FEMVX vs. QLVE

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity SAI Emerging Markets Value Index Fund (FEMVX) and FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE).

FEMVX is managed by Fidelity. It was launched on May 11, 2020. QLVE is a passively managed fund by Northern Trust that tracks the performance of the Northern Trust Emerging Markets Quality Low Volatility Index. It was launched on Jul 15, 2019.

Performance

FEMVX vs. QLVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI Emerging Markets Value Index Fund (FEMVX) and FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE). The values are adjusted to include any dividend payments, if applicable.

FEMVX vs. QLVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FEMVX Fidelity SAI Emerging Markets Value Index Fund	3.44%	33.95%	11.68%	17.43%	-16.98%	6.02%	35.70%
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	0.96%	21.87%	10.17%	8.53%	-13.10%	0.90%	25.49%

Returns By Period

In the year-to-date period, FEMVX achieves a 3.44% return, which is significantly higher than QLVE's 0.96% return.

FEMVX

• 1D: -0.74%
• 1M: -11.53%
• YTD: 3.44%
• 6M: 11.46%
• 1Y: 34.15%
• 3Y*: 20.03%
• 5Y*: 8.45%
• 10Y*: —

QLVE

• 1D: 3.42%
• 1M: -7.54%
• YTD: 0.96%
• 6M: 4.33%
• 1Y: 20.33%
• 3Y*: 12.69%
• 5Y*: 4.43%
• 10Y*: —

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

FEMVX vs. QLVE - Expense Ratio Comparison

FEMVX has a 0.22% expense ratio, which is lower than QLVE's 0.40% expense ratio.

QLVE

FlexShares Emerging Markets Quality Low Volatility Index Fund

FEMVX

Fidelity SAI Emerging Markets Value Index Fund

Return for Risk

FEMVX vs. QLVE — Risk / Return Rank

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

FEMVX

FEMVX Risk / Return Rank: 90
FEMVX Sharpe Ratio Rank: 92
FEMVX Sortino Ratio Rank: 90
FEMVX Omega Ratio Rank: 89
FEMVX Calmar Ratio Rank: 91
FEMVX Martin Ratio Rank: 89

QLVE

QLVE Risk / Return Rank: 71
QLVE Sharpe Ratio Rank: 71
QLVE Sortino Ratio Rank: 73
QLVE Omega Ratio Rank: 71
QLVE Calmar Ratio Rank: 70
QLVE Martin Ratio Rank: 72

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. QLVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Emerging Markets Value Index Fund (FEMVX) and FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE). 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	QLVE	Difference
Sharpe ratio Return per unit of total volatility	1.99	1.26	+0.74
Sortino ratio Return per unit of downside risk	2.56	1.83	+0.74
Omega ratio Gain probability vs. loss probability	1.39	1.26	+0.13
Calmar ratio Return relative to maximum drawdown	2.58	1.79	+0.79
Martin ratio Return relative to average drawdown	9.89	7.57	+2.32
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. QLVE - Sharpe Ratio Comparison

The current FEMVX Sharpe Ratio is 1.99, which is higher than the QLVE Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of FEMVX and QLVE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FEMVX	QLVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	1.26	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.34	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.34	+0.56

Correlation

The correlation between FEMVX and QLVE is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FEMVX vs. QLVE - Dividend Comparison

FEMVX's dividend yield for the trailing twelve months is around 3.83%, more than QLVE's 2.83% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
FEMVX Fidelity SAI Emerging Markets Value Index Fund	3.83%	3.97%	3.65%	4.73%	4.87%	5.00%	0.00%	0.00%
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	2.83%	3.14%	3.11%	3.00%	2.48%	2.57%	1.66%	1.27%

Drawdowns

FEMVX vs. QLVE - Drawdown Comparison

The maximum FEMVX drawdown since its inception was -30.54%, roughly equal to the maximum QLVE drawdown of -29.96%. Use the drawdown chart below to compare losses from any high point for FEMVX and QLVE.

Drawdown Indicators

	FEMVX	QLVE	Difference
Max Drawdown Largest peak-to-trough decline	-30.54%	-29.96%	-0.58%
Max Drawdown (1Y) Largest decline over 1 year	-12.20%	-11.60%	-0.60%
Max Drawdown (5Y) Largest decline over 5 years	-30.54%	-24.04%	-6.50%
Current Drawdown Current decline from peak	-12.20%	-8.57%	-3.63%
Average Drawdown Average peak-to-trough decline	-7.85%	-8.45%	+0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	2.74%	+0.44%

Volatility

FEMVX vs. QLVE - Volatility Comparison

Fidelity SAI Emerging Markets Value Index Fund (FEMVX) and FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE) have volatilities of 8.58% and 8.82%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEMVX	QLVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.58%	8.82%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	12.78%	13.06%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	17.10%	16.25%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.29%	13.09%	+2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.72%	15.62%	+0.10%