EMLC vs. FMDE

Last updated Jun 9, 2026

EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) and FMDE (Fidelity Enhanced Mid Cap ETF) are both exchange-traded funds - EMLC is a Emerging Markets Bonds fund tracking the J.P. Morgan Government Bond Index Emerging Markets Global Core Index, while FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity. EMLC is passively managed, while FMDE is actively managed. Over the past year, EMLC returned 7.90% vs 17.86% for FMDE. At a 0.38 correlation, their price movements are largely independent. EMLC charges 0.30%/yr vs 0.23%/yr for FMDE.

Performance

EMLC vs. FMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) and Fidelity Enhanced Mid Cap ETF (FMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMLC achieves a -0.23% return, which is significantly lower than FMDE's 8.21% return.

EMLC

• 1D: -0.16%
• 1M: -1.80%
• YTD: -0.23%
• 6M: 1.29%
• 1Y: 7.90%
• 3Y*: 6.04%
• 5Y*: 0.97%
• 10Y*: 1.99%

FMDE

• 1D: -0.18%
• 1M: 1.08%
• YTD: 8.21%
• 6M: 8.53%
• 1Y: 17.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EMLC vs. FMDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	-0.23%	18.81%	-2.97%	2.06%
FMDE Fidelity Enhanced Mid Cap ETF	8.21%	12.19%	21.76%	8.91%

Correlation

The correlation between EMLC and FMDE is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.38

The correlation between EMLC and FMDE shifts across timeframes, from 0.38 (all time) to 0.50 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EMLC vs. FMDE — Risk / Return Rank

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

EMLC

EMLC Risk / Return Rank: 33
EMLC Sharpe Ratio Rank: 35
EMLC Sortino Ratio Rank: 33
EMLC Omega Ratio Rank: 37
EMLC Calmar Ratio Rank: 28
EMLC Martin Ratio Rank: 32

FMDE

FMDE Risk / Return Rank: 45
FMDE Sharpe Ratio Rank: 41
FMDE Sortino Ratio Rank: 41
FMDE Omega Ratio Rank: 39
FMDE Calmar Ratio Rank: 48
FMDE Martin Ratio Rank: 54

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.

EMLC vs. FMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) and Fidelity Enhanced Mid Cap ETF (FMDE). 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.

	EMLC	FMDE	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.31	-0.17
Sortino ratio: Return per unit of downside risk	1.60	1.89	-0.29
Omega ratio: Gain probability vs. loss probability	1.22	1.23	-0.01
Calmar ratio: Return relative to maximum drawdown	1.28	2.15	-0.87
Martin ratio: Return relative to average drawdown	4.34	8.49	-4.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMLC vs. FMDE - Sharpe Ratio Comparison

The current EMLC Sharpe Ratio is 1.14, which is comparable to the FMDE Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of EMLC and FMDE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EMLC	FMDE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	1.31	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	1.28	-1.18

Drawdowns

EMLC vs. FMDE - Drawdown Comparison

The maximum EMLC drawdown since its inception was -32.43%, which is greater than FMDE's maximum drawdown of -21.10%. Use the drawdown chart below to compare losses from any high point for EMLC and FMDE.

Drawdown Indicators

	EMLC	FMDE	Difference
Max Drawdown Largest peak-to-trough decline	-32.43%	-21.10%	-11.33%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	-8.33%	+2.14%
Max Drawdown (3Y) Largest decline over 3 years	-9.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.26%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-26.47%	—	—
Current Drawdown Current decline from peak	-5.38%	-2.19%	-3.19%
Average Drawdown Average peak-to-trough decline	-14.36%	-2.64%	-11.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	2.11%	-0.29%

Volatility

EMLC vs. FMDE - Volatility Comparison

The current volatility for VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) is 2.20%, while Fidelity Enhanced Mid Cap ETF (FMDE) has a volatility of 3.52%. This indicates that EMLC experiences smaller price fluctuations and is considered to be less risky than FMDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMLC	FMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.20%	3.52%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	6.08%	10.03%	-3.95%
Volatility (1Y) Calculated over the trailing 1-year period	7.00%	13.75%	-6.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.13%	16.15%	-7.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.05%	16.15%	-6.10%

EMLC vs. FMDE - Expense Ratio Comparison

EMLC has a 0.30% expense ratio, which is higher than FMDE's 0.23% expense ratio.

Dividends

EMLC vs. FMDE - Dividend Comparison

EMLC's dividend yield for the trailing twelve months is around 6.26%, more than FMDE's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	6.26%	5.91%	6.55%	5.97%	5.54%	5.25%	4.90%	6.25%	6.50%	5.34%	5.32%	6.25%
FMDE Fidelity Enhanced Mid Cap ETF	1.13%	1.23%	1.11%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMLC and FMDE in my portfolio?

EMLC and FMDE have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMLC or FMDE?

FMDE has higher volatility (3.52%) compared to EMLC (2.20%). In terms of maximum drawdown, EMLC dropped -32.43% vs FMDE's -21.10%.

Which ETF is better, EMLC or FMDE?

On 1-year performance, FMDE leads with 17.86% vs 7.90% for EMLC. On fees, FMDE is cheaper at 0.23% per year. On volatility, EMLC has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMLC or FMDE?

Over the 1-year period, FMDE has performed better with a 17.86% return vs 7.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMLC or FMDE?

FMDE is cheaper with a 0.23% expense ratio, compared with 0.30% for EMLC.

Which ETF pays a higher dividend yield, EMLC or FMDE?

EMLC has the higher dividend yield at 6.26%, compared with 1.13% for FMDE.

What is the main difference between EMLC and FMDE?

EMLC is categorized as Emerging Markets Bonds, while FMDE is Mid Cap Blend Equities. They also come from different issuers: VanEck and Fidelity. Their fees differ too: 0.30% for EMLC and 0.23% for FMDE.

Which has better risk-adjusted returns?

FMDE currently has the higher Sharpe Ratio (1.31 vs 1.14), 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.