DIEM vs. FDEM

Last updated Aug 2, 2026

DIEM (Franklin Emerging Market Core Dividend Tilt Index ETF) and FDEM (Fidelity Emerging Markets Multifactor ETF) are both Emerging Markets Equities funds - DIEM tracks the Morningstar Emerging Markets Dividend Enhanced Select Index while FDEM tracks the Fidelity Emerging Markets Multifactor Index. Both are passively managed. Over the past 5 years, DIEM returned 11.34%/yr vs 9.38%/yr for FDEM. Their correlation of 0.90 means they have usually moved in the same direction. DIEM charges 0.19%/yr vs 0.25%/yr for FDEM.

Performance

DIEM vs. FDEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) and Fidelity Emerging Markets Multifactor ETF (FDEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIEM achieves a 24.05% return, which is significantly higher than FDEM's 14.53% return.

DIEM

• 1D: 0.86%
• 1M: -1.21%
• 6M: 14.49%
• YTD: 24.05%
• 1Y: 41.57%
• 3Y*: 23.29%
• 5Y*: 11.34%
• 10Y*: 8.16%
• ALL TIME*: 8.74%

FDEM

• 1D: 0.14%
• 1M: -1.28%
• 6M: 6.08%
• YTD: 14.53%
• 1Y: 28.23%
• 3Y*: 18.72%
• 5Y*: 9.38%
• 10Y*: —
• ALL TIME*: 8.19%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF	$1.97M	$1.53M	$960.12K
FDEM Fidelity Emerging Markets Multifactor ETF	$2.80M	$2.66M	$4.40M

DIEM vs. FDEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF	24.05%	30.81%	12.29%	15.41%	-20.61%	6.92%	1.27%	5.40%
FDEM Fidelity Emerging Markets Multifactor ETF	14.53%	26.75%	9.34%	17.26%	-13.11%	-3.52%	8.87%	5.60%

Correlation

The correlation between DIEM and FDEM is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.90

The correlation between DIEM and FDEM has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

DIEM vs. FDEM - Sectors Allocation Comparison

Sectors	DIEM	FDEM
Technology	41.6%	39.5%
Financial Services	22.7%	15.8%
Consumer Cyclical	5.5%	10.7%
Energy	5.4%	6.7%
Communication Services	4.8%	9.4%
Basic Materials	4.6%	2.6%
Industrials	4.2%	4.3%
Utilities	3.6%	0.0%
Consumer Defensive	3.3%	6.6%
Real Estate	1.5%	4.5%
Healthcare	0.8%	-

Return for Risk

DIEM vs. FDEM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DIEM

DIEM Risk / Return Rank: 79
DIEM Sharpe Ratio Rank: 79
DIEM Sortino Ratio Rank: 73
DIEM Omega Ratio Rank: 82
DIEM Calmar Ratio Rank: 82
DIEM Martin Ratio Rank: 78

FDEM

FDEM Risk / Return Rank: 55
FDEM Sharpe Ratio Rank: 54
FDEM Sortino Ratio Rank: 51
FDEM Omega Ratio Rank: 56
FDEM Calmar Ratio Rank: 61
FDEM Martin Ratio Rank: 56

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DIEM vs. FDEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) and Fidelity Emerging Markets Multifactor ETF (FDEM). 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.

	DIEM	FDEM	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.28	+0.52
Sortino ratio: Return per unit of downside risk	2.37	1.78	+0.59
Omega ratio: Gain probability vs. loss probability	1.34	1.24	+0.10
Calmar ratio: Return relative to maximum drawdown	3.03	2.14	+0.89
Martin ratio: Return relative to average drawdown	9.86	6.60	+3.26

DIEM vs. FDEM - Sharpe Ratio Comparison

The current DIEM Sharpe Ratio is 1.81, which is higher than the FDEM Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of DIEM and FDEM, 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

DIEM vs. FDEM - Drawdown Comparison

The maximum DIEM drawdown since its inception was -38.61%, which is greater than FDEM's maximum drawdown of -33.65%. Use the drawdown chart below to compare losses from any high point for DIEM and FDEM.

Drawdown Indicators

	DIEM	FDEM	Difference
Max Drawdown Largest peak-to-trough decline	-38.61%	-33.65%	-4.96%
Max Drawdown (1Y) Largest decline over 1 year	-13.59%	-12.70%	-0.89%
Max Drawdown (3Y) Largest decline over 3 years	-16.82%	-16.04%	-0.78%
Max Drawdown (5Y) Largest decline over 5 years	-33.34%	-25.82%	-7.52%
Max Drawdown (10Y) Largest decline over 10 years	-38.61%	—	—
Current Drawdown Current decline from peak	-9.21%	-7.94%	-1.27%
Average Drawdown Average peak-to-trough decline	-9.67%	-8.77%	-0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	4.10%	+0.07%

Volatility

DIEM vs. FDEM - Volatility Comparison

Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) has a higher volatility of 8.98% compared to Fidelity Emerging Markets Multifactor ETF (FDEM) at 7.53%. This indicates that DIEM's price experiences larger fluctuations and is considered to be riskier than FDEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIEM	FDEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.98%	7.53%	+1.45%
Volatility (6M) Calculated over the trailing 6-month period	21.15%	19.27%	+1.88%
Volatility (1Y) Calculated over the trailing 1-year period	22.81%	21.14%	+1.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.99%	16.93%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	18.32%	-0.28%

DIEM vs. FDEM - Expense Ratio Comparison

DIEM has a 0.19% expense ratio, which is lower than FDEM's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DIEM vs. FDEM - Dividend Comparison

DIEM's dividend yield for the trailing twelve months is around 2.99%, less than FDEM's 3.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF	2.99%	2.99%	4.92%	4.45%	6.31%	4.06%	2.75%	5.98%	3.87%	2.61%	0.35%
FDEM Fidelity Emerging Markets Multifactor ETF	3.05%	3.23%	4.05%	4.41%	3.95%	2.71%	1.84%	2.39%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DIEM and FDEM in my portfolio?

With a correlation of 0.94, DIEM and FDEM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DIEM or FDEM?

DIEM has higher volatility (8.98%) compared to FDEM (7.53%). In terms of maximum drawdown, DIEM dropped -38.61% vs FDEM's -33.65%.

Which ETF is better, DIEM or FDEM?

On 5-year performance, DIEM leads with 11.34% vs 9.38% for FDEM. On fees, DIEM is cheaper at 0.19% per year. On volatility, FDEM has been the lower-risk option at 7.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIEM or FDEM?

Over the 5-year period, DIEM has performed better with a 11.34% return vs 9.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIEM or FDEM?

DIEM is cheaper with a 0.19% expense ratio, compared with 0.25% for FDEM.

Which ETF pays a higher dividend yield, DIEM or FDEM?

FDEM has the higher dividend yield at 3.05%, compared with 2.99% for DIEM.

What is the main difference between DIEM and FDEM?

DIEM tracks Morningstar Emerging Markets Dividend Enhanced Select Index, while FDEM tracks Fidelity Emerging Markets Multifactor Index. They also come from different issuers: Franklin Templeton and Fidelity. Their fees differ too: 0.19% for DIEM and 0.25% for FDEM.

Which has better risk-adjusted returns?

DIEM currently has the higher Sharpe Ratio (1.81 vs 1.28), 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.