FEM vs. FPADX

Last updated Jun 23, 2026

FEM (First Trust Emerging Markets AlphaDEX Fund) and FPADX (Fidelity Emerging Markets Index Fund) are both funds - FEM is a Emerging Markets Equities fund tracking the NASDAQ AlphaDEX EM Index, while FPADX is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index. Both are passively managed. Over the past 10 years, FEM returned 10.00%/yr vs 10.38%/yr for FPADX. Their correlation of 0.83 suggests significant overlap in exposure. FEM charges 0.80%/yr vs 0.07%/yr for FPADX.

Performance

FEM vs. FPADX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Emerging Markets AlphaDEX Fund (FEM) and Fidelity Emerging Markets Index Fund (FPADX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEM achieves a 20.65% return, which is significantly lower than FPADX's 29.75% return. Both investments have delivered pretty close results over the past 10 years, with FEM having a 10.00% annualized return and FPADX not far ahead at 10.38%.

FEM

• 1D: 1.04%
• 1M: 1.06%
• YTD: 20.65%
• 6M: 20.82%
• 1Y: 42.19%
• 3Y*: 20.56%
• 5Y*: 7.94%
• 10Y*: 10.00%

FPADX

• 1D: 3.20%
• 1M: 7.38%
• YTD: 29.75%
• 6M: 31.68%
• 1Y: 55.46%
• 3Y*: 23.15%
• 5Y*: 8.35%
• 10Y*: 10.38%

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

FEM vs. FPADX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEM First Trust Emerging Markets AlphaDEX Fund	20.65%	28.36%	3.01%	10.84%	-14.24%	7.40%	-1.68%	20.55%	-15.51%	41.05%
FPADX Fidelity Emerging Markets Index Fund	29.75%	33.90%	6.80%	9.51%	-20.06%	-3.07%	17.84%	18.28%	-14.65%	35.16%

Correlation

The correlation between FEM and FPADX 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	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.83

The correlation between FEM and FPADX has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.

Return for Risk

FEM vs. FPADX — Risk / Return Rank

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

FEM

FEM Risk / Return Rank: 76
FEM Sharpe Ratio Rank: 74
FEM Sortino Ratio Rank: 64
FEM Omega Ratio Rank: 72
FEM Calmar Ratio Rank: 85
FEM Martin Ratio Rank: 82

FPADX

FPADX Risk / Return Rank: 85
FPADX Sharpe Ratio Rank: 89
FPADX Sortino Ratio Rank: 78
FPADX Omega Ratio Rank: 84
FPADX Calmar Ratio Rank: 88
FPADX Martin Ratio Rank: 87

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.

FEM vs. FPADX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Emerging Markets AlphaDEX Fund (FEM) and Fidelity Emerging Markets Index Fund (FPADX). 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.

	FEM	FPADX	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.72	-0.43
Sortino ratio: Return per unit of downside risk	2.87	3.40	-0.53
Omega ratio: Gain probability vs. loss probability	1.41	1.52	-0.11
Calmar ratio: Return relative to maximum drawdown	4.56	4.13	+0.43
Martin ratio: Return relative to average drawdown	15.81	15.52	+0.28

FEM vs. FPADX - Sharpe Ratio Comparison

The current FEM Sharpe Ratio is 2.29, which is comparable to the FPADX Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of FEM and FPADX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FEM vs. FPADX - Drawdown Comparison

The maximum FEM drawdown since its inception was -46.23%, which is greater than FPADX's maximum drawdown of -39.16%. Use the drawdown chart below to compare losses from any high point for FEM and FPADX.

Drawdown Indicators

	FEM	FPADX	Difference
Max Drawdown Largest peak-to-trough decline	-46.23%	-39.16%	-7.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.31%	-13.28%	+3.97%
Max Drawdown (3Y) Largest decline over 3 years	-18.79%	-16.09%	-2.70%
Max Drawdown (5Y) Largest decline over 5 years	-31.72%	-36.86%	+5.14%
Max Drawdown (10Y) Largest decline over 10 years	-46.23%	-39.16%	-7.07%
Current Drawdown Current decline from peak	-2.28%	-0.22%	-2.06%
Average Drawdown Average peak-to-trough decline	-15.01%	-13.23%	-1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	3.52%	-0.84%

Volatility

FEM vs. FPADX - Volatility Comparison

The current volatility for First Trust Emerging Markets AlphaDEX Fund (FEM) is 7.89%, while Fidelity Emerging Markets Index Fund (FPADX) has a volatility of 10.91%. This indicates that FEM experiences smaller price fluctuations and is considered to be less risky than FPADX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEM	FPADX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.89%	10.91%	-3.02%
Volatility (6M) Calculated over the trailing 6-month period	15.85%	18.17%	-2.32%
Volatility (1Y) Calculated over the trailing 1-year period	18.54%	20.14%	-1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.60%	17.63%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.01%	18.05%	+2.96%

FEM vs. FPADX - Expense Ratio Comparison

FEM has a 0.80% expense ratio, which is higher than FPADX's 0.08% expense ratio.

Dividends

FEM vs. FPADX - Dividend Comparison

FEM's dividend yield for the trailing twelve months is around 2.58%, more than FPADX's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEM First Trust Emerging Markets AlphaDEX Fund	2.58%	3.13%	3.66%	4.96%	6.15%	4.15%	2.68%	3.31%	3.52%	2.45%	2.25%	3.61%
FPADX Fidelity Emerging Markets Index Fund	1.81%	2.35%	2.70%	2.68%	2.47%	2.14%	1.50%	2.59%	2.20%	0.12%	1.69%	2.47%

Frequently Asked Questions

Can I hold both FEM and FPADX in my portfolio?

FEM and FPADX 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, FEM or FPADX?

FPADX has higher volatility (10.91%) compared to FEM (7.89%). In terms of maximum drawdown, FEM dropped -46.23% vs FPADX's -39.16%.

Which has better risk-adjusted returns?

FPADX currently has the higher Sharpe Ratio (2.72 vs 2.29), 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.