EMRD.L vs. FEM.L

Last updated Jul 16, 2026

EMRD.L (State Street SPDR MSCI Emerging Markets UCITS ETF USD (Acc)) and FEM.L (First Trust Emerging Markets AlphaDEX UCITS ETF Acc) are both Emerging Markets Equities funds - EMRD.L tracks the MSCI Emerging Markets Index while FEM.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 10 years, EMRD.L returned 8.95%/yr vs 8.28%/yr for FEM.L. A 0.79 correlation means they provide meaningful diversification when combined. EMRD.L charges 0.18%/yr vs 0.80%/yr for FEM.L.

Performance

EMRD.L vs. FEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR MSCI Emerging Markets UCITS ETF USD (Acc) (EMRD.L) and First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EMRD.L is traded in USD, while FEM.L is traded in GBp. To make them comparable, the FEM.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EMRD.L achieves a 18.51% return, which is significantly higher than FEM.L's 16.76% return. Over the past 10 years, EMRD.L has outperformed FEM.L with an annualized return of 8.95%, while FEM.L has yielded a comparatively lower 8.28% annualized return.

EMRD.L

• 1D: -1.32%
• 1M: -7.35%
• 6M: 12.75%
• YTD: 18.51%
• 1Y: 35.69%
• 3Y*: 20.23%
• 5Y*: 6.85%
• 10Y*: 8.95%

FEM.L

• 1D: 1.02%
• 1M: -1.96%
• 6M: 10.64%
• YTD: 16.76%
• 1Y: 32.41%
• 3Y*: 16.33%
• 5Y*: 7.27%
• 10Y*: 8.28%

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

EMRD.L vs. FEM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMRD.L State Street SPDR MSCI Emerging Markets UCITS ETF USD (Acc)	18.51%	34.18%	7.65%	9.74%	-20.67%	-2.26%	17.96%	17.38%	-14.07%	36.47%
FEM.L First Trust Emerging Markets AlphaDEX UCITS ETF Acc	16.76%	27.40%	3.37%	9.71%	-14.08%	7.73%	-1.00%	19.72%	-16.32%	39.74%

Correlation

The correlation between EMRD.L and FEM.L is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Apr 9, 2013	0.79

The correlation between EMRD.L and FEM.L has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

Return for Risk

EMRD.L vs. FEM.L — Risk / Return Rank

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

EMRD.L

EMRD.L Risk / Return Rank: 61
EMRD.L Sharpe Ratio Rank: 59
EMRD.L Sortino Ratio Rank: 56
EMRD.L Omega Ratio Rank: 60
EMRD.L Calmar Ratio Rank: 70
EMRD.L Martin Ratio Rank: 61

FEM.L

FEM.L Risk / Return Rank: 74
FEM.L Sharpe Ratio Rank: 70
FEM.L Sortino Ratio Rank: 65
FEM.L Omega Ratio Rank: 67
FEM.L Calmar Ratio Rank: 90
FEM.L Martin Ratio Rank: 80

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.

EMRD.L vs. FEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR MSCI Emerging Markets UCITS ETF USD (Acc) (EMRD.L) and First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L). 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.

	EMRD.L	FEM.L	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.76	-0.15
Sortino ratio: Return per unit of downside risk	2.20	2.32	-0.12
Omega ratio: Gain probability vs. loss probability	1.30	1.31	-0.01
Calmar ratio: Return relative to maximum drawdown	2.84	3.96	-1.13
Martin ratio: Return relative to average drawdown	8.72	10.54	-1.81

EMRD.L vs. FEM.L - Sharpe Ratio Comparison

The current EMRD.L Sharpe Ratio is 1.60, which is comparable to the FEM.L Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of EMRD.L and FEM.L, 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

EMRD.L vs. FEM.L - Drawdown Comparison

The maximum EMRD.L drawdown since its inception was -39.82%, smaller than the maximum FEM.L drawdown of -56.43%. Use the drawdown chart below to compare losses from any high point for EMRD.L and FEM.L.

Drawdown Indicators

	EMRD.L	FEM.L	Difference
Max Drawdown Largest peak-to-trough decline	-39.82%	-56.43%	+16.61%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-8.14%	-4.29%
Max Drawdown (3Y) Largest decline over 3 years	-16.71%	-17.77%	+1.06%
Max Drawdown (5Y) Largest decline over 5 years	-35.03%	-31.03%	-4.00%
Max Drawdown (10Y) Largest decline over 10 years	-39.82%	-45.92%	+6.10%
Current Drawdown Current decline from peak	-9.35%	-4.46%	-4.89%
Average Drawdown Average peak-to-trough decline	-14.50%	-25.57%	+11.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.05%	3.07%	+0.98%

Volatility

EMRD.L vs. FEM.L - Volatility Comparison

State Street SPDR MSCI Emerging Markets UCITS ETF USD (Acc) (EMRD.L) has a higher volatility of 9.23% compared to First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L) at 6.66%. This indicates that EMRD.L's price experiences larger fluctuations and is considered to be riskier than FEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMRD.L	FEM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.23%	6.66%	+2.57%
Volatility (6M) Calculated over the trailing 6-month period	19.85%	15.11%	+4.74%
Volatility (1Y) Calculated over the trailing 1-year period	21.97%	18.38%	+3.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.31%	18.58%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.65%	19.96%	-0.31%

EMRD.L vs. FEM.L - Expense Ratio Comparison

EMRD.L has a 0.18% expense ratio, which is lower than FEM.L's 0.80% expense ratio.

Dividends

EMRD.L vs. FEM.L - Dividend Comparison

Neither EMRD.L nor FEM.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EMRD.L and FEM.L in my portfolio?

EMRD.L and FEM.L have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EMRD.L or FEM.L?

On fees, EMRD.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EMRD.L or FEM.L?

EMRD.L is cheaper with a 0.18% expense ratio, compared with 0.80% for FEM.L.

What is the main difference between EMRD.L and FEM.L?

EMRD.L tracks MSCI Emerging Markets Index, while FEM.L tracks MSCI EM NR USD. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.18% for EMRD.L and 0.80% for FEM.L.