Fund Research
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). Colour = Sharpe ratio (green = higher, red = lower). Dashed line = Capital Market Line from risk-free rate (4.5%).
High Sharpe
Mid Sharpe
Low Sharpe
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 | 32.64% | 19.21% | 1.46 | 0.743 | 167.13 | 8.96% | +23.68% |
| Japan Equity ESG Fund | 20.01% | 18.91% | 0.82 | 0.756 | 170.19 | 9.04% | +10.97% |
| Euro 50 Index Fund | 18.51% | 17.00% | 0.82 | 0.952 | 214.20 | 10.21% | +8.30% |
| 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% |
| Americas Equity Fund | 20.27% | 24.08% | 0.65 | 1.477 | 332.30 | 13.36% | +6.91% |
| Global Financial Services Fund | 15.54% | 17.42% | 0.63 | 0.836 | 188.14 | 9.52% | +6.02% |
| 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% |
| Global Dividend Plus Fund | 11.54% | 12.87% | 0.55 | 0.738 | 166.02 | 8.93% | +2.61% |
| Europe Equity ESG Fund | 11.33% | 14.21% | 0.48 | 0.739 | 166.26 | 8.93% | +2.40% |
| Asia Pacific Dividend Fund | 10.43% | 13.83% | 0.43 | 0.664 | 149.36 | 8.48% | +1.95% |
| First All Country World Fund | 12.20% | 15.65% | 0.49 | 0.960 | 215.97 | 10.26% | +1.94% |
| Global Industrials Fund | 12.93% | 22.32% | 0.38 | 1.220 | 274.54 | 11.82% | +1.11% |
| World Fund | 11.04% | 15.79% | 0.41 | 0.947 | 213.16 | 10.18% | +0.86% |
| 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 | 4.97% | 2.08% | 0.23 | 0.021 | 4.68 | 4.62% | +0.35% |
| Global Focus Fund | 9.64% | 16.12% | 0.32 | 0.881 | 198.28 | 9.79% | -0.15% |
| US Dollar Cash Fund | 4.18% | 0.51% | -0.63 | 0.002 | 0.38 | 4.51% | -0.33% |
| Global Multi Asset Dynamic Fund | 7.13% | 11.98% | 0.22 | 0.519 | 116.80 | 7.61% | -0.48% |
| European Larger Companies Fund | 8.87% | 14.06% | 0.31 | 0.825 | 185.59 | 9.45% | -0.58% |
| European Equity Fund | 12.49% | 24.47% | 0.33 | 1.436 | 323.00 | 13.11% | -0.62% |
| Target™ 2030 Fund | 9.43% | 19.95% | 0.25 | 0.958 | 215.46 | 10.25% | -0.82% |
| Global Thematic Opportunities Fund | 8.65% | 16.01% | 0.26 | 0.833 | 187.32 | 9.50% | -0.85% |
| Asian Smaller Companies Fund | 9.85% | 20.86% | 0.26 | 1.085 | 244.06 | 11.01% | -1.16% |
| Global Income Fund | 3.97% | 3.85% | -0.14 | 0.116 | 25.99 | 5.19% | -1.22% |
| Future Connectivity Fund | 8.91% | 19.68% | 0.22 | 0.984 | 221.40 | 10.40% | -1.49% |
| Nordic Fund | 9.34% | 21.20% | 0.23 | 1.131 | 254.40 | 11.28% | -1.94% |
| 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% |
| Australian Diversified Equity Fund | 8.07% | 18.89% | 0.19 | 0.982 | 221.01 | 10.39% | -2.32% |
| America Fund | 6.42% | 14.08% | 0.14 | 0.798 | 179.52 | 9.29% | -2.87% |
| Emerging Market Corporate Debt Fund | 2.10% | 4.21% | -0.57 | 0.079 | 17.68 | 4.97% | -2.87% |
| Core Accumulation Fund | 5.63% | 12.48% | 0.09 | 0.682 | 153.50 | 8.59% | -2.96% |
| Asia Pacific Strategic Income Fund | 1.86% | 5.19% | -0.51 | 0.104 | 23.36 | 5.12% | -3.26% |
| Global Consumer Brands Fund | 7.02% | 18.82% | 0.13 | 0.979 | 220.19 | 10.37% | -3.35% |
| Emerging Market Debt Fund | 2.56% | 10.20% | -0.19 | 0.258 | 58.14 | 6.05% | -3.49% |
| Global Equity Fund | 7.66% | 18.11% | 0.17 | 1.111 | 249.92 | 11.16% | -3.50% |
| US High Yield Fund | 3.21% | 10.18% | -0.13 | 0.407 | 91.62 | 6.94% | -3.73% |
| European Multi Asset Income Fund (ACC) | 2.88% | 9.42% | -0.17 | 0.364 | 81.95 | 6.69% | -3.81% |
| 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 Inflation-linked Bond Fund | 0.92% | 7.24% | -0.49 | 0.058 | 13.03 | 4.85% | -3.93% |
| Hong Kong Bond Fund | 0.97% | 4.24% | -0.83 | 0.071 | 15.90 | 4.92% | -3.95% |
| 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% |
| Euro Bond Fund | -0.02% | 6.71% | -0.67 | 0.089 | 20.13 | 5.04% | -5.06% |
| American Growth Fund | 4.25% | 14.43% | -0.02 | 0.818 | 183.98 | 9.41% | -5.16% |
| US Dollar Bond Fund | -0.30% | 6.23% | -0.77 | 0.075 | 16.82 | 4.95% | -5.25% |
| European Multi Asset Income Fund | 1.27% | 10.65% | -0.30 | 0.412 | 92.66 | 6.97% | -5.70% |
| Asia Pacific Equity Fund | 7.04% | 24.42% | 0.10 | 1.384 | 311.36 | 12.80% | -5.76% |
| Asia Pacific Opportunities Fund | 3.23% | 17.12% | -0.07 | 0.799 | 179.76 | 9.29% | -6.06% |
| World Bond Fund | -0.98% | 7.93% | -0.69 | 0.116 | 26.17 | 5.20% | -6.18% |
| Age 65 Plus Fund | -0.70% | 7.66% | -0.68 | 0.179 | 40.22 | 5.57% | -6.27% |
| Emerging EMEA Fund | 6.86% | 27.18% | 0.09 | 1.486 | 334.31 | 13.42% | -6.56% |
| Asian High Yield Fund | 0.24% | 12.29% | -0.35 | 0.451 | 101.39 | 7.20% | -6.96% |
| Global Bond Fund | -2.50% | 4.19% | -1.67 | 0.098 | 22.00 | 5.09% | -7.59% |
| Balanced Fund | 1.50% | 14.91% | -0.20 | 0.775 | 174.45 | 9.15% | -7.65% |
| Fidelity SaveEasy 2025 Fund | -0.26% | 11.37% | -0.42 | 0.493 | 110.86 | 7.46% | -7.72% |
| Global Healthcare Fund | 0.52% | 14.37% | -0.28 | 0.623 | 140.11 | 8.24% | -7.72% |
| Capital Stable Fund | -1.05% | 9.96% | -0.56 | 0.365 | 82.17 | 6.69% | -7.74% |
| Emerging Asia Fund | 2.16% | 18.53% | -0.13 | 1.050 | 236.26 | 10.80% | -8.64% |
| Fidelity Hong Kong Tracker Fund | 5.11% | 27.75% | 0.02 | 1.757 | 395.44 | 15.04% | -9.93% |
All Funds 52
Fund May 12, 2026
Fidelity Funds - European Multi Asset Income Fund A-ACC-EUR
Return (ann.) 1.27%
Risk (std dev) 10.65%
Sharpe -0.30
Fund May 12, 2026
Fidelity Funds - Global Financial Services Fund A-USD
Return (ann.) 15.54%
Risk (std dev) 17.42%
Sharpe 0.63
Fund May 10, 2026
Fidelity Funds - Emerging Europe, Middle East and Africa Fund A-ACC-EUR
Fund May 9, 2026
Fidelity Funds - Asian Smaller Companies Fund A-ACC-USD
Return (ann.) 9.85%
Risk (std dev) 20.86%
Sharpe 0.26
Fund May 9, 2026
Fidelity Funds - Emerging Asia Fund A-ACC-HKD
Return (ann.) 2.16%
Risk (std dev) 18.53%
Sharpe -0.13
Fund May 9, 2026
Fidelity Funds - Global Bond Fund A-ACC-USD
Return (ann.) -2.50%
Risk (std dev) 4.19%
Sharpe -1.67
Fund May 9, 2026
Fidelity Funds - India Focus Fund A-USD
Return (ann.) 13.22%
Risk (std dev) 22.61%
Sharpe 0.39
Fund May 9, 2026
Fidelity Funds - Fidelity Target™ 2025 Fund A-Euro
Return (ann.) 2.94%
Risk (std dev) 12.39%
Sharpe -0.13
Fund May 9, 2026
Fidelity Funds - Fidelity Target™ 2030 Fund A-Euro
Return (ann.) 9.43%
Risk (std dev) 19.95%
Sharpe 0.25
Fund May 9, 2026
Fidelity Funds - Technology Opportunities Fund A-ACC-USD
Return (ann.) 18.87%
Risk (std dev) 34.03%
Sharpe 0.42
Fund May 8, 2026
Fidelity Funds - Australian Diversified Equity Fund A-ACC-AUD
Return (ann.) 8.07%
Risk (std dev) 18.89%
Sharpe 0.19
Fund May 8, 2026
Fidelity Funds - European Larger Companies Fund A-ACC-Euro
Return (ann.) 8.87%
Risk (std dev) 14.06%
Sharpe 0.31
Fund May 8, 2026
Fidelity Funds - Iberia Fund A-ACC-Euro
Return (ann.) 16.43%
Risk (std dev) 12.61%
Sharpe 0.95
Fund May 3, 2026
Fidelity Funds - China Focus Fund A-ACC-HKD
Return (ann.) 7.89%
Risk (std dev) 24.00%
Sharpe 0.14
Fund May 3, 2026
Fidelity Funds - Euro 50 Index Fund A-ACC-Euro
Return (ann.) 18.51%
Risk (std dev) 17.00%
Sharpe 0.82
Fund April 26, 2026
Fidelity Funds - Global Industrials Fund A-Euro
Return (ann.) 12.93%
Risk (std dev) 22.32%
Sharpe 0.38
Fund April 24, 2026
Fidelity Funds - Emerging Market Debt Fund A-ACC-USD
Return (ann.) 2.56%
Risk (std dev) 10.20%
Sharpe -0.19
Fund April 24, 2026
Fidelity Funds - Global Inflation-linked Bond Fund A-ACC-USD
Return (ann.) 0.92%
Risk (std dev) 7.24%
Sharpe -0.49
Fund April 24, 2026
Fidelity Funds - US High Yield Fund A-ACC-USD
Return (ann.) 3.21%
Risk (std dev) 10.18%
Sharpe -0.13
Fund April 23, 2026
Fidelity Funds - Asian High Yield Fund A-ACC-USD
Return (ann.) 0.24%
Risk (std dev) 12.29%
Sharpe -0.35
Fund April 23, 2026
Fidelity Funds - Nordic Fund A-ACC-SEK
Return (ann.) 9.34%
Risk (std dev) 21.20%
Sharpe 0.23
Fund April 17, 2026
Fidelity Funds - Euro Bond Fund A-ACC-Euro
Return (ann.) -0.02%
Risk (std dev) 6.71%
Sharpe -0.67
Fund April 17, 2026
Fidelity Funds - US Dollar Bond Fund A-ACC-USD
Return (ann.) -0.30%
Risk (std dev) 6.23%
Sharpe -0.77
Fund April 9, 2026
Fidelity Funds - Euro Cash Fund A-Euro
Return (ann.) 2.46%
Risk (std dev) 0.29%
Sharpe -7.03
Fund April 9, 2026
Fidelity Funds - UK Special Situations Fund A-GBP
Return (ann.) 4.89%
Risk (std dev) 14.63%
Sharpe 0.03
Fund April 9, 2026
Fidelity Funds - US Dollar Cash Fund A-ACC-USD
Return (ann.) 4.18%
Risk (std dev) 0.51%
Sharpe -0.63
Fund March 27, 2026
Fidelity Funds - America Fund A-ACC-USD
Return (ann.) 6.42%
Risk (std dev) 14.08%
Sharpe 0.14
Fund March 27, 2026
Fidelity Funds - American Growth Fund A-USD
Return (ann.) 4.25%
Risk (std dev) 14.43%
Sharpe -0.02
Fund March 27, 2026
Fidelity Funds - ASEAN Fund A-ACC-HKD
Return (ann.) 5.77%
Risk (std dev) 12.09%
Sharpe 0.11
Fund 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
Fund March 27, 2026
Fidelity Funds - Asia Pacific Opportunities Fund A-ACC-USD
Return (ann.) 3.23%
Risk (std dev) 17.12%
Sharpe -0.07
Fund March 27, 2026
Fidelity Funds - Asia Pacific Strategic Income Fund A-ACC-USD
Return (ann.) 1.86%
Risk (std dev) 5.19%
Sharpe -0.51
Fund March 27, 2026
Fidelity Funds - Asian Bond Fund A-ACC-USD
Return (ann.) 1.18%
Risk (std dev) 5.39%
Sharpe -0.62
Fund March 27, 2026
Fidelity Funds - Emerging Market Corporate Debt Fund A-ACC-USD
Return (ann.) 2.10%
Risk (std dev) 4.21%
Sharpe -0.57
Fund March 27, 2026
Fidelity Funds - Europe Equity ESG Fund A-ACC-Euro
Return (ann.) 11.33%
Risk (std dev) 14.21%
Sharpe 0.48
Fund March 27, 2026
Fidelity Funds - European Dividend Fund A-ACC-Euro
Return (ann.) 11.93%
Risk (std dev) 11.87%
Sharpe 0.63
Fund March 27, 2026
Fidelity Funds - FIRST All Country World Fund A-USD
Return (ann.) 11.04%
Risk (std dev) 15.79%
Sharpe 0.41
Fund March 27, 2026
Fidelity Funds - Future Connectivity Fund A-ACC-USD
Return (ann.) 8.91%
Risk (std dev) 19.68%
Sharpe 0.22
Fund March 27, 2026
Fidelity Funds - Global Dividend Fund A-ACC-USD
Return (ann.) 13.34%
Risk (std dev) 12.44%
Sharpe 0.71
Fund March 27, 2026
Fidelity Funds - Global Consumer Brands Fund A-ACC-USD
Return (ann.) 7.02%
Risk (std dev) 18.82%
Sharpe 0.13
Fund March 27, 2026
Fidelity Funds - Global Dividend Plus Fund A-USD
Return (ann.) 11.54%
Risk (std dev) 12.87%
Sharpe 0.55
Fund March 27, 2026
Fidelity Funds - Global Focus Fund A-USD
Return (ann.) 9.64%
Risk (std dev) 16.12%
Sharpe 0.32
Fund March 27, 2026
Fidelity Funds - Global Healthcare Fund A-ACC-USD
Return (ann.) 0.52%
Risk (std dev) 14.37%
Sharpe -0.28
Fund March 27, 2026
Fidelity Funds - Global Income Fund A-ACC-USD
Return (ann.) 3.97%
Risk (std dev) 3.85%
Sharpe -0.14
Fund March 27, 2026
Fidelity Funds - Global Multi Asset Dynamic Fund A-ACC-HKD
Return (ann.) 7.13%
Risk (std dev) 11.98%
Sharpe 0.22
Fund March 27, 2026
Fidelity Funds - Global Short Duration Income Fund A-ACC-USD
Return (ann.) 4.97%
Risk (std dev) 2.08%
Sharpe 0.23
Fund March 27, 2026
Fidelity Funds - Global Thematic Opportunities Fund A-USD
Return (ann.) 8.65%
Risk (std dev) 16.01%
Sharpe 0.26
Fund March 27, 2026
Fidelity Funds - Japan Equity ESG Fund A-JPY
Return (ann.) 20.01%
Risk (std dev) 18.91%
Sharpe 0.82
Fund March 27, 2026
Fidelity Funds - Global Technology Fund A-ACC-USD
Return (ann.) 18.84%
Risk (std dev) 20.22%
Sharpe 0.71
Fund March 27, 2026
Fidelity Funds - Japan Value Fund A-ACC-JPY
Return (ann.) 32.64%
Risk (std dev) 19.21%
Sharpe 1.46
Fund March 27, 2026
Fidelity Funds - Pacific Fund A-USD
Return (ann.) 9.95%
Risk (std dev) 17.32%
Sharpe 0.31
Fund March 27, 2026
Fidelity Funds - World Fund A-ACC-USD
Return (ann.) 11.04%
Risk (std dev) 15.79%
Sharpe 0.41