EAEMX vs. FEMSX

Last updated Aug 5, 2026

EAEMX (Parametric Emerging Markets Fund) and FEMSX (Fidelity Series Emerging Markets Opportunities Fund) are both Emerging Markets Equities funds. Over the past 10 years, EAEMX returned 6.25%/yr vs 11.50%/yr for FEMSX. Their correlation of 0.92 means they have usually moved in the same direction. EAEMX charges 1.58%/yr vs 0.01%/yr for FEMSX.

Performance

EAEMX vs. FEMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric Emerging Markets Fund (EAEMX) and Fidelity Series Emerging Markets Opportunities Fund (FEMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EAEMX achieves a 10.00% return, which is significantly lower than FEMSX's 23.12% return. Over the past 10 years, EAEMX has underperformed FEMSX with an annualized return of 6.25%, while FEMSX has yielded a comparatively higher 11.50% annualized return.

EAEMX

• 1D: 0.63%
• 1M: 1.44%
• 6M: 1.55%
• YTD: 10.00%
• 1Y: 21.10%
• 3Y*: 14.01%
• 5Y*: 7.04%
• 10Y*: 6.25%
• ALL TIME*: 5.05%

FEMSX

• 1D: 0.53%
• 1M: -1.33%
• 6M: 11.42%
• YTD: 23.12%
• 1Y: 43.69%
• 3Y*: 23.21%
• 5Y*: 8.20%
• 10Y*: 11.50%
• ALL TIME*: 10.59%

*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)
EAEMX Parametric Emerging Markets Fund	$0.00	$0.00	$0.00
FEMSX Fidelity Series Emerging Markets Opportunities Fund	$0.00	$0.00	$0.00

EAEMX vs. FEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EAEMX Parametric Emerging Markets Fund	10.00%	27.16%	5.39%	9.46%	-11.27%	4.19%	2.65%	12.32%	-14.02%	27.03%
FEMSX Fidelity Series Emerging Markets Opportunities Fund	23.12%	37.92%	7.84%	14.23%	-23.95%	-5.14%	24.72%	28.87%	-16.20%	49.92%

Correlation

The correlation between EAEMX and FEMSX is 0.89, 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.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (10Y) Provides a long-term view across more market conditions.	0.90
Correlation (All Time) Calculated using the full available price history since Dec 10, 2008	0.92

The correlation between EAEMX and FEMSX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

EAEMX vs. FEMSX — Risk / Return Rank

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

EAEMX

EAEMX Risk / Return Rank: 62
EAEMX Sharpe Ratio Rank: 67
EAEMX Sortino Ratio Rank: 62
EAEMX Omega Ratio Rank: 72
EAEMX Calmar Ratio Rank: 60
EAEMX Martin Ratio Rank: 48

FEMSX

FEMSX Risk / Return Rank: 77
FEMSX Sharpe Ratio Rank: 78
FEMSX Sortino Ratio Rank: 66
FEMSX Omega Ratio Rank: 75
FEMSX Calmar Ratio Rank: 88
FEMSX Martin Ratio Rank: 79

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.

EAEMX vs. FEMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Emerging Markets Fund (EAEMX) and Fidelity Series Emerging Markets Opportunities Fund (FEMSX). 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.

	EAEMX	FEMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.91	-0.15
Sortino ratio: Return per unit of downside risk	2.40	2.44	-0.04
Omega ratio: Gain probability vs. loss probability	1.34	1.35	-0.02
Calmar ratio: Return relative to maximum drawdown	2.27	3.37	-1.10
Martin ratio: Return relative to average drawdown	7.40	10.48	-3.08

EAEMX vs. FEMSX - Sharpe Ratio Comparison

The current EAEMX Sharpe Ratio is 1.75, which is comparable to the FEMSX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of EAEMX and FEMSX, 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

EAEMX vs. FEMSX - Drawdown Comparison

The maximum EAEMX drawdown since its inception was -62.70%, which is greater than FEMSX's maximum drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for EAEMX and FEMSX.

Drawdown Indicators

	EAEMX	FEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-62.70%	-44.16%	-18.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.90%	-13.47%	+3.57%
Max Drawdown (3Y) Largest decline over 3 years	-11.74%	-17.04%	+5.30%
Max Drawdown (5Y) Largest decline over 5 years	-24.73%	-39.12%	+14.39%
Max Drawdown (10Y) Largest decline over 10 years	-44.16%	-44.16%	0.00%
Current Drawdown Current decline from peak	-2.86%	-7.89%	+5.03%
Average Drawdown Average peak-to-trough decline	-13.39%	-13.33%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	4.33%	-1.30%

Volatility

EAEMX vs. FEMSX - Volatility Comparison

The current volatility for Parametric Emerging Markets Fund (EAEMX) is 3.93%, while Fidelity Series Emerging Markets Opportunities Fund (FEMSX) has a volatility of 9.43%. This indicates that EAEMX experiences smaller price fluctuations and is considered to be less risky than FEMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EAEMX	FEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	9.43%	-5.50%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	21.76%	-10.42%
Volatility (1Y) Calculated over the trailing 1-year period	12.85%	23.88%	-11.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.85%	19.98%	-8.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.41%	19.76%	-6.35%

EAEMX vs. FEMSX - Expense Ratio Comparison

EAEMX has a 1.58% expense ratio, which is higher than FEMSX's 0.01% expense ratio.

Dividends

EAEMX vs. FEMSX - Dividend Comparison

EAEMX's dividend yield for the trailing twelve months is around 2.57%, more than FEMSX's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EAEMX Parametric Emerging Markets Fund	2.57%	2.83%	3.00%	2.71%	4.40%	1.64%	1.08%	2.48%	2.14%	2.31%	1.52%	1.68%
FEMSX Fidelity Series Emerging Markets Opportunities Fund	1.99%	2.45%	2.08%	2.82%	2.39%	12.83%	2.99%	2.48%	9.42%	8.98%	1.46%	1.27%

Frequently Asked Questions

Can I hold both EAEMX and FEMSX in my portfolio?

EAEMX and FEMSX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EAEMX or FEMSX?

FEMSX has higher volatility (9.43%) compared to EAEMX (3.93%). In terms of maximum drawdown, EAEMX dropped -62.70% vs FEMSX's -44.16%.

Which has better risk-adjusted returns?

FEMSX currently has the higher Sharpe Ratio (1.91 vs 1.75), 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.