FFEM vs. FENI

Last updated Jun 4, 2026

FFEM (Fidelity Fundamental Emerging Markets ETF) and FENI (Fidelity Enhanced International ETF) are both exchange-traded funds - FFEM is a Emerging Markets Diversified fund managed by Fidelity, while FENI is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index. Over the past year, FFEM returned 68.49% vs 26.80% for FENI. A 0.70 correlation means they provide meaningful diversification when combined. FFEM charges 0.60%/yr vs 0.28%/yr for FENI.

Performance

FFEM vs. FENI - Performance Comparison

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

Returns By Period

In the year-to-date period, FFEM achieves a 33.06% return, which is significantly higher than FENI's 10.54% return.

FFEM

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

FENI

• 1D: -0.72%
• 1M: 3.91%
• YTD: 10.54%
• 6M: 13.48%
• 1Y: 26.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FFEM vs. FENI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FFEM Fidelity Fundamental Emerging Markets ETF	33.06%	40.03%	-2.27%
FENI Fidelity Enhanced International ETF	10.54%	37.27%	-0.97%

Correlation

The correlation between FFEM and FENI is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since Nov 22, 2024	0.71

The correlation between FFEM and FENI has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.

Return for Risk

FFEM vs. FENI — 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

FENI

FENI Risk / Return Rank: 49
FENI Sharpe Ratio Rank: 49
FENI Sortino Ratio Rank: 49
FENI Omega Ratio Rank: 49
FENI Calmar Ratio Rank: 46
FENI Martin Ratio Rank: 52

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. FENI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Emerging Markets ETF (FFEM) and Fidelity Enhanced International ETF (FENI). 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	FENI	Difference
Sharpe ratio Return per unit of total volatility	3.19	1.74	+1.45
Sortino ratio Return per unit of downside risk	4.00	2.46	+1.53
Omega ratio Gain probability vs. loss probability	1.56	1.31	+0.25
Calmar ratio Return relative to maximum drawdown	5.07	2.34	+2.73
Martin ratio Return relative to average drawdown	20.18	8.91	+11.27
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. FENI - Sharpe Ratio Comparison

The current FFEM Sharpe Ratio is 3.19, which is higher than the FENI Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of FFEM and FENI, 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	FENI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	1.74	+1.45
Sharpe Ratio (All Time) Calculated using the full available price history	2.21	1.52	+0.69

Drawdowns

FFEM vs. FENI - Drawdown Comparison

The maximum FFEM drawdown since its inception was -16.29%, which is greater than FENI's maximum drawdown of -14.20%. Use the drawdown chart below to compare losses from any high point for FFEM and FENI.

Drawdown Indicators

	FFEM	FENI	Difference
Max Drawdown Largest peak-to-trough decline	-16.29%	-14.20%	-2.09%
Max Drawdown (1Y) Largest decline over 1 year	-13.57%	-11.49%	-2.08%
Current Drawdown Current decline from peak	-1.56%	-1.06%	-0.50%
Average Drawdown Average peak-to-trough decline	-2.41%	-2.29%	-0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	3.01%	+0.40%

Volatility

FFEM vs. FENI - Volatility Comparison

Fidelity Fundamental Emerging Markets ETF (FFEM) has a higher volatility of 9.03% compared to Fidelity Enhanced International ETF (FENI) at 5.31%. This indicates that FFEM's price experiences larger fluctuations and is considered to be riskier than FENI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFEM	FENI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.03%	5.31%	+3.72%
Volatility (6M) Calculated over the trailing 6-month period	18.77%	13.03%	+5.74%
Volatility (1Y) Calculated over the trailing 1-year period	21.56%	15.50%	+6.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.02%	15.62%	+6.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.02%	15.62%	+6.40%

FFEM vs. FENI - Expense Ratio Comparison

FFEM has a 0.60% expense ratio, which is higher than FENI's 0.28% expense ratio.

Dividends

FFEM vs. FENI - Dividend Comparison

FFEM's dividend yield for the trailing twelve months is around 1.22%, less than FENI's 2.86% yield.

Position	TTM	2025	2024
FENI Fidelity Enhanced International ETF	2.86%	2.99%	3.02%
FFEM Fidelity Fundamental Emerging Markets ETF	1.22%	1.59%	0.16%

Frequently Asked Questions

Can I hold both FFEM and FENI in my portfolio?

FFEM and FENI have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFEM or FENI?

FFEM has higher volatility (9.03%) compared to FENI (5.31%). In terms of maximum drawdown, FFEM dropped -16.29% vs FENI's -14.20%.

Which ETF is better, FFEM or FENI?

On 1-year performance, FFEM leads with 68.49% vs 26.80% for FENI. On fees, FENI is cheaper at 0.28% per year. On volatility, FENI has been the lower-risk option at 5.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFEM or FENI?

Over the 1-year period, FFEM has performed better with a 68.49% return vs 26.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFEM or FENI?

FENI is cheaper with a 0.28% expense ratio, compared with 0.60% for FFEM.

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

FENI has the higher dividend yield at 2.86%, compared with 1.22% for FFEM.

What is the main difference between FFEM and FENI?

FFEM is categorized as Emerging Markets Diversified, while FENI is Foreign Large Cap Equities. Their fees differ too: 0.60% for FFEM and 0.28% for FENI.

Which has better risk-adjusted returns?

FFEM currently has the higher Sharpe Ratio (3.19 vs 1.74), 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.