FEMSX vs. WCMEX

Last updated Jun 4, 2026

FEMSX (Fidelity Series Emerging Markets Opportunities Fund) and WCMEX (WCM Focused Emerging Markets Fund Institutional Class) are both Emerging Markets Equities funds. Over the past 10 years, FEMSX returned 13.44%/yr vs 10.81%/yr for WCMEX. Their correlation of 0.89 suggests significant overlap in exposure. FEMSX charges 0.01%/yr vs 1.26%/yr for WCMEX.

Performance

FEMSX vs. WCMEX - Performance Comparison

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

Returns By Period

In the year-to-date period, FEMSX achieves a 33.67% return, which is significantly higher than WCMEX's 25.99% return. Over the past 10 years, FEMSX has outperformed WCMEX with an annualized return of 13.44%, while WCMEX has yielded a comparatively lower 10.81% 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%

WCMEX

• 1D: 0.87%
• 1M: 7.15%
• YTD: 25.99%
• 6M: 27.57%
• 1Y: 48.96%
• 3Y*: 23.57%
• 5Y*: 4.42%
• 10Y*: 10.81%

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

FEMSX vs. WCMEX - 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%
WCMEX WCM Focused Emerging Markets Fund Institutional Class	25.99%	31.46%	10.07%	4.54%	-30.70%	-1.67%	36.52%	37.58%	-12.67%	40.91%

Correlation

The correlation between FEMSX and WCMEX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jul 3, 2013	0.89

The correlation between FEMSX and WCMEX has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

Return for Risk

FEMSX vs. WCMEX — Risk / Return Rank

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

FEMSX

FEMSX Risk / Return Rank: 93
FEMSX Sharpe Ratio Rank: 96
FEMSX Sortino Ratio Rank: 91
FEMSX Omega Ratio Rank: 91
FEMSX Calmar Ratio Rank: 92
FEMSX Martin Ratio Rank: 93

WCMEX

WCMEX Risk / Return Rank: 78
WCMEX Sharpe Ratio Rank: 82
WCMEX Sortino Ratio Rank: 65
WCMEX Omega Ratio Rank: 75
WCMEX Calmar Ratio Rank: 90
WCMEX Martin Ratio Rank: 77

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. WCMEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Emerging Markets Opportunities Fund (FEMSX) and WCM Focused Emerging Markets Fund Institutional Class (WCMEX). 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	WCMEX	Difference
Sharpe ratio: Return per unit of total volatility	3.58	2.70	+0.88
Sortino ratio: Return per unit of downside risk	4.41	3.38	+1.02
Omega ratio: Gain probability vs. loss probability	1.66	1.50	+0.16
Calmar ratio: Return relative to maximum drawdown	5.05	4.72	+0.33
Martin ratio: Return relative to average drawdown	20.16	14.54	+5.62
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. WCMEX - Sharpe Ratio Comparison

The current FEMSX Sharpe Ratio is 3.58, which is higher than the WCMEX Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of FEMSX and WCMEX, 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	WCMEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.58	2.70	+0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.24	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.58	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.44	+0.13

Drawdowns

FEMSX vs. WCMEX - Drawdown Comparison

The maximum FEMSX drawdown since its inception was -44.16%, roughly equal to the maximum WCMEX drawdown of -46.05%. Use the drawdown chart below to compare losses from any high point for FEMSX and WCMEX.

Drawdown Indicators

	FEMSX	WCMEX	Difference
Max Drawdown Largest peak-to-trough decline	-44.16%	-46.05%	+1.89%
Max Drawdown (1Y) Largest decline over 1 year	-13.42%	-10.74%	-2.68%
Max Drawdown (3Y) Largest decline over 3 years	-17.04%	-19.05%	+2.01%
Max Drawdown (5Y) Largest decline over 5 years	-41.64%	-44.77%	+3.13%
Max Drawdown (10Y) Largest decline over 10 years	-44.16%	-46.05%	+1.89%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-13.41%	-14.70%	+1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	3.47%	-0.11%

Volatility

FEMSX vs. WCMEX - Volatility Comparison

Fidelity Series Emerging Markets Opportunities Fund (FEMSX) has a higher volatility of 7.96% compared to WCM Focused Emerging Markets Fund Institutional Class (WCMEX) at 6.86%. This indicates that FEMSX's price experiences larger fluctuations and is considered to be riskier than WCMEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEMSX	WCMEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.96%	6.86%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	16.40%	15.43%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	18.95%	18.79%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.03%	18.58%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.34%	18.73%	+0.61%

FEMSX vs. WCMEX - Expense Ratio Comparison

FEMSX has a 0.01% expense ratio, which is lower than WCMEX's 1.26% expense ratio.

Dividends

FEMSX vs. WCMEX - Dividend Comparison

FEMSX's dividend yield for the trailing twelve months is around 1.83%, while WCMEX has not paid dividends to shareholders.

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%
WCMEX WCM Focused Emerging Markets Fund Institutional Class	0.00%	0.00%	0.00%	0.46%	0.47%	4.37%	0.87%	0.37%	0.76%	0.76%	0.76%	0.42%

Frequently Asked Questions

Can I hold both FEMSX and WCMEX in my portfolio?

FEMSX and WCMEX have a correlation of 0.84, 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 WCMEX?

FEMSX has higher volatility (7.96%) compared to WCMEX (6.86%). In terms of maximum drawdown, FEMSX dropped -44.16% vs WCMEX's -46.05%.

Which has better risk-adjusted returns?

FEMSX currently has the higher Sharpe Ratio (3.58 vs 2.70), 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.