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FEDDX vs. EEM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FEDDX vs. EEM

Last updated Jun 6, 2026

FEDDX (Fidelity Emerging Markets Discovery Fund) and EEM (iShares MSCI Emerging Markets ETF) are both funds - FEDDX is a Emerging Markets Equities fund managed by Fidelity, while EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net). Over the past 10 years, FEDDX returned 10.80%/yr vs 8.84%/yr for EEM. Their correlation of 0.84 suggests significant overlap in exposure. FEDDX charges 1.19%/yr vs 0.72%/yr for EEM.

Performance

FEDDX vs. EEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Markets Discovery Fund (FEDDX) and iShares MSCI Emerging Markets ETF (EEM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with FEDDX having a 18.91% return and EEM slightly lower at 18.06%. Over the past 10 years, FEDDX has outperformed EEM with an annualized return of 10.80%, while EEM has yielded a comparatively lower 8.84% annualized return.

FEDDX

1D
-0.04%
1M
-1.81%
YTD
18.91%
6M
21.21%
1Y
37.92%
3Y*
18.57%
5Y*
8.43%
10Y*
10.80%

EEM

1D
-6.53%
1M
-4.30%
YTD
18.06%
6M
19.68%
1Y
41.43%
3Y*
20.37%
5Y*
5.33%
10Y*
8.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FEDDX vs. EEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FEDDX
Fidelity Emerging Markets Discovery Fund		18.91%31.90%-3.68%20.76%-11.83%6.65%16.96%19.60%-18.90%36.59%
EEM
iShares MSCI Emerging Markets ETF		18.06%33.98%6.49%8.95%-20.56%-3.63%17.02%18.22%-15.31%37.26%

Correlation

The correlation between FEDDX and EEM is 0.79, 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

0.79

Correlation (3Y)
Calculated over the trailing 3-year period

0.84

Correlation (5Y)
Calculated over the trailing 5-year period

0.85

Correlation (10Y)
Calculated over the trailing 10-year period

0.86

Correlation (All Time)
Calculated using the full available price history since Nov 3, 2011

0.84

The correlation between FEDDX and EEM has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

FEDDX vs. EEM - Sectors Allocation Comparison

Sectors
FEDDX
EEM

Industrials

24.7%
6.2%

Financial Services

19.2%
17.5%

Technology

13.1%
43.6%

Consumer Cyclical

11.2%
8.1%

Consumer Defensive

9.5%
2.7%

Healthcare

6.4%
2.5%

Basic Materials

6.3%
6.1%

Energy

3.6%
3.3%

Real Estate

2.9%
0.9%

Communication Services

2.1%
5.7%

Utilities

1.1%
2.0%

Industrials

FEDDX
24.7%
EEM
6.2%

Financial Services

FEDDX
19.2%
EEM
17.5%

Technology

FEDDX
13.1%
EEM
43.6%

Consumer Cyclical

FEDDX
11.2%
EEM
8.1%

Consumer Defensive

FEDDX
9.5%
EEM
2.7%

Healthcare

FEDDX
6.4%
EEM
2.5%

Basic Materials

FEDDX
6.3%
EEM
6.1%

Energy

FEDDX
3.6%
EEM
3.3%

Real Estate

FEDDX
2.9%
EEM
0.9%

Communication Services

FEDDX
2.1%
EEM
5.7%

Utilities

FEDDX
1.1%
EEM
2.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity Emerging Markets Discovery Fund

iShares MSCI Emerging Markets ETF

Often compared with FEDDX:
FEDDX vs. FEMKXFEDDX vs. FITLXFEDDX vs. HAWXFEDDX vs. GQGPXFEDDX vs. FCPVXFEDDX vs. ECOWFEDDX vs. MSMLX
Often compared with EEM:
EEM vs. VWOEEM vs. SPYEEM vs. IEMGEEM vs. IS3N.DEEEM vs. VXUSEEM vs. EEMSEEM vs. SPEM

Return for Risk

FEDDX vs. EEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FEDDX
FEDDX Risk / Return Rank: 8585
Overall Rank
FEDDX Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
FEDDX Sortino Ratio Rank: 8181
Sortino Ratio Rank
FEDDX Omega Ratio Rank: 8282
Omega Ratio Rank
FEDDX Calmar Ratio Rank: 8787
Calmar Ratio Rank
FEDDX Martin Ratio Rank: 8686
Martin Ratio Rank
EEM
EEM Risk / Return Rank: 6161
Overall Rank
EEM Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
EEM Sortino Ratio Rank: 5454
Sortino Ratio Rank
EEM Omega Ratio Rank: 6363
Omega Ratio Rank
EEM Calmar Ratio Rank: 6363
Calmar Ratio Rank
EEM Martin Ratio Rank: 6565
Martin Ratio Rank
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.

FEDDX vs. EEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Discovery Fund (FEDDX) and iShares MSCI Emerging Markets ETF (EEM). 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.

FEDDXEEMDifference
Sharpe ratioReturn per unit of total volatility
2.93
1.97

+0.96

Sortino ratioReturn per unit of downside risk
3.79
2.56

+1.23

Omega ratioGain probability vs. loss probability

1.54

1.38

+0.16

Calmar ratioReturn relative to maximum drawdown

4.06

3.08

+0.98

Martin ratioReturn relative to average drawdown

15.53

11.71

+3.82

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEDDX vs. EEM - Sharpe Ratio Comparison

The current FEDDX Sharpe Ratio is 2.93, which is higher than the EEM Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of FEDDX and EEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FEDDXEEMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.93

1.97

+0.96

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.60

0.28

+0.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.69

0.43

+0.26

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.37

+0.20

Drawdowns

FEDDX vs. EEM - Drawdown Comparison

The maximum FEDDX drawdown since its inception was -42.95%, smaller than the maximum EEM drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for FEDDX and EEM.

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Drawdown Indicators

FEDDXEEMDifference

Max Drawdown

Largest peak-to-trough decline

-42.95%

-66.43%

+23.48%

Max Drawdown (1Y)

Largest decline over 1 year

-9.54%

-13.52%

+3.98%

Max Drawdown (3Y)

Largest decline over 3 years

-17.29%

-17.29%

0.00%

Max Drawdown (5Y)

Largest decline over 5 years

-27.45%

-37.49%

+10.04%

Max Drawdown (10Y)

Largest decline over 10 years

-42.95%

-39.82%

-3.13%

Current Drawdown

Current decline from peak

-2.10%

-8.77%

+6.67%

Average Drawdown

Average peak-to-trough decline

-8.77%

-16.02%

+7.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.49%

3.55%

-1.06%

Volatility

FEDDX vs. EEM - Volatility Comparison

The current volatility for Fidelity Emerging Markets Discovery Fund (FEDDX) is 4.33%, while iShares MSCI Emerging Markets ETF (EEM) has a volatility of 10.49%. This indicates that FEDDX experiences smaller price fluctuations and is considered to be less risky than EEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FEDDXEEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.33%

10.49%

-6.16%

Volatility (6M)

Calculated over the trailing 6-month period

10.69%

18.80%

-8.11%

Volatility (1Y)

Calculated over the trailing 1-year period

13.23%

21.09%

-7.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.11%

19.14%

-5.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.74%

20.61%

-4.87%

FEDDX vs. EEM - Expense Ratio Comparison

FEDDX has a 1.19% expense ratio, which is higher than EEM's 0.72% expense ratio.

Dividends

FEDDX vs. EEM - Dividend Comparison

FEDDX's dividend yield for the trailing twelve months is around 3.91%, more than EEM's 1.88% yield.

PositionTTM20252024202320222021202020192018201720162015
EEM
iShares MSCI Emerging Markets ETF		1.88%2.22%2.43%2.63%2.50%1.99%1.45%2.76%2.24%1.89%1.89%2.49%
FEDDX
Fidelity Emerging Markets Discovery Fund		3.91%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 EEM have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EEM has higher volatility (10.49%) compared to FEDDX (4.33%). In terms of maximum drawdown, FEDDX dropped -42.95% vs EEM's -66.43%.

FEDDX currently has the higher Sharpe Ratio (2.93 vs 1.97), 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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