FEDGX vs. DEMCX

Last updated Jun 4, 2026

FEDGX (Fidelity Advisor Emerging Markets Discovery Fund Class C) and DEMCX (Nomura Emerging Markets Fund Class C) are both Emerging Markets Equities funds. Over the past 10 years, FEDGX returned 9.86%/yr vs 20.58%/yr for DEMCX. Their correlation of 0.81 suggests significant overlap in exposure. FEDGX charges 2.25%/yr vs 2.17%/yr for DEMCX.

Performance

FEDGX vs. DEMCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Emerging Markets Discovery Fund Class C (FEDGX) and Nomura Emerging Markets Fund Class C (DEMCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEDGX achieves a 19.51% return, which is significantly lower than DEMCX's 112.02% return. Over the past 10 years, FEDGX has underperformed DEMCX with an annualized return of 9.86%, while DEMCX has yielded a comparatively higher 20.58% annualized return.

FEDGX

• 1D: 0.64%
• 1M: 1.42%
• YTD: 19.51%
• 6M: 21.42%
• 1Y: 39.27%
• 3Y*: 17.77%
• 5Y*: 7.64%
• 10Y*: 9.86%

DEMCX

• 1D: 2.49%
• 1M: 25.73%
• YTD: 112.02%
• 6M: 129.18%
• 1Y: 249.82%
• 3Y*: 65.17%
• 5Y*: 24.83%
• 10Y*: 20.58%

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

FEDGX vs. DEMCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEDGX Fidelity Advisor Emerging Markets Discovery Fund Class C	19.51%	30.50%	-4.59%	19.45%	-12.76%	5.51%	15.73%	18.27%	-19.70%	35.93%
DEMCX Nomura Emerging Markets Fund Class C	112.02%	84.86%	5.47%	16.47%	-29.38%	-3.05%	24.55%	23.16%	-17.94%	40.59%

Correlation

The correlation between FEDGX and DEMCX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Nov 3, 2011	0.81

Over the past year, the correlation between FEDGX and DEMCX has dropped to 0.58 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Return for Risk

FEDGX vs. DEMCX — Risk / Return Rank

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

FEDGX

FEDGX Risk / Return Rank: 85
FEDGX Sharpe Ratio Rank: 90
FEDGX Sortino Ratio Rank: 82
FEDGX Omega Ratio Rank: 83
FEDGX Calmar Ratio Rank: 86
FEDGX Martin Ratio Rank: 83

DEMCX

DEMCX Risk / Return Rank: 98
DEMCX Sharpe Ratio Rank: 100
DEMCX Sortino Ratio Rank: 96
DEMCX Omega Ratio Rank: 96
DEMCX Calmar Ratio Rank: 99
DEMCX Martin Ratio Rank: 99

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.

FEDGX vs. DEMCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Emerging Markets Discovery Fund Class C (FEDGX) and Nomura Emerging Markets Fund Class C (DEMCX). 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.

	FEDGX	DEMCX	Difference
Sharpe ratio: Return per unit of total volatility	3.02	6.65	-3.63
Sortino ratio: Return per unit of downside risk	3.88	5.48	-1.59
Omega ratio: Gain probability vs. loss probability	1.55	1.87	-0.32
Calmar ratio: Return relative to maximum drawdown	4.13	12.10	-7.97
Martin ratio: Return relative to average drawdown	15.78	45.95	-30.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEDGX vs. DEMCX - Sharpe Ratio Comparison

The current FEDGX Sharpe Ratio is 3.02, which is lower than the DEMCX Sharpe Ratio of 6.65. The chart below compares the historical Sharpe Ratios of FEDGX and DEMCX, 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

	FEDGX	DEMCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.02	6.65	-3.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.99	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.89	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.49	+0.02

Drawdowns

FEDGX vs. DEMCX - Drawdown Comparison

The maximum FEDGX drawdown since its inception was -44.26%, smaller than the maximum DEMCX drawdown of -63.54%. Use the drawdown chart below to compare losses from any high point for FEDGX and DEMCX.

Drawdown Indicators

	FEDGX	DEMCX	Difference
Max Drawdown Largest peak-to-trough decline	-44.26%	-63.54%	+19.28%
Max Drawdown (1Y) Largest decline over 1 year	-9.66%	-21.11%	+11.45%
Max Drawdown (3Y) Largest decline over 3 years	-17.77%	-23.22%	+5.45%
Max Drawdown (5Y) Largest decline over 5 years	-28.29%	-44.75%	+16.46%
Max Drawdown (10Y) Largest decline over 10 years	-44.26%	-47.21%	+2.95%
Current Drawdown Current decline from peak	-1.16%	0.00%	-1.16%
Average Drawdown Average peak-to-trough decline	-9.53%	-19.63%	+10.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	5.54%	-3.02%

Volatility

FEDGX vs. DEMCX - Volatility Comparison

The current volatility for Fidelity Advisor Emerging Markets Discovery Fund Class C (FEDGX) is 4.38%, while Nomura Emerging Markets Fund Class C (DEMCX) has a volatility of 17.09%. This indicates that FEDGX experiences smaller price fluctuations and is considered to be less risky than DEMCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEDGX	DEMCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	17.09%	-12.71%
Volatility (6M) Calculated over the trailing 6-month period	10.64%	33.83%	-23.19%
Volatility (1Y) Calculated over the trailing 1-year period	13.20%	38.39%	-25.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.11%	25.33%	-11.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.73%	23.14%	-7.41%

FEDGX vs. DEMCX - Expense Ratio Comparison

FEDGX has a 2.25% expense ratio, which is higher than DEMCX's 2.17% expense ratio.

Dividends

FEDGX vs. DEMCX - Dividend Comparison

FEDGX's dividend yield for the trailing twelve months is around 3.18%, less than DEMCX's 9.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DEMCX Nomura Emerging Markets Fund Class C	9.66%	20.47%	1.09%	2.03%	0.69%	2.58%	0.61%	0.00%	0.00%	1.03%	0.08%
FEDGX Fidelity Advisor Emerging Markets Discovery Fund Class C	3.18%	3.81%	3.01%	1.09%	0.57%	10.88%	0.00%	0.00%	0.49%	1.54%	0.58%

Frequently Asked Questions

Can I hold both FEDGX and DEMCX in my portfolio?

FEDGX and DEMCX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEDGX or DEMCX?

DEMCX has higher volatility (17.09%) compared to FEDGX (4.38%). In terms of maximum drawdown, FEDGX dropped -44.26% vs DEMCX's -63.54%.

Which has better risk-adjusted returns?

DEMCX currently has the higher Sharpe Ratio (6.65 vs 3.02), 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.