FECMX vs. IWC
FECMX (Fidelity Advisor Emerging Markets Fund Class I) and IWC (iShares Micro-Cap ETF) are both funds - FECMX is a Emerging Markets Equities fund actively managed by Fidelity, while IWC is a Small Cap Blend Equities fund tracking the Russell Microcap Index. FECMX is actively managed, while IWC is passively managed. Over the past 5 years, FECMX returned 6.57%/yr vs 7.27%/yr for IWC. A 0.61 correlation means they provide meaningful diversification when combined. FECMX charges 0.87%/yr vs 0.60%/yr for IWC.
Performance
FECMX vs. IWC - Performance Comparison
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Returns By Period
In the year-to-date period, FECMX achieves a 21.19% return, which is significantly lower than IWC's 23.21% return.
FECMX
- 1D
- 0.20%
- 1M
- -0.92%
- 6M
- 14.93%
- YTD
- 21.19%
- 1Y
- 41.01%
- 3Y*
- 20.65%
- 5Y*
- 6.57%
- 10Y*
- —
IWC
- 1D
- -1.02%
- 1M
- 2.50%
- 6M
- 16.07%
- YTD
- 23.21%
- 1Y
- 48.46%
- 3Y*
- 21.80%
- 5Y*
- 7.27%
- 10Y*
- 11.37%
FECMX vs. IWC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FECMX Fidelity Advisor Emerging Markets Fund Class I | 21.19% | 31.00% | 7.13% | 15.15% | -27.49% | -0.57% |
IWC iShares Micro-Cap ETF | 23.21% | 22.45% | 13.63% | 8.99% | -21.93% | -2.21% |
Correlation
The correlation between FECMX and IWC is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since May 19, 2021 | 0.61 |
The correlation between FECMX and IWC has been stable across timeframes, ranging from 0.57 to 0.62 - a consistent structural relationship.
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Return for Risk
FECMX vs. IWC — Risk / Return Rank
FECMX
IWC
FECMX vs. IWC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Emerging Markets Fund Class I (FECMX) and iShares Micro-Cap ETF (IWC). 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.
| FECMX | IWC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.32 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | 3.92 | -0.80 |
| Martin ratioReturn relative to average drawdown | 10.57 | 12.71 | -2.14 |
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Drawdowns
FECMX vs. IWC - Drawdown Comparison
The maximum FECMX drawdown since its inception was -40.89%, smaller than the maximum IWC drawdown of -64.61%. Use the drawdown chart below to compare losses from any high point for FECMX and IWC.
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Drawdown Indicators
| FECMX | IWC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.89% | -64.61% | +23.72% |
Max Drawdown (1Y)Largest decline over 1 year | -13.02% | -12.43% | -0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -19.14% | -29.46% | +10.32% |
Max Drawdown (5Y)Largest decline over 5 years | -40.50% | -40.61% | +0.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -47.21% | — |
Current DrawdownCurrent decline from peak | -6.00% | -3.40% | -2.60% |
Average DrawdownAverage peak-to-trough decline | -15.66% | -15.21% | -0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.84% | 3.82% | +0.02% |
Volatility
FECMX vs. IWC - Volatility Comparison
Fidelity Advisor Emerging Markets Fund Class I (FECMX) has a higher volatility of 10.86% compared to iShares Micro-Cap ETF (IWC) at 5.99%. This indicates that FECMX's price experiences larger fluctuations and is considered to be riskier than IWC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FECMX | IWC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.86% | 5.99% | +4.87% |
Volatility (6M)Calculated over the trailing 6-month period | 20.63% | 18.27% | +2.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.81% | 24.27% | -1.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.76% | 24.53% | -4.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.59% | 24.47% | -4.88% |
FECMX vs. IWC - Expense Ratio Comparison
FECMX has a 0.87% expense ratio, which is higher than IWC's 0.60% expense ratio.
Dividends
FECMX vs. IWC - Dividend Comparison
FECMX's dividend yield for the trailing twelve months is around 0.04%, less than IWC's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FECMX Fidelity Advisor Emerging Markets Fund Class I | 0.04% | 0.04% | 0.64% | 1.13% | 0.86% | 6.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IWC iShares Micro-Cap ETF | 0.98% | 1.10% | 1.06% | 1.17% | 1.18% | 0.78% | 0.98% | 1.19% | 1.01% | 1.09% | 1.16% | 1.49% |
Frequently Asked Questions
FECMX and IWC have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FECMX has higher volatility (10.86%) compared to IWC (5.99%). In terms of maximum drawdown, FECMX dropped -40.89% vs IWC's -64.61%.
IWC currently has the higher Sharpe Ratio (2.01 vs 1.78), 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.
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