FJPNX vs. IEMG

Last updated Jun 3, 2026

FJPNX (Fidelity Japan Fund) and IEMG (iShares Core MSCI Emerging Markets ETF) are both funds - FJPNX is a Japan Equities fund managed by Fidelity, while IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index. Over the past 10 years, FJPNX returned 11.48%/yr vs 10.56%/yr for IEMG. A 0.62 correlation means they provide meaningful diversification when combined. FJPNX charges 1.09%/yr vs 0.09%/yr for IEMG.

Performance

FJPNX vs. IEMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Japan Fund (FJPNX) and iShares Core MSCI Emerging Markets ETF (IEMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FJPNX achieves a 24.63% return, which is significantly lower than IEMG's 27.92% return. Over the past 10 years, FJPNX has outperformed IEMG with an annualized return of 11.48%, while IEMG has yielded a comparatively lower 10.56% annualized return.

FJPNX

• 1D: -0.08%
• 1M: 7.50%
• YTD: 24.63%
• 6M: 25.50%
• 1Y: 42.79%
• 3Y*: 21.90%
• 5Y*: 10.37%
• 10Y*: 11.48%

IEMG

• 1D: 0.95%
• 1M: 9.33%
• YTD: 27.92%
• 6M: 30.49%
• 1Y: 54.92%
• 3Y*: 24.10%
• 5Y*: 8.08%
• 10Y*: 10.56%

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

FJPNX vs. IEMG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FJPNX Fidelity Japan Fund	24.63%	31.66%	7.37%	15.86%	-22.23%	3.11%	25.42%	25.74%	-14.84%	29.26%
IEMG iShares Core MSCI Emerging Markets ETF	27.92%	32.56%	6.50%	11.52%	-19.98%	-0.64%	17.87%	17.81%	-14.92%	37.38%

Correlation

The correlation between FJPNX and IEMG is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Oct 25, 2012	0.62

The correlation between FJPNX and IEMG has been stable across timeframes, ranging from 0.62 to 0.69 - a consistent structural relationship.

Return for Risk

FJPNX vs. IEMG — Risk / Return Rank

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

FJPNX

FJPNX Risk / Return Rank: 60
FJPNX Sharpe Ratio Rank: 53
FJPNX Sortino Ratio Rank: 48
FJPNX Omega Ratio Rank: 47
FJPNX Calmar Ratio Rank: 79
FJPNX Martin Ratio Rank: 73

IEMG

IEMG Risk / Return Rank: 83
IEMG Sharpe Ratio Rank: 85
IEMG Sortino Ratio Rank: 81
IEMG Omega Ratio Rank: 85
IEMG Calmar Ratio Rank: 81
IEMG Martin Ratio Rank: 81

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.

FJPNX vs. IEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Japan Fund (FJPNX) and iShares Core MSCI Emerging Markets ETF (IEMG). 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.

	FJPNX	IEMG	Difference
Sharpe ratio Return per unit of total volatility	2.15	2.85	-0.70
Sortino ratio Return per unit of downside risk	2.90	3.67	-0.77
Omega ratio Gain probability vs. loss probability	1.38	1.52	-0.15
Calmar ratio Return relative to maximum drawdown	3.63	4.25	-0.62
Martin ratio Return relative to average drawdown	13.87	16.40	-2.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FJPNX vs. IEMG - Sharpe Ratio Comparison

The current FJPNX Sharpe Ratio is 2.15, which is comparable to the IEMG Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of FJPNX and IEMG, 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

	FJPNX	IEMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.85	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.44	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.53	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.36	-0.09

Drawdowns

FJPNX vs. IEMG - Drawdown Comparison

The maximum FJPNX drawdown since its inception was -64.83%, which is greater than IEMG's maximum drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for FJPNX and IEMG.

Drawdown Indicators

	FJPNX	IEMG	Difference
Max Drawdown Largest peak-to-trough decline	-64.83%	-38.71%	-26.12%
Max Drawdown (1Y) Largest decline over 1 year	-12.74%	-13.21%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-19.19%	-17.21%	-1.98%
Max Drawdown (5Y) Largest decline over 5 years	-36.23%	-35.83%	-0.40%
Max Drawdown (10Y) Largest decline over 10 years	-36.23%	-38.71%	+2.48%
Current Drawdown Current decline from peak	-1.52%	0.00%	-1.52%
Average Drawdown Average peak-to-trough decline	-24.90%	-12.98%	-11.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	3.43%	-0.10%

Volatility

FJPNX vs. IEMG - Volatility Comparison

The current volatility for Fidelity Japan Fund (FJPNX) is 5.34%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 8.13%. This indicates that FJPNX experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FJPNX	IEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	8.13%	-2.79%
Volatility (6M) Calculated over the trailing 6-month period	16.41%	16.86%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	21.29%	19.39%	+1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.97%	18.38%	+1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.28%	20.03%	-1.75%

FJPNX vs. IEMG - Expense Ratio Comparison

FJPNX has a 1.09% expense ratio, which is higher than IEMG's 0.09% expense ratio.

Dividends

FJPNX vs. IEMG - Dividend Comparison

FJPNX's dividend yield for the trailing twelve months is around 7.99%, more than IEMG's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FJPNX Fidelity Japan Fund	7.99%	9.95%	4.85%	3.71%	0.00%	11.58%	1.79%	1.18%	0.38%	0.23%	1.22%	0.64%
IEMG iShares Core MSCI Emerging Markets ETF	2.15%	2.75%	3.20%	2.89%	2.71%	3.06%	1.87%	3.15%	2.76%	2.35%	2.28%	2.53%

Frequently Asked Questions

Can I hold both FJPNX and IEMG in my portfolio?

FJPNX and IEMG have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FJPNX or IEMG?

IEMG has higher volatility (8.13%) compared to FJPNX (5.34%). In terms of maximum drawdown, FJPNX dropped -64.83% vs IEMG's -38.71%.

Which has better risk-adjusted returns?

IEMG currently has the higher Sharpe Ratio (2.85 vs 2.15), 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.