FCPGX vs. EMXC
FCPGX (Fidelity Small Cap Growth Fund) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both funds - FCPGX is a Small Cap Growth Equities fund managed by Fidelity, while EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index. Over the past 5 years, FCPGX returned 7.60%/yr vs 12.14%/yr for EMXC. A 0.61 correlation means they provide meaningful diversification when combined. FCPGX charges 1.00%/yr vs 0.49%/yr for EMXC.
Performance
FCPGX vs. EMXC - Performance Comparison
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Returns By Period
In the year-to-date period, FCPGX achieves a 18.99% return, which is significantly lower than EMXC's 37.25% return.
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
- 1D
- 0.55%
- 1M
- 6.57%
- YTD
- 37.25%
- 6M
- 42.23%
- 1Y
- 67.80%
- 3Y*
- 26.47%
- 5Y*
- 12.14%
- 10Y*
- —
FCPGX vs. EMXC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
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% |
Correlation
The correlation between FCPGX and EMXC 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 FCPGX and EMXC has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.
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Return for Risk
FCPGX vs. EMXC — Risk / Return Rank
FCPGX
EMXC
FCPGX vs. EMXC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Small Cap Growth Fund (FCPGX) and iShares MSCI Emerging Markets ex China ETF (EMXC). 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.
| FCPGX | EMXC | 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 | 1.28 | 1.50 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.80 | 4.55 | -1.75 |
| Martin ratioReturn relative to average drawdown | 11.15 | 17.51 | -6.36 |
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Drawdowns
FCPGX vs. EMXC - Drawdown Comparison
The maximum FCPGX drawdown since its inception was -59.11%, which is greater than EMXC's maximum drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for FCPGX and EMXC.
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Drawdown Indicators
| FCPGX | EMXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.11% | -42.81% | -16.30% |
Max Drawdown (1Y)Largest decline over 1 year | -13.12% | -14.41% | +1.29% |
Max Drawdown (3Y)Largest decline over 3 years | -28.69% | -19.12% | -9.57% |
Max Drawdown (5Y)Largest decline over 5 years | -39.04% | -28.91% | -10.13% |
Max Drawdown (10Y)Largest decline over 10 years | -39.04% | — | — |
Current DrawdownCurrent decline from peak | -0.19% | -4.12% | +3.93% |
Average DrawdownAverage peak-to-trough decline | -10.69% | -10.17% | -0.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.29% | 3.74% | -0.45% |
Volatility
FCPGX vs. EMXC - Volatility Comparison
The current volatility for Fidelity Small Cap Growth Fund (FCPGX) is 8.73%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 12.83%. This indicates that FCPGX experiences smaller price fluctuations and is considered to be less risky than EMXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCPGX | EMXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.73% | 12.83% | -4.10% |
Volatility (6M)Calculated over the trailing 6-month period | 17.37% | 21.90% | -4.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.11% | 23.90% | -1.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.65% | 18.00% | +5.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.92% | 20.07% | +2.85% |
FCPGX vs. EMXC - Expense Ratio Comparison
FCPGX has a 1.00% expense ratio, which is higher than EMXC's 0.49% expense ratio.
Dividends
FCPGX vs. EMXC - Dividend Comparison
FCPGX's dividend yield for the trailing twelve months is around 5.37%, more than EMXC's 2.05% 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
FCPGX and EMXC 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, FCPGX dropped -59.11% vs EMXC's -42.81%.
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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