FERGX vs. IEMG

Last updated Jun 24, 2026

FERGX (Fidelity SAI Emerging Markets Index Fund) and IEMG (iShares Core MSCI Emerging Markets ETF) are both Emerging Markets Diversified funds. Over the past 5 years, FERGX returned 8.07%/yr vs 7.05%/yr for IEMG. With a 0.95 correlation, they move nearly in lockstep. FERGX charges 0.07%/yr vs 0.09%/yr for IEMG.

Performance

FERGX vs. IEMG - Performance Comparison

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

Returns By Period

In the year-to-date period, FERGX achieves a 29.63% return, which is significantly higher than IEMG's 21.95% return.

FERGX

• 1D: 0.18%
• 1M: 7.53%
• YTD: 29.63%
• 6M: 30.89%
• 1Y: 54.54%
• 3Y*: 24.63%
• 5Y*: 8.07%
• 10Y*: —

IEMG

• 1D: -5.44%
• 1M: 1.74%
• YTD: 21.95%
• 6M: 22.64%
• 1Y: 43.66%
• 3Y*: 22.14%
• 5Y*: 7.05%
• 10Y*: 10.38%

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

FERGX vs. IEMG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FERGX Fidelity SAI Emerging Markets Index Fund	29.63%	33.86%	6.59%	9.41%	-20.19%	-3.05%	17.46%	18.22%	-14.52%	33.62%
IEMG iShares Core MSCI Emerging Markets ETF	21.95%	32.56%	6.50%	11.52%	-19.98%	-0.64%	17.87%	17.81%	-14.92%	37.38%

Correlation

The correlation between FERGX and IEMG is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.95

The correlation between FERGX and IEMG has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

FERGX vs. IEMG — Risk / Return Rank

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

FERGX

FERGX Risk / Return Rank: 86
FERGX Sharpe Ratio Rank: 90
FERGX Sortino Ratio Rank: 79
FERGX Omega Ratio Rank: 85
FERGX Calmar Ratio Rank: 89
FERGX Martin Ratio Rank: 88

IEMG

IEMG Risk / Return Rank: 64
IEMG Sharpe Ratio Rank: 62
IEMG Sortino Ratio Rank: 55
IEMG Omega Ratio Rank: 66
IEMG Calmar Ratio Rank: 69
IEMG Martin Ratio Rank: 68

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.

FERGX vs. IEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Emerging Markets Index Fund (FERGX) and iShares Core MSCI Emerging Markets ETF (IEMG). 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.

	FERGX	IEMG	Difference
Sharpe ratio: Return per unit of total volatility	2.77	1.98	+0.78
Sortino ratio: Return per unit of downside risk	3.44	2.56	+0.89
Omega ratio: Gain probability vs. loss probability	1.53	1.38	+0.15
Calmar ratio: Return relative to maximum drawdown	4.20	3.32	+0.88
Martin ratio: Return relative to average drawdown	15.70	12.15	+3.56

FERGX vs. IEMG - Sharpe Ratio Comparison

The current FERGX Sharpe Ratio is 2.77, which is higher than the IEMG Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of FERGX and IEMG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FERGX vs. IEMG - Drawdown Comparison

The maximum FERGX drawdown since its inception was -39.27%, roughly equal to the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for FERGX and IEMG.

Drawdown Indicators

	FERGX	IEMG	Difference
Max Drawdown Largest peak-to-trough decline	-39.27%	-38.71%	-0.56%
Max Drawdown (1Y) Largest decline over 1 year	-13.32%	-13.21%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-16.20%	-17.21%	+1.01%
Max Drawdown (5Y) Largest decline over 5 years	-36.97%	-35.75%	-1.22%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.71%	—
Current Drawdown Current decline from peak	-0.09%	-5.44%	+5.35%
Average Drawdown Average peak-to-trough decline	-14.27%	-12.93%	-1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.55%	3.61%	-0.06%

Volatility

FERGX vs. IEMG - Volatility Comparison

The current volatility for Fidelity SAI Emerging Markets Index Fund (FERGX) is 10.85%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 12.22%. This indicates that FERGX experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FERGX	IEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.85%	12.22%	-1.37%
Volatility (6M) Calculated over the trailing 6-month period	18.20%	20.14%	-1.94%
Volatility (1Y) Calculated over the trailing 1-year period	20.24%	22.12%	-1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.77%	18.99%	-1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.22%	20.20%	-1.98%

FERGX vs. IEMG - Expense Ratio Comparison

FERGX has a 0.08% expense ratio, which is lower than IEMG's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FERGX vs. IEMG - Dividend Comparison

FERGX's dividend yield for the trailing twelve months is around 2.06%, less than IEMG's 2.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FERGX Fidelity SAI Emerging Markets Index Fund	2.06%	2.67%	2.40%	2.67%	2.51%	2.90%	1.49%	2.49%	2.58%	0.58%	0.00%	0.00%
IEMG iShares Core MSCI Emerging Markets ETF	2.21%	2.75%	3.20%	2.89%	2.71%	3.06%	1.87%	3.15%	2.76%	2.35%	2.28%	2.53%

Frequently Asked Questions

Can I hold both FERGX and IEMG in my portfolio?

With a correlation of 0.94, FERGX and IEMG 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, FERGX or IEMG?

IEMG has higher volatility (12.22%) compared to FERGX (10.85%). In terms of maximum drawdown, FERGX dropped -39.27% vs IEMG's -38.71%.

Which has better risk-adjusted returns?

FERGX currently has the higher Sharpe Ratio (2.77 vs 1.98), 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.