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FEMX.AX vs. IEM.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FEMX.AX vs. IEM.AX

Last updated Jul 16, 2026
Documentation

FEMX.AX (Fidelity Global Emerging Markets Active ETF) and IEM.AX (iShares MSCI Emerging Markets ETF (AU)) are both Emerging Markets Equities funds. FEMX.AX is actively managed, while IEM.AX is passively managed. Over the past 5 years, FEMX.AX returned 4.18%/yr vs 6.95%/yr for IEM.AX. A 0.70 correlation means they provide meaningful diversification when combined.

Performance

FEMX.AX vs. IEM.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Fidelity Global Emerging Markets Active ETF (FEMX.AX) and iShares MSCI Emerging Markets ETF (AU) (IEM.AX). The values are adjusted to include any dividend payments, if applicable.

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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 IEM.AX's 14.97% 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*
—

IEM.AX

1D
-2.08%
1M
-4.44%
6M
8.61%
YTD
14.97%
1Y
26.47%
3Y*
17.23%
5Y*
6.95%
10Y*
9.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FEMX.AX vs. IEM.AX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
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%
IEM.AX
iShares MSCI Emerging Markets ETF (AU)		14.97%22.71%14.85%6.42%-13.41%1.75%7.24%17.26%1.74%

Correlation

The correlation between FEMX.AX and IEM.AX is 0.75, 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

0.75

Correlation (3Y)
Calculated over the trailing 3-year period

0.69

Correlation (5Y)
Calculated over the trailing 5-year period

0.72

Correlation (All Time)
Calculated using the full available price history since Oct 29, 2018

0.70

The correlation between FEMX.AX and IEM.AX has been stable across timeframes, ranging from 0.69 to 0.75 - a consistent structural relationship.

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Fidelity Global Emerging Markets Active ETF

iShares MSCI Emerging Markets ETF (AU)

Return for Risk

FEMX.AX vs. IEM.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FEMX.AX
FEMX.AX Risk / Return Rank: 3939
Overall Rank
FEMX.AX Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
FEMX.AX Sortino Ratio Rank: 3535
Sortino Ratio Rank
FEMX.AX Omega Ratio Rank: 3636
Omega Ratio Rank
FEMX.AX Calmar Ratio Rank: 4141
Calmar Ratio Rank
FEMX.AX Martin Ratio Rank: 4444
Martin Ratio Rank
IEM.AX
IEM.AX Risk / Return Rank: 5151
Overall Rank
IEM.AX Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
IEM.AX Sortino Ratio Rank: 4646
Sortino Ratio Rank
IEM.AX Omega Ratio Rank: 5252
Omega Ratio Rank
IEM.AX Calmar Ratio Rank: 5555
Calmar Ratio Rank
IEM.AX Martin Ratio Rank: 5252
Martin Ratio Rank
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.

FEMX.AX vs. IEM.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 iShares MSCI Emerging Markets ETF (AU) (IEM.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.AXIEM.AXDifference
Sharpe ratioReturn per unit of total volatility
1.10
1.41

-0.31

Sortino ratioReturn per unit of downside risk
1.58
1.95

-0.36

Omega ratioGain probability vs. loss probability

1.21

1.27

-0.06

Calmar ratioReturn relative to maximum drawdown

1.75

2.26

-0.50

Martin ratioReturn relative to average drawdown

5.92

7.30

-1.38

FEMX.AX vs. IEM.AX - Sharpe Ratio Comparison

The current FEMX.AX Sharpe Ratio is 1.10, which is comparable to the IEM.AX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of FEMX.AX and IEM.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FEMX.AX vs. IEM.AX - Drawdown Comparison

The maximum FEMX.AX drawdown since its inception was -27.88%, smaller than the maximum IEM.AX drawdown of -43.82%. Use the drawdown chart below to compare losses from any high point for FEMX.AX and IEM.AX.

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Drawdown Indicators

FEMX.AXIEM.AXDifference

Max Drawdown

Largest peak-to-trough decline

-27.88%

-43.82%

+15.94%

Max Drawdown (1Y)

Largest decline over 1 year

-11.66%

-11.25%

-0.41%

Max Drawdown (3Y)

Largest decline over 3 years

-11.66%

-11.25%

-0.41%

Max Drawdown (5Y)

Largest decline over 5 years

-27.88%

-25.97%

-1.91%

Max Drawdown (10Y)

Largest decline over 10 years

—

-27.57%

—

Current Drawdown

Current decline from peak

-4.27%

-7.45%

+3.18%

Average Drawdown

Average peak-to-trough decline

-9.01%

-12.22%

+3.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.51%

3.53%

-0.02%

Volatility

FEMX.AX vs. IEM.AX - Volatility Comparison

The current volatility for Fidelity Global Emerging Markets Active ETF (FEMX.AX) is 5.39%, while iShares MSCI Emerging Markets ETF (AU) (IEM.AX) has a volatility of 8.29%. This indicates that FEMX.AX experiences smaller price fluctuations and is considered to be less risky than IEM.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.AXIEM.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.39%

8.29%

-2.90%

Volatility (6M)

Calculated over the trailing 6-month period

16.84%

16.73%

+0.11%

Volatility (1Y)

Calculated over the trailing 1-year period

18.67%

18.03%

+0.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.50%

15.51%

+0.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.88%

15.48%

+1.40%

Dividends

FEMX.AX vs. IEM.AX - Dividend Comparison

FEMX.AX's dividend yield for the trailing twelve months is around 9.60%, more than IEM.AX's 0.80% yield.

PositionTTM202520242023202220212020201920182017
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%0.00%
IEM.AX
iShares MSCI Emerging Markets ETF (AU)		0.80%0.89%0.66%1.16%3.38%2.36%1.28%3.45%1.06%2.28%

Frequently Asked Questions

FEMX.AX and IEM.AX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: Fidelity and iShares.

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