FEMSX vs. FSKAX
FEMSX (Fidelity Series Emerging Markets Opportunities Fund) and FSKAX (Fidelity Total Market Index Fund) are both mutual funds - FEMSX is a Emerging Markets Equities fund managed by Fidelity, while FSKAX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 10 years, FEMSX returned 13.44%/yr vs 15.09%/yr for FSKAX. A 0.68 correlation means they provide meaningful diversification when combined. FEMSX charges 0.01%/yr vs 0.01%/yr for FSKAX.
Performance
FEMSX vs. FSKAX - Performance Comparison
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Returns By Period
In the year-to-date period, FEMSX achieves a 33.67% return, which is significantly higher than FSKAX's 12.08% return. Over the past 10 years, FEMSX has underperformed FSKAX with an annualized return of 13.44%, while FSKAX has yielded a comparatively higher 15.09% annualized return.
FEMSX
- 1D
- 1.45%
- 1M
- 10.61%
- YTD
- 33.67%
- 6M
- 37.91%
- 1Y
- 67.03%
- 3Y*
- 28.65%
- 5Y*
- 8.84%
- 10Y*
- 13.44%
FSKAX
- 1D
- 0.24%
- 1M
- 5.80%
- YTD
- 12.08%
- 6M
- 11.98%
- 1Y
- 29.13%
- 3Y*
- 22.42%
- 5Y*
- 13.08%
- 10Y*
- 15.09%
FEMSX vs. FSKAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FEMSX Fidelity Series Emerging Markets Opportunities Fund | 33.67% | 37.92% | 7.84% | 14.23% | -23.95% | -5.14% | 24.72% | 28.87% | -16.20% | 49.92% |
FSKAX Fidelity Total Market Index Fund | 12.08% | 17.06% | 23.89% | 26.12% | -19.53% | 25.66% | 20.79% | 30.92% | -5.32% | 20.85% |
Correlation
The correlation between FEMSX and FSKAX is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011 | 0.68 |
The correlation between FEMSX and FSKAX has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.
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Return for Risk
FEMSX vs. FSKAX — Risk / Return Rank
FEMSX
FSKAX
FEMSX vs. FSKAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Emerging Markets Opportunities Fund (FEMSX) and Fidelity Total Market Index Fund (FSKAX). 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.
| FEMSX | FSKAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.12 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.44 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 5.05 | 3.38 | +1.67 |
| Martin ratioReturn relative to average drawdown | 20.16 | 15.52 | +4.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FEMSX | FSKAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.58 | 2.46 | +1.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.76 | -0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.70 | 0.82 | -0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.85 | -0.28 |
Drawdowns
FEMSX vs. FSKAX - Drawdown Comparison
The maximum FEMSX drawdown since its inception was -44.16%, which is greater than FSKAX's maximum drawdown of -35.01%. Use the drawdown chart below to compare losses from any high point for FEMSX and FSKAX.
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Drawdown Indicators
| FEMSX | FSKAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.16% | -35.01% | -9.15% |
Max Drawdown (1Y)Largest decline over 1 year | -13.42% | -8.92% | -4.50% |
Max Drawdown (3Y)Largest decline over 3 years | -17.04% | -19.43% | +2.39% |
Max Drawdown (5Y)Largest decline over 5 years | -41.64% | -25.39% | -16.25% |
Max Drawdown (10Y)Largest decline over 10 years | -44.16% | -35.01% | -9.15% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -13.41% | -4.02% | -9.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.36% | 1.94% | +1.42% |
Volatility
FEMSX vs. FSKAX - Volatility Comparison
Fidelity Series Emerging Markets Opportunities Fund (FEMSX) has a higher volatility of 7.96% compared to Fidelity Total Market Index Fund (FSKAX) at 2.97%. This indicates that FEMSX's price experiences larger fluctuations and is considered to be riskier than FSKAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FEMSX | FSKAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.96% | 2.97% | +4.99% |
Volatility (6M)Calculated over the trailing 6-month period | 16.40% | 9.23% | +7.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.95% | 12.26% | +6.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.03% | 17.41% | +1.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.34% | 18.46% | +0.88% |
FEMSX vs. FSKAX - Expense Ratio Comparison
FEMSX has a 0.01% expense ratio, which is lower than FSKAX's 0.02% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FEMSX vs. FSKAX - Dividend Comparison
FEMSX's dividend yield for the trailing twelve months is around 1.83%, more than FSKAX's 0.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEMSX Fidelity Series Emerging Markets Opportunities Fund | 1.83% | 2.45% | 2.08% | 2.82% | 2.39% | 12.83% | 2.99% | 2.48% | 9.42% | 8.98% | 1.46% | 1.27% |
FSKAX Fidelity Total Market Index Fund | 0.93% | 1.01% | 1.19% | 1.41% | 1.62% | 1.15% | 1.45% | 1.94% | 2.54% | 2.07% | 2.43% | 0.82% |
Frequently Asked Questions
FEMSX and FSKAX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FEMSX has higher volatility (7.96%) compared to FSKAX (2.97%). In terms of maximum drawdown, FEMSX dropped -44.16% vs FSKAX's -35.01%.
FEMSX currently has the higher Sharpe Ratio (3.58 vs 2.46), 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.
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