FIMKX vs. FEMSX

Last updated Jun 24, 2026

FIMKX (Fidelity Advisor Focused Emerging Markets Fund Class I) and FEMSX (Fidelity Series Emerging Markets Opportunities Fund) are both Emerging Markets Equities funds from Fidelity. Over the past 10 years, FIMKX returned 13.36%/yr vs 13.63%/yr for FEMSX. With a 0.97 correlation, they move nearly in lockstep. FIMKX charges 1.03%/yr vs 0.01%/yr for FEMSX.

Performance

FIMKX vs. FEMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Focused Emerging Markets Fund Class I (FIMKX) and Fidelity Series Emerging Markets Opportunities Fund (FEMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIMKX achieves a 31.36% return, which is significantly lower than FEMSX's 33.43% return. Both investments have delivered pretty close results over the past 10 years, with FIMKX having a 13.36% annualized return and FEMSX not far ahead at 13.63%.

FIMKX

• 1D: -0.09%
• 1M: 6.34%
• YTD: 31.36%
• 6M: 32.55%
• 1Y: 64.18%
• 3Y*: 28.00%
• 5Y*: 9.70%
• 10Y*: 13.36%

FEMSX

• 1D: 0.30%
• 1M: 7.24%
• YTD: 33.43%
• 6M: 35.29%
• 1Y: 62.63%
• 3Y*: 28.29%
• 5Y*: 8.98%
• 10Y*: 13.63%

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

FIMKX vs. FEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIMKX Fidelity Advisor Focused Emerging Markets Fund Class I	31.36%	40.06%	9.31%	8.44%	-19.82%	-2.63%	30.43%	29.75%	-18.06%	46.67%
FEMSX Fidelity Series Emerging Markets Opportunities Fund	33.43%	37.92%	7.84%	14.23%	-23.95%	-5.14%	24.72%	28.87%	-16.20%	49.92%

Correlation

The correlation between FIMKX and FEMSX 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 (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 10, 2008	0.97

The correlation between FIMKX and FEMSX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

FIMKX vs. FEMSX — Risk / Return Rank

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

FIMKX

FIMKX Risk / Return Rank: 92
FIMKX Sharpe Ratio Rank: 96
FIMKX Sortino Ratio Rank: 88
FIMKX Omega Ratio Rank: 89
FIMKX Calmar Ratio Rank: 93
FIMKX Martin Ratio Rank: 93

FEMSX

FEMSX Risk / Return Rank: 90
FEMSX Sharpe Ratio Rank: 94
FEMSX Sortino Ratio Rank: 83
FEMSX Omega Ratio Rank: 87
FEMSX Calmar Ratio Rank: 93
FEMSX Martin Ratio Rank: 93

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.

FIMKX vs. FEMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Focused Emerging Markets Fund Class I (FIMKX) and Fidelity Series Emerging Markets Opportunities Fund (FEMSX). 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.

	FIMKX	FEMSX	Difference
Sharpe ratio: Return per unit of total volatility	3.24	2.99	+0.25
Sortino ratio: Return per unit of downside risk	3.95	3.63	+0.32
Omega ratio: Gain probability vs. loss probability	1.60	1.56	+0.04
Calmar ratio: Return relative to maximum drawdown	4.73	4.76	-0.02
Martin ratio: Return relative to average drawdown	18.18	17.89	+0.29

FIMKX vs. FEMSX - Sharpe Ratio Comparison

The current FIMKX Sharpe Ratio is 3.24, which is comparable to the FEMSX Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of FIMKX and FEMSX, 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

FIMKX vs. FEMSX - Drawdown Comparison

The maximum FIMKX drawdown since its inception was -69.98%, which is greater than FEMSX's maximum drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for FIMKX and FEMSX.

Drawdown Indicators

	FIMKX	FEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-69.98%	-44.16%	-25.82%
Max Drawdown (1Y) Largest decline over 1 year	-13.72%	-13.42%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	-17.04%	-1.71%
Max Drawdown (5Y) Largest decline over 5 years	-39.53%	-41.64%	+2.11%
Max Drawdown (10Y) Largest decline over 10 years	-41.85%	-44.16%	+2.31%
Current Drawdown Current decline from peak	-1.78%	-0.18%	-1.60%
Average Drawdown Average peak-to-trough decline	-19.82%	-13.38%	-6.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	3.56%	0.00%

Volatility

FIMKX vs. FEMSX - Volatility Comparison

The current volatility for Fidelity Advisor Focused Emerging Markets Fund Class I (FIMKX) is 10.57%, while Fidelity Series Emerging Markets Opportunities Fund (FEMSX) has a volatility of 11.28%. This indicates that FIMKX experiences smaller price fluctuations and is considered to be less risky than FEMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIMKX	FEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.57%	11.28%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	17.91%	19.22%	-1.31%
Volatility (1Y) Calculated over the trailing 1-year period	20.06%	21.38%	-1.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.34%	19.54%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.01%	19.56%	-0.55%

FIMKX vs. FEMSX - Expense Ratio Comparison

FIMKX has a 1.03% expense ratio, which is higher than FEMSX's 0.01% expense ratio.

Dividends

FIMKX vs. FEMSX - Dividend Comparison

FIMKX's dividend yield for the trailing twelve months is around 1.20%, less than FEMSX's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMSX Fidelity Series Emerging Markets Opportunities Fund	1.83%	2.45%	2.08%	2.82%	2.39%	12.83%	2.99%	2.48%	9.42%	8.98%	1.46%	1.27%
FIMKX Fidelity Advisor Focused Emerging Markets Fund Class I	1.20%	1.57%	1.20%	1.60%	1.14%	5.19%	2.09%	10.86%	0.61%	0.10%	0.45%	0.19%

Frequently Asked Questions

Can I hold both FIMKX and FEMSX in my portfolio?

With a correlation of 0.96, FIMKX and FEMSX 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, FIMKX or FEMSX?

FEMSX has higher volatility (11.28%) compared to FIMKX (10.57%). In terms of maximum drawdown, FIMKX dropped -69.98% vs FEMSX's -44.16%.

Which has better risk-adjusted returns?

FIMKX currently has the higher Sharpe Ratio (3.24 vs 2.99), 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.