CEU2.L vs. FEMKX

Last updated Jun 6, 2026

CEU2.L (Amundi Core MSCI Europe UCITS ETF DR) and FEMKX (Fidelity Emerging Markets) are both funds - CEU2.L is a Europe Equities fund tracking the MSCI Europe Index, while FEMKX is a Emerging Markets Equities fund managed by Fidelity. Over the past 5 years, CEU2.L returned 8.70%/yr vs 6.67%/yr for FEMKX. A 0.51 correlation means they provide meaningful diversification when combined. CEU2.L charges 0.12%/yr vs 0.88%/yr for FEMKX.

Performance

CEU2.L vs. FEMKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amundi Core MSCI Europe UCITS ETF DR (CEU2.L) and Fidelity Emerging Markets (FEMKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEU2.L achieves a 5.49% return, which is significantly lower than FEMKX's 25.07% return.

CEU2.L

• 1D: -1.01%
• 1M: -1.11%
• YTD: 5.49%
• 6M: 8.57%
• 1Y: 16.45%
• 3Y*: 16.31%
• 5Y*: 8.70%
• 10Y*: —

FEMKX

• 1D: -1.02%
• 1M: 2.05%
• YTD: 25.07%
• 6M: 26.86%
• 1Y: 52.08%
• 3Y*: 22.86%
• 5Y*: 6.67%
• 10Y*: 12.02%

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

CEU2.L vs. FEMKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CEU2.L Amundi Core MSCI Europe UCITS ETF DR	5.49%	34.96%	2.14%	19.74%	-14.16%	16.28%
FEMKX Fidelity Emerging Markets	25.07%	31.02%	7.12%	15.16%	-27.48%	-5.24%

Correlation

The correlation between CEU2.L and FEMKX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Feb 3, 2021	0.51

The correlation between CEU2.L and FEMKX has been stable across timeframes, ranging from 0.49 to 0.52 - a consistent structural relationship.

Return for Risk

CEU2.L vs. FEMKX — Risk / Return Rank

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

CEU2.L

CEU2.L Risk / Return Rank: 33
CEU2.L Sharpe Ratio Rank: 33
CEU2.L Sortino Ratio Rank: 33
CEU2.L Omega Ratio Rank: 33
CEU2.L Calmar Ratio Rank: 32
CEU2.L Martin Ratio Rank: 36

FEMKX

FEMKX Risk / Return Rank: 83
FEMKX Sharpe Ratio Rank: 87
FEMKX Sortino Ratio Rank: 76
FEMKX Omega Ratio Rank: 78
FEMKX Calmar Ratio Rank: 87
FEMKX Martin Ratio Rank: 85

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.

CEU2.L vs. FEMKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Core MSCI Europe UCITS ETF DR (CEU2.L) and Fidelity Emerging Markets (FEMKX). 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.

	CEU2.L	FEMKX	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.79	-1.72
Sortino ratio: Return per unit of downside risk	1.62	3.58	-1.96
Omega ratio: Gain probability vs. loss probability	1.20	1.50	-0.30
Calmar ratio: Return relative to maximum drawdown	1.43	4.08	-2.65
Martin ratio: Return relative to average drawdown	5.07	15.42	-10.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEU2.L vs. FEMKX - Sharpe Ratio Comparison

The current CEU2.L Sharpe Ratio is 1.07, which is lower than the FEMKX Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of CEU2.L and FEMKX, 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

	CEU2.L	FEMKX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	2.79	-1.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.35	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.33	+0.31

Drawdowns

CEU2.L vs. FEMKX - Drawdown Comparison

The maximum CEU2.L drawdown since its inception was -30.85%, smaller than the maximum FEMKX drawdown of -71.14%. Use the drawdown chart below to compare losses from any high point for CEU2.L and FEMKX.

Drawdown Indicators

	CEU2.L	FEMKX	Difference
Max Drawdown Largest peak-to-trough decline	-30.85%	-71.14%	+40.29%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-13.00%	+1.53%
Max Drawdown (3Y) Largest decline over 3 years	-14.49%	-19.13%	+4.64%
Max Drawdown (5Y) Largest decline over 5 years	-30.85%	-40.88%	+10.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.24%	—
Current Drawdown Current decline from peak	-2.57%	-2.46%	-0.11%
Average Drawdown Average peak-to-trough decline	-5.77%	-25.94%	+20.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	3.43%	-0.20%

Volatility

CEU2.L vs. FEMKX - Volatility Comparison

The current volatility for Amundi Core MSCI Europe UCITS ETF DR (CEU2.L) is 4.64%, while Fidelity Emerging Markets (FEMKX) has a volatility of 8.17%. This indicates that CEU2.L experiences smaller price fluctuations and is considered to be less risky than FEMKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEU2.L	FEMKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	8.17%	-3.53%
Volatility (6M) Calculated over the trailing 6-month period	12.89%	16.20%	-3.31%
Volatility (1Y) Calculated over the trailing 1-year period	15.32%	19.01%	-3.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.41%	18.91%	-1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.21%	18.68%	-1.47%

CEU2.L vs. FEMKX - Expense Ratio Comparison

CEU2.L has a 0.12% expense ratio, which is lower than FEMKX's 0.88% expense ratio.

Dividends

CEU2.L vs. FEMKX - Dividend Comparison

CEU2.L has not paid dividends to shareholders, while FEMKX's dividend yield for the trailing twelve months is around 0.04%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEU2.L Amundi Core MSCI Europe UCITS ETF DR	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FEMKX Fidelity Emerging Markets	0.04%	0.05%	0.65%	1.11%	0.77%	6.00%	1.39%	1.71%	0.83%	0.08%	0.67%	0.51%

Frequently Asked Questions

Can I hold both CEU2.L and FEMKX in my portfolio?

CEU2.L and FEMKX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.