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EEMV vs. FSMD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEMV vs. FSMD

Last updated Jun 16, 2026

EEMV (iShares MSCI Emerging Markets Min Vol Factor ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - EEMV is a Asia Pacific Equities fund tracking the MSCI Emerging Markets Minimum Volatility Index, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, EEMV returned 6.38%/yr vs 10.41%/yr for FSMD. A 0.57 correlation means they provide meaningful diversification when combined. EEMV charges 0.25%/yr vs 0.29%/yr for FSMD.

Performance

EEMV vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EEMV achieves a 20.09% return, which is significantly higher than FSMD's 18.15% return.

EEMV

1D
2.55%
1M
7.71%
YTD
20.09%
6M
21.21%
1Y
27.78%
3Y*
14.32%
5Y*
6.38%
10Y*
7.04%

FSMD

1D
0.48%
1M
6.83%
YTD
18.15%
6M
16.30%
1Y
30.28%
3Y*
17.72%
5Y*
10.41%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EEMV vs. FSMD - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
EEMV
iShares MSCI Emerging Markets Min Vol Factor ETF		20.09%13.45%7.98%7.75%-13.94%5.05%6.90%1.56%
FSMD
Fidelity Small-Mid Multifactor ETF		18.15%8.70%15.18%17.37%-11.15%26.40%8.94%8.81%

Correlation

The correlation between EEMV and FSMD is 0.61, 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

0.61

Correlation (3Y)
Calculated over the trailing 3-year period

0.54

Correlation (5Y)
Calculated over the trailing 5-year period

0.56

Correlation (All Time)
Calculated using the full available price history since Feb 28, 2019

0.57

The correlation between EEMV and FSMD has been stable across timeframes, ranging from 0.54 to 0.61 - a consistent structural relationship.

EEMV vs. FSMD - Sectors Allocation Comparison

Sectors
EEMV
FSMD

Technology

36.5%
20.5%

Financial Services

18.0%
14.8%

Communication Services

10.1%
2.9%

Industrials

6.6%
20.1%

Consumer Cyclical

6.2%
10.6%

Consumer Defensive

5.6%
3.1%

Healthcare

5.4%
11.7%

Utilities

4.4%
2.1%

Energy

3.6%
4.1%

Basic Materials

2.9%
4.0%

Real Estate

0.6%
6.2%

Technology

EEMV
36.5%
FSMD
20.5%

Financial Services

EEMV
18.0%
FSMD
14.8%

Communication Services

EEMV
10.1%
FSMD
2.9%

Industrials

EEMV
6.6%
FSMD
20.1%

Consumer Cyclical

EEMV
6.2%
FSMD
10.6%

Consumer Defensive

EEMV
5.6%
FSMD
3.1%

Healthcare

EEMV
5.4%
FSMD
11.7%

Utilities

EEMV
4.4%
FSMD
2.1%

Energy

EEMV
3.6%
FSMD
4.1%

Basic Materials

EEMV
2.9%
FSMD
4.0%

Real Estate

EEMV
0.6%
FSMD
6.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Emerging Markets Min Vol Factor ETF

Fidelity Small-Mid Multifactor ETF

Often compared with EEMV:
EEMV vs. EEMEEMV vs. IEMGEEMV vs. SPYEEMV vs. EFAVEEMV vs. MCHIEEMV vs. USMVEEMV vs. SPEM
Often compared with FSMD:
FSMD vs. FXAIXFSMD vs. SMLFFSMD vs. IJRFSMD vs. RWJFSMD vs. FLRGFSMD vs. BFGFXFSMD vs. FSOPX

Return for Risk

EEMV vs. FSMD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EEMV
EEMV Risk / Return Rank: 6666
Overall Rank
EEMV Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
EEMV Sortino Ratio Rank: 6262
Sortino Ratio Rank
EEMV Omega Ratio Rank: 7373
Omega Ratio Rank
EEMV Calmar Ratio Rank: 6666
Calmar Ratio Rank
EEMV Martin Ratio Rank: 6565
Martin Ratio Rank
FSMD
FSMD Risk / Return Rank: 6969
Overall Rank
FSMD Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
FSMD Sortino Ratio Rank: 6868
Sortino Ratio Rank
FSMD Omega Ratio Rank: 6262
Omega Ratio Rank
FSMD Calmar Ratio Rank: 7777
Calmar Ratio Rank
FSMD Martin Ratio Rank: 7575
Martin Ratio Rank
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.

EEMV vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) and Fidelity Small-Mid Multifactor ETF (FSMD). 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.

EEMVFSMDDifference
Sharpe ratioReturn per unit of total volatility
1.91
1.95

-0.04

Sortino ratioReturn per unit of downside risk
2.64
2.80

-0.16

Omega ratioGain probability vs. loss probability

1.39

1.34

+0.05

Calmar ratioReturn relative to maximum drawdown

3.03

3.61

-0.58

Martin ratioReturn relative to average drawdown

10.90

12.98

-2.08

EEMV vs. FSMD - Sharpe Ratio Comparison

The current EEMV Sharpe Ratio is 1.91, which is comparable to the FSMD Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of EEMV and FSMD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EEMV vs. FSMD - Drawdown Comparison

The maximum EEMV drawdown since its inception was -31.56%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for EEMV and FSMD.

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Drawdown Indicators

EEMVFSMDDifference

Max Drawdown

Largest peak-to-trough decline

-31.56%

-40.67%

+9.11%

Max Drawdown (1Y)

Largest decline over 1 year

-9.22%

-8.44%

-0.78%

Max Drawdown (3Y)

Largest decline over 3 years

-12.47%

-22.16%

+9.69%

Max Drawdown (5Y)

Largest decline over 5 years

-21.90%

-22.16%

+0.26%

Max Drawdown (10Y)

Largest decline over 10 years

-31.56%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-7.96%

-5.98%

-1.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.56%

2.34%

+0.22%

Volatility

EEMV vs. FSMD - Volatility Comparison

iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) has a higher volatility of 8.16% compared to Fidelity Small-Mid Multifactor ETF (FSMD) at 5.15%. This indicates that EEMV's price experiences larger fluctuations and is considered to be riskier than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EEMVFSMDDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.16%

5.15%

+3.01%

Volatility (6M)

Calculated over the trailing 6-month period

13.51%

11.81%

+1.70%

Volatility (1Y)

Calculated over the trailing 1-year period

14.67%

15.64%

-0.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.22%

18.55%

-6.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.99%

21.42%

-7.43%

EEMV vs. FSMD - Expense Ratio Comparison

EEMV has a 0.25% expense ratio, which is lower than FSMD's 0.29% expense ratio.

Dividends

EEMV vs. FSMD - Dividend Comparison

EEMV's dividend yield for the trailing twelve months is around 3.07%, more than FSMD's 1.18% yield.

PositionTTM20252024202320222021202020192018201720162015
EEMV
iShares MSCI Emerging Markets Min Vol Factor ETF		3.07%2.65%3.50%2.75%1.93%2.14%2.45%2.63%2.46%2.34%2.79%2.55%
FSMD
Fidelity Small-Mid Multifactor ETF		1.18%1.33%1.29%1.37%1.54%1.18%1.32%1.37%0.00%0.00%0.00%0.00%

Frequently Asked Questions

EEMV and FSMD have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EEMV has higher volatility (8.16%) compared to FSMD (5.15%). In terms of maximum drawdown, EEMV dropped -31.56% vs FSMD's -40.67%.

On 5-year performance, FSMD leads with 10.41% vs 6.38% for EEMV. On fees, EEMV is cheaper at 0.25% per year. On volatility, FSMD has been the lower-risk option at 5.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FSMD has performed better with a 10.41% return vs 6.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EEMV is cheaper with a 0.25% expense ratio, compared with 0.29% for FSMD.

EEMV has the higher dividend yield at 3.07%, compared with 1.18% for FSMD.

EEMV is categorized as Asia Pacific Equities, while FSMD is Small Cap Growth Equities. EEMV tracks MSCI Emerging Markets Minimum Volatility Index, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.25% for EEMV and 0.29% for FSMD.

FSMD currently has the higher Sharpe Ratio (1.95 vs 1.91), 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.

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