FDEM vs. VOO

Last updated Aug 4, 2026

FDEM (Fidelity Emerging Markets Multifactor ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - FDEM is a Emerging Markets Equities fund tracking the Fidelity Emerging Markets Multifactor Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, FDEM returned 9.21%/yr vs 13.12%/yr for VOO. Their 0.62 correlation means they have sometimes moved together and sometimes differently. FDEM charges 0.25%/yr vs 0.03%/yr for VOO.

Performance

FDEM vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Markets Multifactor ETF (FDEM) and Vanguard S&P 500 ETF (VOO). 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 VOO's 11.72% 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%

VOO

• 1D: 1.42%
• 1M: 1.69%
• 6M: 9.53%
• YTD: 11.72%
• 1Y: 23.30%
• 3Y*: 20.85%
• 5Y*: 13.12%
• 10Y*: 15.17%
• ALL TIME*: 14.88%

*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
VOO Vanguard S&P 500 ETF	$3.97B	$3.80B	$5.49B

FDEM vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FDEM Fidelity Emerging Markets Multifactor ETF	15.13%	26.75%	9.34%	17.26%	-13.11%	-3.52%	8.87%	5.60%
VOO Vanguard S&P 500 ETF	11.72%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	17.62%

Correlation

The correlation between FDEM and VOO is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.60
Correlation (5Y) Shows whether the relationship held over a longer period.	0.59
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.62

The correlation between FDEM and VOO shifts across timeframes, from 0.59 (5 years) to 0.72 (1 year), reflecting how their relationship changes across market environments.

FDEM vs. VOO - Sectors Allocation Comparison

Sectors	FDEM	VOO
Technology	39.5%	38.6%
Financial Services	15.8%	11.4%
Consumer Cyclical	10.7%	9.5%
Communication Services	9.4%	9.9%
Energy	6.7%	3.0%
Consumer Defensive	6.6%	4.5%
Real Estate	4.5%	1.8%
Industrials	4.3%	8.5%
Basic Materials	2.6%	1.7%
Utilities	0.0%	2.2%
Healthcare	-	8.9%

Return for Risk

FDEM vs. VOO — 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

VOO

VOO Risk / Return Rank: 78
VOO Sharpe Ratio Rank: 79
VOO Sortino Ratio Rank: 77
VOO Omega Ratio Rank: 78
VOO Calmar Ratio Rank: 74
VOO Martin Ratio Rank: 83

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Multifactor ETF (FDEM) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.83	-0.46
Sortino ratio: Return per unit of downside risk	1.88	2.53	-0.65
Omega ratio: Gain probability vs. loss probability	1.26	1.33	-0.07
Calmar ratio: Return relative to maximum drawdown	2.29	2.63	-0.34
Martin ratio: Return relative to average drawdown	7.02	11.23	-4.21

FDEM vs. VOO - Sharpe Ratio Comparison

The current FDEM Sharpe Ratio is 1.38, which is comparable to the VOO Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of FDEM and VOO, 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. VOO - Drawdown Comparison

The maximum FDEM drawdown since its inception was -33.65%, roughly equal to the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for FDEM and VOO.

Drawdown Indicators

	FDEM	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-33.65%	-33.99%	+0.34%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-8.90%	-3.80%
Max Drawdown (3Y) Largest decline over 3 years	-16.04%	-18.69%	+2.65%
Max Drawdown (5Y) Largest decline over 5 years	-25.82%	-24.52%	-1.30%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-7.46%	0.00%	-7.46%
Average Drawdown Average peak-to-trough decline	-8.77%	-3.67%	-5.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	2.08%	+2.05%

Volatility

FDEM vs. VOO - Volatility Comparison

Fidelity Emerging Markets Multifactor ETF (FDEM) has a higher volatility of 7.52% compared to Vanguard S&P 500 ETF (VOO) at 3.81%. This indicates that FDEM's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDEM	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.52%	3.81%	+3.71%
Volatility (6M) Calculated over the trailing 6-month period	19.18%	10.18%	+9.00%
Volatility (1Y) Calculated over the trailing 1-year period	21.15%	12.80%	+8.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	16.95%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.32%	18.02%	+0.30%

FDEM vs. VOO - Expense Ratio Comparison

FDEM has a 0.25% expense ratio, which is higher than VOO's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FDEM vs. VOO - Dividend Comparison

FDEM's dividend yield for the trailing twelve months is around 3.04%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDEM Fidelity Emerging Markets Multifactor ETF	3.04%	3.23%	4.05%	4.41%	3.95%	2.71%	1.84%	2.39%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both FDEM and VOO in my portfolio?

FDEM and VOO 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 VOO?

FDEM has higher volatility (7.52%) compared to VOO (3.81%). In terms of maximum drawdown, FDEM dropped -33.65% vs VOO's -33.99%.

Which ETF is better, FDEM or VOO?

On 5-year performance, VOO leads with 13.12% vs 9.21% for FDEM. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDEM or VOO?

Over the 5-year period, VOO has performed better with a 13.12% return vs 9.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDEM or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.25% for FDEM.

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

FDEM has the higher dividend yield at 3.04%, compared with 1.05% for VOO.

What is the main difference between FDEM and VOO?

FDEM is categorized as Emerging Markets Equities, while VOO is S&P 500. FDEM tracks Fidelity Emerging Markets Multifactor Index, while VOO tracks S&P 500 Index. They also come from different issuers: Fidelity and Vanguard. Their fees differ too: 0.25% for FDEM and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.83 vs 1.38), 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.