FEMSX vs. GMAQX

Last updated Aug 5, 2026

FEMSX (Fidelity Series Emerging Markets Opportunities Fund) and GMAQX (GMO Emerging Markets ex-China Fund) are both Emerging Markets Equities funds. Over the past 3 years, FEMSX returned 23.21%/yr vs 28.62%/yr for GMAQX. Their correlation of 0.83 means they have usually moved in the same direction. FEMSX charges 0.01%/yr vs 0.67%/yr for GMAQX.

Performance

FEMSX vs. GMAQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Emerging Markets Opportunities Fund (FEMSX) and GMO Emerging Markets ex-China Fund (GMAQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEMSX achieves a 23.12% return, which is significantly lower than GMAQX's 41.38% return.

FEMSX

• 1D: 0.53%
• 1M: -1.33%
• 6M: 11.42%
• YTD: 23.12%
• 1Y: 43.69%
• 3Y*: 23.21%
• 5Y*: 8.20%
• 10Y*: 11.50%
• ALL TIME*: 10.59%

GMAQX

• 1D: 0.59%
• 1M: -0.66%
• 6M: 25.68%
• YTD: 41.38%
• 1Y: 62.72%
• 3Y*: 28.62%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FEMSX Fidelity Series Emerging Markets Opportunities Fund	$0.00	$0.00	$0.00
GMAQX GMO Emerging Markets ex-China Fund	$0.00	$0.00	$0.00

FEMSX vs. GMAQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FEMSX Fidelity Series Emerging Markets Opportunities Fund	23.12%	37.92%	7.84%	14.23%	-23.95%	-6.23%
GMAQX GMO Emerging Markets ex-China Fund	41.38%	32.09%	0.62%	27.41%	-32.38%	0.47%

Correlation

The correlation between FEMSX and GMAQX is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (All Time) Calculated using the full available price history since Oct 18, 2021	0.83

The correlation between FEMSX and GMAQX has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

Return for Risk

FEMSX vs. GMAQX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FEMSX

FEMSX Risk / Return Rank: 77
FEMSX Sharpe Ratio Rank: 78
FEMSX Sortino Ratio Rank: 66
FEMSX Omega Ratio Rank: 75
FEMSX Calmar Ratio Rank: 88
FEMSX Martin Ratio Rank: 79

GMAQX

GMAQX Risk / Return Rank: 91
GMAQX Sharpe Ratio Rank: 94
GMAQX Sortino Ratio Rank: 89
GMAQX Omega Ratio Rank: 93
GMAQX Calmar Ratio Rank: 92
GMAQX Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FEMSX vs. GMAQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Emerging Markets Opportunities Fund (FEMSX) and GMO Emerging Markets ex-China Fund (GMAQX). 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.

	FEMSX	GMAQX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.56	-0.66
Sortino ratio: Return per unit of downside risk	2.44	3.33	-0.89
Omega ratio: Gain probability vs. loss probability	1.35	1.50	-0.15
Calmar ratio: Return relative to maximum drawdown	3.37	4.01	-0.63
Martin ratio: Return relative to average drawdown	10.48	12.58	-2.10

FEMSX vs. GMAQX - Sharpe Ratio Comparison

The current FEMSX Sharpe Ratio is 1.91, which is comparable to the GMAQX Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of FEMSX and GMAQX, 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

FEMSX vs. GMAQX - Drawdown Comparison

The maximum FEMSX drawdown since its inception was -44.16%, which is greater than GMAQX's maximum drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for FEMSX and GMAQX.

Drawdown Indicators

	FEMSX	GMAQX	Difference
Max Drawdown Largest peak-to-trough decline	-44.16%	-41.97%	-2.19%
Max Drawdown (1Y) Largest decline over 1 year	-13.47%	-16.27%	+2.80%
Max Drawdown (3Y) Largest decline over 3 years	-17.04%	-19.64%	+2.60%
Max Drawdown (5Y) Largest decline over 5 years	-39.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.16%	—	—
Current Drawdown Current decline from peak	-7.89%	-10.49%	+2.60%
Average Drawdown Average peak-to-trough decline	-13.33%	-16.44%	+3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.33%	5.17%	-0.84%

Volatility

FEMSX vs. GMAQX - Volatility Comparison

Fidelity Series Emerging Markets Opportunities Fund (FEMSX) and GMO Emerging Markets ex-China Fund (GMAQX) have volatilities of 9.43% and 9.60%, 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

	FEMSX	GMAQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.43%	9.60%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	21.76%	23.86%	-2.10%
Volatility (1Y) Calculated over the trailing 1-year period	23.88%	25.49%	-1.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.98%	18.29%	+1.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.76%	18.29%	+1.47%

FEMSX vs. GMAQX - Expense Ratio Comparison

FEMSX has a 0.01% expense ratio, which is lower than GMAQX's 0.67% expense ratio.

Dividends

FEMSX vs. GMAQX - Dividend Comparison

FEMSX's dividend yield for the trailing twelve months is around 1.99%, less than GMAQX's 11.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMSX Fidelity Series Emerging Markets Opportunities Fund	1.99%	2.45%	2.08%	2.82%	2.39%	12.83%	2.99%	2.48%	9.42%	8.98%	1.46%	1.27%
GMAQX GMO Emerging Markets ex-China Fund	11.69%	9.43%	32.28%	6.76%	4.94%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEMSX and GMAQX in my portfolio?

FEMSX and GMAQX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEMSX or GMAQX?

GMAQX has higher volatility (9.60%) compared to FEMSX (9.43%). In terms of maximum drawdown, FEMSX dropped -44.16% vs GMAQX's -41.97%.

Which has better risk-adjusted returns?

GMAQX currently has the higher Sharpe Ratio (2.56 vs 1.91), 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.