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EMV.L vs. FEMD.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMV.L vs. FEMD.L

Last updated Jun 5, 2026

EMV.L (iShares Edge MSCI EM Minimum Volatility UCITS ETF) and FEMD.L (Fidelity Emerging Markets Quality Income UCITS ETF) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from iShares and Fidelity respectively. Both are passively managed. Over the past 5 years, EMV.L returned 6.63%/yr vs 9.70%/yr for FEMD.L. Their correlation of 0.84 suggests significant overlap in exposure. EMV.L charges 0.40%/yr vs 0.50%/yr for FEMD.L.

Performance

EMV.L vs. FEMD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Edge MSCI EM Minimum Volatility UCITS ETF (EMV.L) and Fidelity Emerging Markets Quality Income UCITS ETF (FEMD.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

EMV.L is traded in GBp, while FEMD.L is traded in GBP. To make them comparable, the FEMD.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, EMV.L achieves a 17.59% return, which is significantly lower than FEMD.L's 35.14% return.

EMV.L

1D
-1.01%
1M
5.53%
YTD
17.59%
6M
17.45%
1Y
26.13%
3Y*
11.29%
5Y*
6.63%
10Y*
7.24%

FEMD.L

1D
-1.83%
1M
11.02%
YTD
35.14%
6M
35.25%
1Y
57.69%
3Y*
23.39%
5Y*
9.70%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMV.L vs. FEMD.L - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
EMV.L
iShares Edge MSCI EM Minimum Volatility UCITS ETF		17.59%5.04%10.84%1.45%-4.20%5.93%4.08%-4.03%
FEMD.L
Fidelity Emerging Markets Quality Income UCITS ETF		35.14%20.67%6.74%9.89%-15.51%6.86%9.56%2.24%

Correlation

The correlation between EMV.L and FEMD.L is 0.80, 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

0.80

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

0.75

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

0.80

Correlation (All Time)
Calculated using the full available price history since Sep 12, 2019

0.84

The correlation between EMV.L and FEMD.L has been stable across timeframes, ranging from 0.75 to 0.84 - a consistent structural relationship.

EMV.L vs. FEMD.L - Sectors Allocation Comparison

Sectors
EMV.L
FEMD.L

Technology

32.4%
49.5%

Financial Services

18.9%
16.6%

Communication Services

11.0%
2.3%

Consumer Defensive

6.9%
1.9%

Consumer Cyclical

6.7%
9.6%

Industrials

6.2%
7.1%

Healthcare

6.1%
1.8%

Utilities

4.7%
1.7%

Energy

3.6%
3.2%

Basic Materials

2.9%
5.2%

Real Estate

0.6%
1.2%

Technology

EMV.L
32.4%
FEMD.L
49.5%

Financial Services

EMV.L
18.9%
FEMD.L
16.6%

Communication Services

EMV.L
11.0%
FEMD.L
2.3%

Consumer Defensive

EMV.L
6.9%
FEMD.L
1.9%

Consumer Cyclical

EMV.L
6.7%
FEMD.L
9.6%

Industrials

EMV.L
6.2%
FEMD.L
7.1%

Healthcare

EMV.L
6.1%
FEMD.L
1.8%

Utilities

EMV.L
4.7%
FEMD.L
1.7%

Energy

EMV.L
3.6%
FEMD.L
3.2%

Basic Materials

EMV.L
2.9%
FEMD.L
5.2%

Real Estate

EMV.L
0.6%
FEMD.L
1.2%

Compare stocks, funds, or ETFs

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iShares Edge MSCI EM Minimum Volatility UCITS ETF

Fidelity Emerging Markets Quality Income UCITS ETF

Often compared with EMV.L:
EMV.L vs. CEA1.LEMV.L vs. EMIM.LEMV.L vs. NDIA.LEMV.L vs. XDEQ.LEMV.L vs. FEMQ.LEMV.L vs. ZEM.TOEMV.L vs. MXFP.L
Often compared with FEMD.L:
FEMD.L vs. VYMFEMD.L vs. FSMG.LFEMD.L vs. HEMC.LFEMD.L vs. FEMQ.LFEMD.L vs. E127.LFEMD.L vs. FSMP.LFEMD.L vs. FEM.L

Return for Risk

EMV.L vs. FEMD.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMV.L
EMV.L Risk / Return Rank: 6969
Overall Rank
EMV.L Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
EMV.L Sortino Ratio Rank: 7171
Sortino Ratio Rank
EMV.L Omega Ratio Rank: 7474
Omega Ratio Rank
EMV.L Calmar Ratio Rank: 6767
Calmar Ratio Rank
EMV.L Martin Ratio Rank: 6262
Martin Ratio Rank
FEMD.L
FEMD.L Risk / Return Rank: 9393
Overall Rank
FEMD.L Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
FEMD.L Sortino Ratio Rank: 9494
Sortino Ratio Rank
FEMD.L Omega Ratio Rank: 9494
Omega Ratio Rank
FEMD.L Calmar Ratio Rank: 9393
Calmar Ratio Rank
FEMD.L Martin Ratio Rank: 9191
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.

EMV.L vs. FEMD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI EM Minimum Volatility UCITS ETF (EMV.L) and Fidelity Emerging Markets Quality Income UCITS ETF (FEMD.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.

EMV.LFEMD.LDifference
Sharpe ratioReturn per unit of total volatility
2.29
3.55

-1.26

Sortino ratioReturn per unit of downside risk
3.17
4.89

-1.72

Omega ratioGain probability vs. loss probability

1.43

1.66

-0.23

Calmar ratioReturn relative to maximum drawdown

3.28

6.42

-3.13

Martin ratioReturn relative to average drawdown

11.15

21.27

-10.12

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMV.L vs. FEMD.L - Sharpe Ratio Comparison

The current EMV.L Sharpe Ratio is 2.29, which is lower than the FEMD.L Sharpe Ratio of 3.55. The chart below compares the historical Sharpe Ratios of EMV.L and FEMD.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.

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Sharpe Ratios by Period

EMV.LFEMD.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.29

3.55

-1.26

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.61

0.64

-0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.41

0.58

-0.18

Drawdowns

EMV.L vs. FEMD.L - Drawdown Comparison

The maximum EMV.L drawdown since its inception was -28.68%, roughly equal to the maximum FEMD.L drawdown of -27.55%. Use the drawdown chart below to compare losses from any high point for EMV.L and FEMD.L.

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Drawdown Indicators

EMV.LFEMD.LDifference

Max Drawdown

Largest peak-to-trough decline

-28.68%

-27.55%

-1.13%

Max Drawdown (1Y)

Largest decline over 1 year

-7.93%

-8.95%

+1.02%

Max Drawdown (3Y)

Largest decline over 3 years

-11.19%

-14.43%

+3.24%

Max Drawdown (5Y)

Largest decline over 5 years

-11.19%

-25.26%

+14.07%

Max Drawdown (10Y)

Largest decline over 10 years

-22.59%

—

—

Current Drawdown

Current decline from peak

-1.54%

-4.02%

+2.48%

Average Drawdown

Average peak-to-trough decline

-5.90%

-8.25%

+2.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.34%

2.70%

-0.36%

Volatility

EMV.L vs. FEMD.L - Volatility Comparison

The current volatility for iShares Edge MSCI EM Minimum Volatility UCITS ETF (EMV.L) is 4.60%, while Fidelity Emerging Markets Quality Income UCITS ETF (FEMD.L) has a volatility of 8.69%. This indicates that EMV.L experiences smaller price fluctuations and is considered to be less risky than FEMD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMV.LFEMD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.60%

8.69%

-4.09%

Volatility (6M)

Calculated over the trailing 6-month period

9.74%

13.99%

-4.25%

Volatility (1Y)

Calculated over the trailing 1-year period

11.37%

16.19%

-4.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.94%

15.06%

-4.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.28%

17.70%

-4.42%

EMV.L vs. FEMD.L - Expense Ratio Comparison

EMV.L has a 0.40% expense ratio, which is lower than FEMD.L's 0.50% expense ratio.

Dividends

EMV.L vs. FEMD.L - Dividend Comparison

EMV.L has not paid dividends to shareholders, while FEMD.L's dividend yield for the trailing twelve months is around 2.73%.

PositionTTM2025202420232022202120202019
EMV.L
iShares Edge MSCI EM Minimum Volatility UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
FEMD.L
Fidelity Emerging Markets Quality Income UCITS ETF		2.73%3.48%3.76%3.69%3.99%3.27%2.62%0.37%

Frequently Asked Questions

EMV.L and FEMD.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EMV.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EMV.L is cheaper with a 0.40% expense ratio, compared with 0.50% for FEMD.L.

Both ETFs track MSCI EM NR USD. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.40% for EMV.L and 0.50% for FEMD.L.

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