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

FEMX.AX vs. VGE.AX

Last updated Jul 16, 2026
Documentation

FEMX.AX (Fidelity Global Emerging Markets Active ETF) and VGE.AX (Vanguard FTSE Emerging Markets Shares ETF) are both Emerging Markets Equities funds. FEMX.AX is actively managed, while VGE.AX is passively managed. Over the past 5 years, FEMX.AX returned 4.18%/yr vs 5.34%/yr for VGE.AX. A 0.70 correlation means they provide meaningful diversification when combined.

Performance

FEMX.AX vs. VGE.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 Vanguard FTSE Emerging Markets Shares ETF (VGE.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 higher than VGE.AX's 4.15% 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*
—

VGE.AX

1D
-0.09%
1M
-0.57%
6M
1.41%
YTD
4.15%
1Y
11.82%
3Y*
13.35%
5Y*
5.34%
10Y*
8.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FEMX.AX vs. VGE.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%
VGE.AX
Vanguard FTSE Emerging Markets Shares ETF		4.15%16.61%19.57%5.11%-12.17%7.21%6.36%20.69%3.80%

Correlation

The correlation between FEMX.AX and VGE.AX is 0.66, 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

0.66

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

0.65

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

0.70

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

0.70

The correlation between FEMX.AX and VGE.AX has been stable across timeframes, ranging from 0.65 to 0.70 - a consistent structural relationship.

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Fidelity Global Emerging Markets Active ETF

Vanguard FTSE Emerging Markets Shares ETF

Return for Risk

FEMX.AX vs. VGE.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
VGE.AX
VGE.AX Risk / Return Rank: 2626
Overall Rank
VGE.AX Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
VGE.AX Sortino Ratio Rank: 2727
Sortino Ratio Rank
VGE.AX Omega Ratio Rank: 2727
Omega Ratio Rank
VGE.AX Calmar Ratio Rank: 2323
Calmar Ratio Rank
VGE.AX Martin Ratio Rank: 2626
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. VGE.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 Vanguard FTSE Emerging Markets Shares ETF (VGE.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.AXVGE.AXDifference
Sharpe ratioReturn per unit of total volatility
1.10
0.85

+0.25

Sortino ratioReturn per unit of downside risk
1.58
1.27

+0.31

Omega ratioGain probability vs. loss probability

1.21

1.16

+0.05

Calmar ratioReturn relative to maximum drawdown

1.75

0.90

+0.85

Martin ratioReturn relative to average drawdown

5.92

2.80

+3.12

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

The current FEMX.AX Sharpe Ratio is 1.10, which is comparable to the VGE.AX Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of FEMX.AX and VGE.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. VGE.AX - Drawdown Comparison

The maximum FEMX.AX drawdown since its inception was -27.88%, roughly equal to the maximum VGE.AX drawdown of -27.06%. Use the drawdown chart below to compare losses from any high point for FEMX.AX and VGE.AX.

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Drawdown Indicators

FEMX.AXVGE.AXDifference

Max Drawdown

Largest peak-to-trough decline

-27.88%

-27.06%

-0.82%

Max Drawdown (1Y)

Largest decline over 1 year

-11.66%

-12.53%

+0.87%

Max Drawdown (3Y)

Largest decline over 3 years

-11.66%

-12.53%

+0.87%

Max Drawdown (5Y)

Largest decline over 5 years

-27.88%

-20.98%

-6.90%

Max Drawdown (10Y)

Largest decline over 10 years

—

-22.93%

—

Current Drawdown

Current decline from peak

-4.27%

-2.08%

-2.19%

Average Drawdown

Average peak-to-trough decline

-9.01%

-6.81%

-2.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.51%

4.13%

-0.62%

Volatility

FEMX.AX vs. VGE.AX - Volatility Comparison

Fidelity Global Emerging Markets Active ETF (FEMX.AX) has a higher volatility of 5.39% compared to Vanguard FTSE Emerging Markets Shares ETF (VGE.AX) at 4.55%. This indicates that FEMX.AX's price experiences larger fluctuations and is considered to be riskier than VGE.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.AXVGE.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.39%

4.55%

+0.84%

Volatility (6M)

Calculated over the trailing 6-month period

16.84%

11.58%

+5.26%

Volatility (1Y)

Calculated over the trailing 1-year period

18.67%

13.39%

+5.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.50%

13.53%

+2.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.88%

14.50%

+2.38%

Dividends

FEMX.AX vs. VGE.AX - Dividend Comparison

FEMX.AX's dividend yield for the trailing twelve months is around 9.60%, more than VGE.AX's 0.32% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
VGE.AX
Vanguard FTSE Emerging Markets Shares ETF		0.32%3.22%0.50%1.62%2.83%2.68%3.78%3.15%2.22%2.01%1.65%3.22%

Frequently Asked Questions

FEMX.AX and VGE.AX have a correlation of 0.66, 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 Vanguard.

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