EMF vs. FEMKX

Last updated Jun 24, 2026

EMF (Templeton Emerging Markets Fund) and FEMKX (Fidelity Emerging Markets) are both Emerging Markets Equities funds. Over the past 10 years, EMF returned 15.62%/yr vs 12.71%/yr for FEMKX. A 0.61 correlation means they provide meaningful diversification when combined. EMF charges 1.43%/yr vs 0.88%/yr for FEMKX.

Performance

EMF vs. FEMKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Templeton Emerging Markets Fund (EMF) 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, EMF achieves a 38.50% return, which is significantly higher than FEMKX's 28.98% return. Over the past 10 years, EMF has outperformed FEMKX with an annualized return of 15.62%, while FEMKX has yielded a comparatively lower 12.71% annualized return.

EMF

• 1D: -5.61%
• 1M: 6.38%
• YTD: 38.50%
• 6M: 43.73%
• 1Y: 82.29%
• 3Y*: 35.33%
• 5Y*: 11.55%
• 10Y*: 15.62%

FEMKX

• 1D: 0.83%
• 1M: 8.03%
• YTD: 28.98%
• 6M: 30.23%
• 1Y: 55.93%
• 3Y*: 23.79%
• 5Y*: 7.58%
• 10Y*: 12.71%

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

EMF vs. FEMKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMF Templeton Emerging Markets Fund	38.50%	58.20%	6.56%	8.84%	-21.53%	-8.23%	24.48%	27.20%	-14.78%	53.55%
FEMKX Fidelity Emerging Markets	28.98%	31.02%	7.12%	15.16%	-27.48%	1.25%	32.56%	33.67%	-18.03%	46.92%

Correlation

The correlation between EMF and FEMKX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Oct 31, 1990	0.61

The correlation between EMF and FEMKX shifts across timeframes, from 0.61 (all time) to 0.80 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

EMF vs. FEMKX — Risk / Return Rank

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

EMF

EMF Risk / Return Rank: 91
EMF Sharpe Ratio Rank: 97
EMF Sortino Ratio Rank: 89
EMF Omega Ratio Rank: 89
EMF Calmar Ratio Rank: 89
EMF Martin Ratio Rank: 90

FEMKX

FEMKX Risk / Return Rank: 84
FEMKX Sharpe Ratio Rank: 87
FEMKX Sortino Ratio Rank: 73
FEMKX Omega Ratio Rank: 81
FEMKX Calmar Ratio Rank: 90
FEMKX Martin Ratio Rank: 88

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.

EMF vs. FEMKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Templeton Emerging Markets Fund (EMF) 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.

	EMF	FEMKX	Difference
Sharpe ratio: Return per unit of total volatility	3.39	2.63	+0.77
Sortino ratio: Return per unit of downside risk	4.01	3.24	+0.76
Omega ratio: Gain probability vs. loss probability	1.60	1.49	+0.12
Calmar ratio: Return relative to maximum drawdown	4.25	4.36	-0.11
Martin ratio: Return relative to average drawdown	16.55	15.55	+1.00

EMF vs. FEMKX - Sharpe Ratio Comparison

The current EMF Sharpe Ratio is 3.39, which is comparable to the FEMKX Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of EMF 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

EMF vs. FEMKX - Drawdown Comparison

The maximum EMF drawdown since its inception was -76.97%, which is greater than FEMKX's maximum drawdown of -71.14%. Use the drawdown chart below to compare losses from any high point for EMF and FEMKX.

Drawdown Indicators

	EMF	FEMKX	Difference
Max Drawdown Largest peak-to-trough decline	-76.97%	-71.14%	-5.83%
Max Drawdown (1Y) Largest decline over 1 year	-19.48%	-13.00%	-6.48%
Max Drawdown (3Y) Largest decline over 3 years	-19.48%	-19.13%	-0.35%
Max Drawdown (5Y) Largest decline over 5 years	-45.08%	-40.88%	-4.20%
Max Drawdown (10Y) Largest decline over 10 years	-47.65%	-43.24%	-4.41%
Current Drawdown Current decline from peak	-5.61%	0.00%	-5.61%
Average Drawdown Average peak-to-trough decline	-28.96%	-25.91%	-3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.99%	3.64%	+1.35%

Volatility

EMF vs. FEMKX - Volatility Comparison

Templeton Emerging Markets Fund (EMF) and Fidelity Emerging Markets (FEMKX) have volatilities of 11.23% and 11.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMF	FEMKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.23%	11.80%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	22.06%	19.26%	+2.80%
Volatility (1Y) Calculated over the trailing 1-year period	24.39%	21.64%	+2.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.89%	19.49%	+1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.68%	18.96%	+1.72%

EMF vs. FEMKX - Expense Ratio Comparison

EMF has a 1.43% expense ratio, which is higher than FEMKX's 0.88% expense ratio.

Dividends

EMF vs. FEMKX - Dividend Comparison

EMF's dividend yield for the trailing twelve months is around 7.27%, more than FEMKX's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMF Templeton Emerging Markets Fund	7.27%	9.73%	4.28%	6.22%	9.89%	6.92%	3.51%	7.36%	5.92%	12.11%	1.62%	12.81%
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 EMF and FEMKX in my portfolio?

EMF and FEMKX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMF or FEMKX?

FEMKX has higher volatility (11.80%) compared to EMF (11.23%). In terms of maximum drawdown, EMF dropped -76.97% vs FEMKX's -71.14%.

Which has better risk-adjusted returns?

EMF currently has the higher Sharpe Ratio (3.39 vs 2.63), 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.