FEMD.L vs. PRAM.L

Last updated Jun 5, 2026

FEMD.L (Fidelity Emerging Markets Quality Income UCITS ETF) and PRAM.L (Amundi Prime Emerging Markets UCITS ETF DR (C)) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from Fidelity and Amundi respectively. Both are passively managed. Over the past 3 years, FEMD.L returned 23.39%/yr vs 20.13%/yr for PRAM.L. A 0.60 correlation means they provide meaningful diversification when combined. FEMD.L charges 0.50%/yr vs 0.10%/yr for PRAM.L.

Performance

FEMD.L vs. PRAM.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 Amundi Prime Emerging Markets UCITS ETF DR (C) (PRAM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FEMD.L is traded in GBP, while PRAM.L is traded in USD. To make them comparable, the PRAM.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 35.14% return, which is significantly higher than PRAM.L's 24.77% return.

FEMD.L

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

PRAM.L

• 1D: -1.56%
• 1M: 5.71%
• YTD: 24.77%
• 6M: 26.35%
• 1Y: 51.29%
• 3Y*: 20.13%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
FEMD.L Fidelity Emerging Markets Quality Income UCITS ETF	35.14%	20.67%	6.74%	9.89%	-15.51%	0.14%
PRAM.L Amundi Prime Emerging Markets UCITS ETF DR (C)	24.77%	23.16%	9.01%	3.99%	-8.64%	0.00%

Correlation

The correlation between FEMD.L and PRAM.L is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Dec 20, 2021	0.60

The correlation between FEMD.L and PRAM.L shifts across timeframes, from 0.60 (all time) to 0.80 (1 year), reflecting how their relationship changes across market environments.

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

Sectors	FEMD.L	PRAM.L
Technology	49.5%	40.7%
Financial Services	16.6%	17.6%
Consumer Cyclical	9.6%	9.1%
Industrials	7.1%	8.3%
Basic Materials	5.2%	5.8%
Energy	3.2%	3.6%
Communication Services	2.3%	6.1%
Consumer Defensive	1.9%	2.8%
Healthcare	1.8%	2.8%
Utilities	1.7%	2.1%
Real Estate	1.2%	1.1%

Return for Risk

FEMD.L vs. PRAM.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

PRAM.L

PRAM.L Risk / Return Rank: 78
PRAM.L Sharpe Ratio Rank: 81
PRAM.L Sortino Ratio Rank: 77
PRAM.L Omega Ratio Rank: 79
PRAM.L Calmar Ratio Rank: 79
PRAM.L Martin Ratio Rank: 76

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. PRAM.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 Amundi Prime Emerging Markets UCITS ETF DR (C) (PRAM.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	PRAM.L	Difference
Sharpe ratio: Return per unit of total volatility	3.55	2.84	+0.71
Sortino ratio: Return per unit of downside risk	4.89	3.64	+1.25
Omega ratio: Gain probability vs. loss probability	1.66	1.52	+0.14
Calmar ratio: Return relative to maximum drawdown	6.42	4.98	+1.44
Martin ratio: Return relative to average drawdown	21.27	16.58	+4.69
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. PRAM.L - Sharpe Ratio Comparison

The current FEMD.L Sharpe Ratio is 3.55, which is comparable to the PRAM.L Sharpe Ratio of 2.84. The chart below compares the historical Sharpe Ratios of FEMD.L and PRAM.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	PRAM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.55	2.84	+0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.82	-0.24

Drawdowns

FEMD.L vs. PRAM.L - Drawdown Comparison

The maximum FEMD.L drawdown since its inception was -27.55%, which is greater than PRAM.L's maximum drawdown of -15.77%. Use the drawdown chart below to compare losses from any high point for FEMD.L and PRAM.L.

Drawdown Indicators

	FEMD.L	PRAM.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.55%	-15.77%	-11.78%
Max Drawdown (1Y) Largest decline over 1 year	-8.95%	-10.26%	+1.31%
Max Drawdown (3Y) Largest decline over 3 years	-14.43%	-15.77%	+1.34%
Max Drawdown (5Y) Largest decline over 5 years	-25.26%	—	—
Current Drawdown Current decline from peak	-4.02%	-2.78%	-1.24%
Average Drawdown Average peak-to-trough decline	-8.25%	-4.79%	-3.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	3.08%	-0.38%

Volatility

FEMD.L vs. PRAM.L - Volatility Comparison

Fidelity Emerging Markets Quality Income UCITS ETF (FEMD.L) has a higher volatility of 8.69% compared to Amundi Prime Emerging Markets UCITS ETF DR (C) (PRAM.L) at 7.80%. This indicates that FEMD.L's price experiences larger fluctuations and is considered to be riskier than PRAM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEMD.L	PRAM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.69%	7.80%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	13.99%	15.43%	-1.44%
Volatility (1Y) Calculated over the trailing 1-year period	16.19%	18.02%	-1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.06%	18.89%	-3.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.70%	18.89%	-1.19%

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

FEMD.L has a 0.50% expense ratio, which is higher than PRAM.L's 0.10% expense ratio.

Dividends

FEMD.L vs. PRAM.L - Dividend Comparison

FEMD.L's dividend yield for the trailing twelve months is around 2.73%, while PRAM.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%
PRAM.L Amundi Prime Emerging Markets UCITS ETF DR (C)	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 PRAM.L in my portfolio?

FEMD.L and PRAM.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 PRAM.L?

On fees, PRAM.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

PRAM.L is cheaper with a 0.10% expense ratio, compared with 0.50% for FEMD.L.

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

Both ETFs track MSCI EM NR USD. They also come from different issuers: Fidelity and Amundi. Their fees differ too: 0.50% for FEMD.L and 0.10% for PRAM.L.