FFEM vs. AVEG.L

Last updated Jun 4, 2026

FFEM (Fidelity Fundamental Emerging Markets ETF) and AVEG.L (Avantis Emerging Markets Equity UCITS ETF USD Acc) are both Emerging Markets Diversified funds. Over the past year, FFEM returned 68.49% vs 48.71% for AVEG.L. A 0.79 correlation means they provide meaningful diversification when combined. FFEM charges 0.60%/yr vs 0.35%/yr for AVEG.L.

Performance

FFEM vs. AVEG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Fundamental Emerging Markets ETF (FFEM) and Avantis Emerging Markets Equity UCITS ETF USD Acc (AVEG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FFEM is traded in USD, while AVEG.L is traded in GBP. To make them comparable, the AVEG.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, FFEM achieves a 33.06% return, which is significantly higher than AVEG.L's 23.58% return.

FFEM

• 1D: -1.56%
• 1M: 9.73%
• YTD: 33.06%
• 6M: 36.71%
• 1Y: 68.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AVEG.L

• 1D: -0.98%
• 1M: 8.55%
• YTD: 23.58%
• 6M: 26.78%
• 1Y: 48.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FFEM vs. AVEG.L - Yearly Performance Comparison

	2026 (YTD)	2025
FFEM Fidelity Fundamental Emerging Markets ETF	33.06%	30.35%
AVEG.L Avantis Emerging Markets Equity UCITS ETF USD Acc	23.58%	26.09%

Correlation

The correlation between FFEM and AVEG.L is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Mar 25, 2025	0.79

The correlation between FFEM and AVEG.L has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

Return for Risk

FFEM vs. AVEG.L — Risk / Return Rank

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

FFEM

FFEM Risk / Return Rank: 89
FFEM Sharpe Ratio Rank: 91
FFEM Sortino Ratio Rank: 88
FFEM Omega Ratio Rank: 89
FFEM Calmar Ratio Rank: 88
FFEM Martin Ratio Rank: 89

AVEG.L

AVEG.L Risk / Return Rank: 87
AVEG.L Sharpe Ratio Rank: 90
AVEG.L Sortino Ratio Rank: 88
AVEG.L Omega Ratio Rank: 89
AVEG.L Calmar Ratio Rank: 85
AVEG.L Martin Ratio Rank: 83

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.

FFEM vs. AVEG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Emerging Markets ETF (FFEM) and Avantis Emerging Markets Equity UCITS ETF USD Acc (AVEG.L). 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.

	FFEM	AVEG.L	Difference
Sharpe ratio Return per unit of total volatility	3.19	2.71	+0.48
Sortino ratio Return per unit of downside risk	4.00	3.62	+0.38
Omega ratio Gain probability vs. loss probability	1.56	1.48	+0.09
Calmar ratio Return relative to maximum drawdown	5.07	3.69	+1.38
Martin ratio Return relative to average drawdown	20.18	14.26	+5.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFEM vs. AVEG.L - Sharpe Ratio Comparison

The current FFEM Sharpe Ratio is 3.19, which is comparable to the AVEG.L Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of FFEM and AVEG.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FFEM	AVEG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	2.71	+0.48
Sharpe Ratio (All Time) Calculated using the full available price history	2.21	2.35	-0.13

Drawdowns

FFEM vs. AVEG.L - Drawdown Comparison

The maximum FFEM drawdown since its inception was -16.29%, which is greater than AVEG.L's maximum drawdown of -13.65%. Use the drawdown chart below to compare losses from any high point for FFEM and AVEG.L.

Drawdown Indicators

	FFEM	AVEG.L	Difference
Max Drawdown Largest peak-to-trough decline	-16.29%	-13.65%	-2.64%
Max Drawdown (1Y) Largest decline over 1 year	-13.57%	-13.13%	-0.44%
Current Drawdown Current decline from peak	-1.56%	-0.98%	-0.58%
Average Drawdown Average peak-to-trough decline	-2.41%	-2.05%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	3.41%	0.00%

Volatility

FFEM vs. AVEG.L - Volatility Comparison

Fidelity Fundamental Emerging Markets ETF (FFEM) has a higher volatility of 9.03% compared to Avantis Emerging Markets Equity UCITS ETF USD Acc (AVEG.L) at 7.33%. This indicates that FFEM's price experiences larger fluctuations and is considered to be riskier than AVEG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFEM	AVEG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.03%	7.33%	+1.70%
Volatility (6M) Calculated over the trailing 6-month period	18.77%	15.05%	+3.72%
Volatility (1Y) Calculated over the trailing 1-year period	21.56%	17.90%	+3.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.02%	19.28%	+2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.02%	19.28%	+2.74%

FFEM vs. AVEG.L - Expense Ratio Comparison

FFEM has a 0.60% expense ratio, which is higher than AVEG.L's 0.35% expense ratio.

Dividends

FFEM vs. AVEG.L - Dividend Comparison

FFEM's dividend yield for the trailing twelve months is around 1.22%, while AVEG.L has not paid dividends to shareholders.

Position	TTM	2025	2024
AVEG.L Avantis Emerging Markets Equity UCITS ETF USD Acc	0.00%	0.00%	0.00%
FFEM Fidelity Fundamental Emerging Markets ETF	1.22%	1.59%	0.16%

Frequently Asked Questions

Can I hold both FFEM and AVEG.L in my portfolio?

FFEM and AVEG.L have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FFEM or AVEG.L?

On fees, AVEG.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FFEM or AVEG.L?

AVEG.L is cheaper with a 0.35% expense ratio, compared with 0.60% for FFEM.

What is the main difference between FFEM and AVEG.L?

They also come from different issuers: Fidelity and Avantis. Their fees differ too: 0.60% for FFEM and 0.35% for AVEG.L.