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Fidelity Series Emerging Markets Opportunities Fund (FEMSX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 23, 2026

The fund normally invests at least 80% of assets in securities of issuers in emerging markets and other investments that are tied economically to emerging markets. It normally invests primarily in common stocks. The adviser allocates investments across different emerging market countries. The adviser uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

Looking to diversify beyond FEMSX? The mutual funds below have the lowest correlation with FEMSX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from FEMSX.

Best Diversifiers for FEMSX

0 mutual funds have low correlation with FEMSX (below 0.3), 0 of which are negatively correlated. The least correlated is Pzena Emerging Markets Value Fund Institutional Class (PZIEX) (Emerging Markets Equities) with a 1Y correlation of 0.50, down from 0.65 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
PZIEX
Pzena Emerging Markets Value Fund Institutional Cl...0.500.630.65
55
Emerging Markets EquitiesFEMSX vs PZIEX
FZIPX
Fidelity ZERO Extended Market Index Fund0.620.600.63
63
Mid Cap Blend EquitiesFEMSX vs FZIPX
WXCIX
William Blair Emerging Markets ex China Growth Fun...0.670.64—
95
Emerging Markets EquitiesFEMSX vs WXCIX
FNILX
Fidelity ZERO Large Cap Index Fund0.710.660.65
63
Large Cap Blend EquitiesFEMSX vs FNILX
FSKAX
Fidelity Total Market Index Fund0.710.660.66
65
Large Cap Blend EquitiesFEMSX vs FSKAX
See all 47 diversifiers for FEMSX

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from FEMSX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to FEMSX and solid risk/return profiles. The least correlated is Cisco Systems, Inc. (CSCO) (Technology) with a 1Y correlation of 0.28, roughly unchanged from 0.37 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
CSCO
Cisco Systems, Inc.0.280.330.37
94
Technology

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