31 | 238.71 | 209.91 | 310.18 | 177.54 | 102.21 | 190.94 | 474.80 |
CAPM — Security Market Line
Expected return vs. beta (systematic risk). SML = Rf + β × (Rm − Rf), where Rf = 4.5%, Rm = 10.5%, σm = 15%. β = ρ × σi / σm. Cov = β × σm². Green = above SML (positive alpha). Red = below SML (negative alpha).
Positive αNegative αSML
| Fund | Return (ann.) | Std Dev | Sharpe | Beta (β) | Cov (%-²) | CAPM E(R) | Alpha (α) |
|---|---|---|---|---|---|---|---|
| Focused Stock Fund | 57.94% | 20.29% | 2.63 | 0.258 | 57.97 | 6.05% | +51.89% |
| Euro 50 Index Fund | 20.14% | 17.03% | 0.92 | 0.954 | 214.58 | 10.22% | +9.92% |
| Iberia Fund | 16.43% | 12.61% | 0.95 | 0.639 | 143.75 | 8.33% | +8.10% |
| Global Technology Fund | 18.84% | 20.22% | 0.71 | 1.078 | 242.64 | 10.97% | +7.87% |
| Global Financial Services Fund | 16.91% | 17.29% | 0.72 | 0.830 | 186.73 | 9.48% | +7.43% |
| Global Discovery Fund | 12.53% | 14.60% | 0.55 | 0.355 | 79.95 | 6.63% | +5.90% |
| Global Dividend Fund | 13.34% | 12.44% | 0.71 | 0.730 | 164.21 | 8.88% | +4.46% |
| European Dividend Fund | 11.93% | 11.87% | 0.63 | 0.617 | 138.88 | 8.20% | +3.73% |
| Technology Opportunities Fund | 18.87% | 34.03% | 0.42 | 1.860 | 418.57 | 15.66% | +3.21% |
| Asia Pacific Dividend Fund | 10.43% | 13.83% | 0.43 | 0.664 | 149.36 | 8.48% | +1.95% |
| European Dynamic Growth Fund | 13.81% | 21.79% | 0.43 | 1.278 | 287.63 | 12.17% | +1.64% |
| India Focus Fund | 13.22% | 22.61% | 0.39 | 1.326 | 298.45 | 12.46% | +0.76% |
| Pacific Fund | 9.95% | 17.32% | 0.31 | 0.785 | 176.66 | 9.21% | +0.74% |
| Switzerland Fund | 12.22% | 21.92% | 0.35 | 1.286 | 289.34 | 12.22% | +0.00% |
| European Larger Companies Fund | 8.87% | 14.06% | 0.31 | 0.825 | 185.59 | 9.45% | -0.58% |
| Target™ 2030 Fund | 9.43% | 19.95% | 0.25 | 0.958 | 215.46 | 10.25% | -0.82% |
| Asian Smaller Companies Fund | 9.85% | 20.86% | 0.26 | 1.085 | 244.06 | 11.01% | -1.16% |
| Euro Cash Fund | 2.46% | 0.29% | -7.03 | 0.001 | 0.22 | 4.51% | -2.05% |
| ASEAN Fund | 5.77% | 12.09% | 0.11 | 0.564 | 126.94 | 7.89% | -2.12% |
| European Smaller Companies Fund | 10.64% | 23.86% | 0.26 | 1.400 | 314.95 | 12.90% | -2.26% |
| Australian Diversified Equity Fund | 8.07% | 18.89% | 0.19 | 0.982 | 221.01 | 10.39% | -2.32% |
| Fidelity Funds - Australian Diversified Equity Fund | 8.07% | 18.89% | 0.19 | 0.982 | 221.01 | 10.39% | -2.32% |
| Emerging Market Debt Fund | 2.56% | 10.20% | -0.19 | 0.258 | 58.14 | 6.05% | -3.49% |
| US High Yield Fund | 3.21% | 10.18% | -0.13 | 0.407 | 91.62 | 6.94% | -3.73% |
| UK Special Situations Fund | 4.89% | 14.63% | 0.03 | 0.702 | 158.00 | 8.71% | -3.82% |
| Asian Bond Fund | 1.18% | 5.39% | -0.62 | 0.090 | 20.21 | 5.04% | -3.86% |
| Fidelity Funds - Germany Fund | 7.31% | 19.65% | 0.14 | 1.113 | 250.54 | 11.18% | -3.87% |
| Target™ 2025 Fund | 2.94% | 12.39% | -0.13 | 0.479 | 107.79 | 7.37% | -4.43% |
| China Focus Fund | 7.89% | 24.00% | 0.14 | 1.312 | 295.20 | 12.37% | -4.48% |
| America Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| ASEAN Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Asia Pacific Dividend Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Asia Pacific Opportunities Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Asia Pacific Strategic Income Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Asian Bond Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Emerging Market Corporate Debt Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Europe Equity ESG Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| European Dividend Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| First All Country World Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Global Consumer Brands Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Global Dividend Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Global Dividend Plus Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Global Focus Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Global Healthcare Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Global Income Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Global Multi Asset Dynamic Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Global Short Duration Income Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Global Technology Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Global Thematic Opportunities Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Japan Equity ESG Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Japan Value Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Pacific Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| World Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Euro Bond Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| US Dollar Bond Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Nordic Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Asian High Yield Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Global Inflation-linked Bond Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Global Industrials Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| European Multi Asset Income Fund | 1.27% | 10.65% | -0.30 | 0.412 | 92.66 | 6.97% | -5.70% |
| Emerging EMEA Fund | 6.86% | 27.18% | 0.09 | 1.486 | 334.31 | 13.42% | -6.56% |
| Global Bond Fund | -2.50% | 4.19% | -1.67 | 0.098 | 22.00 | 5.09% | -7.59% |
| Emerging Asia Fund | 2.16% | 18.53% | -0.13 | 1.050 | 236.26 | 10.80% | -8.64% |
All Funds82
FidelityJuly 2, 2026
Fidelity Funds 2 - Focused Stock Fund A-ACC-USD
Return (ann.)57.94%
Risk (std dev)20.29%
Sharpe2.63
FidelityJuly 2, 2026
Fidelity Funds 2 - Global Discovery Fund A-ACC-USD
Return (ann.)12.53%
Risk (std dev)14.60%
Sharpe0.55
FidelityMay 24, 2026
Fidelity Funds - Asia Equity ESG Fund A-ACC-USD
FidelityMay 24, 2026
Fidelity Funds - Asian Special Situations Fund A-ACC-USD
FidelityMay 24, 2026
Fidelity Funds - China Consumer Fund A-ACC-HKD
FidelityMay 24, 2026
Fidelity Funds - China High Yield Fund A-ACC-USD
FidelityMay 24, 2026
Fidelity Funds - China Innovation Fund A-ACC-HKD
FidelityMay 24, 2026
Fidelity Funds - China RMB Bond Fund A-ACC-USD
FidelityMay 24, 2026
Fidelity Funds - Emerging Markets Equity ESG Fund A-ACC-USD
FidelityMay 24, 2026
Fidelity Funds - Emerging Markets Fund A-ACC-USD
FidelityMay 24, 2026
Fidelity Funds - European Growth Fund A-ACC-Euro
FidelityMay 24, 2026
Fidelity Funds - European High Yield Fund A-ACC-Euro
FidelityMay 24, 2026
Fidelity Funds - Flexible Bond Fund A-ACC-GBP
FidelityMay 24, 2026
Fidelity Funds - Global Multi Asset Growth & Income Fund A-ACC-USD
FidelityMay 24, 2026
Fidelity Funds - Global Multi Asset Income Fund A-ACC-USD
FidelityMay 24, 2026
Fidelity Funds - Global Multiple Opportunities Fund A-USD
FidelityMay 24, 2026
Fidelity Funds - Global Value Fund A-ACC-USD
FidelityMay 24, 2026
Fidelity Funds - Greater China Fund A-USD
FidelityMay 24, 2026
Fidelity Funds - Indonesia Fund A-USD
FidelityMay 24, 2026
Fidelity Funds - Institutional Emerging Markets Equity Fund I-ACC-USD
FidelityMay 24, 2026
Fidelity Funds - Japan Growth Fund I-ACC-JPY
FidelityMay 24, 2026
Fidelity Funds - Latin America Fund A-USD
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityMay 24, 2026
Fidelity Funds - Strategic Bond Fund A-ACC-USD
FidelityMay 24, 2026
Fidelity Funds - Sustainable Eurozone Equity Fund A-ACC-Euro
FidelityMay 24, 2026
Fidelity Funds - Thailand Fund A-USD
FidelityMay 24, 2026
Fidelity Funds - US Equity Fund A-USD
FidelityMay 24, 2026
Fidelity Funds - Water & Waste Fund A-ACC-USD
FidelityMay 21, 2026
Fidelity Funds - European Dynamic Growth Fund A-ACC-Euro
Return (ann.)13.81%
Risk (std dev)21.79%
Sharpe0.43
FidelityMay 21, 2026
Fidelity Funds - Global Demographics Fund A-ACC-USD
FidelityMay 21, 2026
Fidelity Funds - Switzerland Fund A-ACC-CHF
Return (ann.)12.22%
Risk (std dev)21.92%
Sharpe0.35
FidelityMay 21, 2026
Fidelity Funds - European Smaller Companies Fund A-ACC-Euro
Return (ann.)10.64%
Risk (std dev)23.86%
Sharpe0.26
FidelityMay 15, 2026
Fidelity Funds - Italy Fund A-Euro
FidelityMay 15, 2026
Fidelity Funds - Germany Fund A-ACC-Euro
Return (ann.)7.31%
Risk (std dev)19.65%
Sharpe0.14
FidelityMay 13, 2026
Fidelity Funds - European Multi Asset Income Fund A-ACC-EUR
Return (ann.)1.27%
Risk (std dev)10.65%
Sharpe-0.30
FidelityMay 13, 2026
Fidelity Funds - Global Financial Services Fund A-USD
Return (ann.)16.91%
Risk (std dev)17.29%
Sharpe0.72
FidelityMay 11, 2026
Fidelity Funds - Emerging Europe, Middle East and Africa Fund A-ACC-EUR
FidelityMay 10, 2026
Fidelity Funds - Global Bond Fund A-ACC-USD
Return (ann.)-2.50%
Risk (std dev)4.19%
Sharpe-1.67
FidelityMay 10, 2026
Fidelity Funds - Technology Opportunities Fund A-ACC-USD
Return (ann.)18.87%
Risk (std dev)34.03%
Sharpe0.42
FidelityMay 10, 2026
Fidelity Funds - India Focus Fund A-USD
Return (ann.)13.22%
Risk (std dev)22.61%
Sharpe0.39
FidelityMay 10, 2026
Fidelity Funds - Fidelity Target™ 2025 Fund A-Euro
Return (ann.)2.94%
Risk (std dev)12.39%
Sharpe-0.13
FidelityMay 10, 2026
Fidelity Funds - Fidelity Target™ 2030 Fund A-Euro
Return (ann.)9.43%
Risk (std dev)19.95%
Sharpe0.25
FidelityMay 10, 2026
Fidelity Funds - Emerging Asia Fund A-ACC-HKD
Return (ann.)2.16%
Risk (std dev)18.53%
Sharpe-0.13
FidelityMay 10, 2026
Fidelity Funds - Asian Smaller Companies Fund A-ACC-USD
Return (ann.)9.85%
Risk (std dev)20.86%
Sharpe0.26
FidelityMay 9, 2026
Fidelity Funds - European Larger Companies Fund A-ACC-Euro
Return (ann.)8.87%
Risk (std dev)14.06%
Sharpe0.31
FidelityMay 9, 2026
Fidelity Funds - Iberia Fund A-ACC-Euro
Return (ann.)16.43%
Risk (std dev)12.61%
Sharpe0.95
FidelityMay 4, 2026
Fidelity Funds - Euro 50 Index Fund A-ACC-Euro
Return (ann.)20.14%
Risk (std dev)17.03%
Sharpe0.92
FidelityMay 4, 2026
Fidelity Funds - China Focus Fund A-ACC-HKD
Return (ann.)7.89%
Risk (std dev)24.00%
Sharpe0.14
FidelityApril 27, 2026
Fidelity Funds - Global Industrials Fund A-Euro
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityApril 25, 2026
Fidelity Funds - Emerging Market Debt Fund A-ACC-USD
Return (ann.)2.56%
Risk (std dev)10.20%
Sharpe-0.19
FidelityApril 25, 2026
Fidelity Funds - US High Yield Fund A-ACC-USD
Return (ann.)3.21%
Risk (std dev)10.18%
Sharpe-0.13
FidelityApril 25, 2026
Fidelity Funds - Global Inflation-linked Bond Fund A-ACC-USD
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityApril 24, 2026
Fidelity Funds - Asian High Yield Fund A-ACC-USD
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityApril 24, 2026
Fidelity Funds - Nordic Fund A-ACC-SEK
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityApril 18, 2026
Fidelity Funds - US Dollar Bond Fund A-ACC-USD
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityApril 18, 2026
Fidelity Funds - Euro Bond Fund A-ACC-Euro
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityApril 10, 2026
Fidelity Funds - Euro Cash Fund A-Euro
Return (ann.)2.46%
Risk (std dev)0.29%
Sharpe-7.03
FidelityApril 10, 2026
Fidelity Funds - UK Special Situations Fund A-GBP
Return (ann.)4.89%
Risk (std dev)14.63%
Sharpe0.03
FidelityApril 10, 2026
Fidelity Funds - US Dollar Cash Fund A-ACC-USD
FidelityMarch 28, 2026
Fidelity Funds - America Fund A-ACC-USD
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityMarch 28, 2026
Fidelity Funds - ASEAN Fund A-ACC-HKD
Return (ann.)5.77%
Risk (std dev)12.09%
Sharpe0.11
FidelityMarch 28, 2026
Fidelity Funds - Asia Pacific Dividend Fund A-MCDIST(G)-HKD
Return (ann.)10.43%
Risk (std dev)13.83%
Sharpe0.43
FidelityMarch 28, 2026
Fidelity Funds - Asia Pacific Opportunities Fund A-ACC-USD
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityMarch 28, 2026
Fidelity Funds - Asia Pacific Strategic Income Fund A-ACC-USD
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityMarch 28, 2026
Fidelity Funds - Asian Bond Fund A-ACC-USD
Return (ann.)1.18%
Risk (std dev)5.39%
Sharpe-0.62
FidelityMarch 28, 2026
Fidelity Funds - Emerging Market Corporate Debt Fund A-ACC-USD
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityMarch 28, 2026
Fidelity Funds - Europe Equity ESG Fund A-ACC-Euro
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityMarch 28, 2026
Fidelity Funds - European Dividend Fund A-ACC-Euro
Return (ann.)11.93%
Risk (std dev)11.87%
Sharpe0.63
FidelityMarch 28, 2026
Fidelity Funds - FIRST All Country World Fund A-USD
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityMarch 28, 2026
Fidelity Funds - Global Consumer Brands Fund A-ACC-USD
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityMarch 28, 2026
Fidelity Funds - Global Dividend Fund A-ACC-USD
Return (ann.)13.34%
Risk (std dev)12.44%
Sharpe0.71
FidelityMarch 28, 2026
Fidelity Funds - Global Dividend Plus Fund A-USD
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityMarch 28, 2026
Fidelity Funds - Global Focus Fund A-USD
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityMarch 28, 2026
Fidelity Funds - Global Healthcare Fund A-ACC-USD
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityMarch 28, 2026
Fidelity Funds - Global Income Fund A-ACC-USD
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityMarch 28, 2026
Fidelity Funds - Global Multi Asset Dynamic Fund A-ACC-HKD
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityMarch 28, 2026
Fidelity Funds - Global Short Duration Income Fund A-ACC-USD
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityMarch 28, 2026
Fidelity Funds - Global Technology Fund A-ACC-USD
Return (ann.)18.84%
Risk (std dev)20.22%
Sharpe0.71
FidelityMarch 28, 2026
Fidelity Funds - Global Thematic Opportunities Fund A-USD
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityMarch 28, 2026
Fidelity Funds - Japan Equity ESG Fund A-JPY
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityMarch 28, 2026
Fidelity Funds - Japan Value Fund A-ACC-JPY
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50
FidelityMarch 28, 2026
Fidelity Funds - Pacific Fund A-USD
Return (ann.)9.95%
Risk (std dev)17.32%
Sharpe0.31
FidelityMarch 28, 2026
Fidelity Funds - World Fund A-ACC-USD
Return (ann.)0.00%
Risk (std dev)0.00%
Sharpe-4.50