FEMVX vs. EEM
FEMVX (Fidelity SAI Emerging Markets Value Index Fund) and EEM (iShares MSCI Emerging Markets ETF) are both Emerging Markets Diversified funds. Over the past 5 years, FEMVX returned 13.63%/yr vs 7.01%/yr for EEM. Their correlation of 0.93 suggests significant overlap in exposure. FEMVX charges 0.22%/yr vs 0.72%/yr for EEM.
Performance
FEMVX vs. EEM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FEMVX achieves a 37.35% return, which is significantly higher than EEM's 27.80% return.
FEMVX
- 1D
- 1.76%
- 1M
- 14.17%
- YTD
- 37.35%
- 6M
- 41.22%
- 1Y
- 70.43%
- 3Y*
- 31.02%
- 5Y*
- 13.63%
- 10Y*
- —
EEM
- 1D
- -1.24%
- 1M
- 9.08%
- YTD
- 27.80%
- 6M
- 30.51%
- 1Y
- 55.80%
- 3Y*
- 23.95%
- 5Y*
- 7.01%
- 10Y*
- 9.93%
FEMVX vs. EEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FEMVX Fidelity SAI Emerging Markets Value Index Fund | 37.35% | 33.95% | 11.68% | 17.43% | -16.98% | 6.02% | 35.70% |
EEM iShares MSCI Emerging Markets ETF | 27.80% | 33.98% | 6.49% | 8.95% | -20.56% | -3.63% | 44.01% |
Correlation
The correlation between FEMVX and EEM is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since May 13, 2020 | 0.93 |
The correlation between FEMVX and EEM has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FEMVX vs. EEM — Risk / Return Rank
FEMVX
EEM
FEMVX vs. EEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Emerging Markets Value Index Fund (FEMVX) and iShares MSCI Emerging Markets ETF (EEM). 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.
| FEMVX | EEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.39 | ||
| Sortino ratioReturn per unit of downside risk | +1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.78 | 1.51 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 5.85 | 4.15 | +1.71 |
| Martin ratioReturn relative to average drawdown | 23.12 | 15.99 | +7.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| FEMVX | EEM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.20 | 2.81 | +1.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.87 | 0.37 | +0.50 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.49 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.20 | 0.38 | +0.82 |
Drawdowns
FEMVX vs. EEM - Drawdown Comparison
The maximum FEMVX drawdown since its inception was -30.54%, smaller than the maximum EEM drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for FEMVX and EEM.
Loading charts...
Drawdown Indicators
| FEMVX | EEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.54% | -66.43% | +35.89% |
Max Drawdown (1Y)Largest decline over 1 year | -12.20% | -13.52% | +1.32% |
Max Drawdown (3Y)Largest decline over 3 years | -15.64% | -17.29% | +1.65% |
Max Drawdown (5Y)Largest decline over 5 years | -30.54% | -37.71% | +7.17% |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.82% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.24% | +1.24% |
Average DrawdownAverage peak-to-trough decline | -7.68% | -16.02% | +8.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.08% | 3.50% | -0.42% |
Volatility
FEMVX vs. EEM - Volatility Comparison
The current volatility for Fidelity SAI Emerging Markets Value Index Fund (FEMVX) is 7.21%, while iShares MSCI Emerging Markets ETF (EEM) has a volatility of 8.52%. This indicates that FEMVX experiences smaller price fluctuations and is considered to be less risky than EEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FEMVX | EEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.21% | 8.52% | -1.31% |
Volatility (6M)Calculated over the trailing 6-month period | 14.62% | 17.42% | -2.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.02% | 19.97% | -2.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.75% | 18.91% | -3.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.01% | 20.50% | -4.49% |
FEMVX vs. EEM - Expense Ratio Comparison
FEMVX has a 0.22% expense ratio, which is lower than EEM's 0.72% expense ratio.
Dividends
FEMVX vs. EEM - Dividend Comparison
FEMVX's dividend yield for the trailing twelve months is around 2.89%, more than EEM's 1.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EEM iShares MSCI Emerging Markets ETF | 1.74% | 2.22% | 2.43% | 2.63% | 2.50% | 1.99% | 1.45% | 2.76% | 2.24% | 1.89% | 1.89% | 2.49% |
FEMVX Fidelity SAI Emerging Markets Value Index Fund | 2.89% | 3.97% | 3.65% | 4.73% | 4.87% | 5.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, FEMVX and EEM 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.
EEM has higher volatility (8.52%) compared to FEMVX (7.21%). In terms of maximum drawdown, FEMVX dropped -30.54% vs EEM's -66.43%.
FEMVX currently has the higher Sharpe Ratio (4.20 vs 2.81), 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.
Find the right allocation for FEMVX and EEM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer