FEML.L vs. VEMA.L

Last updated Jul 14, 2026

FEML.L (Fidelity Emerging Markets Ltd) is a stock, while VEMA.L (Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating) is Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified TR USD. Over the past 5 years, FEML.L returned 11.50%/yr vs 2.87%/yr for VEMA.L. At a 0.14 correlation, their price movements are largely independent.

Performance

FEML.L vs. VEMA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Fidelity Emerging Markets Ltd (FEML.L) and Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating (VEMA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FEML.L is traded in GBp, while VEMA.L is traded in GBP. To make them comparable, the VEMA.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, FEML.L achieves a 34.52% return, which is significantly higher than VEMA.L's 1.73% return.

FEML.L

• 1D: -3.11%
• 1M: 0.99%
• 6M: 29.19%
• YTD: 34.52%
• 1Y: 80.04%
• 3Y*: 37.71%
• 5Y*: 11.50%
• 10Y*: 11.28%

VEMA.L

• 1D: -0.17%
• 1M: 0.02%
• 6M: 2.10%
• YTD: 1.73%
• 1Y: 8.79%
• 3Y*: 7.26%
• 5Y*: 2.87%
• 10Y*: —

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

FEML.L vs. VEMA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FEML.L Fidelity Emerging Markets Ltd	34.52%	56.56%	15.43%	4.39%	-25.29%	-6.66%	13.69%	13.71%
VEMA.L Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating	1.73%	4.17%	8.10%	3.45%	-5.29%	-0.35%	2.49%	-17.05%

Correlation

The correlation between FEML.L and VEMA.L is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019	0.14

The correlation between FEML.L and VEMA.L shifts across timeframes, from 0.04 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FEML.L vs. VEMA.L — Risk / Return Rank

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

FEML.L

FEML.L Risk / Return Rank: 97
FEML.L Sharpe Ratio Rank: 98
FEML.L Sortino Ratio Rank: 98
FEML.L Omega Ratio Rank: 98
FEML.L Calmar Ratio Rank: 95
FEML.L Martin Ratio Rank: 97

VEMA.L

VEMA.L Risk / Return Rank: 52
VEMA.L Sharpe Ratio Rank: 54
VEMA.L Sortino Ratio Rank: 61
VEMA.L Omega Ratio Rank: 52
VEMA.L Calmar Ratio Rank: 50
VEMA.L Martin Ratio Rank: 41

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.

FEML.L vs. VEMA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Ltd (FEML.L) and Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating (VEMA.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.

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.

	FEML.L	VEMA.L	Difference
Sharpe ratio: Return per unit of total volatility	3.81	1.47	+2.34
Sortino ratio: Return per unit of downside risk	4.45	2.28	+2.17
Omega ratio: Gain probability vs. loss probability	1.66	1.26	+0.40
Calmar ratio: Return relative to maximum drawdown	5.31	1.99	+3.33
Martin ratio: Return relative to average drawdown	20.03	5.31	+14.72

FEML.L vs. VEMA.L - Sharpe Ratio Comparison

The current FEML.L Sharpe Ratio is 3.81, which is higher than the VEMA.L Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of FEML.L and VEMA.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.

Drawdowns

FEML.L vs. VEMA.L - Drawdown Comparison

The maximum FEML.L drawdown since its inception was -60.17%, which is greater than VEMA.L's maximum drawdown of -24.39%. Use the drawdown chart below to compare losses from any high point for FEML.L and VEMA.L.

Drawdown Indicators

	FEML.L	VEMA.L	Difference
Max Drawdown Largest peak-to-trough decline	-60.17%	-24.39%	-35.78%
Max Drawdown (1Y) Largest decline over 1 year	-14.98%	-4.40%	-10.58%
Max Drawdown (3Y) Largest decline over 3 years	-14.98%	-19.46%	+4.48%
Max Drawdown (5Y) Largest decline over 5 years	-38.41%	-19.46%	-18.95%
Max Drawdown (10Y) Largest decline over 10 years	-40.75%	—	—
Current Drawdown Current decline from peak	-8.19%	-4.92%	-3.27%
Average Drawdown Average peak-to-trough decline	-21.33%	-15.61%	-5.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	1.65%	+2.33%

Volatility

FEML.L vs. VEMA.L - Volatility Comparison

Fidelity Emerging Markets Ltd (FEML.L) has a higher volatility of 9.10% compared to Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating (VEMA.L) at 1.84%. This indicates that FEML.L's price experiences larger fluctuations and is considered to be riskier than VEMA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEML.L	VEMA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.10%	1.84%	+7.26%
Volatility (6M) Calculated over the trailing 6-month period	18.50%	4.15%	+14.35%
Volatility (1Y) Calculated over the trailing 1-year period	20.93%	5.95%	+14.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.45%	16.08%	+2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.47%	17.09%	+1.38%

Dividends

FEML.L vs. VEMA.L - Dividend Comparison

FEML.L's dividend yield for the trailing twelve months is around 1.38%, while VEMA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEML.L Fidelity Emerging Markets Ltd	1.38%	1.86%	2.26%	1.99%	1.90%	1.22%	1.10%	1.45%	1.81%	1.12%
VEMA.L Vanguard USD Emerging Markets Government Bond UCITS ETF Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEML.L and VEMA.L in my portfolio?

FEML.L and VEMA.L have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.