FEDDX vs. DEMAX
FEDDX (Fidelity Emerging Markets Discovery Fund) and DEMAX (Nomura Emerging Markets Fund Class A) are both Emerging Markets Equities funds. Over the past 10 years, FEDDX returned 10.10%/yr vs 18.76%/yr for DEMAX. Their correlation of 0.81 means they have usually moved in the same direction. FEDDX charges 1.19%/yr vs 1.42%/yr for DEMAX.
Performance
FEDDX vs. DEMAX - Performance Comparison
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Returns By Period
In the year-to-date period, FEDDX achieves a 21.51% return, which is significantly lower than DEMAX's 87.41% return. Over the past 10 years, FEDDX has underperformed DEMAX with an annualized return of 10.10%, while DEMAX has yielded a comparatively higher 18.76% annualized return.
FEDDX
- 1D
- 2.06%
- 1M
- 0.04%
- 6M
- 11.20%
- YTD
- 21.51%
- 1Y
- 35.62%
- 3Y*
- 17.58%
- 5Y*
- 8.99%
- 10Y*
- 10.10%
- ALL TIME*
- 8.46%
DEMAX
- 1D
- 4.37%
- 1M
- -12.19%
- 6M
- 49.74%
- YTD
- 87.41%
- 1Y
- 177.76%
- 3Y*
- 57.97%
- 5Y*
- 25.01%
- 10Y*
- 18.76%
- ALL TIME*
- 10.90%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FEDDX vs. DEMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FEDDX Fidelity Emerging Markets Discovery Fund | 21.51% | 31.90% | -3.68% | 20.76% | -11.83% | 6.65% | 16.96% | 19.60% | -18.90% | 36.59% |
DEMAX Nomura Emerging Markets Fund Class A | 87.41% | 86.33% | 6.25% | 17.34% | -28.85% | -2.32% | 25.54% | 24.05% | -17.32% | 41.62% |
Correlation
The correlation between FEDDX and DEMAX is 0.62, 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. | 0.62 |
Correlation (3Y) Balances recent behavior with more history. | 0.69 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.80 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2011 | 0.81 |
The correlation between FEDDX and DEMAX shifts across timeframes, from 0.62 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FEDDX vs. DEMAX — Risk / Return Rank
FEDDX
DEMAX
FEDDX vs. DEMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Discovery Fund (FEDDX) and Nomura Emerging Markets Fund Class A (DEMAX). 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.
| FEDDX | DEMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.49 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.85 | 4.96 | -1.11 |
| Martin ratioReturn relative to average drawdown | 13.01 | 19.67 | -6.66 |
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Drawdowns
FEDDX vs. DEMAX - Drawdown Comparison
The maximum FEDDX drawdown since its inception was -42.95%, smaller than the maximum DEMAX drawdown of -63.23%. Use the drawdown chart below to compare losses from any high point for FEDDX and DEMAX.
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Drawdown Indicators
| FEDDX | DEMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.95% | -63.23% | +20.28% |
Max Drawdown (1Y)Largest decline over 1 year | -9.54% | -36.53% | +26.99% |
Max Drawdown (3Y)Largest decline over 3 years | -17.29% | -36.53% | +19.24% |
Max Drawdown (5Y)Largest decline over 5 years | -27.45% | -38.58% | +11.13% |
Max Drawdown (10Y)Largest decline over 10 years | -42.95% | -46.51% | +3.56% |
Current DrawdownCurrent decline from peak | -0.68% | -23.46% | +22.78% |
Average DrawdownAverage peak-to-trough decline | -8.70% | -18.73% | +10.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.82% | 9.18% | -6.36% |
Volatility
FEDDX vs. DEMAX - Volatility Comparison
The current volatility for Fidelity Emerging Markets Discovery Fund (FEDDX) is 5.75%, while Nomura Emerging Markets Fund Class A (DEMAX) has a volatility of 24.95%. This indicates that FEDDX experiences smaller price fluctuations and is considered to be less risky than DEMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FEDDX | DEMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.75% | 24.95% | -19.20% |
Volatility (6M)Calculated over the trailing 6-month period | 13.28% | 49.71% | -36.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.19% | 53.10% | -37.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.46% | 30.25% | -15.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.84% | 25.88% | -10.04% |
FEDDX vs. DEMAX - Expense Ratio Comparison
FEDDX has a 1.19% expense ratio, which is lower than DEMAX's 1.42% expense ratio.
Dividends
FEDDX vs. DEMAX - Dividend Comparison
FEDDX's dividend yield for the trailing twelve months is around 3.83%, less than DEMAX's 10.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DEMAX Nomura Emerging Markets Fund Class A | 10.15% | 19.03% | 1.74% | 2.76% | 1.60% | 3.16% | 0.56% | 0.57% | 0.34% | 1.59% | 0.70% | 0.03% |
FEDDX Fidelity Emerging Markets Discovery Fund | 3.83% | 4.65% | 3.99% | 2.05% | 1.69% | 11.90% | 0.59% | 1.05% | 1.88% | 1.50% | 1.36% | 0.81% |
Frequently Asked Questions
FEDDX and DEMAX 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.
DEMAX has higher volatility (24.95%) compared to FEDDX (5.75%). In terms of maximum drawdown, FEDDX dropped -42.95% vs DEMAX's -63.23%.
DEMAX currently has the higher Sharpe Ratio (3.42 vs 2.42), 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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