FEMKX vs. FERGX

Last updated Aug 1, 2026

FEMKX (Fidelity Emerging Markets Fund) and FERGX (Fidelity SAI Emerging Markets Index Fund) are both Emerging Markets Equities funds from Fidelity. Over the past 5 years, FEMKX returned 6.05%/yr vs 6.96%/yr for FERGX. Their 0.95 correlation means they have historically moved very closely together. FEMKX charges 0.86%/yr vs 0.07%/yr for FERGX.

Performance

FEMKX vs. FERGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Markets Fund (FEMKX) and Fidelity SAI Emerging Markets Index Fund (FERGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEMKX achieves a 13.92% return, which is significantly lower than FERGX's 16.06% return.

FEMKX

• 1D: 3.84%
• 1M: -4.46%
• 6M: 6.75%
• YTD: 13.92%
• 1Y: 33.30%
• 3Y*: 16.57%
• 5Y*: 6.05%
• 10Y*: 10.42%
• ALL TIME*: 6.18%

FERGX

• 1D: 4.02%
• 1M: -3.54%
• 6M: 7.29%
• YTD: 16.06%
• 1Y: 33.70%
• 3Y*: 17.54%
• 5Y*: 6.96%
• 10Y*: —
• ALL TIME*: 8.71%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FEMKX Fidelity Emerging Markets Fund	$0.00	$0.00	$0.00
FERGX Fidelity SAI Emerging Markets Index Fund	$0.00	$0.00	$0.00

FEMKX vs. FERGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEMKX Fidelity Emerging Markets Fund	13.92%	31.02%	7.12%	15.16%	-27.48%	1.25%	32.56%	33.67%	-18.03%	46.92%
FERGX Fidelity SAI Emerging Markets Index Fund	16.06%	33.86%	6.59%	9.41%	-20.19%	-3.05%	17.46%	18.22%	-14.52%	33.62%

Correlation

The correlation between FEMKX and FERGX is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.95

The correlation between FEMKX and FERGX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

FEMKX vs. FERGX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FEMKX

FEMKX Risk / Return Rank: 52
FEMKX Sharpe Ratio Rank: 48
FEMKX Sortino Ratio Rank: 43
FEMKX Omega Ratio Rank: 52
FEMKX Calmar Ratio Rank: 64
FEMKX Martin Ratio Rank: 50

FERGX

FERGX Risk / Return Rank: 59
FERGX Sharpe Ratio Rank: 57
FERGX Sortino Ratio Rank: 50
FERGX Omega Ratio Rank: 62
FERGX Calmar Ratio Rank: 71
FERGX Martin Ratio Rank: 56

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FEMKX vs. FERGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Fund (FEMKX) and Fidelity SAI Emerging Markets Index Fund (FERGX). 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.

	FEMKX	FERGX	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.40	-0.12
Sortino ratio: Return per unit of downside risk	1.75	1.89	-0.14
Omega ratio: Gain probability vs. loss probability	1.25	1.27	-0.03
Calmar ratio: Return relative to maximum drawdown	2.06	2.28	-0.22
Martin ratio: Return relative to average drawdown	6.75	7.27	-0.52

FEMKX vs. FERGX - Sharpe Ratio Comparison

The current FEMKX Sharpe Ratio is 1.28, which is comparable to the FERGX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of FEMKX and FERGX, 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

FEMKX vs. FERGX - Drawdown Comparison

The maximum FEMKX drawdown since its inception was -71.14%, which is greater than FERGX's maximum drawdown of -39.27%. Use the drawdown chart below to compare losses from any high point for FEMKX and FERGX.

Drawdown Indicators

	FEMKX	FERGX	Difference
Max Drawdown Largest peak-to-trough decline	-71.14%	-39.27%	-31.87%
Max Drawdown (1Y) Largest decline over 1 year	-14.94%	-14.00%	-0.94%
Max Drawdown (3Y) Largest decline over 3 years	-19.13%	-16.20%	-2.93%
Max Drawdown (5Y) Largest decline over 5 years	-40.49%	-34.56%	-5.93%
Max Drawdown (10Y) Largest decline over 10 years	-43.24%	—	—
Current Drawdown Current decline from peak	-11.68%	-10.54%	-1.14%
Average Drawdown Average peak-to-trough decline	-25.86%	-14.19%	-11.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	4.37%	+0.19%

Volatility

FEMKX vs. FERGX - Volatility Comparison

Fidelity Emerging Markets Fund (FEMKX) and Fidelity SAI Emerging Markets Index Fund (FERGX) have volatilities of 9.59% and 9.51%, 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

	FEMKX	FERGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.59%	9.51%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	21.93%	20.94%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	24.08%	22.79%	+1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.96%	18.25%	+1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.18%	18.46%	+0.72%

FEMKX vs. FERGX - Expense Ratio Comparison

FEMKX has a 0.86% expense ratio, which is higher than FERGX's 0.08% expense ratio.

Dividends

FEMKX vs. FERGX - Dividend Comparison

FEMKX's dividend yield for the trailing twelve months is around 0.04%, less than FERGX's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMKX Fidelity Emerging Markets Fund	0.04%	0.05%	0.65%	1.11%	0.77%	6.00%	1.39%	1.71%	0.83%	0.08%	0.67%	0.51%
FERGX Fidelity SAI Emerging Markets Index Fund	2.30%	2.67%	2.40%	2.67%	2.51%	2.90%	1.49%	2.49%	2.58%	0.58%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEMKX and FERGX in my portfolio?

With a correlation of 0.97, FEMKX and FERGX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FEMKX or FERGX?

FEMKX has higher volatility (9.59%) compared to FERGX (9.51%). In terms of maximum drawdown, FEMKX dropped -71.14% vs FERGX's -39.27%.

Which has better risk-adjusted returns?

FERGX currently has the higher Sharpe Ratio (1.40 vs 1.28), 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.