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 Sharpe
Mid Sharpe
Low 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 57 × 57 matrix; the table previews the top 10 funds by Sharpe ratio for readability.
| Cov (%²) | Japan Value | Japan Equity ESG | Iberia | Euro 50 Index | Global Dividend Plus | Global Dividend | Global Technology | Europe Equity ESG | First All Country World | Global Financial Services |
|---|---|---|---|---|---|---|---|---|---|---|
| Japan Value | 383.09 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Japan Equity ESG | 0.00 | 362.53 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Iberia | 0.00 | 0.00 | 159.01 | 136.85 | 0.00 | 104.91 | 155.02 | 0.00 | 0.00 | 120.20 |
| Euro 50 Index | 0.00 | 0.00 | 136.85 | 289.00 | 0.00 | 156.33 | 230.99 | 0.00 | 0.00 | 179.11 |
| Global Dividend Plus | 0.00 | 0.00 | 0.00 | 0.00 | 171.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Global Dividend | 0.00 | 0.00 | 104.91 | 156.33 | 0.00 | 154.75 | 177.08 | 0.00 | 0.00 | 137.30 |
| Global Technology | 0.00 | 0.00 | 155.02 | 230.99 | 0.00 | 177.08 | 408.85 | 0.00 | 0.00 | 202.89 |
| Europe Equity ESG | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 212.32 | 0.00 | 0.00 |
| First All Country World | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 248.85 | 0.00 |
| Global Financial Services | 0.00 | 0.00 | 120.20 | 179.11 | 0.00 | 137.30 | 202.89 | 0.00 | 0.00 | 303.46 |
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 α
Negative α
SML
| Fund | Return (ann.) | Std Dev | Sharpe | Beta (β) | Cov (%-²) | CAPM E(R) | Alpha (α) |
|---|---|---|---|---|---|---|---|
| Japan Value Fund | 35.39% | 19.57% | 1.58 | 0.000 | 0.00 | 4.50% | +30.89% |
| Japan Equity ESG Fund | 22.86% | 19.04% | 0.96 | 0.000 | 0.00 | 4.50% | +18.36% |
| First All Country World Fund | 15.29% | 15.78% | 0.68 | 0.000 | 0.00 | 4.50% | +10.79% |
| World Fund | 14.50% | 15.89% | 0.63 | 0.000 | 0.00 | 4.50% | +10.00% |
| Europe Equity ESG Fund | 14.49% | 14.57% | 0.69 | 0.000 | 0.00 | 4.50% | +9.99% |
| Global Dividend Plus Fund | 13.87% | 13.09% | 0.72 | 0.000 | 0.00 | 4.50% | +9.37% |
| Euro 50 Index Fund | 18.51% | 17.00% | 0.82 | 0.952 | 214.20 | 10.21% | +8.30% |
| Global Thematic Opportunities Fund | 12.61% | 16.21% | 0.50 | 0.000 | 0.00 | 4.50% | +8.11% |
| Iberia Fund | 16.43% | 12.61% | 0.95 | 0.639 | 143.75 | 8.33% | +8.10% |
| Global Focus Fund | 12.48% | 16.21% | 0.49 | 0.000 | 0.00 | 4.50% | +7.98% |
| Global Technology Fund | 18.84% | 20.22% | 0.71 | 1.078 | 242.64 | 10.97% | +7.87% |
| Global Multi Asset Dynamic Fund | 10.58% | 12.17% | 0.50 | 0.000 | 0.00 | 4.50% | +6.08% |
| Global Financial Services Fund | 15.54% | 17.42% | 0.63 | 0.836 | 188.14 | 9.52% | +6.02% |
| Global Consumer Brands Fund | 10.34% | 18.91% | 0.31 | 0.000 | 0.00 | 4.50% | +5.84% |
| 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% |
| America Fund | 7.51% | 13.99% | 0.21 | 0.000 | 0.00 | 4.50% | +3.01% |
| 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% |
| Asia Pacific Opportunities Fund | 5.57% | 17.58% | 0.06 | 0.000 | 0.00 | 4.50% | +1.07% |
| 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% |
| Global Short Duration Income Fund | 5.17% | 2.10% | 0.32 | 0.000 | 0.00 | 4.50% | +0.67% |
| Switzerland Fund | 12.22% | 21.92% | 0.35 | 1.286 | 289.34 | 12.22% | +0.00% |
| Global Income Fund | 4.32% | 3.85% | -0.05 | 0.000 | 0.00 | 4.50% | -0.18% |
| 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% |
| Emerging Market Corporate Debt Fund | 2.34% | 4.14% | -0.52 | 0.000 | 0.00 | 4.50% | -2.16% |
| European Smaller Companies Fund | 10.64% | 23.86% | 0.26 | 1.400 | 314.95 | 12.90% | -2.26% |
| Asia Pacific Strategic Income Fund | 2.19% | 5.13% | -0.45 | 0.000 | 0.00 | 4.50% | -2.31% |
| Fidelity Funds - Germany Fund | 8.66% | 19.63% | 0.21 | 1.112 | 250.28 | 11.17% | -2.51% |
| Emerging Market Debt Fund | 2.56% | 10.20% | -0.19 | 0.258 | 58.14 | 6.05% | -3.49% |
| Global Inflation-linked Bond Fund | 0.91% | 6.21% | -0.58 | 0.000 | 0.00 | 4.50% | -3.59% |
| 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% |
| Global Healthcare Fund | 0.60% | 14.51% | -0.27 | 0.000 | 0.00 | 4.50% | -3.90% |
| 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% |
| 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% |
| Asian Bond 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% |
| Global Dividend 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% |
| Pacific 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 Industrials Fund | 0.00% | 0.00% | -4.50 | 0.000 | 0.00 | 4.50% | -4.50% |
| Emerging EMEA Fund | 6.86% | 27.18% | 0.09 | 1.486 | 334.31 | 13.42% | -6.56% |
| Emerging Asia Fund | 2.16% | 18.53% | -0.13 | 1.050 | 236.26 | 10.80% | -8.64% |
All Funds 81
Fidelity May 23, 2026
Fidelity Funds - Asia Equity ESG Fund A-ACC-USD
Fidelity May 23, 2026
Fidelity Funds - Asian Special Situations Fund A-ACC-USD
Fidelity May 23, 2026
Fidelity Funds - China Consumer Fund A-ACC-HKD
Fidelity May 23, 2026
Fidelity Funds - China High Yield Fund A-ACC-USD
Fidelity May 23, 2026
Fidelity Funds - China Innovation Fund A-ACC-HKD
Fidelity May 23, 2026
Fidelity Funds - China RMB Bond Fund A-ACC-USD
Fidelity May 23, 2026
Fidelity Funds - Emerging Markets Equity ESG Fund A-ACC-USD
Fidelity May 23, 2026
Fidelity Funds - Emerging Markets Fund A-ACC-USD
Fidelity May 23, 2026
Fidelity Funds - European Growth Fund A-ACC-Euro
Fidelity May 23, 2026
Fidelity Funds - European High Yield Fund A-ACC-Euro
Fidelity May 23, 2026
Fidelity Funds - Flexible Bond Fund A-ACC-GBP
Fidelity May 23, 2026
Fidelity Funds - Global Multi Asset Growth & Income Fund A-ACC-USD
Fidelity May 23, 2026
Fidelity Funds - Global Multi Asset Income Fund A-ACC-USD
Fidelity May 23, 2026
Fidelity Funds - Global Multiple Opportunities Fund A-USD
Fidelity May 23, 2026
Fidelity Funds - Global Value Fund A-ACC-USD
Fidelity May 23, 2026
Fidelity Funds - Greater China Fund A-USD
Fidelity May 23, 2026
Fidelity Funds - Indonesia Fund A-USD
Fidelity May 23, 2026
Fidelity Funds - Institutional Emerging Markets Equity Fund I-ACC-USD
Fidelity May 23, 2026
Fidelity Funds - Japan Growth Fund I-ACC-JPY
Fidelity May 23, 2026
Fidelity Funds - Latin America Fund A-USD
Return (ann.) 7.51%
Risk (std dev) 13.99%
Sharpe 0.21
Fidelity May 23, 2026
Fidelity Funds - Strategic Bond Fund A-ACC-USD
Fidelity May 23, 2026
Fidelity Funds - Sustainable Eurozone Equity Fund A-ACC-Euro
Fidelity May 23, 2026
Fidelity Funds - Thailand Fund A-USD
Fidelity May 23, 2026
Fidelity Funds - US Equity Fund A-USD
Fidelity May 23, 2026
Fidelity Funds - Water & Waste Fund A-ACC-USD
Fidelity May 21, 2026
Fidelity Funds - European Dynamic Growth Fund A-ACC-Euro
Return (ann.) 13.81%
Risk (std dev) 21.79%
Sharpe 0.43
Fidelity May 21, 2026
Fidelity Funds - Global Demographics Fund A-ACC-USD
Fidelity May 20, 2026
Fidelity Funds - European Smaller Companies Fund A-ACC-Euro
Return (ann.) 10.64%
Risk (std dev) 23.86%
Sharpe 0.26
Fidelity May 20, 2026
Fidelity Funds - Switzerland Fund A-ACC-CHF
Return (ann.) 12.22%
Risk (std dev) 21.92%
Sharpe 0.35
Fidelity May 15, 2026
Fidelity Funds - Germany Fund A-ACC-Euro
Return (ann.) 8.66%
Risk (std dev) 19.63%
Sharpe 0.21
Fidelity May 15, 2026
Fidelity Funds - Italy Fund A-Euro
Fidelity May 12, 2026
Fidelity Funds - European Multi Asset Income Fund A-ACC-EUR
Fidelity May 12, 2026
Fidelity Funds - Global Financial Services Fund A-USD
Return (ann.) 15.54%
Risk (std dev) 17.42%
Sharpe 0.63
Fidelity May 10, 2026
Fidelity Funds - Emerging Europe, Middle East and Africa Fund A-ACC-EUR
Fidelity May 9, 2026
Fidelity Funds - Asian Smaller Companies Fund A-ACC-USD
Return (ann.) 9.85%
Risk (std dev) 20.86%
Sharpe 0.26
Fidelity May 9, 2026
Fidelity Funds - Emerging Asia Fund A-ACC-HKD
Return (ann.) 2.16%
Risk (std dev) 18.53%
Sharpe -0.13
Fidelity May 9, 2026
Fidelity Funds - Global Bond Fund A-ACC-USD
Fidelity May 9, 2026
Fidelity Funds - India Focus Fund A-USD
Return (ann.) 13.22%
Risk (std dev) 22.61%
Sharpe 0.39
Fidelity May 9, 2026
Fidelity Funds - Fidelity Target™ 2025 Fund A-Euro
Return (ann.) 2.94%
Risk (std dev) 12.39%
Sharpe -0.13
Fidelity May 9, 2026
Fidelity Funds - Fidelity Target™ 2030 Fund A-Euro
Return (ann.) 9.43%
Risk (std dev) 19.95%
Sharpe 0.25
Fidelity May 9, 2026
Fidelity Funds - Technology Opportunities Fund A-ACC-USD
Return (ann.) 18.87%
Risk (std dev) 34.03%
Sharpe 0.42
Fidelity May 8, 2026
Fidelity Funds - Australian Diversified Equity Fund A-ACC-AUD
Fidelity May 8, 2026
Fidelity Funds - European Larger Companies Fund A-ACC-Euro
Return (ann.) 8.87%
Risk (std dev) 14.06%
Sharpe 0.31
Fidelity May 8, 2026
Fidelity Funds - Iberia Fund A-ACC-Euro
Return (ann.) 16.43%
Risk (std dev) 12.61%
Sharpe 0.95
Fidelity May 3, 2026
Fidelity Funds - China Focus Fund A-ACC-HKD
Return (ann.) 7.89%
Risk (std dev) 24.00%
Sharpe 0.14
Fidelity May 3, 2026
Fidelity Funds - Euro 50 Index Fund A-ACC-Euro
Return (ann.) 18.51%
Risk (std dev) 17.00%
Sharpe 0.82
Fidelity April 26, 2026
Fidelity Funds - Global Industrials Fund A-Euro
Return (ann.) 0.00%
Risk (std dev) 0.00%
Sharpe -4.50
Fidelity April 24, 2026
Fidelity Funds - Emerging Market Debt Fund A-ACC-USD
Return (ann.) 2.56%
Risk (std dev) 10.20%
Sharpe -0.19
Fidelity April 24, 2026
Fidelity Funds - Global Inflation-linked Bond Fund A-ACC-USD
Return (ann.) 0.91%
Risk (std dev) 6.21%
Sharpe -0.58
Fidelity April 24, 2026
Fidelity Funds - US High Yield Fund A-ACC-USD
Return (ann.) 3.21%
Risk (std dev) 10.18%
Sharpe -0.13
Fidelity April 23, 2026
Fidelity Funds - Asian High Yield Fund A-ACC-USD
Return (ann.) 0.00%
Risk (std dev) 0.00%
Sharpe -4.50
Fidelity April 23, 2026
Fidelity Funds - Nordic Fund A-ACC-SEK
Return (ann.) 0.00%
Risk (std dev) 0.00%
Sharpe -4.50
Fidelity April 17, 2026
Fidelity Funds - Euro Bond Fund A-ACC-Euro
Return (ann.) 0.00%
Risk (std dev) 0.00%
Sharpe -4.50
Fidelity April 17, 2026
Fidelity Funds - US Dollar Bond Fund A-ACC-USD
Return (ann.) 0.00%
Risk (std dev) 0.00%
Sharpe -4.50
Fidelity April 9, 2026
Fidelity Funds - Euro Cash Fund A-Euro
Return (ann.) 2.46%
Risk (std dev) 0.29%
Sharpe -7.03
Fidelity April 9, 2026
Fidelity Funds - UK Special Situations Fund A-GBP
Return (ann.) 4.89%
Risk (std dev) 14.63%
Sharpe 0.03
Fidelity April 9, 2026
Fidelity Funds - US Dollar Cash Fund A-ACC-USD
Fidelity March 27, 2026
Fidelity Funds - America Fund A-ACC-USD
Return (ann.) 7.51%
Risk (std dev) 13.99%
Sharpe 0.21
Fidelity March 27, 2026
Fidelity Funds - ASEAN Fund A-ACC-HKD
Return (ann.) 5.77%
Risk (std dev) 12.09%
Sharpe 0.11
Fidelity March 27, 2026
Fidelity Funds - Asia Pacific Dividend Fund A-MCDIST(G)-HKD
Return (ann.) 10.43%
Risk (std dev) 13.83%
Sharpe 0.43
Fidelity March 27, 2026
Fidelity Funds - Asia Pacific Opportunities Fund A-ACC-USD
Return (ann.) 5.57%
Risk (std dev) 17.58%
Sharpe 0.06
Fidelity March 27, 2026
Fidelity Funds - Asia Pacific Strategic Income Fund A-ACC-USD
Return (ann.) 2.19%
Risk (std dev) 5.13%
Sharpe -0.45
Fidelity March 27, 2026
Fidelity Funds - Asian Bond Fund A-ACC-USD
Return (ann.) 1.18%
Risk (std dev) 5.39%
Sharpe -0.62
Fidelity March 27, 2026
Fidelity Funds - Emerging Market Corporate Debt Fund A-ACC-USD
Return (ann.) 2.34%
Risk (std dev) 4.14%
Sharpe -0.52
Fidelity March 27, 2026
Fidelity Funds - Europe Equity ESG Fund A-ACC-Euro
Return (ann.) 14.49%
Risk (std dev) 14.57%
Sharpe 0.69
Fidelity March 27, 2026
Fidelity Funds - European Dividend Fund A-ACC-Euro
Return (ann.) 11.93%
Risk (std dev) 11.87%
Sharpe 0.63
Fidelity March 27, 2026
Fidelity Funds - FIRST All Country World Fund A-USD
Return (ann.) 14.50%
Risk (std dev) 15.89%
Sharpe 0.63
Fidelity March 27, 2026
Fidelity Funds - Global Consumer Brands Fund A-ACC-USD
Return (ann.) 10.34%
Risk (std dev) 18.91%
Sharpe 0.31
Fidelity March 27, 2026
Fidelity Funds - Global Dividend Fund A-ACC-USD
Return (ann.) 13.34%
Risk (std dev) 12.44%
Sharpe 0.71
Fidelity March 27, 2026
Fidelity Funds - Global Dividend Plus Fund A-USD
Return (ann.) 13.87%
Risk (std dev) 13.09%
Sharpe 0.72
Fidelity March 27, 2026
Fidelity Funds - Global Focus Fund A-USD
Return (ann.) 12.48%
Risk (std dev) 16.21%
Sharpe 0.49
Fidelity March 27, 2026
Fidelity Funds - Global Healthcare Fund A-ACC-USD
Return (ann.) 0.60%
Risk (std dev) 14.51%
Sharpe -0.27
Fidelity March 27, 2026
Fidelity Funds - Global Income Fund A-ACC-USD
Return (ann.) 4.32%
Risk (std dev) 3.85%
Sharpe -0.05
Fidelity March 27, 2026
Fidelity Funds - Global Multi Asset Dynamic Fund A-ACC-HKD
Return (ann.) 10.58%
Risk (std dev) 12.17%
Sharpe 0.50
Fidelity March 27, 2026
Fidelity Funds - Global Short Duration Income Fund A-ACC-USD
Return (ann.) 5.17%
Risk (std dev) 2.10%
Sharpe 0.32
Fidelity March 27, 2026
Fidelity Funds - Global Technology Fund A-ACC-USD
Return (ann.) 18.84%
Risk (std dev) 20.22%
Sharpe 0.71
Fidelity March 27, 2026
Fidelity Funds - Global Thematic Opportunities Fund A-USD
Return (ann.) 12.61%
Risk (std dev) 16.21%
Sharpe 0.50
Fidelity March 27, 2026
Fidelity Funds - Japan Equity ESG Fund A-JPY
Return (ann.) 22.86%
Risk (std dev) 19.04%
Sharpe 0.96
Fidelity March 27, 2026
Fidelity Funds - Japan Value Fund A-ACC-JPY
Return (ann.) 35.39%
Risk (std dev) 19.57%
Sharpe 1.58
Fidelity March 27, 2026
Fidelity Funds - Pacific Fund A-USD
Return (ann.) 9.95%
Risk (std dev) 17.32%
Sharpe 0.31
Fidelity March 27, 2026
Fidelity Funds - World Fund A-ACC-USD
Return (ann.) 14.50%
Risk (std dev) 15.89%
Sharpe 0.63