FKEMX vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Emerging Markets K (FKEMX) and S&P 500 Index (^GSPC).

FKEMX is managed by Fidelity. It was launched on May 9, 2008.

Performance

FKEMX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Markets K (FKEMX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

FKEMX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FKEMX Fidelity Emerging Markets K	0.98%	31.18%	7.26%	15.36%	-27.42%	1.40%	32.68%	33.86%	-17.92%	46.97%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, FKEMX achieves a 0.98% return, which is significantly higher than ^GSPC's -3.95% return. Over the past 10 years, FKEMX has underperformed ^GSPC with an annualized return of 10.08%, while ^GSPC has yielded a comparatively higher 12.24% annualized return.

FKEMX

• 1D: 3.49%
• 1M: -7.62%
• YTD: 0.98%
• 6M: 4.40%
• 1Y: 33.13%
• 3Y*: 14.76%
• 5Y*: 3.11%
• 10Y*: 10.08%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

FKEMX vs. ^GSPC — Risk / Return Rank

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

FKEMX

FKEMX Risk / Return Rank: 85
FKEMX Sharpe Ratio Rank: 87
FKEMX Sortino Ratio Rank: 86
FKEMX Omega Ratio Rank: 82
FKEMX Calmar Ratio Rank: 87
FKEMX Martin Ratio Rank: 84

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

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 ratio Return per unit of total volatility	1.75	0.92	+0.84
Sortino ratio Return per unit of downside risk	2.36	1.41	+0.95
Omega ratio Gain probability vs. loss probability	1.34	1.21	+0.12
Calmar ratio Return relative to maximum drawdown	2.36	1.41	+0.95
Martin ratio Return relative to average drawdown	8.85	6.61	+2.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FKEMX vs. ^GSPC - Sharpe Ratio Comparison

The current FKEMX Sharpe Ratio is 1.75, which is higher than the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of FKEMX and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FKEMX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	0.92	+0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.61	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.68	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.46	-0.28

Correlation

The correlation between FKEMX and ^GSPC is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

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.

Drawdown Indicators

	FKEMX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-69.07%	-56.78%	-12.29%
Max Drawdown (1Y) Largest decline over 1 year	-13.00%	-12.14%	-0.86%
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 Drawdown Current decline from peak	-9.97%	-5.78%	-4.19%
Average Drawdown Average peak-to-trough decline	-21.49%	-10.75%	-10.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	2.60%	+0.87%

Volatility

FKEMX vs. ^GSPC - Volatility Comparison

Fidelity Emerging Markets K (FKEMX) has a higher volatility of 9.99% compared to S&P 500 Index (^GSPC) at 5.37%. 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.

Volatility by Period

	FKEMX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.99%	5.37%	+4.62%
Volatility (6M) Calculated over the trailing 6-month period	14.56%	9.55%	+5.01%
Volatility (1Y) Calculated over the trailing 1-year period	19.60%	18.33%	+1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.56%	16.90%	+1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.46%	18.05%	+0.41%