FDEM vs. FENI

Last updated Jun 24, 2026

FDEM (Fidelity Emerging Markets Multifactor ETF) and FENI (Fidelity Enhanced International ETF) are both exchange-traded funds - FDEM is a Emerging Markets Equities fund tracking the Fidelity Targeted Emerging Markets Factor Index, while FENI is a Foreign Large Cap Equities fund actively managed by Fidelity. FDEM is passively managed, while FENI is actively managed. Over the past year, FDEM returned 36.64% vs 26.92% for FENI. A 0.66 correlation means they provide meaningful diversification when combined. FDEM charges 0.45%/yr vs 0.28%/yr for FENI.

Performance

FDEM vs. FENI - Performance Comparison

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

Returns By Period

In the year-to-date period, FDEM achieves a 18.08% return, which is significantly higher than FENI's 10.12% return.

FDEM

• 1D: -5.08%
• 1M: 1.30%
• YTD: 18.08%
• 6M: 19.00%
• 1Y: 36.64%
• 3Y*: 22.34%
• 5Y*: 8.86%
• 10Y*: —

FENI

• 1D: -2.12%
• 1M: 0.07%
• YTD: 10.12%
• 6M: 9.52%
• 1Y: 26.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FDEM vs. FENI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FDEM Fidelity Emerging Markets Multifactor ETF	18.08%	26.75%	9.34%	5.34%
FENI Fidelity Enhanced International ETF	10.12%	37.27%	6.95%	5.75%

Correlation

The correlation between FDEM and FENI is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.66

The correlation between FDEM and FENI has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.

FDEM vs. FENI - Sectors Allocation Comparison

Sectors	FDEM	FENI
Technology	38.5%	13.5%
Financial Services	15.0%	24.2%
Consumer Cyclical	11.5%	7.4%
Communication Services	9.6%	3.7%
Energy	7.3%	4.5%
Consumer Defensive	6.5%	6.4%
Real Estate	4.6%	1.4%
Industrials	4.4%	22.4%
Basic Materials	2.7%	4.5%
Healthcare	-	8.3%
Utilities	-	3.8%

Return for Risk

FDEM vs. FENI — Risk / Return Rank

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

FDEM

FDEM Risk / Return Rank: 59
FDEM Sharpe Ratio Rank: 58
FDEM Sortino Ratio Rank: 52
FDEM Omega Ratio Rank: 62
FDEM Calmar Ratio Rank: 61
FDEM Martin Ratio Rank: 63

FENI

FENI Risk / Return Rank: 51
FENI Sharpe Ratio Rank: 50
FENI Sortino Ratio Rank: 50
FENI Omega Ratio Rank: 50
FENI Calmar Ratio Rank: 49
FENI Martin Ratio Rank: 53

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. FENI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Multifactor ETF (FDEM) and Fidelity Enhanced International ETF (FENI). 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	FENI	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.67	+0.18
Sortino ratio: Return per unit of downside risk	2.42	2.37	+0.05
Omega ratio: Gain probability vs. loss probability	1.35	1.30	+0.05
Calmar ratio: Return relative to maximum drawdown	2.90	2.35	+0.54
Martin ratio: Return relative to average drawdown	10.86	8.91	+1.95

FDEM vs. FENI - Sharpe Ratio Comparison

The current FDEM Sharpe Ratio is 1.85, which is comparable to the FENI Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of FDEM and FENI, 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. FENI - Drawdown Comparison

The maximum FDEM drawdown since its inception was -33.65%, which is greater than FENI's maximum drawdown of -14.20%. Use the drawdown chart below to compare losses from any high point for FDEM and FENI.

Drawdown Indicators

	FDEM	FENI	Difference
Max Drawdown Largest peak-to-trough decline	-33.65%	-14.20%	-19.45%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-11.49%	-1.21%
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	-5.09%	-2.12%	-2.97%
Average Drawdown Average peak-to-trough decline	-8.80%	-2.27%	-6.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	3.03%	+0.35%

Volatility

FDEM vs. FENI - Volatility Comparison

Fidelity Emerging Markets Multifactor ETF (FDEM) has a higher volatility of 11.27% compared to Fidelity Enhanced International ETF (FENI) at 5.65%. This indicates that FDEM's price experiences larger fluctuations and is considered to be riskier than FENI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDEM	FENI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.27%	5.65%	+5.62%
Volatility (6M) Calculated over the trailing 6-month period	18.06%	13.88%	+4.18%
Volatility (1Y) Calculated over the trailing 1-year period	19.86%	16.17%	+3.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.72%	15.79%	+0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.23%	15.79%	+2.44%

FDEM vs. FENI - Expense Ratio Comparison

FDEM has a 0.45% expense ratio, which is higher than FENI's 0.28% expense ratio.

Dividends

FDEM vs. FENI - Dividend Comparison

FDEM's dividend yield for the trailing twelve months is around 2.96%, which matches FENI's 2.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FDEM Fidelity Emerging Markets Multifactor ETF	2.96%	3.23%	4.05%	4.41%	3.95%	2.71%	1.84%	2.39%
FENI Fidelity Enhanced International ETF	2.97%	2.99%	3.02%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDEM and FENI in my portfolio?

FDEM and FENI have a correlation of 0.72, 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 FENI?

FDEM has higher volatility (11.27%) compared to FENI (5.65%). In terms of maximum drawdown, FDEM dropped -33.65% vs FENI's -14.20%.

Which ETF is better, FDEM or FENI?

On 1-year performance, FDEM leads with 36.64% vs 26.92% for FENI. On fees, FENI is cheaper at 0.28% per year. On volatility, FENI has been the lower-risk option at 5.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDEM or FENI?

Over the 1-year period, FDEM has performed better with a 36.64% return vs 26.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDEM or FENI?

FENI is cheaper with a 0.28% expense ratio, compared with 0.45% for FDEM.

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

FDEM and FENI have nearly identical dividend yields, around 2.96%.

What is the main difference between FDEM and FENI?

FDEM is categorized as Emerging Markets Equities, while FENI is Foreign Large Cap Equities. Their fees differ too: 0.45% for FDEM and 0.28% for FENI.

Which has better risk-adjusted returns?

FDEM currently has the higher Sharpe Ratio (1.85 vs 1.67), 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.