FEMSX vs. SPEM

Last updated Jun 24, 2026

FEMSX (Fidelity Series Emerging Markets Opportunities Fund) and SPEM (SPDR Portfolio Emerging Markets ETF) are both Emerging Markets Equities funds. Over the past 10 years, FEMSX returned 13.63%/yr vs 9.62%/yr for SPEM. Their correlation of 0.92 suggests significant overlap in exposure. FEMSX charges 0.01%/yr vs 0.07%/yr for SPEM.

Performance

FEMSX vs. SPEM - Performance Comparison

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

Returns By Period

In the year-to-date period, FEMSX achieves a 33.43% return, which is significantly higher than SPEM's 11.15% return. Over the past 10 years, FEMSX has outperformed SPEM with an annualized return of 13.63%, while SPEM has yielded a comparatively lower 9.62% annualized return.

FEMSX

• 1D: 0.30%
• 1M: 7.24%
• YTD: 33.43%
• 6M: 35.29%
• 1Y: 62.63%
• 3Y*: 28.29%
• 5Y*: 8.98%
• 10Y*: 13.63%

SPEM

• 1D: -3.05%
• 1M: 1.24%
• YTD: 11.15%
• 6M: 11.38%
• 1Y: 28.20%
• 3Y*: 18.16%
• 5Y*: 5.70%
• 10Y*: 9.62%

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

FEMSX vs. SPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEMSX Fidelity Series Emerging Markets Opportunities Fund	33.43%	37.92%	7.84%	14.23%	-23.95%	-5.14%	24.72%	28.87%	-16.20%	49.92%
SPEM SPDR Portfolio Emerging Markets ETF	11.15%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%

Correlation

The correlation between FEMSX and SPEM is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 10, 2008	0.92

The correlation between FEMSX and SPEM has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

FEMSX vs. SPEM — Risk / Return Rank

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

FEMSX

FEMSX Risk / Return Rank: 90
FEMSX Sharpe Ratio Rank: 94
FEMSX Sortino Ratio Rank: 83
FEMSX Omega Ratio Rank: 87
FEMSX Calmar Ratio Rank: 93
FEMSX Martin Ratio Rank: 93

SPEM

SPEM Risk / Return Rank: 51
SPEM Sharpe Ratio Rank: 50
SPEM Sortino Ratio Rank: 48
SPEM Omega Ratio Rank: 51
SPEM Calmar Ratio Rank: 53
SPEM Martin Ratio Rank: 53

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. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Emerging Markets Opportunities Fund (FEMSX) and SPDR Portfolio Emerging Markets ETF (SPEM). 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	SPEM	Difference
Sharpe ratio: Return per unit of total volatility	2.99	1.66	+1.33
Sortino ratio: Return per unit of downside risk	3.63	2.28	+1.36
Omega ratio: Gain probability vs. loss probability	1.56	1.31	+0.25
Calmar ratio: Return relative to maximum drawdown	4.76	2.49	+2.26
Martin ratio: Return relative to average drawdown	17.89	8.92	+8.97

FEMSX vs. SPEM - Sharpe Ratio Comparison

The current FEMSX Sharpe Ratio is 2.99, which is higher than the SPEM Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of FEMSX and SPEM, 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. SPEM - Drawdown Comparison

The maximum FEMSX drawdown since its inception was -44.16%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for FEMSX and SPEM.

Drawdown Indicators

	FEMSX	SPEM	Difference
Max Drawdown Largest peak-to-trough decline	-44.16%	-64.41%	+20.25%
Max Drawdown (1Y) Largest decline over 1 year	-13.42%	-11.36%	-2.06%
Max Drawdown (3Y) Largest decline over 3 years	-17.04%	-17.62%	+0.58%
Max Drawdown (5Y) Largest decline over 5 years	-41.64%	-31.75%	-9.89%
Max Drawdown (10Y) Largest decline over 10 years	-44.16%	-36.06%	-8.10%
Current Drawdown Current decline from peak	-0.18%	-3.05%	+2.87%
Average Drawdown Average peak-to-trough decline	-13.38%	-14.72%	+1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	3.17%	+0.39%

Volatility

FEMSX vs. SPEM - Volatility Comparison

Fidelity Series Emerging Markets Opportunities Fund (FEMSX) has a higher volatility of 11.28% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 7.51%. This indicates that FEMSX's price experiences larger fluctuations and is considered to be riskier than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEMSX	SPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.28%	7.51%	+3.77%
Volatility (6M) Calculated over the trailing 6-month period	19.22%	14.76%	+4.46%
Volatility (1Y) Calculated over the trailing 1-year period	21.38%	17.03%	+4.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.54%	17.35%	+2.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.56%	18.80%	+0.76%

FEMSX vs. SPEM - Expense Ratio Comparison

FEMSX has a 0.01% expense ratio, which is lower than SPEM's 0.07% 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. SPEM - Dividend Comparison

FEMSX's dividend yield for the trailing twelve months is around 1.83%, less than SPEM's 2.52% 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%
SPEM SPDR Portfolio Emerging Markets ETF	2.52%	2.77%	2.78%	2.80%	3.38%	3.14%	1.92%	2.94%	2.34%	1.12%	1.51%	2.40%

Frequently Asked Questions

Can I hold both FEMSX and SPEM in my portfolio?

With a correlation of 0.90, FEMSX and SPEM 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 SPEM?

FEMSX has higher volatility (11.28%) compared to SPEM (7.51%). In terms of maximum drawdown, FEMSX dropped -44.16% vs SPEM's -64.41%.

Which has better risk-adjusted returns?

FEMSX currently has the higher Sharpe Ratio (2.99 vs 1.66), 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.