FEDTX vs. JEMSX

Last updated Jun 5, 2026

FEDTX (Fidelity Advisor Emerging Markets Discovery Fund Class M) and JEMSX (JPMorgan Emerging Markets Equity Fund Class I) are both Emerging Markets Equities funds. Over the past 10 years, FEDTX returned 10.29%/yr vs 11.80%/yr for JEMSX. Their correlation of 0.84 suggests significant overlap in exposure. FEDTX charges 1.76%/yr vs 0.99%/yr for JEMSX.

Performance

FEDTX vs. JEMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Emerging Markets Discovery Fund Class M (FEDTX) and JPMorgan Emerging Markets Equity Fund Class I (JEMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEDTX achieves a 18.68% return, which is significantly lower than JEMSX's 31.83% return. Over the past 10 years, FEDTX has underperformed JEMSX with an annualized return of 10.29%, while JEMSX has yielded a comparatively higher 11.80% annualized return.

FEDTX

• 1D: -0.92%
• 1M: -0.53%
• YTD: 18.68%
• 6M: 20.61%
• 1Y: 37.87%
• 3Y*: 17.99%
• 5Y*: 7.87%
• 10Y*: 10.29%

JEMSX

• 1D: -0.88%
• 1M: 7.63%
• YTD: 31.83%
• 6M: 35.16%
• 1Y: 64.17%
• 3Y*: 25.16%
• 5Y*: 5.87%
• 10Y*: 11.80%

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

FEDTX vs. JEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEDTX Fidelity Advisor Emerging Markets Discovery Fund Class M	18.68%	31.19%	-4.16%	20.12%	-12.35%	6.05%	16.31%	18.91%	-19.40%	36.42%
JEMSX JPMorgan Emerging Markets Equity Fund Class I	31.83%	40.13%	3.39%	7.21%	-25.77%	-10.36%	34.73%	31.96%	-16.02%	42.49%

Correlation

The correlation between FEDTX and JEMSX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Nov 3, 2011	0.84

The correlation between FEDTX and JEMSX has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

Return for Risk

FEDTX vs. JEMSX — Risk / Return Rank

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

FEDTX

FEDTX Risk / Return Rank: 84
FEDTX Sharpe Ratio Rank: 90
FEDTX Sortino Ratio Rank: 80
FEDTX Omega Ratio Rank: 81
FEDTX Calmar Ratio Rank: 86
FEDTX Martin Ratio Rank: 84

JEMSX

JEMSX Risk / Return Rank: 91
JEMSX Sharpe Ratio Rank: 95
JEMSX Sortino Ratio Rank: 86
JEMSX Omega Ratio Rank: 86
JEMSX Calmar Ratio Rank: 93
JEMSX Martin Ratio Rank: 95

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.

FEDTX vs. JEMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Emerging Markets Discovery Fund Class M (FEDTX) and JPMorgan Emerging Markets Equity Fund Class I (JEMSX). 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.

	FEDTX	JEMSX	Difference
Sharpe ratio: Return per unit of total volatility	2.94	3.39	-0.45
Sortino ratio: Return per unit of downside risk	3.80	4.15	-0.35
Omega ratio: Gain probability vs. loss probability	1.54	1.60	-0.07
Calmar ratio: Return relative to maximum drawdown	4.04	5.23	-1.20
Martin ratio: Return relative to average drawdown	15.45	21.88	-6.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEDTX vs. JEMSX - Sharpe Ratio Comparison

The current FEDTX Sharpe Ratio is 2.94, which is comparable to the JEMSX Sharpe Ratio of 3.39. The chart below compares the historical Sharpe Ratios of FEDTX and JEMSX, 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

	FEDTX	JEMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.94	3.39	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.31	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.61	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.31	+0.23

Drawdowns

FEDTX vs. JEMSX - Drawdown Comparison

The maximum FEDTX drawdown since its inception was -43.70%, smaller than the maximum JEMSX drawdown of -62.07%. Use the drawdown chart below to compare losses from any high point for FEDTX and JEMSX.

Drawdown Indicators

	FEDTX	JEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-43.70%	-62.07%	+18.37%
Max Drawdown (1Y) Largest decline over 1 year	-9.62%	-12.57%	+2.95%
Max Drawdown (3Y) Largest decline over 3 years	-17.51%	-15.10%	-2.41%
Max Drawdown (5Y) Largest decline over 5 years	-27.91%	-44.92%	+17.01%
Max Drawdown (10Y) Largest decline over 10 years	-43.70%	-49.59%	+5.89%
Current Drawdown Current decline from peak	-2.04%	-0.88%	-1.16%
Average Drawdown Average peak-to-trough decline	-9.17%	-21.68%	+12.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	3.00%	-0.49%

Volatility

FEDTX vs. JEMSX - Volatility Comparison

The current volatility for Fidelity Advisor Emerging Markets Discovery Fund Class M (FEDTX) is 4.44%, while JPMorgan Emerging Markets Equity Fund Class I (JEMSX) has a volatility of 8.08%. This indicates that FEDTX experiences smaller price fluctuations and is considered to be less risky than JEMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEDTX	JEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	8.08%	-3.64%
Volatility (6M) Calculated over the trailing 6-month period	10.68%	16.27%	-5.59%
Volatility (1Y) Calculated over the trailing 1-year period	13.21%	19.41%	-6.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.09%	19.24%	-5.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.72%	19.44%	-3.72%

FEDTX vs. JEMSX - Expense Ratio Comparison

FEDTX has a 1.76% expense ratio, which is higher than JEMSX's 0.99% expense ratio.

Dividends

FEDTX vs. JEMSX - Dividend Comparison

FEDTX's dividend yield for the trailing twelve months is around 3.63%, more than JEMSX's 0.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEDTX Fidelity Advisor Emerging Markets Discovery Fund Class M	3.63%	4.31%	3.30%	1.63%	1.10%	11.36%	0.05%	0.48%	0.87%	1.51%	0.95%	0.22%
JEMSX JPMorgan Emerging Markets Equity Fund Class I	0.95%	1.26%	1.41%	1.45%	0.37%	3.80%	0.09%	0.76%	0.87%	0.39%	0.66%	0.67%

Frequently Asked Questions

Can I hold both FEDTX and JEMSX in my portfolio?

FEDTX and JEMSX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEDTX or JEMSX?

JEMSX has higher volatility (8.08%) compared to FEDTX (4.44%). In terms of maximum drawdown, FEDTX dropped -43.70% vs JEMSX's -62.07%.

Which has better risk-adjusted returns?

JEMSX currently has the higher Sharpe Ratio (3.39 vs 2.94), 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.