FEMKX vs. PEAFX

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Emerging Markets (FEMKX) and PIMCO RAE Emerging Markets Fund Class A (PEAFX).

FEMKX is managed by Fidelity. It was launched on Nov 1, 1990. PEAFX is an actively managed fund by PIMCO. It was launched on Jun 5, 2015.

Performance

FEMKX vs. PEAFX - Performance Comparison

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

FEMKX vs. PEAFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEMKX Fidelity Emerging Markets	-2.45%	31.02%	7.12%	15.16%	-27.48%	1.25%	32.56%	33.67%	-18.03%	46.92%
PEAFX PIMCO RAE Emerging Markets Fund Class A	6.52%	20.25%	1.14%	22.28%	-10.71%	15.47%	6.43%	13.30%	-12.77%	28.91%

Returns By Period

In the year-to-date period, FEMKX achieves a -2.45% return, which is significantly lower than PEAFX's 6.52% return. Over the past 10 years, FEMKX has underperformed PEAFX with an annualized return of 9.57%, while PEAFX has yielded a comparatively higher 10.12% annualized return.

FEMKX

• 1D: -0.90%
• 1M: -11.42%
• YTD: -2.45%
• 6M: 1.51%
• 1Y: 29.35%
• 3Y*: 13.32%
• 5Y*: 2.59%
• 10Y*: 9.57%

PEAFX

• 1D: 0.08%
• 1M: -8.64%
• YTD: 6.52%
• 6M: 8.29%
• 1Y: 24.42%
• 3Y*: 15.08%
• 5Y*: 8.03%
• 10Y*: 10.12%

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

FEMKX vs. PEAFX - Expense Ratio Comparison

FEMKX has a 0.88% expense ratio, which is lower than PEAFX's 1.10% expense ratio.

PEAFX

PIMCO RAE Emerging Markets Fund Class A

FEMKX

Fidelity Emerging Markets

Return for Risk

FEMKX vs. PEAFX — Risk / Return Rank

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

FEMKX

FEMKX Risk / Return Rank: 80
FEMKX Sharpe Ratio Rank: 81
FEMKX Sortino Ratio Rank: 81
FEMKX Omega Ratio Rank: 77
FEMKX Calmar Ratio Rank: 83
FEMKX Martin Ratio Rank: 79

PEAFX

PEAFX Risk / Return Rank: 78
PEAFX Sharpe Ratio Rank: 83
PEAFX Sortino Ratio Rank: 78
PEAFX Omega Ratio Rank: 78
PEAFX Calmar Ratio Rank: 74
PEAFX Martin Ratio Rank: 74

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. PEAFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets (FEMKX) and PIMCO RAE Emerging Markets Fund Class A (PEAFX). 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.

	FEMKX	PEAFX	Difference
Sharpe ratio Return per unit of total volatility	1.48	1.58	-0.09
Sortino ratio Return per unit of downside risk	2.03	1.99	+0.04
Omega ratio Gain probability vs. loss probability	1.29	1.31	-0.02
Calmar ratio Return relative to maximum drawdown	2.01	1.75	+0.26
Martin ratio Return relative to average drawdown	7.64	7.13	+0.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEMKX vs. PEAFX - Sharpe Ratio Comparison

The current FEMKX Sharpe Ratio is 1.48, which is comparable to the PEAFX Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of FEMKX and PEAFX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FEMKX	PEAFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	1.58	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.54	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.59	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.65	-0.36

Correlation

The correlation between FEMKX and PEAFX is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FEMKX vs. PEAFX - Dividend Comparison

FEMKX's dividend yield for the trailing twelve months is around 0.05%, less than PEAFX's 2.79% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMKX Fidelity Emerging Markets	0.05%	0.05%	0.65%	1.11%	0.77%	6.00%	1.39%	1.71%	0.83%	0.08%	0.67%	0.51%
PEAFX PIMCO RAE Emerging Markets Fund Class A	2.79%	2.97%	1.01%	4.01%	11.33%	9.19%	7.05%	2.48%	11.05%	8.07%	2.59%	0.00%

Drawdowns

FEMKX vs. PEAFX - Drawdown Comparison

The maximum FEMKX drawdown since its inception was -71.14%, which is greater than PEAFX's maximum drawdown of -47.18%. Use the drawdown chart below to compare losses from any high point for FEMKX and PEAFX.

Drawdown Indicators

	FEMKX	PEAFX	Difference
Max Drawdown Largest peak-to-trough decline	-71.14%	-47.18%	-23.96%
Max Drawdown (1Y) Largest decline over 1 year	-13.00%	-12.14%	-0.86%
Max Drawdown (5Y) Largest decline over 5 years	-40.88%	-28.57%	-12.31%
Max Drawdown (10Y) Largest decline over 10 years	-43.24%	-47.18%	+3.94%
Current Drawdown Current decline from peak	-13.00%	-9.39%	-3.61%
Average Drawdown Average peak-to-trough decline	-26.06%	-10.29%	-15.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	3.20%	+0.22%

Volatility

FEMKX vs. PEAFX - Volatility Comparison

Fidelity Emerging Markets (FEMKX) has a higher volatility of 9.18% compared to PIMCO RAE Emerging Markets Fund Class A (PEAFX) at 5.57%. This indicates that FEMKX's price experiences larger fluctuations and is considered to be riskier than PEAFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEMKX	PEAFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.18%	5.57%	+3.61%
Volatility (6M) Calculated over the trailing 6-month period	14.16%	11.14%	+3.02%
Volatility (1Y) Calculated over the trailing 1-year period	19.32%	15.50%	+3.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.46%	14.88%	+3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.41%	17.23%	+1.18%