FKEMX vs. ^GSPC
FKEMX (Fidelity Emerging Markets K) is Emerging Markets Equities fund managed by Fidelity, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, FKEMX returned 12.34%/yr vs 13.65%/yr for ^GSPC. A 0.71 correlation means they provide meaningful diversification when combined.
Performance
FKEMX vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, FKEMX achieves a 26.40% return, which is significantly higher than ^GSPC's 10.79% return. Over the past 10 years, FKEMX has underperformed ^GSPC with an annualized return of 12.34%, while ^GSPC has yielded a comparatively higher 13.65% annualized return.
FKEMX
- 1D
- -1.45%
- 1M
- 6.93%
- YTD
- 26.40%
- 6M
- 28.71%
- 1Y
- 54.50%
- 3Y*
- 23.33%
- 5Y*
- 7.02%
- 10Y*
- 12.34%
^GSPC
- 1D
- 0.41%
- 1M
- 4.48%
- YTD
- 10.79%
- 6M
- 10.60%
- 1Y
- 27.02%
- 3Y*
- 21.07%
- 5Y*
- 12.39%
- 10Y*
- 13.65%
FKEMX vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FKEMX Fidelity Emerging Markets K | 26.40% | 31.18% | 7.26% | 15.36% | -27.42% | 1.40% | 32.68% | 33.86% | -17.92% | 46.97% |
^GSPC S&P 500 Index | 10.79% | 16.39% | 23.31% | 24.23% | -19.44% | 26.89% | 16.26% | 28.88% | -6.24% | 19.42% |
Correlation
The correlation between FKEMX and ^GSPC 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 (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since May 12, 2008 | 0.71 |
The correlation between FKEMX and ^GSPC has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.
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Return for Risk
FKEMX vs. ^GSPC — Risk / Return Rank
FKEMX
^GSPC
FKEMX vs. ^GSPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets K (FKEMX) and S&P 500 Index (^GSPC). 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.
| FKEMX | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.41 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 4.38 | 2.98 | +1.40 |
| Martin ratioReturn relative to average drawdown | 16.57 | 13.78 | +2.79 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FKEMX | ^GSPC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.99 | 2.28 | +0.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 0.74 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | 0.76 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.47 | -0.24 |
Drawdowns
FKEMX vs. ^GSPC - Drawdown Comparison
The maximum FKEMX drawdown since its inception was -69.07%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for FKEMX and ^GSPC.
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Drawdown Indicators
| FKEMX | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.07% | -56.78% | -12.29% |
Max Drawdown (1Y)Largest decline over 1 year | -13.00% | -9.10% | -3.90% |
Max Drawdown (3Y)Largest decline over 3 years | -19.08% | -18.90% | -0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -40.79% | -25.43% | -15.36% |
Max Drawdown (10Y)Largest decline over 10 years | -43.13% | -33.92% | -9.21% |
Current DrawdownCurrent decline from peak | -1.45% | -0.33% | -1.12% |
Average DrawdownAverage peak-to-trough decline | -21.30% | -10.72% | -10.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.42% | 1.97% | +1.45% |
Volatility
FKEMX vs. ^GSPC - Volatility Comparison
Fidelity Emerging Markets K (FKEMX) has a higher volatility of 8.11% compared to S&P 500 Index (^GSPC) at 2.88%. This indicates that FKEMX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FKEMX | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.11% | 2.88% | +5.23% |
Volatility (6M)Calculated over the trailing 6-month period | 16.16% | 9.00% | +7.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.01% | 11.89% | +7.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.95% | 16.90% | +2.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.69% | 18.06% | +0.63% |
Frequently Asked Questions
FKEMX and ^GSPC 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.
FKEMX has higher volatility (8.11%) compared to ^GSPC (2.88%). In terms of maximum drawdown, FKEMX dropped -69.07% vs ^GSPC's -56.78%.
FKEMX currently has the higher Sharpe Ratio (2.99 vs 2.28), 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.
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