FEMD.L vs. EIMI.L

Last updated Jun 25, 2026

FEMD.L (Fidelity Emerging Markets Quality Income UCITS ETF) and EIMI.L (iShares Core MSCI EM IMI UCITS ETF) are both Emerging Markets Equities funds - FEMD.L tracks the MSCI EM NR USD while EIMI.L tracks the MSCI Emerging Markets Investable Market Index. Both are passively managed. Over the past 5 years, FEMD.L returned 9.31%/yr vs 8.40%/yr for EIMI.L. Their correlation of 0.85 suggests significant overlap in exposure. FEMD.L charges 0.50%/yr vs 0.18%/yr for EIMI.L.

Performance

FEMD.L vs. EIMI.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Fidelity Emerging Markets Quality Income UCITS ETF (FEMD.L) and iShares Core MSCI EM IMI UCITS ETF (EIMI.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FEMD.L is traded in GBP, while EIMI.L is traded in USD. To make them comparable, the EIMI.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, FEMD.L achieves a 34.68% return, which is significantly higher than EIMI.L's 24.84% return.

FEMD.L

• 1D: -0.79%
• 1M: 5.03%
• YTD: 34.68%
• 6M: 35.25%
• 1Y: 53.50%
• 3Y*: 23.98%
• 5Y*: 9.31%
• 10Y*: —

EIMI.L

• 1D: -0.01%
• 1M: 3.91%
• YTD: 24.84%
• 6M: 25.95%
• 1Y: 45.85%
• 3Y*: 21.08%
• 5Y*: 8.40%
• 10Y*: 10.82%

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

FEMD.L vs. EIMI.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FEMD.L Fidelity Emerging Markets Quality Income UCITS ETF	34.68%	20.69%	6.70%	10.14%	-15.65%	7.02%	9.84%	2.09%
EIMI.L iShares Core MSCI EM IMI UCITS ETF	24.84%	22.75%	9.23%	5.48%	-10.12%	0.29%	15.31%	3.79%

Correlation

The correlation between FEMD.L and EIMI.L is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Sep 11, 2019	0.85

The correlation between FEMD.L and EIMI.L has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

FEMD.L vs. EIMI.L - Sectors Allocation Comparison

Sectors	FEMD.L	EIMI.L
Technology	48.7%	42.1%
Financial Services	17.6%	16.7%
Consumer Cyclical	9.5%	8.6%
Industrials	7.4%	8.0%
Basic Materials	4.8%	6.2%
Energy	3.0%	3.3%
Communication Services	2.4%	5.6%
Consumer Defensive	2.0%	2.8%
Utilities	1.8%	1.9%
Healthcare	1.7%	3.3%
Real Estate	1.2%	1.5%

Return for Risk

FEMD.L vs. EIMI.L — Risk / Return Rank

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

FEMD.L

FEMD.L Risk / Return Rank: 93
FEMD.L Sharpe Ratio Rank: 94
FEMD.L Sortino Ratio Rank: 93
FEMD.L Omega Ratio Rank: 93
FEMD.L Calmar Ratio Rank: 94
FEMD.L Martin Ratio Rank: 91

EIMI.L

EIMI.L Risk / Return Rank: 69
EIMI.L Sharpe Ratio Rank: 69
EIMI.L Sortino Ratio Rank: 65
EIMI.L Omega Ratio Rank: 71
EIMI.L Calmar Ratio Rank: 71
EIMI.L Martin Ratio Rank: 68

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.

FEMD.L vs. EIMI.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Quality Income UCITS ETF (FEMD.L) and iShares Core MSCI EM IMI UCITS ETF (EIMI.L). 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.

	FEMD.L	EIMI.L	Difference
Sharpe ratio: Return per unit of total volatility	3.06	2.36	+0.70
Sortino ratio: Return per unit of downside risk	4.06	3.07	+0.99
Omega ratio: Gain probability vs. loss probability	1.58	1.45	+0.13
Calmar ratio: Return relative to maximum drawdown	6.04	4.31	+1.73
Martin ratio: Return relative to average drawdown	18.67	13.95	+4.72

FEMD.L vs. EIMI.L - Sharpe Ratio Comparison

The current FEMD.L Sharpe Ratio is 3.06, which is comparable to the EIMI.L Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of FEMD.L and EIMI.L, 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

FEMD.L vs. EIMI.L - Drawdown Comparison

The maximum FEMD.L drawdown since its inception was -27.56%, smaller than the maximum EIMI.L drawdown of -31.70%. Use the drawdown chart below to compare losses from any high point for FEMD.L and EIMI.L.

Drawdown Indicators

	FEMD.L	EIMI.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.56%	-31.70%	+4.14%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-10.58%	+1.76%
Max Drawdown (3Y) Largest decline over 3 years	-14.37%	-15.79%	+1.42%
Max Drawdown (5Y) Largest decline over 5 years	-25.37%	-22.27%	-3.10%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.10%	—
Current Drawdown Current decline from peak	-5.43%	-4.46%	-0.97%
Average Drawdown Average peak-to-trough decline	-8.24%	-8.67%	+0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	3.28%	-0.42%

Volatility

FEMD.L vs. EIMI.L - Volatility Comparison

The current volatility for Fidelity Emerging Markets Quality Income UCITS ETF (FEMD.L) is 8.17%, while iShares Core MSCI EM IMI UCITS ETF (EIMI.L) has a volatility of 8.81%. This indicates that FEMD.L experiences smaller price fluctuations and is considered to be less risky than EIMI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEMD.L	EIMI.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.17%	8.81%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	15.44%	17.39%	-1.95%
Volatility (1Y) Calculated over the trailing 1-year period	17.40%	19.42%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	16.97%	-1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.85%	18.48%	-0.63%

FEMD.L vs. EIMI.L - Expense Ratio Comparison

FEMD.L has a 0.50% expense ratio, which is higher than EIMI.L's 0.18% expense ratio.

Dividends

FEMD.L vs. EIMI.L - Dividend Comparison

FEMD.L's dividend yield for the trailing twelve months is around 2.73%, while EIMI.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
EIMI.L iShares Core MSCI EM IMI UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FEMD.L Fidelity Emerging Markets Quality Income UCITS ETF	2.73%	3.48%	3.75%	3.69%	4.00%	3.26%	2.84%	0.36%

Frequently Asked Questions

Can I hold both FEMD.L and EIMI.L in my portfolio?

FEMD.L and EIMI.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FEMD.L or EIMI.L?

On fees, EIMI.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FEMD.L or EIMI.L?

EIMI.L is cheaper with a 0.18% expense ratio, compared with 0.50% for FEMD.L.

What is the main difference between FEMD.L and EIMI.L?

FEMD.L tracks MSCI EM NR USD, while EIMI.L tracks MSCI Emerging Markets Investable Market Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.50% for FEMD.L and 0.18% for EIMI.L.