FEMSX vs. SEMNX

Last updated Jun 5, 2026

FEMSX (Fidelity Series Emerging Markets Opportunities Fund) and SEMNX (Hartford Schroders Emerging Markets Equity Fund Class I) are both Emerging Markets Equities funds. Over the past 10 years, FEMSX returned 13.30%/yr vs 12.20%/yr for SEMNX. With a 0.96 correlation, they move nearly in lockstep. FEMSX charges 0.01%/yr vs 1.23%/yr for SEMNX.

Performance

FEMSX vs. SEMNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Emerging Markets Opportunities Fund (FEMSX) and Hartford Schroders Emerging Markets Equity Fund Class I (SEMNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEMSX achieves a 32.13% return, which is significantly lower than SEMNX's 35.16% return. Over the past 10 years, FEMSX has outperformed SEMNX with an annualized return of 13.30%, while SEMNX has yielded a comparatively lower 12.20% annualized return.

FEMSX

• 1D: -1.15%
• 1M: 7.85%
• YTD: 32.13%
• 6M: 36.21%
• 1Y: 63.17%
• 3Y*: 28.15%
• 5Y*: 8.38%
• 10Y*: 13.30%

SEMNX

• 1D: -0.64%
• 1M: 10.35%
• YTD: 35.16%
• 6M: 38.88%
• 1Y: 72.57%
• 3Y*: 28.20%
• 5Y*: 8.74%
• 10Y*: 12.20%

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

FEMSX vs. SEMNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEMSX Fidelity Series Emerging Markets Opportunities Fund	32.13%	37.92%	7.84%	14.23%	-23.95%	-5.14%	24.72%	28.87%	-16.20%	49.92%
SEMNX Hartford Schroders Emerging Markets Equity Fund Class I	35.16%	40.36%	7.56%	8.80%	-22.30%	-5.11%	23.58%	22.12%	-15.57%	40.87%

Correlation

The correlation between FEMSX and SEMNX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Dec 11, 2008	0.96

The correlation between FEMSX and SEMNX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

FEMSX vs. SEMNX — Risk / Return Rank

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

FEMSX

FEMSX Risk / Return Rank: 91
FEMSX Sharpe Ratio Rank: 95
FEMSX Sortino Ratio Rank: 88
FEMSX Omega Ratio Rank: 88
FEMSX Calmar Ratio Rank: 91
FEMSX Martin Ratio Rank: 92

SEMNX

SEMNX Risk / Return Rank: 93
SEMNX Sharpe Ratio Rank: 97
SEMNX Sortino Ratio Rank: 90
SEMNX Omega Ratio Rank: 90
SEMNX Calmar Ratio Rank: 92
SEMNX Martin Ratio Rank: 93

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.

FEMSX vs. SEMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Emerging Markets Opportunities Fund (FEMSX) and Hartford Schroders Emerging Markets Equity Fund Class I (SEMNX). 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	SEMNX	Difference
Sharpe ratio: Return per unit of total volatility	3.45	3.71	-0.26
Sortino ratio: Return per unit of downside risk	4.27	4.43	-0.16
Omega ratio: Gain probability vs. loss probability	1.63	1.67	-0.04
Calmar ratio: Return relative to maximum drawdown	4.88	5.05	-0.17
Martin ratio: Return relative to average drawdown	19.45	20.37	-0.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEMSX vs. SEMNX - Sharpe Ratio Comparison

The current FEMSX Sharpe Ratio is 3.45, which is comparable to the SEMNX Sharpe Ratio of 3.71. The chart below compares the historical Sharpe Ratios of FEMSX and SEMNX, 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

	FEMSX	SEMNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.45	3.71	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.48	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.66	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.31	+0.25

Drawdowns

FEMSX vs. SEMNX - Drawdown Comparison

The maximum FEMSX drawdown since its inception was -44.16%, smaller than the maximum SEMNX drawdown of -65.10%. Use the drawdown chart below to compare losses from any high point for FEMSX and SEMNX.

Drawdown Indicators

	FEMSX	SEMNX	Difference
Max Drawdown Largest peak-to-trough decline	-44.16%	-65.10%	+20.94%
Max Drawdown (1Y) Largest decline over 1 year	-13.42%	-14.80%	+1.38%
Max Drawdown (3Y) Largest decline over 3 years	-17.04%	-16.67%	-0.37%
Max Drawdown (5Y) Largest decline over 5 years	-41.64%	-39.74%	-1.90%
Max Drawdown (10Y) Largest decline over 10 years	-44.16%	-42.47%	-1.69%
Current Drawdown Current decline from peak	-1.15%	-0.64%	-0.51%
Average Drawdown Average peak-to-trough decline	-13.40%	-17.25%	+3.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	3.66%	-0.30%

Volatility

FEMSX vs. SEMNX - Volatility Comparison

The current volatility for Fidelity Series Emerging Markets Opportunities Fund (FEMSX) is 8.12%, while Hartford Schroders Emerging Markets Equity Fund Class I (SEMNX) has a volatility of 9.06%. This indicates that FEMSX experiences smaller price fluctuations and is considered to be less risky than SEMNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEMSX	SEMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.12%	9.06%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	16.46%	17.30%	-0.84%
Volatility (1Y) Calculated over the trailing 1-year period	18.99%	20.14%	-1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.04%	18.20%	+0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.34%	18.67%	+0.67%

FEMSX vs. SEMNX - Expense Ratio Comparison

FEMSX has a 0.01% expense ratio, which is lower than SEMNX's 1.23% expense ratio.

Dividends

FEMSX vs. SEMNX - Dividend Comparison

FEMSX's dividend yield for the trailing twelve months is around 1.85%, more than SEMNX's 1.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMSX Fidelity Series Emerging Markets Opportunities Fund	1.85%	2.45%	2.08%	2.82%	2.39%	12.83%	2.99%	2.48%	9.42%	8.98%	1.46%	1.27%
SEMNX Hartford Schroders Emerging Markets Equity Fund Class I	1.17%	1.58%	1.16%	1.33%	1.86%	1.21%	0.77%	2.17%	1.22%	0.82%	0.94%	0.94%

Frequently Asked Questions

Can I hold both FEMSX and SEMNX in my portfolio?

With a correlation of 0.96, FEMSX and SEMNX 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, FEMSX or SEMNX?

SEMNX has higher volatility (9.06%) compared to FEMSX (8.12%). In terms of maximum drawdown, FEMSX dropped -44.16% vs SEMNX's -65.10%.

Which has better risk-adjusted returns?

SEMNX currently has the higher Sharpe Ratio (3.71 vs 3.44), 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.