FDEM vs. FEMVX

Last updated Jun 4, 2026

FDEM (Fidelity Emerging Markets Multifactor ETF) and FEMVX (Fidelity SAI Emerging Markets Value Index Fund) are both funds - FDEM is a Emerging Markets Equities fund tracking the Fidelity Targeted Emerging Markets Factor Index, while FEMVX is a Emerging Markets Diversified fund managed by Fidelity. Over the past 5 years, FDEM returned 9.43%/yr vs 13.63%/yr for FEMVX. Their correlation of 0.87 suggests significant overlap in exposure. FDEM charges 0.45%/yr vs 0.22%/yr for FEMVX.

Performance

FDEM vs. FEMVX - Performance Comparison

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

Returns By Period

In the year-to-date period, FDEM achieves a 22.58% return, which is significantly lower than FEMVX's 37.35% return.

FDEM

• 1D: -1.46%
• 1M: 7.69%
• YTD: 22.58%
• 6M: 24.26%
• 1Y: 45.52%
• 3Y*: 23.79%
• 5Y*: 9.43%
• 10Y*: —

FEMVX

• 1D: 1.76%
• 1M: 14.17%
• YTD: 37.35%
• 6M: 41.22%
• 1Y: 70.43%
• 3Y*: 31.02%
• 5Y*: 13.63%
• 10Y*: —

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

FDEM vs. FEMVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FDEM Fidelity Emerging Markets Multifactor ETF	22.58%	26.75%	9.34%	17.26%	-13.11%	-3.52%	34.19%
FEMVX Fidelity SAI Emerging Markets Value Index Fund	37.35%	33.95%	11.68%	17.43%	-16.98%	6.02%	35.70%

Correlation

The correlation between FDEM and FEMVX 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 (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since May 13, 2020	0.87

The correlation between FDEM and FEMVX has been stable across timeframes, ranging from 0.85 to 0.87 - a consistent structural relationship.

Return for Risk

FDEM vs. FEMVX — Risk / Return Rank

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

FDEM

FDEM Risk / Return Rank: 76
FDEM Sharpe Ratio Rank: 80
FDEM Sortino Ratio Rank: 76
FDEM Omega Ratio Rank: 78
FDEM Calmar Ratio Rank: 71
FDEM Martin Ratio Rank: 74

FEMVX

FEMVX Risk / Return Rank: 96
FEMVX Sharpe Ratio Rank: 99
FEMVX Sortino Ratio Rank: 96
FEMVX Omega Ratio Rank: 95
FEMVX Calmar Ratio Rank: 95
FEMVX Martin Ratio Rank: 95

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. FEMVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Multifactor ETF (FDEM) and Fidelity SAI Emerging Markets Value Index Fund (FEMVX). 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.

	FDEM	FEMVX	Difference
Sharpe ratio: Return per unit of total volatility	2.63	4.20	-1.56
Sortino ratio: Return per unit of downside risk	3.46	5.20	-1.74
Omega ratio: Gain probability vs. loss probability	1.48	1.78	-0.30
Calmar ratio: Return relative to maximum drawdown	3.60	5.85	-2.25
Martin ratio: Return relative to average drawdown	14.12	23.12	-9.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDEM vs. FEMVX - Sharpe Ratio Comparison

The current FDEM Sharpe Ratio is 2.63, which is lower than the FEMVX Sharpe Ratio of 4.20. The chart below compares the historical Sharpe Ratios of FDEM and FEMVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FDEM	FEMVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	4.20	-1.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.87	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	1.20	-0.67

Drawdowns

FDEM vs. FEMVX - Drawdown Comparison

The maximum FDEM drawdown since its inception was -33.65%, which is greater than FEMVX's maximum drawdown of -30.54%. Use the drawdown chart below to compare losses from any high point for FDEM and FEMVX.

Drawdown Indicators

	FDEM	FEMVX	Difference
Max Drawdown Largest peak-to-trough decline	-33.65%	-30.54%	-3.11%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-12.20%	-0.50%
Max Drawdown (3Y) Largest decline over 3 years	-16.04%	-15.64%	-0.40%
Max Drawdown (5Y) Largest decline over 5 years	-29.02%	-30.54%	+1.52%
Current Drawdown Current decline from peak	-1.46%	0.00%	-1.46%
Average Drawdown Average peak-to-trough decline	-8.84%	-7.68%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	3.08%	+0.15%

Volatility

FDEM vs. FEMVX - Volatility Comparison

Fidelity Emerging Markets Multifactor ETF (FDEM) and Fidelity SAI Emerging Markets Value Index Fund (FEMVX) have volatilities of 7.26% and 7.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDEM	FEMVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.26%	7.21%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	15.03%	14.62%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	17.36%	17.02%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	15.75%	+0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.91%	16.01%	+1.90%

FDEM vs. FEMVX - Expense Ratio Comparison

FDEM has a 0.45% expense ratio, which is higher than FEMVX's 0.22% expense ratio.

Dividends

FDEM vs. FEMVX - Dividend Comparison

FDEM's dividend yield for the trailing twelve months is around 2.66%, less than FEMVX's 2.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FDEM Fidelity Emerging Markets Multifactor ETF	2.66%	3.23%	4.05%	4.41%	3.95%	2.71%	1.84%	2.39%
FEMVX Fidelity SAI Emerging Markets Value Index Fund	2.89%	3.97%	3.65%	4.73%	4.87%	5.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDEM and FEMVX in my portfolio?

FDEM and FEMVX 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 FEMVX?

FDEM has higher volatility (7.26%) compared to FEMVX (7.21%). In terms of maximum drawdown, FDEM dropped -33.65% vs FEMVX's -30.54%.

Which has better risk-adjusted returns?

FEMVX currently has the higher Sharpe Ratio (4.20 vs 2.63), 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.