FESD.DE vs. VGEM.DE
FESD.DE (Fidelity Sustainable USD EM Bond UCITS ETF) and VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) are both Emerging Markets Bonds funds - FESD.DE tracks the Fidelity Sustainable USD EM Bond while VGEM.DE tracks the Bloomberg EM USD Sovereign + Quasi-Sov. Both are passively managed. Over the past 5 years, FESD.DE returned 1.89%/yr vs 2.73%/yr for VGEM.DE. A 0.76 correlation means they provide meaningful diversification when combined. FESD.DE charges 0.45%/yr vs 0.25%/yr for VGEM.DE.
Performance
FESD.DE vs. VGEM.DE - Performance Comparison
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Returns By Period
In the year-to-date period, FESD.DE achieves a 3.41% return, which is significantly higher than VGEM.DE's 2.34% return.
FESD.DE
- 1D
- -0.09%
- 1M
- 1.35%
- YTD
- 3.41%
- 6M
- 3.08%
- 1Y
- 9.14%
- 3Y*
- 5.13%
- 5Y*
- 1.89%
- 10Y*
- —
VGEM.DE
- 1D
- 0.20%
- 1M
- 1.24%
- YTD
- 2.34%
- 6M
- 1.63%
- 1Y
- 6.72%
- 3Y*
- 5.24%
- 5Y*
- 2.73%
- 10Y*
- —
FESD.DE vs. VGEM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FESD.DE Fidelity Sustainable USD EM Bond UCITS ETF | 3.41% | 0.21% | 8.73% | 4.67% | -13.30% | 6.35% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 2.34% | -1.55% | 12.06% | 5.25% | -10.22% | 6.35% |
Correlation
The correlation between FESD.DE and VGEM.DE is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2021 | 0.76 |
The correlation between FESD.DE and VGEM.DE has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.
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Return for Risk
FESD.DE vs. VGEM.DE — Risk / Return Rank
FESD.DE
VGEM.DE
FESD.DE vs. VGEM.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Sustainable USD EM Bond UCITS ETF (FESD.DE) and Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE). 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.
| FESD.DE | VGEM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.21 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 2.16 | +0.30 |
| Martin ratioReturn relative to average drawdown | 6.56 | 5.71 | +0.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FESD.DE | VGEM.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 1.13 | +0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | 0.34 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.29 | -0.10 |
Drawdowns
FESD.DE vs. VGEM.DE - Drawdown Comparison
The maximum FESD.DE drawdown since its inception was -16.01%, smaller than the maximum VGEM.DE drawdown of -19.64%. Use the drawdown chart below to compare losses from any high point for FESD.DE and VGEM.DE.
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Drawdown Indicators
| FESD.DE | VGEM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.01% | -19.64% | +3.63% |
Max Drawdown (1Y)Largest decline over 1 year | -3.71% | -3.10% | -0.61% |
Max Drawdown (3Y)Largest decline over 3 years | -12.34% | -11.98% | -0.36% |
Max Drawdown (5Y)Largest decline over 5 years | -16.01% | -12.46% | -3.55% |
Current DrawdownCurrent decline from peak | -0.59% | -2.18% | +1.59% |
Average DrawdownAverage peak-to-trough decline | -7.16% | -6.63% | -0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.39% | 1.17% | +0.22% |
Volatility
FESD.DE vs. VGEM.DE - Volatility Comparison
Fidelity Sustainable USD EM Bond UCITS ETF (FESD.DE) has a higher volatility of 2.28% compared to Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) at 1.18%. This indicates that FESD.DE's price experiences larger fluctuations and is considered to be riskier than VGEM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FESD.DE | VGEM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.28% | 1.18% | +1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 4.57% | 3.96% | +0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.51% | 5.93% | +0.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.80% | 7.89% | +0.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.70% | 8.77% | -0.07% |
FESD.DE vs. VGEM.DE - Expense Ratio Comparison
FESD.DE has a 0.45% expense ratio, which is higher than VGEM.DE's 0.25% expense ratio.
Dividends
FESD.DE vs. VGEM.DE - Dividend Comparison
FESD.DE's dividend yield for the trailing twelve months is around 6.69%, more than VGEM.DE's 5.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FESD.DE Fidelity Sustainable USD EM Bond UCITS ETF | 6.69% | 5.90% | 5.86% | 5.43% | 4.80% | 2.01% | 0.00% | 0.00% | 0.00% | 0.00% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 5.06% | 5.60% | 5.23% | 5.14% | 4.84% | 3.16% | 3.99% | 3.87% | 3.84% | 0.68% |
Frequently Asked Questions
FESD.DE and VGEM.DE have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VGEM.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGEM.DE is cheaper with a 0.25% expense ratio, compared with 0.45% for FESD.DE.
FESD.DE tracks Fidelity Sustainable USD EM Bond, while VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov. They also come from different issuers: Fidelity and Vanguard. Their fees differ too: 0.45% for FESD.DE and 0.25% for VGEM.DE.
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