FEMR vs. EMSF

Last updated Jun 4, 2026

FEMR (Fidelity Enhanced Emerging Markets ETF) and EMSF (Matthews Emerging Markets Sustainable Future Active ETF) are both Emerging Markets Diversified funds. Both are actively managed. Over the past year, FEMR returned 64.21% vs 63.33% for EMSF. Their correlation of 0.90 suggests significant overlap in exposure. FEMR charges 0.38%/yr vs 0.79%/yr for EMSF.

Performance

FEMR vs. EMSF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Emerging Markets ETF (FEMR) and Matthews Emerging Markets Sustainable Future Active ETF (EMSF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEMR achieves a 34.71% return, which is significantly lower than EMSF's 45.34% return.

FEMR

• 1D: -0.41%
• 1M: 11.47%
• YTD: 34.71%
• 6M: 39.19%
• 1Y: 64.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EMSF

• 1D: -1.10%
• 1M: 8.61%
• YTD: 45.34%
• 6M: 40.08%
• 1Y: 63.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEMR vs. EMSF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEMR Fidelity Enhanced Emerging Markets ETF	34.71%	35.27%	-1.49%
EMSF Matthews Emerging Markets Sustainable Future Active ETF	45.34%	19.20%	-3.48%

Correlation

The correlation between FEMR and EMSF is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Nov 22, 2024	0.90

The correlation between FEMR and EMSF has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

FEMR vs. EMSF — Risk / Return Rank

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

FEMR

FEMR Risk / Return Rank: 86
FEMR Sharpe Ratio Rank: 89
FEMR Sortino Ratio Rank: 85
FEMR Omega Ratio Rank: 88
FEMR Calmar Ratio Rank: 84
FEMR Martin Ratio Rank: 85

EMSF

EMSF Risk / Return Rank: 76
EMSF Sharpe Ratio Rank: 77
EMSF Sortino Ratio Rank: 69
EMSF Omega Ratio Rank: 72
EMSF Calmar Ratio Rank: 83
EMSF Martin Ratio Rank: 76

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. EMSF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Emerging Markets ETF (FEMR) and Matthews Emerging Markets Sustainable Future Active ETF (EMSF). 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	EMSF	Difference
Sharpe ratio Return per unit of total volatility	3.05	2.51	+0.54
Sortino ratio Return per unit of downside risk	3.85	3.14	+0.71
Omega ratio Gain probability vs. loss probability	1.56	1.43	+0.13
Calmar ratio Return relative to maximum drawdown	4.46	4.37	+0.09
Martin ratio Return relative to average drawdown	17.85	14.61	+3.24
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. EMSF - Sharpe Ratio Comparison

The current FEMR Sharpe Ratio is 3.05, which is comparable to the EMSF Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of FEMR and EMSF, 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	EMSF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.05	2.51	+0.54
Sharpe Ratio (All Time) Calculated using the full available price history	2.22	0.98	+1.25

Drawdowns

FEMR vs. EMSF - Drawdown Comparison

The maximum FEMR drawdown since its inception was -15.58%, smaller than the maximum EMSF drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for FEMR and EMSF.

Drawdown Indicators

	FEMR	EMSF	Difference
Max Drawdown Largest peak-to-trough decline	-15.58%	-24.75%	+9.17%
Max Drawdown (1Y) Largest decline over 1 year	-14.47%	-14.57%	+0.10%
Current Drawdown Current decline from peak	-0.41%	-1.10%	+0.69%
Average Drawdown Average peak-to-trough decline	-2.31%	-5.72%	+3.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	4.35%	-0.74%

Volatility

FEMR vs. EMSF - Volatility Comparison

The current volatility for Fidelity Enhanced Emerging Markets ETF (FEMR) is 8.63%, while Matthews Emerging Markets Sustainable Future Active ETF (EMSF) has a volatility of 9.96%. This indicates that FEMR experiences smaller price fluctuations and is considered to be less risky than EMSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEMR	EMSF	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.63%	9.96%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	18.52%	21.98%	-3.46%
Volatility (1Y) Calculated over the trailing 1-year period	21.17%	25.35%	-4.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.28%	22.75%	-1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	22.75%	-1.47%

FEMR vs. EMSF - Expense Ratio Comparison

FEMR has a 0.38% expense ratio, which is lower than EMSF's 0.79% expense ratio.

Dividends

FEMR vs. EMSF - Dividend Comparison

FEMR's dividend yield for the trailing twelve months is around 1.39%, more than EMSF's 1.30% yield.

Position	TTM	2025	2024	2023
EMSF Matthews Emerging Markets Sustainable Future Active ETF	1.30%	1.88%	3.29%	0.02%
FEMR Fidelity Enhanced Emerging Markets ETF	1.39%	1.92%	0.37%	0.00%

Frequently Asked Questions

Can I hold both FEMR and EMSF in my portfolio?

With a correlation of 0.91, FEMR and EMSF 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 EMSF?

EMSF has higher volatility (9.96%) compared to FEMR (8.63%). In terms of maximum drawdown, FEMR dropped -15.58% vs EMSF's -24.75%.

Which ETF is better, FEMR or EMSF?

On 1-year performance, FEMR leads with 64.21% vs 63.33% for EMSF. On fees, FEMR is cheaper at 0.38% per year. On volatility, FEMR has been the lower-risk option at 8.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEMR or EMSF?

Over the 1-year period, FEMR has performed better with a 64.21% return vs 63.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEMR or EMSF?

FEMR is cheaper with a 0.38% expense ratio, compared with 0.79% for EMSF.

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

FEMR has the higher dividend yield at 1.39%, compared with 1.30% for EMSF.

What is the main difference between FEMR and EMSF?

They also come from different issuers: Fidelity and Matthews. Their fees differ too: 0.38% for FEMR and 0.79% for EMSF.

Which has better risk-adjusted returns?

FEMR currently has the higher Sharpe Ratio (3.05 vs 2.51), 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.