FEMX.AX vs. EMKT.AX
FEMX.AX (Fidelity Global Emerging Markets Active ETF) and EMKT.AX (VanEck MSCI Multifactor Emerging Markets Equity ETF) are both Emerging Markets Equities funds. FEMX.AX is actively managed, while EMKT.AX is passively managed. Over the past 5 years, FEMX.AX returned 4.18%/yr vs 15.12%/yr for EMKT.AX. A 0.60 correlation means they provide meaningful diversification when combined. FEMX.AX charges 0.99%/yr vs 0.69%/yr for EMKT.AX.
Performance
FEMX.AX vs. EMKT.AX - Performance Comparison
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Returns By Period
In the year-to-date period, FEMX.AX achieves a 11.39% return, which is significantly lower than EMKT.AX's 26.61% return.
FEMX.AX
- 1D
- -0.95%
- 1M
- -2.39%
- 6M
- 6.05%
- YTD
- 11.39%
- 1Y
- 23.29%
- 3Y*
- 11.28%
- 5Y*
- 4.18%
- 10Y*
- —
EMKT.AX
- 1D
- -3.02%
- 1M
- -5.25%
- 6M
- 18.61%
- YTD
- 26.61%
- 1Y
- 37.00%
- 3Y*
- 25.77%
- 5Y*
- 15.12%
- 10Y*
- —
FEMX.AX vs. EMKT.AX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FEMX.AX Fidelity Global Emerging Markets Active ETF | 11.39% | 16.71% | 9.78% | 3.33% | -17.16% | 11.03% | 13.98% | 35.02% | 4.25% |
EMKT.AX VanEck MSCI Multifactor Emerging Markets Equity ETF | 26.61% | 21.60% | 25.43% | 18.32% | -10.53% | 12.71% | 0.07% | 21.05% | 1.47% |
Correlation
The correlation between FEMX.AX and EMKT.AX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2018 | 0.60 |
The correlation between FEMX.AX and EMKT.AX shifts across timeframes, from 0.60 (3 years) to 0.70 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FEMX.AX vs. EMKT.AX — Risk / Return Rank
FEMX.AX
EMKT.AX
FEMX.AX vs. EMKT.AX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Global Emerging Markets Active ETF (FEMX.AX) and VanEck MSCI Multifactor Emerging Markets Equity ETF (EMKT.AX). 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.
| FEMX.AX | EMKT.AX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.28 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 2.57 | -0.82 |
| Martin ratioReturn relative to average drawdown | 5.92 | 8.39 | -2.47 |
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Drawdowns
FEMX.AX vs. EMKT.AX - Drawdown Comparison
The maximum FEMX.AX drawdown since its inception was -27.88%, which is greater than EMKT.AX's maximum drawdown of -23.26%. Use the drawdown chart below to compare losses from any high point for FEMX.AX and EMKT.AX.
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Drawdown Indicators
| FEMX.AX | EMKT.AX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.88% | -23.26% | -4.62% |
Max Drawdown (1Y)Largest decline over 1 year | -11.66% | -13.55% | +1.89% |
Max Drawdown (3Y)Largest decline over 3 years | -11.66% | -13.55% | +1.89% |
Max Drawdown (5Y)Largest decline over 5 years | -27.88% | -18.03% | -9.85% |
Current DrawdownCurrent decline from peak | -4.27% | -7.87% | +3.60% |
Average DrawdownAverage peak-to-trough decline | -9.01% | -5.78% | -3.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.51% | 4.23% | -0.72% |
Volatility
FEMX.AX vs. EMKT.AX - Volatility Comparison
The current volatility for Fidelity Global Emerging Markets Active ETF (FEMX.AX) is 5.39%, while VanEck MSCI Multifactor Emerging Markets Equity ETF (EMKT.AX) has a volatility of 11.32%. This indicates that FEMX.AX experiences smaller price fluctuations and is considered to be less risky than EMKT.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FEMX.AX | EMKT.AX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.39% | 11.32% | -5.93% |
Volatility (6M)Calculated over the trailing 6-month period | 16.84% | 22.45% | -5.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.67% | 23.92% | -5.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.50% | 16.21% | +0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.88% | 16.18% | +0.70% |
FEMX.AX vs. EMKT.AX - Expense Ratio Comparison
FEMX.AX has a 0.99% expense ratio, which is higher than EMKT.AX's 0.69% expense ratio.
Dividends
FEMX.AX vs. EMKT.AX - Dividend Comparison
FEMX.AX's dividend yield for the trailing twelve months is around 9.60%, less than EMKT.AX's 13.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EMKT.AX VanEck MSCI Multifactor Emerging Markets Equity ETF | 13.38% | 2.92% | 2.48% | 5.28% | 4.20% | 1.67% | 2.40% | 1.41% | 0.52% |
FEMX.AX Fidelity Global Emerging Markets Active ETF | 9.60% | 1.53% | 3.38% | 0.72% | 1.66% | 0.45% | 0.00% | 0.82% | 0.00% |
Frequently Asked Questions
FEMX.AX and EMKT.AX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMKT.AX is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMKT.AX is cheaper with a 0.69% expense ratio, compared with 0.99% for FEMX.AX.
They also come from different issuers: Fidelity and VanEck. Their fees differ too: 0.99% for FEMX.AX and 0.69% for EMKT.AX.
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