FEDCX vs. FNMIX
FEDCX (Fidelity Series Emerging Markets Debt Fund) and FNMIX (Fidelity New Markets Income Fund) are both Emerging Markets Bonds funds from Fidelity. Over the past 10 years, FEDCX returned 4.31%/yr vs 3.96%/yr for FNMIX. With a 0.96 correlation, they move nearly in lockstep. FEDCX charges 0.00%/yr vs 0.80%/yr for FNMIX.
Performance
FEDCX vs. FNMIX - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with FEDCX at 4.03% and FNMIX at 4.03%. Over the past 10 years, FEDCX has outperformed FNMIX with an annualized return of 4.31%, while FNMIX has yielded a comparatively lower 3.96% annualized return.
FEDCX
- 1D
- -0.34%
- 1M
- 1.78%
- YTD
- 4.03%
- 6M
- 4.63%
- 1Y
- 15.07%
- 3Y*
- 11.60%
- 5Y*
- 3.77%
- 10Y*
- 4.31%
FNMIX
- 1D
- -0.28%
- 1M
- 1.71%
- YTD
- 4.03%
- 6M
- 4.52%
- 1Y
- 15.16%
- 3Y*
- 12.19%
- 5Y*
- 3.83%
- 10Y*
- 3.96%
FEDCX vs. FNMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FEDCX Fidelity Series Emerging Markets Debt Fund | 4.03% | 14.91% | 7.39% | 11.92% | -16.08% | -1.28% | 4.78% | 10.50% | -4.55% | 10.59% |
FNMIX Fidelity New Markets Income Fund | 4.03% | 14.86% | 6.80% | 14.00% | -16.09% | -2.42% | 4.62% | 10.93% | -7.77% | 10.16% |
Correlation
The correlation between FEDCX and FNMIX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2011 | 0.96 |
The correlation between FEDCX and FNMIX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
FEDCX vs. FNMIX — Risk / Return Rank
FEDCX
FNMIX
FEDCX vs. FNMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Emerging Markets Debt Fund (FEDCX) and Fidelity New Markets Income Fund (FNMIX). 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.
| FEDCX | FNMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.74 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.79 | 4.03 | -0.24 |
| Martin ratioReturn relative to average drawdown | 16.97 | 17.58 | -0.60 |
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Drawdowns
FEDCX vs. FNMIX - Drawdown Comparison
The maximum FEDCX drawdown since its inception was -26.00%, smaller than the maximum FNMIX drawdown of -42.76%. Use the drawdown chart below to compare losses from any high point for FEDCX and FNMIX.
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Drawdown Indicators
| FEDCX | FNMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.00% | -42.76% | +16.76% |
Max Drawdown (1Y)Largest decline over 1 year | -4.07% | -3.85% | -0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -6.42% | -6.42% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -26.00% | -27.16% | +1.16% |
Max Drawdown (10Y)Largest decline over 10 years | -26.00% | -27.16% | +1.16% |
Current DrawdownCurrent decline from peak | -0.46% | -0.50% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -4.35% | -5.68% | +1.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 0.88% | +0.03% |
Volatility
FEDCX vs. FNMIX - Volatility Comparison
Fidelity Series Emerging Markets Debt Fund (FEDCX) has a higher volatility of 1.34% compared to Fidelity New Markets Income Fund (FNMIX) at 1.25%. This indicates that FEDCX's price experiences larger fluctuations and is considered to be riskier than FNMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FEDCX | FNMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 1.25% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.82% | 3.65% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.69% | 4.47% | +0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.36% | 6.63% | -0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.62% | 6.92% | -0.30% |
FEDCX vs. FNMIX - Expense Ratio Comparison
FEDCX has a 0.00% expense ratio, which is lower than FNMIX's 0.80% expense ratio.
Dividends
FEDCX vs. FNMIX - Dividend Comparison
FEDCX's dividend yield for the trailing twelve months is around 5.82%, more than FNMIX's 4.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEDCX Fidelity Series Emerging Markets Debt Fund | 5.82% | 5.97% | 5.18% | 5.55% | 3.84% | 3.81% | 4.99% | 5.89% | 6.08% | 7.33% | 7.03% | 5.61% |
FNMIX Fidelity New Markets Income Fund | 4.88% | 5.07% | 4.71% | 5.15% | 3.93% | 3.48% | 4.06% | 4.87% | 4.98% | 5.77% | 6.93% | 4.95% |
Frequently Asked Questions
With a correlation of 0.97, FEDCX and FNMIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FEDCX has higher volatility (1.34%) compared to FNMIX (1.25%). In terms of maximum drawdown, FEDCX dropped -26.00% vs FNMIX's -42.76%.
FNMIX currently has the higher Sharpe Ratio (3.48 vs 3.29), 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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