FFEM vs. DIEM

Last updated Jun 24, 2026

FFEM (Fidelity Fundamental Emerging Markets ETF) and DIEM (Franklin Emerging Market Core Dividend Tilt Index ETF) are both Emerging Markets Diversified funds. Over the past year, FFEM returned 59.70% vs 53.23% for DIEM. Their correlation of 0.95 suggests significant overlap in exposure. FFEM charges 0.60%/yr vs 0.19%/yr for DIEM.

Performance

FFEM vs. DIEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Fundamental Emerging Markets ETF (FFEM) and Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FFEM having a 28.83% return and DIEM slightly higher at 29.85%.

FFEM

• 1D: -5.83%
• 1M: 2.61%
• YTD: 28.83%
• 6M: 30.15%
• 1Y: 59.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DIEM

• 1D: -4.97%
• 1M: 4.80%
• YTD: 29.85%
• 6M: 30.75%
• 1Y: 53.23%
• 3Y*: 27.25%
• 5Y*: 11.58%
• 10Y*: 9.27%

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

FFEM vs. DIEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FFEM Fidelity Fundamental Emerging Markets ETF	28.83%	40.03%	-10.18%
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF	29.85%	30.81%	-0.63%

Correlation

The correlation between FFEM and DIEM is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024	0.95

The correlation between FFEM and DIEM has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

FFEM vs. DIEM — Risk / Return Rank

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

FFEM

FFEM Risk / Return Rank: 81
FFEM Sharpe Ratio Rank: 82
FFEM Sortino Ratio Rank: 73
FFEM Omega Ratio Rank: 82
FFEM Calmar Ratio Rank: 85
FFEM Martin Ratio Rank: 85

DIEM

DIEM Risk / Return Rank: 83
DIEM Sharpe Ratio Rank: 85
DIEM Sortino Ratio Rank: 76
DIEM Omega Ratio Rank: 86
DIEM Calmar Ratio Rank: 84
DIEM Martin Ratio Rank: 86

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. DIEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Emerging Markets ETF (FFEM) and Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM). 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	DIEM	Difference
Sharpe ratio: Return per unit of total volatility	2.46	2.55	-0.09
Sortino ratio: Return per unit of downside risk	3.05	3.17	-0.12
Omega ratio: Gain probability vs. loss probability	1.45	1.49	-0.04
Calmar ratio: Return relative to maximum drawdown	4.42	4.34	+0.08
Martin ratio: Return relative to average drawdown	16.55	16.81	-0.26

FFEM vs. DIEM - Sharpe Ratio Comparison

The current FFEM Sharpe Ratio is 2.46, which is comparable to the DIEM Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of FFEM and DIEM, 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. DIEM - Drawdown Comparison

The maximum FFEM drawdown since its inception was -18.17%, smaller than the maximum DIEM drawdown of -38.61%. Use the drawdown chart below to compare losses from any high point for FFEM and DIEM.

Drawdown Indicators

	FFEM	DIEM	Difference
Max Drawdown Largest peak-to-trough decline	-18.17%	-38.61%	+20.44%
Max Drawdown (1Y) Largest decline over 1 year	-13.57%	-12.33%	-1.24%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.61%	—
Current Drawdown Current decline from peak	-5.83%	-4.97%	-0.86%
Average Drawdown Average peak-to-trough decline	-3.60%	-9.68%	+6.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.62%	3.18%	+0.44%

Volatility

FFEM vs. DIEM - Volatility Comparison

Fidelity Fundamental Emerging Markets ETF (FFEM) has a higher volatility of 13.09% compared to Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) at 12.21%. This indicates that FFEM's price experiences larger fluctuations and is considered to be riskier than DIEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFEM	DIEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.09%	12.21%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	22.13%	19.22%	+2.91%
Volatility (1Y) Calculated over the trailing 1-year period	24.36%	20.98%	+3.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.49%	17.58%	+6.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.49%	17.91%	+6.58%

FFEM vs. DIEM - Expense Ratio Comparison

FFEM has a 0.60% expense ratio, which is higher than DIEM's 0.19% expense ratio.

Dividends

FFEM vs. DIEM - Dividend Comparison

FFEM's dividend yield for the trailing twelve months is around 1.27%, less than DIEM's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF	1.63%	2.99%	4.92%	4.45%	6.31%	4.06%	2.75%	5.98%	3.87%	2.61%	0.35%
FFEM Fidelity Fundamental Emerging Markets ETF	1.27%	1.59%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FFEM and DIEM in my portfolio?

With a correlation of 0.96, FFEM and DIEM 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 DIEM?

FFEM has higher volatility (13.09%) compared to DIEM (12.21%). In terms of maximum drawdown, FFEM dropped -18.17% vs DIEM's -38.61%.

Which ETF is better, FFEM or DIEM?

On 1-year performance, FFEM leads with 59.70% vs 53.23% for DIEM. On fees, DIEM is cheaper at 0.19% per year. On volatility, DIEM has been the lower-risk option at 12.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFEM or DIEM?

Over the 1-year period, FFEM has performed better with a 59.70% return vs 53.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFEM or DIEM?

DIEM is cheaper with a 0.19% expense ratio, compared with 0.60% for FFEM.

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

DIEM has the higher dividend yield at 1.63%, compared with 1.27% for FFEM.

What is the main difference between FFEM and DIEM?

They also come from different issuers: Fidelity and Franklin Templeton. Their fees differ too: 0.60% for FFEM and 0.19% for DIEM.

Which has better risk-adjusted returns?

DIEM currently has the higher Sharpe Ratio (2.55 vs 2.46), 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.