FFEM vs. DFEV

Last updated Jun 23, 2026

FFEM (Fidelity Fundamental Emerging Markets ETF) and DFEV (Dimensional Emerging Markets Value ETF) are both Emerging Markets Diversified funds. Over the past year, FFEM returned 70.78% vs 58.26% for DFEV. Their correlation of 0.91 suggests significant overlap in exposure. FFEM charges 0.60%/yr vs 0.43%/yr for DFEV.

Performance

FFEM vs. DFEV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Fundamental Emerging Markets ETF (FFEM) and Dimensional Emerging Markets Value ETF (DFEV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFEM achieves a 36.81% return, which is significantly higher than DFEV's 32.51% return.

FFEM

• 1D: 0.78%
• 1M: 8.97%
• YTD: 36.81%
• 6M: 39.07%
• 1Y: 70.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFEV

• 1D: 0.43%
• 1M: 7.74%
• YTD: 32.51%
• 6M: 34.31%
• 1Y: 58.26%
• 3Y*: 26.68%
• 5Y*: —
• 10Y*: —

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

FFEM vs. DFEV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FFEM Fidelity Fundamental Emerging Markets ETF	36.81%	40.03%	-10.18%
DFEV Dimensional Emerging Markets Value ETF	32.51%	32.54%	-1.83%

Correlation

The correlation between FFEM and DFEV is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024	0.91

The correlation between FFEM and DFEV has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

Return for Risk

FFEM vs. DFEV — 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: 92
FFEM Sortino Ratio Rank: 86
FFEM Omega Ratio Rank: 89
FFEM Calmar Ratio Rank: 90
FFEM Martin Ratio Rank: 90

DFEV

DFEV Risk / Return Rank: 90
DFEV Sharpe Ratio Rank: 92
DFEV Sortino Ratio Rank: 88
DFEV Omega Ratio Rank: 91
DFEV Calmar Ratio Rank: 89
DFEV Martin Ratio Rank: 88

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. DFEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Emerging Markets ETF (FFEM) and Dimensional Emerging Markets Value ETF (DFEV). 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.

	FFEM	DFEV	Difference
Sharpe ratio: Return per unit of total volatility	3.01	3.05	-0.03
Sortino ratio: Return per unit of downside risk	3.69	3.85	-0.16
Omega ratio: Gain probability vs. loss probability	1.54	1.57	-0.03
Calmar ratio: Return relative to maximum drawdown	5.24	5.16	+0.08
Martin ratio: Return relative to average drawdown	19.73	18.53	+1.20

FFEM vs. DFEV - Sharpe Ratio Comparison

The current FFEM Sharpe Ratio is 3.01, which is comparable to the DFEV Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of FFEM and DFEV, 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

FFEM vs. DFEV - Drawdown Comparison

The maximum FFEM drawdown since its inception was -18.17%, roughly equal to the maximum DFEV drawdown of -18.49%. Use the drawdown chart below to compare losses from any high point for FFEM and DFEV.

Drawdown Indicators

	FFEM	DFEV	Difference
Max Drawdown Largest peak-to-trough decline	-18.17%	-18.49%	+0.32%
Max Drawdown (1Y) Largest decline over 1 year	-13.57%	-11.35%	-2.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.94%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.59%	-4.63%	+1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	3.15%	+0.45%

Volatility

FFEM vs. DFEV - Volatility Comparison

Fidelity Fundamental Emerging Markets ETF (FFEM) has a higher volatility of 11.41% compared to Dimensional Emerging Markets Value ETF (DFEV) at 10.11%. This indicates that FFEM's price experiences larger fluctuations and is considered to be riskier than DFEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFEM	DFEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.41%	10.11%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	21.25%	17.17%	+4.08%
Volatility (1Y) Calculated over the trailing 1-year period	23.65%	19.26%	+4.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.04%	16.89%	+7.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.04%	16.89%	+7.15%

FFEM vs. DFEV - Expense Ratio Comparison

FFEM has a 0.60% expense ratio, which is higher than DFEV's 0.43% expense ratio.

Dividends

FFEM vs. DFEV - Dividend Comparison

FFEM's dividend yield for the trailing twelve months is around 1.20%, less than DFEV's 1.98% yield.

Position	TTM	2025	2024	2023	2022
DFEV Dimensional Emerging Markets Value ETF	1.98%	2.69%	3.17%	3.47%	3.35%
FFEM Fidelity Fundamental Emerging Markets ETF	1.20%	1.59%	0.16%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FFEM and DFEV in my portfolio?

With a correlation of 0.91, FFEM and DFEV 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, FFEM or DFEV?

FFEM has higher volatility (11.41%) compared to DFEV (10.11%). In terms of maximum drawdown, FFEM dropped -18.17% vs DFEV's -18.49%.

Which ETF is better, FFEM or DFEV?

On 1-year performance, FFEM leads with 70.78% vs 58.26% for DFEV. On fees, DFEV is cheaper at 0.43% per year. On volatility, DFEV has been the lower-risk option at 10.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFEM or DFEV?

Over the 1-year period, FFEM has performed better with a 70.78% return vs 58.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFEM or DFEV?

DFEV is cheaper with a 0.43% expense ratio, compared with 0.60% for FFEM.

Which ETF pays a higher dividend yield, FFEM or DFEV?

DFEV has the higher dividend yield at 1.98%, compared with 1.20% for FFEM.

What is the main difference between FFEM and DFEV?

They also come from different issuers: Fidelity and Dimensional. Their fees differ too: 0.60% for FFEM and 0.43% for DFEV.

Which has better risk-adjusted returns?

DFEV currently has the higher Sharpe Ratio (3.05 vs 3.01), 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.