FEMB vs. FNILX

Last updated Jun 24, 2026

FEMB (First Trust Emerging Markets Local Currency Bond ETF) and FNILX (Fidelity ZERO Large Cap Index Fund) are both funds - FEMB is a Emerging Markets Bonds fund actively managed by First Trust, while FNILX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FEMB returned 2.12%/yr vs 13.32%/yr for FNILX. At a 0.38 correlation, their price movements are largely independent. FEMB charges 0.85%/yr vs 0.00%/yr for FNILX.

Performance

FEMB vs. FNILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Emerging Markets Local Currency Bond ETF (FEMB) and Fidelity ZERO Large Cap Index Fund (FNILX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEMB achieves a 0.58% return, which is significantly lower than FNILX's 9.63% return.

FEMB

• 1D: -0.54%
• 1M: 0.53%
• YTD: 0.58%
• 6M: 0.72%
• 1Y: 10.10%
• 3Y*: 6.76%
• 5Y*: 2.12%
• 10Y*: 1.85%

FNILX

• 1D: -0.37%
• 1M: 0.34%
• YTD: 9.63%
• 6M: 8.65%
• 1Y: 25.14%
• 3Y*: 21.66%
• 5Y*: 13.32%
• 10Y*: —

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

FEMB vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FEMB First Trust Emerging Markets Local Currency Bond ETF	0.58%	21.77%	-5.61%	17.12%	-10.50%	-13.40%	3.16%	11.52%	1.84%
FNILX Fidelity ZERO Large Cap Index Fund	9.63%	17.81%	25.47%	27.45%	-19.37%	26.67%	21.13%	31.79%	-13.60%

Correlation

The correlation between FEMB and FNILX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018	0.38

Return for Risk

FEMB vs. FNILX — Risk / Return Rank

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

FEMB

FEMB Risk / Return Rank: 32
FEMB Sharpe Ratio Rank: 35
FEMB Sortino Ratio Rank: 35
FEMB Omega Ratio Rank: 34
FEMB Calmar Ratio Rank: 28
FEMB Martin Ratio Rank: 30

FNILX

FNILX Risk / Return Rank: 62
FNILX Sharpe Ratio Rank: 60
FNILX Sortino Ratio Rank: 54
FNILX Omega Ratio Rank: 56
FNILX Calmar Ratio Rank: 64
FNILX Martin Ratio Rank: 73

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.

FEMB vs. FNILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Emerging Markets Local Currency Bond ETF (FEMB) and Fidelity ZERO Large Cap Index Fund (FNILX). 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.

	FEMB	FNILX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	2.10	-0.92
Sortino ratio: Return per unit of downside risk	1.74	2.84	-1.10
Omega ratio: Gain probability vs. loss probability	1.22	1.38	-0.16
Calmar ratio: Return relative to maximum drawdown	1.34	2.94	-1.60
Martin ratio: Return relative to average drawdown	4.06	12.99	-8.93

FEMB vs. FNILX - Sharpe Ratio Comparison

The current FEMB Sharpe Ratio is 1.18, which is lower than the FNILX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of FEMB and FNILX, 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

FEMB vs. FNILX - Drawdown Comparison

The maximum FEMB drawdown since its inception was -30.44%, smaller than the maximum FNILX drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for FEMB and FNILX.

Drawdown Indicators

	FEMB	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-30.44%	-33.76%	+3.32%
Max Drawdown (1Y) Largest decline over 1 year	-7.58%	-9.01%	+1.43%
Max Drawdown (3Y) Largest decline over 3 years	-10.13%	-19.08%	+8.95%
Max Drawdown (5Y) Largest decline over 5 years	-25.93%	-25.40%	-0.53%
Max Drawdown (10Y) Largest decline over 10 years	-30.44%	—	—
Current Drawdown Current decline from peak	-3.93%	-1.73%	-2.20%
Average Drawdown Average peak-to-trough decline	-9.90%	-5.35%	-4.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	2.03%	+0.46%

Volatility

FEMB vs. FNILX - Volatility Comparison

The current volatility for First Trust Emerging Markets Local Currency Bond ETF (FEMB) is 2.86%, while Fidelity ZERO Large Cap Index Fund (FNILX) has a volatility of 4.82%. This indicates that FEMB experiences smaller price fluctuations and is considered to be less risky than FNILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEMB	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	4.82%	-1.96%
Volatility (6M) Calculated over the trailing 6-month period	6.89%	9.90%	-3.01%
Volatility (1Y) Calculated over the trailing 1-year period	8.61%	12.61%	-4.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.27%	17.34%	-7.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.85%	20.04%	-9.19%

FEMB vs. FNILX - Expense Ratio Comparison

FEMB has a 0.85% expense ratio, which is higher than FNILX's 0.00% expense ratio.

Dividends

FEMB vs. FNILX - Dividend Comparison

FEMB's dividend yield for the trailing twelve months is around 6.06%, more than FNILX's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMB First Trust Emerging Markets Local Currency Bond ETF	6.06%	5.67%	6.09%	5.15%	6.35%	6.12%	5.29%	5.40%	5.86%	6.38%	5.83%	4.89%
FNILX Fidelity ZERO Large Cap Index Fund	0.92%	1.01%	1.09%	1.34%	1.53%	0.95%	1.20%	1.17%	0.53%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEMB and FNILX in my portfolio?

FEMB and FNILX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEMB or FNILX?

FNILX has higher volatility (4.82%) compared to FEMB (2.86%). In terms of maximum drawdown, FEMB dropped -30.44% vs FNILX's -33.76%.

Which has better risk-adjusted returns?

FNILX currently has the higher Sharpe Ratio (2.10 vs 1.18), 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.