FEME.L vs. FSMG.L

Last updated Jun 5, 2026

FEME.L (Fidelity Emerging Markets Quality Income UCITS ETF USD Inc) and FSMG.L (Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF INC-USD) are both exchange-traded funds - FEME.L is a Emerging Markets Diversified fund tracking the Fidelity Emerging Markets Quality Income Index, while FSMG.L is a Global Corporate Bonds fund tracking the Bloomberg Gbl Agg Corp TR USD. Both are passively managed. Over the past 5 years, FEME.L returned 4.62%/yr vs 0.50%/yr for FSMG.L. At a 0.22 correlation, their price movements are largely independent. FEME.L charges 0.50%/yr vs 0.25%/yr for FSMG.L.

Performance

FEME.L vs. FSMG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Markets Quality Income UCITS ETF USD Inc (FEME.L) and Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF INC-USD (FSMG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, FEME.L achieves a 33.40% return, which is significantly higher than FSMG.L's 0.68% return.

FEME.L

• 1D: -1.73%
• 1M: 8.72%
• YTD: 33.40%
• 6M: 34.62%
• 1Y: 50.87%
• 3Y*: 22.18%
• 5Y*: 4.62%
• 10Y*: —

FSMG.L

• 1D: -0.47%
• 1M: 0.39%
• YTD: 0.68%
• 6M: 1.43%
• 1Y: 5.51%
• 3Y*: 6.34%
• 5Y*: 0.50%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
FEME.L Fidelity Emerging Markets Quality Income UCITS ETF USD Inc	33.40%	24.79%	1.22%	11.70%	-27.08%	-2.59%
FSMG.L Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF INC-USD	0.68%	10.40%	1.06%	9.38%	-15.83%	2.41%

Correlation

The correlation between FEME.L and FSMG.L is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since Mar 30, 2021	0.22

Return for Risk

FEME.L vs. FSMG.L — Risk / Return Rank

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

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

FSMG.L

FSMG.L Risk / Return Rank: 33
FSMG.L Sharpe Ratio Rank: 34
FSMG.L Sortino Ratio Rank: 35
FSMG.L Omega Ratio Rank: 33
FSMG.L Calmar Ratio Rank: 34
FSMG.L Martin Ratio Rank: 28

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.

FEME.L vs. FSMG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Quality Income UCITS ETF USD Inc (FEME.L) and Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF INC-USD (FSMG.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.

	FEME.L	FSMG.L	Difference
Sharpe ratio: Return per unit of total volatility	2.76	0.94	+1.83
Sortino ratio: Return per unit of downside risk	3.91	1.44	+2.47
Omega ratio: Gain probability vs. loss probability	1.51	1.17	+0.35
Calmar ratio: Return relative to maximum drawdown	4.50	1.48	+3.03
Martin ratio: Return relative to average drawdown	15.93	4.99	+10.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current FEME.L Sharpe Ratio is 2.76, which is higher than the FSMG.L Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of FEME.L and FSMG.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

	FEME.L	FSMG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.76	0.94	+1.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.06	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.14	+0.26

Drawdowns

FEME.L vs. FSMG.L - Drawdown Comparison

The maximum FEME.L drawdown since its inception was -41.21%, which is greater than FSMG.L's maximum drawdown of -24.51%. Use the drawdown chart below to compare losses from any high point for FEME.L and FSMG.L.

Drawdown Indicators

	FEME.L	FSMG.L	Difference
Max Drawdown Largest peak-to-trough decline	-41.21%	-24.51%	-16.70%
Max Drawdown (1Y) Largest decline over 1 year	-11.24%	-4.03%	-7.21%
Max Drawdown (3Y) Largest decline over 3 years	-16.92%	-6.69%	-10.23%
Max Drawdown (5Y) Largest decline over 5 years	-41.21%	-24.51%	-16.70%
Current Drawdown Current decline from peak	-4.02%	-1.70%	-2.32%
Average Drawdown Average peak-to-trough decline	-17.16%	-9.00%	-8.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	1.19%	+1.99%

Volatility

FEME.L vs. FSMG.L - Volatility Comparison

Fidelity Emerging Markets Quality Income UCITS ETF USD Inc (FEME.L) has a higher volatility of 9.33% compared to Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF INC-USD (FSMG.L) at 2.78%. This indicates that FEME.L's price experiences larger fluctuations and is considered to be riskier than FSMG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEME.L	FSMG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.33%	2.78%	+6.55%
Volatility (6M) Calculated over the trailing 6-month period	16.11%	4.97%	+11.14%
Volatility (1Y) Calculated over the trailing 1-year period	18.35%	6.36%	+11.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.51%	7.84%	+9.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.01%	7.76%	+12.25%

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

FEME.L has a 0.50% expense ratio, which is higher than FSMG.L's 0.25% expense ratio.

Dividends

FEME.L vs. FSMG.L - Dividend Comparison

FEME.L has not paid dividends to shareholders, while FSMG.L's dividend yield for the trailing twelve months is around 6.04%.

Position	TTM	2025	2024	2023	2022	2021
FEME.L Fidelity Emerging Markets Quality Income UCITS ETF USD Inc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FSMG.L Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF INC-USD	6.04%	4.83%	5.10%	4.67%	2.87%	1.10%

Frequently Asked Questions

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

FEME.L and FSMG.L have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FEME.L or FSMG.L?

On fees, FSMG.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

FSMG.L is cheaper with a 0.25% expense ratio, compared with 0.50% for FEME.L.

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

FEME.L is categorized as Emerging Markets Diversified, while FSMG.L is Global Corporate Bonds. FEME.L tracks Fidelity Emerging Markets Quality Income Index, while FSMG.L tracks Bloomberg Gbl Agg Corp TR USD. Their fees differ too: 0.50% for FEME.L and 0.25% for FSMG.L.