FEMKX vs. FKEMX

Last updated Jun 24, 2026

FEMKX (Fidelity Emerging Markets) and FKEMX (Fidelity Emerging Markets K) are both Emerging Markets Equities funds from Fidelity. Over the past 10 years, FEMKX returned 12.71%/yr vs 12.84%/yr for FKEMX. With a 1.00 correlation, they move nearly in lockstep. FEMKX charges 0.88%/yr vs 0.77%/yr for FKEMX.

Performance

FEMKX vs. FKEMX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with FEMKX having a 28.98% return and FKEMX slightly higher at 29.03%. Both investments have delivered pretty close results over the past 10 years, with FEMKX having a 12.71% annualized return and FKEMX not far ahead at 12.84%.

FEMKX

• 1D: 0.83%
• 1M: 8.03%
• YTD: 28.98%
• 6M: 30.23%
• 1Y: 55.93%
• 3Y*: 23.79%
• 5Y*: 7.58%
• 10Y*: 12.71%

FKEMX

• 1D: 0.83%
• 1M: 8.02%
• YTD: 29.03%
• 6M: 30.31%
• 1Y: 56.10%
• 3Y*: 23.94%
• 5Y*: 7.71%
• 10Y*: 12.84%

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

FEMKX vs. FKEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEMKX Fidelity Emerging Markets	28.98%	31.02%	7.12%	15.16%	-27.48%	1.25%	32.56%	33.67%	-18.03%	46.92%
FKEMX Fidelity Emerging Markets K	29.03%	31.18%	7.26%	15.36%	-27.42%	1.40%	32.68%	33.86%	-17.92%	46.97%

Correlation

The correlation between FEMKX and FKEMX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since May 9, 2008	1.00

The correlation between FEMKX and FKEMX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

FEMKX vs. FKEMX — Risk / Return Rank

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

FEMKX

FEMKX Risk / Return Rank: 84
FEMKX Sharpe Ratio Rank: 87
FEMKX Sortino Ratio Rank: 73
FEMKX Omega Ratio Rank: 81
FEMKX Calmar Ratio Rank: 90
FEMKX Martin Ratio Rank: 88

FKEMX

FKEMX Risk / Return Rank: 84
FKEMX Sharpe Ratio Rank: 88
FKEMX Sortino Ratio Rank: 74
FKEMX Omega Ratio Rank: 81
FKEMX Calmar Ratio Rank: 91
FKEMX Martin Ratio Rank: 88

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.

FEMKX vs. FKEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets (FEMKX) and Fidelity Emerging Markets K (FKEMX). 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	FKEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.63	2.64	-0.02
Sortino ratio: Return per unit of downside risk	3.24	3.26	-0.01
Omega ratio: Gain probability vs. loss probability	1.49	1.49	0.00
Calmar ratio: Return relative to maximum drawdown	4.36	4.40	-0.03
Martin ratio: Return relative to average drawdown	15.55	15.67	-0.12

FEMKX vs. FKEMX - Sharpe Ratio Comparison

The current FEMKX Sharpe Ratio is 2.63, which is comparable to the FKEMX Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of FEMKX and FKEMX, 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. FKEMX - Drawdown Comparison

The maximum FEMKX drawdown since its inception was -71.14%, roughly equal to the maximum FKEMX drawdown of -69.07%. Use the drawdown chart below to compare losses from any high point for FEMKX and FKEMX.

Drawdown Indicators

	FEMKX	FKEMX	Difference
Max Drawdown Largest peak-to-trough decline	-71.14%	-69.07%	-2.07%
Max Drawdown (1Y) Largest decline over 1 year	-13.00%	-13.00%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-19.13%	-19.08%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-40.88%	-40.79%	-0.09%
Max Drawdown (10Y) Largest decline over 10 years	-43.24%	-43.13%	-0.11%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-25.91%	-21.25%	-4.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	3.63%	+0.01%

Volatility

FEMKX vs. FKEMX - Volatility Comparison

Fidelity Emerging Markets (FEMKX) and Fidelity Emerging Markets K (FKEMX) have volatilities of 11.80% and 11.80%, 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	FKEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.80%	11.80%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	19.26%	19.30%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	21.64%	21.68%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.49%	19.52%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	18.97%	-0.01%

FEMKX vs. FKEMX - Expense Ratio Comparison

FEMKX has a 0.88% expense ratio, which is higher than FKEMX's 0.77% expense ratio.

Dividends

FEMKX vs. FKEMX - Dividend Comparison

FEMKX's dividend yield for the trailing twelve months is around 0.04%, less than FKEMX's 0.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMKX Fidelity Emerging Markets	0.04%	0.05%	0.65%	1.11%	0.77%	6.00%	1.39%	1.71%	0.83%	0.08%	0.67%	0.51%
FKEMX Fidelity Emerging Markets K	0.05%	0.07%	0.78%	1.24%	0.89%	6.18%	1.46%	1.85%	1.00%	0.08%	0.84%	0.70%

Frequently Asked Questions

Can I hold both FEMKX and FKEMX in my portfolio?

With a correlation of 0.99, FEMKX and FKEMX 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 FKEMX?

FKEMX has higher volatility (11.80%) compared to FEMKX (11.80%). In terms of maximum drawdown, FEMKX dropped -71.14% vs FKEMX's -69.07%.

Which has better risk-adjusted returns?

FKEMX currently has the higher Sharpe Ratio (2.64 vs 2.63), 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.