EMXC vs. FCPGX
EMXC (iShares MSCI Emerging Markets ex China ETF) and FCPGX (Fidelity Small Cap Growth Fund) are both funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while FCPGX is a Small Cap Growth Equities fund managed by Fidelity. Over the past 5 years, EMXC returned 12.14%/yr vs 7.60%/yr for FCPGX. A 0.61 correlation means they provide meaningful diversification when combined. EMXC charges 0.49%/yr vs 1.00%/yr for FCPGX.
Performance
EMXC vs. FCPGX - Performance Comparison
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Returns By Period
In the year-to-date period, EMXC achieves a 37.25% return, which is significantly higher than FCPGX's 18.99% return.
EMXC
- 1D
- 0.55%
- 1M
- 6.57%
- YTD
- 37.25%
- 6M
- 42.23%
- 1Y
- 67.80%
- 3Y*
- 26.47%
- 5Y*
- 12.14%
- 10Y*
- —
FCPGX
- 1D
- 4.26%
- 1M
- 3.64%
- YTD
- 18.99%
- 6M
- 16.17%
- 1Y
- 39.09%
- 3Y*
- 20.10%
- 5Y*
- 7.60%
- 10Y*
- 14.97%
EMXC vs. FCPGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 37.25% | 35.14% | 2.68% | 18.96% | -19.56% | 8.54% | 12.76% | 15.80% | -12.96% | 7.16% |
FCPGX Fidelity Small Cap Growth Fund | 18.99% | 11.20% | 20.56% | 19.02% | -25.34% | 10.50% | 36.41% | 36.31% | -4.57% | 9.98% |
Correlation
The correlation between EMXC and FCPGX is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017 | 0.61 |
The correlation between EMXC and FCPGX has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.
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Return for Risk
EMXC vs. FCPGX — Risk / Return Rank
EMXC
FCPGX
EMXC vs. FCPGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China ETF (EMXC) and Fidelity Small Cap Growth Fund (FCPGX). 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.
| EMXC | FCPGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.28 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 4.55 | 2.80 | +1.75 |
| Martin ratioReturn relative to average drawdown | 17.51 | 11.15 | +6.36 |
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Drawdowns
EMXC vs. FCPGX - Drawdown Comparison
The maximum EMXC drawdown since its inception was -42.81%, smaller than the maximum FCPGX drawdown of -59.11%. Use the drawdown chart below to compare losses from any high point for EMXC and FCPGX.
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Drawdown Indicators
| EMXC | FCPGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.81% | -59.11% | +16.30% |
Max Drawdown (1Y)Largest decline over 1 year | -14.41% | -13.12% | -1.29% |
Max Drawdown (3Y)Largest decline over 3 years | -19.12% | -28.69% | +9.57% |
Max Drawdown (5Y)Largest decline over 5 years | -28.91% | -39.04% | +10.13% |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.04% | — |
Current DrawdownCurrent decline from peak | -4.12% | -0.19% | -3.93% |
Average DrawdownAverage peak-to-trough decline | -10.17% | -10.69% | +0.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.74% | 3.29% | +0.45% |
Volatility
EMXC vs. FCPGX - Volatility Comparison
iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 12.83% compared to Fidelity Small Cap Growth Fund (FCPGX) at 8.73%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than FCPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMXC | FCPGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.83% | 8.73% | +4.10% |
Volatility (6M)Calculated over the trailing 6-month period | 21.90% | 17.37% | +4.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.90% | 22.11% | +1.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.00% | 23.65% | -5.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.07% | 22.92% | -2.85% |
EMXC vs. FCPGX - Expense Ratio Comparison
EMXC has a 0.49% expense ratio, which is lower than FCPGX's 1.00% expense ratio.
Dividends
EMXC vs. FCPGX - Dividend Comparison
EMXC's dividend yield for the trailing twelve months is around 2.05%, less than FCPGX's 5.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 2.05% | 2.82% | 2.69% | 1.83% | 2.85% | 1.78% | 1.45% | 3.25% | 2.63% | 0.99% | 0.00% | 0.00% |
FCPGX Fidelity Small Cap Growth Fund | 5.37% | 6.38% | 1.37% | 0.00% | 0.00% | 19.27% | 8.19% | 5.31% | 14.35% | 6.88% | 1.53% | 4.32% |
Frequently Asked Questions
EMXC and FCPGX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMXC has higher volatility (12.83%) compared to FCPGX (8.73%). In terms of maximum drawdown, EMXC dropped -42.81% vs FCPGX's -59.11%.
EMXC currently has the higher Sharpe Ratio (2.74 vs 1.66), 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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