FDEM vs. FETH

Last updated Aug 4, 2026

FDEM (Fidelity Emerging Markets Multifactor ETF) and FETH (Fidelity Ethereum Fund) are both exchange-traded funds - FDEM is a Emerging Markets Equities fund tracking the Fidelity Emerging Markets Multifactor Index, while FETH is a Cryptocurrency fund tracking the Fidelity Ethereum Reference Rate Index. Both are passively managed. Over the past year, FDEM returned 28.90% vs -46.78% for FETH. Their 0.43 correlation means their historical movements had little consistent relationship. Both charge a 0.25% expense ratio.

Performance

FDEM vs. FETH - Performance Comparison

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

Returns By Period

In the year-to-date period, FDEM achieves a 15.13% return, which is significantly higher than FETH's -37.15% return.

FDEM

• 1D: 0.53%
• 1M: -0.76%
• 6M: 6.76%
• YTD: 15.13%
• 1Y: 28.90%
• 3Y*: 19.52%
• 5Y*: 9.21%
• 10Y*: —
• ALL TIME*: 8.26%

FETH

• 1D: 0.16%
• 1M: 9.86%
• 6M: -19.58%
• YTD: -37.15%
• 1Y: -46.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.81%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FDEM Fidelity Emerging Markets Multifactor ETF	$2.85M	$2.66M	$4.45M
FETH Fidelity Ethereum Fund	$29.41M	$29.69M	$35.01M

FDEM vs. FETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FDEM Fidelity Emerging Markets Multifactor ETF	15.13%	26.75%	-1.04%
FETH Fidelity Ethereum Fund	-37.15%	-11.37%	-4.68%

Correlation

The correlation between FDEM and FETH is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.43

Return for Risk

FDEM vs. FETH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FDEM

FDEM Risk / Return Rank: 57
FDEM Sharpe Ratio Rank: 55
FDEM Sortino Ratio Rank: 52
FDEM Omega Ratio Rank: 58
FDEM Calmar Ratio Rank: 63
FDEM Martin Ratio Rank: 57

FETH

FETH Risk / Return Rank: 4
FETH Sharpe Ratio Rank: 3
FETH Sortino Ratio Rank: 4
FETH Omega Ratio Rank: 4
FETH Calmar Ratio Rank: 4
FETH Martin Ratio Rank: 5

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FDEM vs. FETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Multifactor ETF (FDEM) and Fidelity Ethereum Fund (FETH). 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	FETH	Difference
Sharpe ratio: Return per unit of total volatility	1.38	-0.70	+2.08
Sortino ratio: Return per unit of downside risk	1.88	-0.85	+2.73
Omega ratio: Gain probability vs. loss probability	1.26	0.91	+0.36
Calmar ratio: Return relative to maximum drawdown	2.29	-0.69	+2.98
Martin ratio: Return relative to average drawdown	7.02	-1.03	+8.05

FDEM vs. FETH - Sharpe Ratio Comparison

The current FDEM Sharpe Ratio is 1.38, which is higher than the FETH Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of FDEM and FETH, 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. FETH - Drawdown Comparison

The maximum FDEM drawdown since its inception was -33.65%, smaller than the maximum FETH drawdown of -67.94%. Use the drawdown chart below to compare losses from any high point for FDEM and FETH.

Drawdown Indicators

	FDEM	FETH	Difference
Max Drawdown Largest peak-to-trough decline	-33.65%	-67.94%	+34.29%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-67.94%	+55.24%
Max Drawdown (3Y) Largest decline over 3 years	-16.04%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.82%	—	—
Current Drawdown Current decline from peak	-7.46%	-61.55%	+54.09%
Average Drawdown Average peak-to-trough decline	-8.77%	-35.30%	+26.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	45.61%	-41.48%

Volatility

FDEM vs. FETH - Volatility Comparison

The current volatility for Fidelity Emerging Markets Multifactor ETF (FDEM) is 7.52%, while Fidelity Ethereum Fund (FETH) has a volatility of 12.28%. This indicates that FDEM experiences smaller price fluctuations and is considered to be less risky than FETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDEM	FETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.52%	12.28%	-4.76%
Volatility (6M) Calculated over the trailing 6-month period	19.18%	45.60%	-26.42%
Volatility (1Y) Calculated over the trailing 1-year period	21.15%	67.10%	-45.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	71.16%	-54.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.32%	71.16%	-52.84%

FDEM vs. FETH - Expense Ratio Comparison

Both FDEM and FETH have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FDEM vs. FETH - Dividend Comparison

FDEM's dividend yield for the trailing twelve months is around 3.04%, while FETH has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FDEM Fidelity Emerging Markets Multifactor ETF	3.04%	3.23%	4.05%	4.41%	3.95%	2.71%	1.84%	2.39%
FETH Fidelity Ethereum Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDEM and FETH in my portfolio?

FDEM and FETH have a correlation of 0.49, 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 FETH?

FETH has higher volatility (12.28%) compared to FDEM (7.52%). In terms of maximum drawdown, FDEM dropped -33.65% vs FETH's -67.94%.

Which ETF is better, FDEM or FETH?

On 1-year performance, FDEM leads with 28.90% vs -46.78% for FETH. Both ETFs have the same 0.25% expense ratio. On volatility, FDEM has been the lower-risk option at 7.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDEM or FETH?

Over the 1-year period, FDEM has performed better with a 28.90% return vs -46.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDEM or FETH?

FDEM and FETH have the same expense ratio: 0.25% per year.

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

FDEM has the higher dividend yield at 3.04%, compared with 0.00% for FETH.

What is the main difference between FDEM and FETH?

FDEM is categorized as Emerging Markets Equities, while FETH is Cryptocurrency. FDEM tracks Fidelity Emerging Markets Multifactor Index, while FETH tracks Fidelity Ethereum Reference Rate Index.

Which has better risk-adjusted returns?

FDEM currently has the higher Sharpe Ratio (1.38 vs -0.70), 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.