FEMVX vs. EVLU

Last updated Jun 4, 2026

FEMVX (Fidelity SAI Emerging Markets Value Index Fund) and EVLU (iShares MSCI Emerging Markets Value Factor ETF) are both funds - FEMVX is a Emerging Markets Diversified fund managed by Fidelity, while EVLU is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Value Factor Select Index (Net). Over the past year, FEMVX returned 70.43% vs 72.04% for EVLU. Their correlation of 0.89 suggests significant overlap in exposure. FEMVX charges 0.22%/yr vs 0.35%/yr for EVLU.

Performance

FEMVX vs. EVLU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI Emerging Markets Value Index Fund (FEMVX) and iShares MSCI Emerging Markets Value Factor ETF (EVLU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEMVX achieves a 37.35% return, which is significantly higher than EVLU's 34.01% return.

FEMVX

• 1D: 1.76%
• 1M: 14.17%
• YTD: 37.35%
• 6M: 41.22%
• 1Y: 70.43%
• 3Y*: 31.02%
• 5Y*: 13.63%
• 10Y*: —

EVLU

• 1D: -2.27%
• 1M: 15.31%
• YTD: 34.01%
• 6M: 37.37%
• 1Y: 72.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEMVX vs. EVLU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEMVX Fidelity SAI Emerging Markets Value Index Fund	37.35%	33.95%	0.79%
EVLU iShares MSCI Emerging Markets Value Factor ETF	34.01%	38.54%	1.61%

Correlation

The correlation between FEMVX and EVLU 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 (All Time) Calculated using the full available price history since Sep 9, 2024	0.89

The correlation between FEMVX and EVLU has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

FEMVX vs. EVLU — Risk / Return Rank

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

FEMVX

FEMVX Risk / Return Rank: 96
FEMVX Sharpe Ratio Rank: 99
FEMVX Sortino Ratio Rank: 96
FEMVX Omega Ratio Rank: 95
FEMVX Calmar Ratio Rank: 95
FEMVX Martin Ratio Rank: 95

EVLU

EVLU Risk / Return Rank: 92
EVLU Sharpe Ratio Rank: 95
EVLU Sortino Ratio Rank: 93
EVLU Omega Ratio Rank: 93
EVLU Calmar Ratio Rank: 90
EVLU Martin Ratio Rank: 90

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.

FEMVX vs. EVLU - 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 Value Factor ETF (EVLU). 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	EVLU	Difference
Sharpe ratio Return per unit of total volatility	4.20	3.80	+0.39
Sortino ratio Return per unit of downside risk	5.20	4.71	+0.49
Omega ratio Gain probability vs. loss probability	1.78	1.67	+0.11
Calmar ratio Return relative to maximum drawdown	5.85	5.61	+0.24
Martin ratio Return relative to average drawdown	23.12	20.79	+2.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEMVX vs. EVLU - Sharpe Ratio Comparison

The current FEMVX Sharpe Ratio is 4.20, which is comparable to the EVLU Sharpe Ratio of 3.80. The chart below compares the historical Sharpe Ratios of FEMVX and EVLU, 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

	FEMVX	EVLU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.20	3.80	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	2.23	-1.03

Drawdowns

FEMVX vs. EVLU - Drawdown Comparison

The maximum FEMVX drawdown since its inception was -30.54%, which is greater than EVLU's maximum drawdown of -17.17%. Use the drawdown chart below to compare losses from any high point for FEMVX and EVLU.

Drawdown Indicators

	FEMVX	EVLU	Difference
Max Drawdown Largest peak-to-trough decline	-30.54%	-17.17%	-13.37%
Max Drawdown (1Y) Largest decline over 1 year	-12.20%	-12.90%	+0.70%
Max Drawdown (3Y) Largest decline over 3 years	-15.64%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-30.54%	—	—
Current Drawdown Current decline from peak	0.00%	-2.27%	+2.27%
Average Drawdown Average peak-to-trough decline	-7.68%	-3.48%	-4.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	3.48%	-0.40%

Volatility

FEMVX vs. EVLU - Volatility Comparison

The current volatility for Fidelity SAI Emerging Markets Value Index Fund (FEMVX) is 7.21%, while iShares MSCI Emerging Markets Value Factor ETF (EVLU) has a volatility of 9.17%. This indicates that FEMVX experiences smaller price fluctuations and is considered to be less risky than EVLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEMVX	EVLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.21%	9.17%	-1.96%
Volatility (6M) Calculated over the trailing 6-month period	14.62%	16.23%	-1.61%
Volatility (1Y) Calculated over the trailing 1-year period	17.02%	19.04%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.75%	19.93%	-4.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	19.93%	-3.92%

FEMVX vs. EVLU - Expense Ratio Comparison

FEMVX has a 0.22% expense ratio, which is lower than EVLU's 0.35% expense ratio.

Dividends

FEMVX vs. EVLU - Dividend Comparison

FEMVX's dividend yield for the trailing twelve months is around 2.89%, less than EVLU's 3.88% yield.

Position	TTM	2025	2024	2023	2022	2021
EVLU iShares MSCI Emerging Markets Value Factor ETF	3.88%	5.20%	1.03%	0.00%	0.00%	0.00%
FEMVX Fidelity SAI Emerging Markets Value Index Fund	2.89%	3.97%	3.65%	4.73%	4.87%	5.00%

Frequently Asked Questions

Can I hold both FEMVX and EVLU in my portfolio?

With a correlation of 0.91, FEMVX and EVLU 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, FEMVX or EVLU?

EVLU has higher volatility (9.17%) compared to FEMVX (7.21%). In terms of maximum drawdown, FEMVX dropped -30.54% vs EVLU's -17.17%.

Which has better risk-adjusted returns?

FEMVX currently has the higher Sharpe Ratio (4.20 vs 3.80), 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.