DBEM vs. FEMKX

Last updated Jun 23, 2026

DBEM (Xtrackers MSCI Emerging Markets Hedged Equity ETF) and FEMKX (Fidelity Emerging Markets) are both Emerging Markets Equities funds. Over the past 10 years, DBEM returned 11.28%/yr vs 12.36%/yr for FEMKX. Their correlation of 0.83 suggests significant overlap in exposure. DBEM charges 0.66%/yr vs 0.88%/yr for FEMKX.

Performance

DBEM vs. FEMKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) 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, DBEM achieves a 34.95% return, which is significantly higher than FEMKX's 27.91% return. Over the past 10 years, DBEM has underperformed FEMKX with an annualized return of 11.28%, while FEMKX has yielded a comparatively higher 12.36% annualized return.

DBEM

• 1D: 0.66%
• 1M: 8.63%
• YTD: 34.95%
• 6M: 36.36%
• 1Y: 63.96%
• 3Y*: 27.03%
• 5Y*: 10.52%
• 10Y*: 11.28%

FEMKX

• 1D: 3.64%
• 1M: 7.14%
• YTD: 27.91%
• 6M: 29.94%
• 1Y: 55.13%
• 3Y*: 21.96%
• 5Y*: 7.60%
• 10Y*: 12.36%

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

DBEM vs. FEMKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF	34.95%	30.42%	10.61%	10.53%	-17.00%	-2.26%	18.12%	16.77%	-10.81%	27.10%
FEMKX Fidelity Emerging Markets	27.91%	31.02%	7.12%	15.16%	-27.48%	1.25%	32.56%	33.67%	-18.03%	46.92%

Correlation

The correlation between DBEM and FEMKX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 9, 2011	0.83

The correlation between DBEM and FEMKX has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

Return for Risk

DBEM vs. FEMKX — Risk / Return Rank

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

DBEM

DBEM Risk / Return Rank: 92
DBEM Sharpe Ratio Rank: 93
DBEM Sortino Ratio Rank: 90
DBEM Omega Ratio Rank: 92
DBEM Calmar Ratio Rank: 93
DBEM Martin Ratio Rank: 93

FEMKX

FEMKX Risk / Return Rank: 81
FEMKX Sharpe Ratio Rank: 84
FEMKX Sortino Ratio Rank: 69
FEMKX Omega Ratio Rank: 79
FEMKX Calmar Ratio Rank: 89
FEMKX Martin Ratio Rank: 86

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.

DBEM vs. FEMKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) 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.

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.

	DBEM	FEMKX	Difference
Sharpe ratio: Return per unit of total volatility	3.22	2.52	+0.70
Sortino ratio: Return per unit of downside risk	3.98	3.14	+0.83
Omega ratio: Gain probability vs. loss probability	1.58	1.47	+0.11
Calmar ratio: Return relative to maximum drawdown	6.12	4.19	+1.93
Martin ratio: Return relative to average drawdown	22.57	14.95	+7.63

DBEM vs. FEMKX - Sharpe Ratio Comparison

The current DBEM Sharpe Ratio is 3.22, which is comparable to the FEMKX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of DBEM 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.

Drawdowns

DBEM vs. FEMKX - Drawdown Comparison

The maximum DBEM drawdown since its inception was -33.51%, smaller than the maximum FEMKX drawdown of -71.14%. Use the drawdown chart below to compare losses from any high point for DBEM and FEMKX.

Drawdown Indicators

	DBEM	FEMKX	Difference
Max Drawdown Largest peak-to-trough decline	-33.51%	-71.14%	+37.63%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-13.00%	+2.49%
Max Drawdown (3Y) Largest decline over 3 years	-15.12%	-19.13%	+4.01%
Max Drawdown (5Y) Largest decline over 5 years	-30.48%	-40.88%	+10.40%
Max Drawdown (10Y) Largest decline over 10 years	-33.51%	-43.24%	+9.73%
Current Drawdown Current decline from peak	0.00%	-0.23%	+0.23%
Average Drawdown Average peak-to-trough decline	-11.66%	-25.92%	+14.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	3.64%	-0.80%

Volatility

DBEM vs. FEMKX - Volatility Comparison

The current volatility for Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) is 10.09%, while Fidelity Emerging Markets (FEMKX) has a volatility of 11.90%. This indicates that DBEM 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

	DBEM	FEMKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.09%	11.90%	-1.81%
Volatility (6M) Calculated over the trailing 6-month period	17.84%	19.29%	-1.45%
Volatility (1Y) Calculated over the trailing 1-year period	20.01%	21.60%	-1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.54%	19.48%	-1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.35%	18.96%	-1.61%

DBEM vs. FEMKX - Expense Ratio Comparison

DBEM has a 0.66% expense ratio, which is lower than FEMKX's 0.88% expense ratio.

Dividends

DBEM vs. FEMKX - Dividend Comparison

DBEM's dividend yield for the trailing twelve months is around 1.96%, more than FEMKX's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF	1.96%	1.84%	2.48%	2.55%	2.65%	1.77%	1.74%	2.59%	2.85%	1.51%	1.59%	3.49%
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 DBEM and FEMKX in my portfolio?

DBEM and FEMKX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBEM or FEMKX?

FEMKX has higher volatility (11.90%) compared to DBEM (10.09%). In terms of maximum drawdown, DBEM dropped -33.51% vs FEMKX's -71.14%.

Which has better risk-adjusted returns?

DBEM currently has the higher Sharpe Ratio (3.22 vs 2.52), 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.