FFEM vs. SLVP

Last updated Jun 4, 2026

FFEM (Fidelity Fundamental Emerging Markets ETF) and SLVP (iShares MSCI Global Silver and Metals Miners ETF) are both exchange-traded funds - FFEM is a Emerging Markets Diversified fund managed by Fidelity, while SLVP is a Silver fund tracking the MSCI ACWI Select Silver Miners Investable Market Index. Over the past year, FFEM returned 68.49% vs 112.07% for SLVP. At a 0.43 correlation, their price movements are largely independent. FFEM charges 0.60%/yr vs 0.39%/yr for SLVP.

Performance

FFEM vs. SLVP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Fundamental Emerging Markets ETF (FFEM) and iShares MSCI Global Silver and Metals Miners ETF (SLVP). 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 SLVP's 2.25% return.

FFEM

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

SLVP

• 1D: -5.14%
• 1M: 1.42%
• YTD: 2.25%
• 6M: 13.09%
• 1Y: 112.07%
• 3Y*: 52.07%
• 5Y*: 15.97%
• 10Y*: 13.67%

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

FFEM vs. SLVP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FFEM Fidelity Fundamental Emerging Markets ETF	33.06%	40.03%	-2.27%
SLVP iShares MSCI Global Silver and Metals Miners ETF	2.25%	202.84%	-11.88%

Correlation

The correlation between FFEM and SLVP is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Nov 22, 2024	0.43

Return for Risk

FFEM vs. SLVP — 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

SLVP

SLVP Risk / Return Rank: 55
SLVP Sharpe Ratio Rank: 62
SLVP Sortino Ratio Rank: 48
SLVP Omega Ratio Rank: 51
SLVP Calmar Ratio Rank: 66
SLVP Martin Ratio Rank: 50

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. SLVP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Emerging Markets ETF (FFEM) and iShares MSCI Global Silver and Metals Miners ETF (SLVP). 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	SLVP	Difference
Sharpe ratio: Return per unit of total volatility	3.19	2.12	+1.07
Sortino ratio: Return per unit of downside risk	4.00	2.40	+1.59
Omega ratio: Gain probability vs. loss probability	1.56	1.33	+0.24
Calmar ratio: Return relative to maximum drawdown	5.07	3.36	+1.71
Martin ratio: Return relative to average drawdown	20.18	8.53	+11.64
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. SLVP - Sharpe Ratio Comparison

The current FFEM Sharpe Ratio is 3.19, which is higher than the SLVP Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of FFEM and SLVP, 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	SLVP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	2.12	+1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.38	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.21	0.09	+2.12

Drawdowns

FFEM vs. SLVP - Drawdown Comparison

The maximum FFEM drawdown since its inception was -16.29%, smaller than the maximum SLVP drawdown of -80.47%. Use the drawdown chart below to compare losses from any high point for FFEM and SLVP.

Drawdown Indicators

	FFEM	SLVP	Difference
Max Drawdown Largest peak-to-trough decline	-16.29%	-80.47%	+64.18%
Max Drawdown (1Y) Largest decline over 1 year	-13.57%	-33.57%	+20.00%
Max Drawdown (3Y) Largest decline over 3 years	—	-33.57%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-54.78%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-62.03%	—
Current Drawdown Current decline from peak	-1.56%	-26.25%	+24.69%
Average Drawdown Average peak-to-trough decline	-2.41%	-46.82%	+44.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	13.18%	-9.77%

Volatility

FFEM vs. SLVP - Volatility Comparison

The current volatility for Fidelity Fundamental Emerging Markets ETF (FFEM) is 9.03%, while iShares MSCI Global Silver and Metals Miners ETF (SLVP) has a volatility of 17.59%. This indicates that FFEM experiences smaller price fluctuations and is considered to be less risky than SLVP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFEM	SLVP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.03%	17.59%	-8.56%
Volatility (6M) Calculated over the trailing 6-month period	18.77%	43.22%	-24.45%
Volatility (1Y) Calculated over the trailing 1-year period	21.56%	53.06%	-31.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.02%	42.76%	-20.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.02%	42.24%	-20.22%

FFEM vs. SLVP - Expense Ratio Comparison

FFEM has a 0.60% expense ratio, which is higher than SLVP's 0.39% expense ratio.

Dividends

FFEM vs. SLVP - Dividend Comparison

FFEM's dividend yield for the trailing twelve months is around 1.22%, less than SLVP's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFEM Fidelity Fundamental Emerging Markets ETF	1.22%	1.59%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SLVP iShares MSCI Global Silver and Metals Miners ETF	1.74%	1.78%	1.05%	0.88%	0.63%	1.63%	2.39%	2.03%	1.28%	0.85%	2.32%	0.72%

Frequently Asked Questions

Can I hold both FFEM and SLVP in my portfolio?

FFEM and SLVP have a correlation of 0.46, 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 SLVP?

SLVP has higher volatility (17.59%) compared to FFEM (9.03%). In terms of maximum drawdown, FFEM dropped -16.29% vs SLVP's -80.47%.

Which ETF is better, FFEM or SLVP?

On 1-year performance, SLVP leads with 112.07% vs 68.49% for FFEM. On fees, SLVP is cheaper at 0.39% per year. On volatility, FFEM has been the lower-risk option at 9.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFEM or SLVP?

Over the 1-year period, SLVP has performed better with a 112.07% return vs 68.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFEM or SLVP?

SLVP is cheaper with a 0.39% expense ratio, compared with 0.60% for FFEM.

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

SLVP has the higher dividend yield at 1.74%, compared with 1.22% for FFEM.

What is the main difference between FFEM and SLVP?

FFEM is categorized as Emerging Markets Diversified, while SLVP is Silver. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.60% for FFEM and 0.39% for SLVP.

Which has better risk-adjusted returns?

FFEM currently has the higher Sharpe Ratio (3.19 vs 2.12), 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.