FEMR vs. DIEM

Last updated Jun 3, 2026

FEMR (Fidelity Enhanced Emerging Markets ETF) and DIEM (Franklin Emerging Market Core Dividend Tilt Index ETF) are both Emerging Markets Diversified funds. FEMR is actively managed, while DIEM is passively managed. Over the past year, FEMR returned 65.47% vs 63.44% for DIEM. Their correlation of 0.93 suggests significant overlap in exposure. FEMR charges 0.38%/yr vs 0.19%/yr for DIEM.

Performance

FEMR vs. DIEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Emerging Markets ETF (FEMR) and Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FEMR having a 35.27% return and DIEM slightly lower at 34.62%.

FEMR

• 1D: 0.55%
• 1M: 12.50%
• YTD: 35.27%
• 6M: 39.81%
• 1Y: 65.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DIEM

• 1D: 1.25%
• 1M: 13.76%
• YTD: 34.62%
• 6M: 37.79%
• 1Y: 63.44%
• 3Y*: 28.94%
• 5Y*: 11.95%
• 10Y*: —

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

FEMR vs. DIEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEMR Fidelity Enhanced Emerging Markets ETF	35.27%	35.27%	-1.49%
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF	34.62%	30.81%	-0.71%

Correlation

The correlation between FEMR and DIEM is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Nov 22, 2024	0.93

The correlation between FEMR and DIEM has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

FEMR vs. DIEM — Risk / Return Rank

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

FEMR

FEMR Risk / Return Rank: 87
FEMR Sharpe Ratio Rank: 89
FEMR Sortino Ratio Rank: 86
FEMR Omega Ratio Rank: 89
FEMR Calmar Ratio Rank: 84
FEMR Martin Ratio Rank: 86

DIEM

DIEM Risk / Return Rank: 91
DIEM Sharpe Ratio Rank: 93
DIEM Sortino Ratio Rank: 92
DIEM Omega Ratio Rank: 93
DIEM Calmar Ratio Rank: 88
DIEM Martin Ratio Rank: 90

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.

FEMR vs. DIEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Emerging Markets ETF (FEMR) and Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM). 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.

	FEMR	DIEM	Difference
Sharpe ratio Return per unit of total volatility	3.11	3.52	-0.41
Sortino ratio Return per unit of downside risk	3.91	4.44	-0.53
Omega ratio Gain probability vs. loss probability	1.57	1.66	-0.09
Calmar ratio Return relative to maximum drawdown	4.61	5.18	-0.57
Martin ratio Return relative to average drawdown	18.50	21.41	-2.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEMR vs. DIEM - Sharpe Ratio Comparison

The current FEMR Sharpe Ratio is 3.11, which is comparable to the DIEM Sharpe Ratio of 3.52. The chart below compares the historical Sharpe Ratios of FEMR and DIEM, 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

	FEMR	DIEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.11	3.52	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.25	0.56	+1.69

Drawdowns

FEMR vs. DIEM - Drawdown Comparison

The maximum FEMR drawdown since its inception was -15.58%, smaller than the maximum DIEM drawdown of -38.61%. Use the drawdown chart below to compare losses from any high point for FEMR and DIEM.

Drawdown Indicators

	FEMR	DIEM	Difference
Max Drawdown Largest peak-to-trough decline	-15.58%	-38.61%	+23.03%
Max Drawdown (1Y) Largest decline over 1 year	-14.47%	-12.33%	-2.14%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.34%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.32%	-9.72%	+7.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	2.98%	+0.63%

Volatility

FEMR vs. DIEM - Volatility Comparison

Fidelity Enhanced Emerging Markets ETF (FEMR) and Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) have volatilities of 8.58% and 8.30%, 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

	FEMR	DIEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.58%	8.30%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	18.51%	15.83%	+2.68%
Volatility (1Y) Calculated over the trailing 1-year period	21.16%	18.10%	+3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.30%	16.92%	+4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.30%	17.59%	+3.71%

FEMR vs. DIEM - Expense Ratio Comparison

FEMR has a 0.38% expense ratio, which is higher than DIEM's 0.19% expense ratio.

Dividends

FEMR vs. DIEM - Dividend Comparison

FEMR's dividend yield for the trailing twelve months is around 1.39%, less than DIEM's 2.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF	2.27%	2.99%	4.92%	4.45%	6.31%	4.06%	2.75%	5.98%	3.87%	2.61%	0.35%
FEMR Fidelity Enhanced Emerging Markets ETF	1.39%	1.92%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEMR and DIEM in my portfolio?

With a correlation of 0.92, FEMR and DIEM 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, FEMR or DIEM?

FEMR has higher volatility (8.58%) compared to DIEM (8.30%). In terms of maximum drawdown, FEMR dropped -15.58% vs DIEM's -38.61%.

Which ETF is better, FEMR or DIEM?

On 1-year performance, FEMR leads with 65.47% vs 63.44% for DIEM. On fees, DIEM is cheaper at 0.19% per year. On volatility, DIEM has been the lower-risk option at 8.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEMR or DIEM?

Over the 1-year period, FEMR has performed better with a 65.47% return vs 63.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEMR or DIEM?

DIEM is cheaper with a 0.19% expense ratio, compared with 0.38% for FEMR.

Which ETF pays a higher dividend yield, FEMR or DIEM?

DIEM has the higher dividend yield at 2.27%, compared with 1.39% for FEMR.

What is the main difference between FEMR and DIEM?

They also come from different issuers: Fidelity and Franklin Templeton. Their fees differ too: 0.38% for FEMR and 0.19% for DIEM.

Which has better risk-adjusted returns?

DIEM currently has the higher Sharpe Ratio (3.52 vs 3.11), 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.