FFEM vs. FMSDX

Last updated Jun 23, 2026

FFEM (Fidelity Fundamental Emerging Markets ETF) and FMSDX (Fidelity Multi-Asset Income Fund) are both funds - FFEM is a Emerging Markets Diversified fund managed by Fidelity, while FMSDX is a Diversified Portfolio fund managed by Fidelity. Over the past year, FFEM returned 70.78% vs 18.67% for FMSDX. A 0.67 correlation means they provide meaningful diversification when combined. FFEM charges 0.60%/yr vs 0.78%/yr for FMSDX.

Performance

FFEM vs. FMSDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Fundamental Emerging Markets ETF (FFEM) and Fidelity Multi-Asset Income Fund (FMSDX). 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 FMSDX's 7.21% return.

FFEM

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

FMSDX

• 1D: 0.74%
• 1M: -0.60%
• YTD: 7.21%
• 6M: 6.66%
• 1Y: 18.67%
• 3Y*: 12.18%
• 5Y*: 6.50%
• 10Y*: —

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

FFEM vs. FMSDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FFEM Fidelity Fundamental Emerging Markets ETF	36.81%	40.03%	-10.18%
FMSDX Fidelity Multi-Asset Income Fund	7.21%	14.10%	-3.28%

Correlation

The correlation between FFEM and FMSDX is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024	0.67

The correlation between FFEM and FMSDX has been stable across timeframes, ranging from 0.67 to 0.70 - a consistent structural relationship.

Return for Risk

FFEM vs. FMSDX — 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

FMSDX

FMSDX Risk / Return Rank: 44
FMSDX Sharpe Ratio Rank: 40
FMSDX Sortino Ratio Rank: 37
FMSDX Omega Ratio Rank: 39
FMSDX Calmar Ratio Rank: 59
FMSDX Martin Ratio Rank: 47

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. FMSDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Emerging Markets ETF (FFEM) and Fidelity Multi-Asset Income Fund (FMSDX). 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	FMSDX	Difference
Sharpe ratio: Return per unit of total volatility	3.01	1.72	+1.29
Sortino ratio: Return per unit of downside risk	3.69	2.36	+1.33
Omega ratio: Gain probability vs. loss probability	1.54	1.31	+0.23
Calmar ratio: Return relative to maximum drawdown	5.24	2.81	+2.43
Martin ratio: Return relative to average drawdown	19.73	9.29	+10.44

FFEM vs. FMSDX - Sharpe Ratio Comparison

The current FFEM Sharpe Ratio is 3.01, which is higher than the FMSDX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of FFEM and FMSDX, 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. FMSDX - Drawdown Comparison

The maximum FFEM drawdown since its inception was -18.17%, smaller than the maximum FMSDX drawdown of -21.64%. Use the drawdown chart below to compare losses from any high point for FFEM and FMSDX.

Drawdown Indicators

	FFEM	FMSDX	Difference
Max Drawdown Largest peak-to-trough decline	-18.17%	-21.64%	+3.47%
Max Drawdown (1Y) Largest decline over 1 year	-13.57%	-6.47%	-7.10%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.17%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.12%	—
Current Drawdown Current decline from peak	0.00%	-1.84%	+1.84%
Average Drawdown Average peak-to-trough decline	-3.59%	-3.80%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	1.95%	+1.65%

Volatility

FFEM vs. FMSDX - Volatility Comparison

Fidelity Fundamental Emerging Markets ETF (FFEM) has a higher volatility of 11.41% compared to Fidelity Multi-Asset Income Fund (FMSDX) at 4.15%. This indicates that FFEM's price experiences larger fluctuations and is considered to be riskier than FMSDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFEM	FMSDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.41%	4.15%	+7.26%
Volatility (6M) Calculated over the trailing 6-month period	21.25%	8.12%	+13.13%
Volatility (1Y) Calculated over the trailing 1-year period	23.65%	10.54%	+13.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.04%	9.92%	+14.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.04%	10.65%	+13.39%

FFEM vs. FMSDX - Expense Ratio Comparison

FFEM has a 0.60% expense ratio, which is lower than FMSDX's 0.78% expense ratio.

Dividends

FFEM vs. FMSDX - Dividend Comparison

FFEM's dividend yield for the trailing twelve months is around 1.20%, less than FMSDX's 3.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FFEM Fidelity Fundamental Emerging Markets ETF	1.20%	1.59%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FMSDX Fidelity Multi-Asset Income Fund	3.51%	3.81%	3.84%	4.23%	3.74%	2.81%	1.79%	2.82%	4.36%

Frequently Asked Questions

Can I hold both FFEM and FMSDX in my portfolio?

FFEM and FMSDX have a correlation of 0.70, 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 FMSDX?

FFEM has higher volatility (11.41%) compared to FMSDX (4.15%). In terms of maximum drawdown, FFEM dropped -18.17% vs FMSDX's -21.64%.

Which has better risk-adjusted returns?

FFEM currently has the higher Sharpe Ratio (3.01 vs 1.72), 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.