FDEM vs. WELL

Last updated Jul 21, 2026

FDEM (Fidelity Emerging Markets Multifactor ETF) is Emerging Markets Equities fund tracking the Fidelity Targeted Emerging Markets Factor Index, while WELL (Welltower Inc.) is a stock. Over the past 5 years, FDEM returned 8.74%/yr vs 25.77%/yr for WELL. At a 0.21 correlation, their price movements are largely independent.

Performance

FDEM vs. WELL - Performance Comparison

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

Returns By Period

In the year-to-date period, FDEM achieves a 13.57% return, which is significantly lower than WELL's 32.83% return.

FDEM

• 1D: 0.41%
• 1M: -8.24%
• 6M: 8.24%
• YTD: 13.57%
• 1Y: 25.06%
• 3Y*: 19.37%
• 5Y*: 8.74%
• 10Y*: —
• ALL TIME*: 8.11%

WELL

• 1D: 0.65%
• 1M: 18.48%
• 6M: 28.83%
• YTD: 32.83%
• 1Y: 56.31%
• 3Y*: 46.82%
• 5Y*: 25.77%
• 10Y*: 16.15%
• ALL TIME*: 17.22%

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

FDEM vs. WELL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FDEM Fidelity Emerging Markets Multifactor ETF	13.57%	26.75%	9.34%	17.26%	-13.11%	-3.52%	8.87%	5.60%
WELL Welltower Inc.	32.83%	49.86%	43.07%	41.79%	-21.18%	36.98%	-17.19%	13.25%

Correlation

The correlation between FDEM and WELL is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.21

The correlation between FDEM and WELL shifts across timeframes, from -0.06 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FDEM vs. WELL — Risk / Return Rank

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

FDEM

FDEM Risk / Return Rank: 48
FDEM Sharpe Ratio Rank: 46
FDEM Sortino Ratio Rank: 42
FDEM Omega Ratio Rank: 48
FDEM Calmar Ratio Rank: 52
FDEM Martin Ratio Rank: 53

WELL

WELL Risk / Return Rank: 93
WELL Sharpe Ratio Rank: 95
WELL Sortino Ratio Rank: 94
WELL Omega Ratio Rank: 93
WELL Calmar Ratio Rank: 93
WELL Martin Ratio Rank: 92

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. WELL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Multifactor ETF (FDEM) and Welltower Inc. (WELL). 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	WELL	Difference
Sharpe ratio: Return per unit of total volatility	1.22	2.52	-1.29
Sortino ratio: Return per unit of downside risk	1.69	3.22	-1.54
Omega ratio: Gain probability vs. loss probability	1.24	1.42	-0.18
Calmar ratio: Return relative to maximum drawdown	1.98	4.49	-2.50
Martin ratio: Return relative to average drawdown	6.64	10.95	-4.30

FDEM vs. WELL - Sharpe Ratio Comparison

The current FDEM Sharpe Ratio is 1.22, which is lower than the WELL Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of FDEM and WELL, 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. WELL - Drawdown Comparison

The maximum FDEM drawdown since its inception was -33.65%, smaller than the maximum WELL drawdown of -63.33%. Use the drawdown chart below to compare losses from any high point for FDEM and WELL.

Drawdown Indicators

	FDEM	WELL	Difference
Max Drawdown Largest peak-to-trough decline	-33.65%	-63.33%	+29.68%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-12.61%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-16.04%	-12.99%	-3.05%
Max Drawdown (5Y) Largest decline over 5 years	-25.82%	-40.78%	+14.96%
Max Drawdown (10Y) Largest decline over 10 years	—	-63.33%	—
Current Drawdown Current decline from peak	-8.71%	0.00%	-8.71%
Average Drawdown Average peak-to-trough decline	-8.77%	-10.28%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	5.16%	-1.38%

Volatility

FDEM vs. WELL - Volatility Comparison

Fidelity Emerging Markets Multifactor ETF (FDEM) has a higher volatility of 8.51% compared to Welltower Inc. (WELL) at 6.53%. This indicates that FDEM's price experiences larger fluctuations and is considered to be riskier than WELL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDEM	WELL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.51%	6.53%	+1.98%
Volatility (6M) Calculated over the trailing 6-month period	18.81%	18.20%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	20.63%	22.52%	-1.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.87%	23.74%	-6.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.27%	31.98%	-13.71%

Dividends

FDEM vs. WELL - Dividend Comparison

FDEM's dividend yield for the trailing twelve months is around 3.08%, more than WELL's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDEM Fidelity Emerging Markets Multifactor ETF	3.08%	3.23%	4.05%	4.41%	3.95%	2.71%	1.84%	2.39%	0.00%	0.00%	0.00%	0.00%
WELL Welltower Inc.	1.21%	1.52%	2.03%	2.71%	3.72%	2.84%	4.18%	4.26%	5.01%	5.46%	5.14%	4.85%

Frequently Asked Questions

Can I hold both FDEM and WELL in my portfolio?

FDEM and WELL have a correlation of -0.06, 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 WELL?

FDEM has higher volatility (8.51%) compared to WELL (6.53%). In terms of maximum drawdown, FDEM dropped -33.65% vs WELL's -63.33%.

Which has better risk-adjusted returns?

WELL currently has the higher Sharpe Ratio (2.52 vs 1.22), 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.