CESG.L vs. FSEM.L

Last updated Jul 16, 2026

CESG.L (First Trust Global Capital Strength ESG Leaders UCITS ETF Class A USD Acc) and FSEM.L (Fidelity Sustainable USD EM Bond UCITS ETF Inc) are both exchange-traded funds - CESG.L is a ESG fund actively managed by First Trust, while FSEM.L is a Emerging Markets Bonds fund actively managed by Fidelity. Both are actively managed. Over the past 5 years, CESG.L returned 5.33%/yr vs 1.01%/yr for FSEM.L. At a 0.36 correlation, their price movements are largely independent. CESG.L charges 0.75%/yr vs 0.45%/yr for FSEM.L.

Performance

CESG.L vs. FSEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Global Capital Strength ESG Leaders UCITS ETF Class A USD Acc (CESG.L) and Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CESG.L achieves a 2.70% return, which is significantly higher than FSEM.L's 1.64% return.

CESG.L

• 1D: 0.11%
• 1M: 2.28%
• 6M: 2.77%
• YTD: 2.70%
• 1Y: 5.82%
• 3Y*: 9.53%
• 5Y*: 5.33%
• 10Y*: —

FSEM.L

• 1D: 0.25%
• 1M: -0.73%
• 6M: 1.88%
• YTD: 1.64%
• 1Y: 9.84%
• 3Y*: 7.55%
• 5Y*: 1.01%
• 10Y*: —

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

CESG.L vs. FSEM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CESG.L First Trust Global Capital Strength ESG Leaders UCITS ETF Class A USD Acc	2.70%	11.47%	9.71%	12.32%	-13.97%	18.40%
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc	1.64%	13.59%	3.43%	8.85%	-17.96%	3.23%

Correlation

The correlation between CESG.L and FSEM.L is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since Mar 25, 2021	0.36

Return for Risk

CESG.L vs. FSEM.L — Risk / Return Rank

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

CESG.L

CESG.L Risk / Return Rank: 17
CESG.L Sharpe Ratio Rank: 18
CESG.L Sortino Ratio Rank: 17
CESG.L Omega Ratio Rank: 17
CESG.L Calmar Ratio Rank: 17
CESG.L Martin Ratio Rank: 18

FSEM.L

FSEM.L Risk / Return Rank: 70
FSEM.L Sharpe Ratio Rank: 66
FSEM.L Sortino Ratio Rank: 79
FSEM.L Omega Ratio Rank: 82
FSEM.L Calmar Ratio Rank: 58
FSEM.L Martin Ratio Rank: 66

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.

CESG.L vs. FSEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Global Capital Strength ESG Leaders UCITS ETF Class A USD Acc (CESG.L) and Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CESG.L	FSEM.L	Difference
Sharpe ratio: Return per unit of total volatility	0.49	1.76	-1.27
Sortino ratio: Return per unit of downside risk	0.76	2.84	-2.09
Omega ratio: Gain probability vs. loss probability	1.09	1.39	-0.30
Calmar ratio: Return relative to maximum drawdown	0.55	2.40	-1.85
Martin ratio: Return relative to average drawdown	1.42	9.51	-8.09

CESG.L vs. FSEM.L - Sharpe Ratio Comparison

The current CESG.L Sharpe Ratio is 0.49, which is lower than the FSEM.L Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of CESG.L and FSEM.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CESG.L vs. FSEM.L - Drawdown Comparison

The maximum CESG.L drawdown since its inception was -22.69%, smaller than the maximum FSEM.L drawdown of -27.88%. Use the drawdown chart below to compare losses from any high point for CESG.L and FSEM.L.

Drawdown Indicators

	CESG.L	FSEM.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.69%	-27.88%	+5.19%
Max Drawdown (1Y) Largest decline over 1 year	-8.81%	-4.09%	-4.72%
Max Drawdown (3Y) Largest decline over 3 years	-10.31%	-7.07%	-3.24%
Max Drawdown (5Y) Largest decline over 5 years	-22.69%	-27.88%	+5.19%
Current Drawdown Current decline from peak	-1.54%	-0.73%	-0.81%
Average Drawdown Average peak-to-trough decline	-5.52%	-9.89%	+4.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	1.03%	+2.38%

Volatility

CESG.L vs. FSEM.L - Volatility Comparison

First Trust Global Capital Strength ESG Leaders UCITS ETF Class A USD Acc (CESG.L) has a higher volatility of 3.44% compared to Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L) at 1.06%. This indicates that CESG.L's price experiences larger fluctuations and is considered to be riskier than FSEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CESG.L	FSEM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	1.06%	+2.38%
Volatility (6M) Calculated over the trailing 6-month period	8.01%	4.64%	+3.37%
Volatility (1Y) Calculated over the trailing 1-year period	9.97%	5.58%	+4.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.62%	8.59%	+4.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.53%	8.43%	+4.10%

CESG.L vs. FSEM.L - Expense Ratio Comparison

CESG.L has a 0.75% expense ratio, which is higher than FSEM.L's 0.45% expense ratio.

Dividends

CESG.L vs. FSEM.L - Dividend Comparison

CESG.L has not paid dividends to shareholders, while FSEM.L's dividend yield for the trailing twelve months is around 6.42%.

Position	TTM	2025	2024	2023	2022	2021
CESG.L First Trust Global Capital Strength ESG Leaders UCITS ETF Class A USD Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc	6.42%	6.30%	6.49%	5.74%	5.01%	2.41%

Frequently Asked Questions

Can I hold both CESG.L and FSEM.L in my portfolio?

CESG.L and FSEM.L have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CESG.L or FSEM.L?

On fees, FSEM.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CESG.L or FSEM.L?

FSEM.L is cheaper with a 0.45% expense ratio, compared with 0.75% for CESG.L.

What is the main difference between CESG.L and FSEM.L?

CESG.L is categorized as ESG, while FSEM.L is Emerging Markets Bonds. They also come from different issuers: First Trust and Fidelity. Their fees differ too: 0.75% for CESG.L and 0.45% for FSEM.L.