FEMD.L vs. FEME.L

Last updated Jun 5, 2026

FEMD.L (Fidelity Emerging Markets Quality Income UCITS ETF) and FEME.L (Fidelity Emerging Markets Quality Income UCITS ETF USD Inc) are both exchange-traded funds - FEMD.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD, while FEME.L is a Emerging Markets Diversified fund tracking the Fidelity Emerging Markets Quality Income Index. Both are passively managed. Over the past 5 years, FEMD.L returned 9.70%/yr vs 5.75%/yr for FEME.L. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

FEMD.L vs. FEME.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 Fidelity Emerging Markets Quality Income UCITS ETF USD Inc (FEME.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both stocks are quite close, with FEMD.L having a 35.14% return and FEME.L slightly lower at 33.94%.

FEMD.L

• 1D: -1.83%
• 1M: 11.02%
• YTD: 35.14%
• 6M: 35.25%
• 1Y: 57.69%
• 3Y*: 23.39%
• 5Y*: 9.70%
• 10Y*: —

FEME.L

• 1D: -1.73%
• 1M: 9.72%
• YTD: 33.94%
• 6M: 33.69%
• 1Y: 52.33%
• 3Y*: 19.11%
• 5Y*: 5.75%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FEMD.L Fidelity Emerging Markets Quality Income UCITS ETF	35.14%	20.67%	6.74%	9.89%	-15.51%	6.86%	9.56%	2.24%
FEME.L Fidelity Emerging Markets Quality Income UCITS ETF USD Inc	33.94%	15.90%	2.99%	6.11%	-18.60%	3.10%	6.80%	1.26%

Correlation

The correlation between FEMD.L and FEME.L is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 12, 2019	0.92

The correlation between FEMD.L and FEME.L has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

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

Sectors	FEMD.L	FEME.L
Technology	49.5%	40.4%
Financial Services	16.6%	19.4%
Consumer Cyclical	9.6%	11.2%
Industrials	7.1%	8.0%
Basic Materials	5.2%	6.2%
Energy	3.2%	4.2%
Communication Services	2.3%	2.7%
Consumer Defensive	1.9%	2.3%
Healthcare	1.8%	2.2%
Utilities	1.7%	2.2%
Real Estate	1.2%	1.3%

Return for Risk

FEMD.L vs. FEME.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: 94
FEMD.L Omega Ratio Rank: 94
FEMD.L Calmar Ratio Rank: 93
FEMD.L Martin Ratio Rank: 91

FEME.L

FEME.L Risk / Return Rank: 85
FEME.L Sharpe Ratio Rank: 86
FEME.L Sortino Ratio Rank: 88
FEME.L Omega Ratio Rank: 86
FEME.L Calmar Ratio Rank: 84
FEME.L Martin Ratio Rank: 82

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. FEME.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 Fidelity Emerging Markets Quality Income UCITS ETF USD Inc (FEME.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.

	FEMD.L	FEME.L	Difference
Sharpe ratio: Return per unit of total volatility	3.55	3.03	+0.52
Sortino ratio: Return per unit of downside risk	4.89	4.23	+0.66
Omega ratio: Gain probability vs. loss probability	1.66	1.57	+0.09
Calmar ratio: Return relative to maximum drawdown	6.42	5.79	+0.62
Martin ratio: Return relative to average drawdown	21.27	18.18	+3.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current FEMD.L Sharpe Ratio is 3.55, which is comparable to the FEME.L Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of FEMD.L and FEME.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.

Sharpe Ratios by Period

	FEMD.L	FEME.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.55	3.03	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.36	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.36	+0.23

Drawdowns

FEMD.L vs. FEME.L - Drawdown Comparison

The maximum FEMD.L drawdown since its inception was -27.55%, smaller than the maximum FEME.L drawdown of -29.32%. Use the drawdown chart below to compare losses from any high point for FEMD.L and FEME.L.

Drawdown Indicators

	FEMD.L	FEME.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.55%	-29.32%	+1.77%
Max Drawdown (1Y) Largest decline over 1 year	-8.95%	-8.99%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-14.43%	-15.37%	+0.94%
Max Drawdown (5Y) Largest decline over 5 years	-25.26%	-29.32%	+4.06%
Current Drawdown Current decline from peak	-4.02%	-3.75%	-0.27%
Average Drawdown Average peak-to-trough decline	-8.25%	-12.76%	+4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	2.87%	-0.17%

Volatility

FEMD.L vs. FEME.L - Volatility Comparison

Fidelity Emerging Markets Quality Income UCITS ETF (FEMD.L) and Fidelity Emerging Markets Quality Income UCITS ETF USD Inc (FEME.L) have volatilities of 8.69% and 8.86%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEMD.L	FEME.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.69%	8.86%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	13.99%	15.11%	-1.12%
Volatility (1Y) Calculated over the trailing 1-year period	16.19%	17.20%	-1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.06%	15.98%	-0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.70%	18.65%	-0.95%

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

Both FEMD.L and FEME.L have an expense ratio of 0.50%.

Dividends

FEMD.L vs. FEME.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FEMD.L Fidelity Emerging Markets Quality Income UCITS ETF	2.73%	3.48%	3.76%	3.69%	3.99%	3.27%	2.62%	0.37%
FEME.L Fidelity Emerging Markets Quality Income UCITS ETF USD Inc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

FEMD.L and FEME.L have a correlation of 0.90, 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 FEME.L?

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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

FEMD.L and FEME.L have the same expense ratio: 0.50% per year.

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

FEMD.L is categorized as Emerging Markets Equities, while FEME.L is Emerging Markets Diversified. FEMD.L tracks MSCI EM NR USD, while FEME.L tracks Fidelity Emerging Markets Quality Income Index.