FDEM vs. EVLU

Last updated Jun 25, 2026

FDEM (Fidelity Emerging Markets Multifactor ETF) and EVLU (iShares MSCI Emerging Markets Value Factor ETF) are both Emerging Markets Equities funds - FDEM tracks the Fidelity Targeted Emerging Markets Factor Index while EVLU tracks the MSCI Emerging Markets Value Factor Select Index (Net). Both are passively managed. Over the past year, FDEM returned 32.93% vs 55.54% for EVLU. Their correlation of 0.87 suggests significant overlap in exposure. FDEM charges 0.45%/yr vs 0.35%/yr for EVLU.

Performance

FDEM vs. EVLU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Markets Multifactor ETF (FDEM) and iShares MSCI Emerging Markets Value Factor ETF (EVLU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDEM achieves a 17.45% return, which is significantly lower than EVLU's 29.12% return.

FDEM

• 1D: -0.53%
• 1M: 0.76%
• YTD: 17.45%
• 6M: 18.22%
• 1Y: 32.93%
• 3Y*: 22.12%
• 5Y*: 8.61%
• 10Y*: —

EVLU

• 1D: 0.11%
• 1M: 3.22%
• YTD: 29.12%
• 6M: 29.73%
• 1Y: 55.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FDEM vs. EVLU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FDEM Fidelity Emerging Markets Multifactor ETF	17.45%	26.75%	0.13%
EVLU iShares MSCI Emerging Markets Value Factor ETF	29.12%	38.54%	1.21%

Correlation

The correlation between FDEM and EVLU is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.87

The correlation between FDEM and EVLU has been stable across timeframes, ranging from 0.87 to 0.87 - a consistent structural relationship.

Return for Risk

FDEM vs. EVLU — Risk / Return Rank

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

FDEM

FDEM Risk / Return Rank: 57
FDEM Sharpe Ratio Rank: 55
FDEM Sortino Ratio Rank: 50
FDEM Omega Ratio Rank: 58
FDEM Calmar Ratio Rank: 59
FDEM Martin Ratio Rank: 60

EVLU

EVLU Risk / Return Rank: 88
EVLU Sharpe Ratio Rank: 91
EVLU Sortino Ratio Rank: 88
EVLU Omega Ratio Rank: 89
EVLU Calmar Ratio Rank: 86
EVLU Martin Ratio Rank: 84

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.

FDEM vs. EVLU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Multifactor ETF (FDEM) and iShares MSCI Emerging Markets Value Factor ETF (EVLU). 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.

	FDEM	EVLU	Difference
Sharpe ratio: Return per unit of total volatility	1.68	2.79	-1.11
Sortino ratio: Return per unit of downside risk	2.21	3.54	-1.32
Omega ratio: Gain probability vs. loss probability	1.32	1.50	-0.18
Calmar ratio: Return relative to maximum drawdown	2.61	4.33	-1.72
Martin ratio: Return relative to average drawdown	9.70	15.09	-5.39

FDEM vs. EVLU - Sharpe Ratio Comparison

The current FDEM Sharpe Ratio is 1.68, which is lower than the EVLU Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of FDEM and EVLU, 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

FDEM vs. EVLU - Drawdown Comparison

The maximum FDEM drawdown since its inception was -33.65%, which is greater than EVLU's maximum drawdown of -17.17%. Use the drawdown chart below to compare losses from any high point for FDEM and EVLU.

Drawdown Indicators

	FDEM	EVLU	Difference
Max Drawdown Largest peak-to-trough decline	-33.65%	-17.17%	-16.48%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-12.90%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-16.04%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.47%	—	—
Current Drawdown Current decline from peak	-5.59%	-5.83%	+0.24%
Average Drawdown Average peak-to-trough decline	-8.79%	-3.53%	-5.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	3.69%	-0.29%

Volatility

FDEM vs. EVLU - Volatility Comparison

Fidelity Emerging Markets Multifactor ETF (FDEM) has a higher volatility of 11.29% compared to iShares MSCI Emerging Markets Value Factor ETF (EVLU) at 9.29%. This indicates that FDEM's price experiences larger fluctuations and is considered to be riskier than EVLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDEM	EVLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.29%	9.29%	+2.00%
Volatility (6M) Calculated over the trailing 6-month period	18.06%	17.62%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	19.86%	20.17%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.72%	20.34%	-3.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.22%	20.34%	-2.12%

FDEM vs. EVLU - Expense Ratio Comparison

FDEM has a 0.45% expense ratio, which is higher than EVLU's 0.35% expense ratio.

Dividends

FDEM vs. EVLU - Dividend Comparison

FDEM's dividend yield for the trailing twelve months is around 2.98%, less than EVLU's 3.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
EVLU iShares MSCI Emerging Markets Value Factor ETF	3.77%	5.20%	1.03%	0.00%	0.00%	0.00%	0.00%	0.00%
FDEM Fidelity Emerging Markets Multifactor ETF	2.98%	3.23%	4.05%	4.41%	3.95%	2.71%	1.84%	2.39%

Frequently Asked Questions

Can I hold both FDEM and EVLU in my portfolio?

FDEM and EVLU have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDEM or EVLU?

FDEM has higher volatility (11.29%) compared to EVLU (9.29%). In terms of maximum drawdown, FDEM dropped -33.65% vs EVLU's -17.17%.

Which ETF is better, FDEM or EVLU?

On 1-year performance, EVLU leads with 55.54% vs 32.93% for FDEM. On fees, EVLU is cheaper at 0.35% per year. On volatility, EVLU has been the lower-risk option at 9.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDEM or EVLU?

Over the 1-year period, EVLU has performed better with a 55.54% return vs 32.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDEM or EVLU?

EVLU is cheaper with a 0.35% expense ratio, compared with 0.45% for FDEM.

Which ETF pays a higher dividend yield, FDEM or EVLU?

EVLU has the higher dividend yield at 3.77%, compared with 2.98% for FDEM.

What is the main difference between FDEM and EVLU?

FDEM tracks Fidelity Targeted Emerging Markets Factor Index, while EVLU tracks MSCI Emerging Markets Value Factor Select Index (Net). They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.45% for FDEM and 0.35% for EVLU.

Which has better risk-adjusted returns?

EVLU currently has the higher Sharpe Ratio (2.79 vs 1.68), 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.