FDIVX vs. FEMKX

Last updated Jun 3, 2026

FDIVX (Fidelity Diversified International Fund) and FEMKX (Fidelity Emerging Markets) are both mutual funds - FDIVX is a Foreign Large Cap Equities fund managed by Fidelity, while FEMKX is a Emerging Markets Equities fund managed by Fidelity. Over the past 10 years, FDIVX returned 9.22%/yr vs 12.18%/yr for FEMKX. A 0.73 correlation means they provide meaningful diversification when combined. FDIVX charges 1.01%/yr vs 0.88%/yr for FEMKX.

Performance

FDIVX vs. FEMKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Diversified International Fund (FDIVX) and Fidelity Emerging Markets (FEMKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDIVX achieves a 10.92% return, which is significantly lower than FEMKX's 26.09% return. Over the past 10 years, FDIVX has underperformed FEMKX with an annualized return of 9.22%, while FEMKX has yielded a comparatively higher 12.18% annualized return.

FDIVX

• 1D: -0.33%
• 1M: 3.69%
• YTD: 10.92%
• 6M: 14.30%
• 1Y: 21.67%
• 3Y*: 16.69%
• 5Y*: 7.39%
• 10Y*: 9.22%

FEMKX

• 1D: 2.48%
• 1M: 9.43%
• YTD: 26.09%
• 6M: 28.52%
• 1Y: 55.76%
• 3Y*: 23.10%
• 5Y*: 6.83%
• 10Y*: 12.18%

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

FDIVX vs. FEMKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDIVX Fidelity Diversified International Fund	10.92%	27.75%	6.54%	17.74%	-23.86%	12.79%	18.91%	29.72%	-15.31%	25.31%
FEMKX Fidelity Emerging Markets	26.09%	31.02%	7.12%	15.16%	-27.48%	1.25%	32.56%	33.67%	-18.03%	46.92%

Correlation

The correlation between FDIVX and FEMKX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Dec 30, 1991	0.73

The correlation between FDIVX and FEMKX has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

Return for Risk

FDIVX vs. FEMKX — Risk / Return Rank

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

FDIVX

FDIVX Risk / Return Rank: 23
FDIVX Sharpe Ratio Rank: 21
FDIVX Sortino Ratio Rank: 21
FDIVX Omega Ratio Rank: 21
FDIVX Calmar Ratio Rank: 23
FDIVX Martin Ratio Rank: 31

FEMKX

FEMKX Risk / Return Rank: 85
FEMKX Sharpe Ratio Rank: 92
FEMKX Sortino Ratio Rank: 81
FEMKX Omega Ratio Rank: 82
FEMKX Calmar Ratio Rank: 87
FEMKX Martin Ratio Rank: 85

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.

FDIVX vs. FEMKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Diversified International Fund (FDIVX) and Fidelity Emerging Markets (FEMKX). 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.

	FDIVX	FEMKX	Difference
Sharpe ratio Return per unit of total volatility	1.37	3.05	-1.68
Sortino ratio Return per unit of downside risk	2.00	3.85	-1.85
Omega ratio Gain probability vs. loss probability	1.25	1.55	-0.30
Calmar ratio Return relative to maximum drawdown	1.86	4.25	-2.39
Martin ratio Return relative to average drawdown	7.31	16.14	-8.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDIVX vs. FEMKX - Sharpe Ratio Comparison

The current FDIVX Sharpe Ratio is 1.37, which is lower than the FEMKX Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of FDIVX and FEMKX, 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

	FDIVX	FEMKX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	3.05	-1.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.36	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.65	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.33	+0.17

Drawdowns

FDIVX vs. FEMKX - Drawdown Comparison

The maximum FDIVX drawdown since its inception was -60.61%, smaller than the maximum FEMKX drawdown of -71.14%. Use the drawdown chart below to compare losses from any high point for FDIVX and FEMKX.

Drawdown Indicators

	FDIVX	FEMKX	Difference
Max Drawdown Largest peak-to-trough decline	-60.61%	-71.14%	+10.53%
Max Drawdown (1Y) Largest decline over 1 year	-12.38%	-13.00%	+0.62%
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	-19.13%	+4.50%
Max Drawdown (5Y) Largest decline over 5 years	-35.60%	-40.88%	+5.28%
Max Drawdown (10Y) Largest decline over 10 years	-35.60%	-43.24%	+7.64%
Current Drawdown Current decline from peak	-0.53%	0.00%	-0.53%
Average Drawdown Average peak-to-trough decline	-11.67%	-25.95%	+14.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	3.43%	-0.27%

Volatility

FDIVX vs. FEMKX - Volatility Comparison

The current volatility for Fidelity Diversified International Fund (FDIVX) is 6.11%, while Fidelity Emerging Markets (FEMKX) has a volatility of 7.84%. This indicates that FDIVX experiences smaller price fluctuations and is considered to be less risky than FEMKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDIVX	FEMKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	7.84%	-1.73%
Volatility (6M) Calculated over the trailing 6-month period	14.22%	16.00%	-1.78%
Volatility (1Y) Calculated over the trailing 1-year period	16.87%	18.89%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	18.89%	-1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	18.67%	-1.69%

FDIVX vs. FEMKX - Expense Ratio Comparison

FDIVX has a 1.01% expense ratio, which is higher than FEMKX's 0.88% expense ratio.

Dividends

FDIVX vs. FEMKX - Dividend Comparison

FDIVX's dividend yield for the trailing twelve months is around 9.64%, more than FEMKX's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDIVX Fidelity Diversified International Fund	9.64%	10.69%	3.93%	4.29%	1.34%	10.59%	0.97%	1.32%	7.32%	4.22%	1.36%	0.46%
FEMKX Fidelity Emerging Markets	0.04%	0.05%	0.65%	1.11%	0.77%	6.00%	1.39%	1.71%	0.83%	0.08%	0.67%	0.51%

Frequently Asked Questions

Can I hold both FDIVX and FEMKX in my portfolio?

FDIVX and FEMKX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDIVX or FEMKX?

FEMKX has higher volatility (7.84%) compared to FDIVX (6.11%). In terms of maximum drawdown, FDIVX dropped -60.61% vs FEMKX's -71.14%.

Which has better risk-adjusted returns?

FEMKX currently has the higher Sharpe Ratio (3.05 vs 1.37), 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.