CEMFX vs. FERGX

Last updated Jun 5, 2026

CEMFX (Cullen Emerging Markets High Dividend Fund) and FERGX (Fidelity SAI Emerging Markets Index Fund) are both Emerging Markets Diversified funds. Over the past 5 years, CEMFX returned 13.51%/yr vs 7.47%/yr for FERGX. Their correlation of 0.82 suggests significant overlap in exposure. CEMFX charges 1.00%/yr vs 0.07%/yr for FERGX.

Performance

CEMFX vs. FERGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cullen Emerging Markets High Dividend Fund (CEMFX) and Fidelity SAI Emerging Markets Index Fund (FERGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CEMFX having a 28.49% return and FERGX slightly lower at 28.43%.

CEMFX

• 1D: -0.38%
• 1M: 5.80%
• YTD: 28.49%
• 6M: 30.35%
• 1Y: 56.51%
• 3Y*: 28.78%
• 5Y*: 13.51%
• 10Y*: 11.50%

FERGX

• 1D: -1.01%
• 1M: 7.92%
• YTD: 28.43%
• 6M: 31.24%
• 1Y: 55.27%
• 3Y*: 24.38%
• 5Y*: 7.47%
• 10Y*: —

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

CEMFX vs. FERGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEMFX Cullen Emerging Markets High Dividend Fund	28.49%	31.39%	9.51%	26.45%	-16.15%	6.74%	8.70%	19.75%	-16.90%	28.43%
FERGX Fidelity SAI Emerging Markets Index Fund	28.43%	33.86%	6.59%	9.41%	-20.19%	-3.05%	17.46%	18.22%	-14.52%	33.62%

Correlation

The correlation between CEMFX and FERGX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.82

The correlation between CEMFX and FERGX shifts across timeframes, from 0.67 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CEMFX vs. FERGX — Risk / Return Rank

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

CEMFX

CEMFX Risk / Return Rank: 92
CEMFX Sharpe Ratio Rank: 97
CEMFX Sortino Ratio Rank: 93
CEMFX Omega Ratio Rank: 91
CEMFX Calmar Ratio Rank: 90
CEMFX Martin Ratio Rank: 88

FERGX

FERGX Risk / Return Rank: 88
FERGX Sharpe Ratio Rank: 93
FERGX Sortino Ratio Rank: 85
FERGX Omega Ratio Rank: 86
FERGX Calmar Ratio Rank: 88
FERGX Martin Ratio Rank: 88

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.

CEMFX vs. FERGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cullen Emerging Markets High Dividend Fund (CEMFX) and Fidelity SAI Emerging Markets Index Fund (FERGX). 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.

	CEMFX	FERGX	Difference
Sharpe ratio: Return per unit of total volatility	3.62	3.22	+0.40
Sortino ratio: Return per unit of downside risk	4.70	4.09	+0.61
Omega ratio: Gain probability vs. loss probability	1.68	1.60	+0.08
Calmar ratio: Return relative to maximum drawdown	4.68	4.33	+0.35
Martin ratio: Return relative to average drawdown	16.81	17.05	-0.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEMFX vs. FERGX - Sharpe Ratio Comparison

The current CEMFX Sharpe Ratio is 3.62, which is comparable to the FERGX Sharpe Ratio of 3.22. The chart below compares the historical Sharpe Ratios of CEMFX and FERGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CEMFX	FERGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.62	3.22	+0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.44	+0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.56	-0.01

Drawdowns

CEMFX vs. FERGX - Drawdown Comparison

The maximum CEMFX drawdown since its inception was -39.30%, roughly equal to the maximum FERGX drawdown of -39.27%. Use the drawdown chart below to compare losses from any high point for CEMFX and FERGX.

Drawdown Indicators

	CEMFX	FERGX	Difference
Max Drawdown Largest peak-to-trough decline	-39.30%	-39.27%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-13.32%	+0.91%
Max Drawdown (3Y) Largest decline over 3 years	-13.27%	-16.20%	+2.93%
Max Drawdown (5Y) Largest decline over 5 years	-28.13%	-37.11%	+8.98%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	—	—
Current Drawdown Current decline from peak	-0.38%	-1.01%	+0.63%
Average Drawdown Average peak-to-trough decline	-9.60%	-14.33%	+4.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	3.37%	+0.08%

Volatility

CEMFX vs. FERGX - Volatility Comparison

The current volatility for Cullen Emerging Markets High Dividend Fund (CEMFX) is 6.15%, while Fidelity SAI Emerging Markets Index Fund (FERGX) has a volatility of 7.72%. This indicates that CEMFX experiences smaller price fluctuations and is considered to be less risky than FERGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEMFX	FERGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.15%	7.72%	-1.57%
Volatility (6M) Calculated over the trailing 6-month period	13.35%	15.48%	-2.13%
Volatility (1Y) Calculated over the trailing 1-year period	16.05%	17.91%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.47%	17.25%	-2.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.12%	17.99%	-2.87%

CEMFX vs. FERGX - Expense Ratio Comparison

CEMFX has a 1.00% expense ratio, which is higher than FERGX's 0.08% expense ratio.

Dividends

CEMFX vs. FERGX - Dividend Comparison

CEMFX's dividend yield for the trailing twelve months is around 1.69%, less than FERGX's 2.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMFX Cullen Emerging Markets High Dividend Fund	1.69%	1.72%	3.31%	4.68%	1.26%	2.62%	2.13%	4.16%	2.26%	3.59%	3.65%	4.60%
FERGX Fidelity SAI Emerging Markets Index Fund	2.08%	2.67%	2.40%	2.67%	2.51%	2.90%	1.49%	2.49%	2.58%	0.58%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CEMFX and FERGX in my portfolio?

CEMFX and FERGX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEMFX or FERGX?

FERGX has higher volatility (7.72%) compared to CEMFX (6.15%). In terms of maximum drawdown, CEMFX dropped -39.30% vs FERGX's -39.27%.

Which has better risk-adjusted returns?

CEMFX currently has the higher Sharpe Ratio (3.62 vs 3.22), 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.