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FKEMX vs. AVES
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FKEMX vs. AVES

Last updated Jun 26, 2026

FKEMX (Fidelity Emerging Markets K) and AVES (Avantis Emerging Markets Value ETF) are both Emerging Markets Equities funds. Over the past 3 years, FKEMX returned 22.06%/yr vs 18.70%/yr for AVES. Their correlation of 0.84 suggests significant overlap in exposure. FKEMX charges 0.77%/yr vs 0.36%/yr for AVES.

Performance

FKEMX vs. AVES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Markets K (FKEMX) and Avantis Emerging Markets Value ETF (AVES). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FKEMX achieves a 23.24% return, which is significantly higher than AVES's 12.08% return.

FKEMX

1D
0.56%
1M
0.69%
YTD
23.24%
6M
24.36%
1Y
44.75%
3Y*
22.06%
5Y*
6.38%
10Y*
12.32%

AVES

1D
-0.31%
1M
-4.66%
YTD
12.08%
6M
12.04%
1Y
25.41%
3Y*
18.70%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FKEMX vs. AVES - Yearly Performance Comparison

2026 (YTD)20252024202320222021
FKEMX
Fidelity Emerging Markets K		23.24%31.18%7.26%15.36%-27.42%0.85%
AVES
Avantis Emerging Markets Value ETF		12.08%30.49%4.50%16.79%-16.04%0.95%

Correlation

The correlation between FKEMX and AVES is 0.79, 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

0.79

Correlation (3Y)
Calculated over the trailing 3-year period

0.82

Correlation (All Time)
Calculated using the full available price history since Sep 30, 2021

0.84

The correlation between FKEMX and AVES has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

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Fidelity Emerging Markets K

Avantis Emerging Markets Value ETF

Often compared with FKEMX:
FKEMX vs. FEMKXFKEMX vs. FZAEXFKEMX vs. GICIXFKEMX vs. FXAIXFKEMX vs. VWOFKEMX vs. FNILXFKEMX vs. FDGRX
Often compared with AVES:
AVES vs. AVEMAVES vs. AVEEAVES vs. VWOAVES vs. DFEVAVES vs. DGSAVES vs. FNDEAVES vs. DFEVX

Return for Risk

FKEMX vs. AVES — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FKEMX
FKEMX Risk / Return Rank: 7373
Overall Rank
FKEMX Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
FKEMX Sortino Ratio Rank: 5757
Sortino Ratio Rank
FKEMX Omega Ratio Rank: 7373
Omega Ratio Rank
FKEMX Calmar Ratio Rank: 8585
Calmar Ratio Rank
FKEMX Martin Ratio Rank: 8080
Martin Ratio Rank
AVES
AVES Risk / Return Rank: 4545
Overall Rank
AVES Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
AVES Sortino Ratio Rank: 4040
Sortino Ratio Rank
AVES Omega Ratio Rank: 4646
Omega Ratio Rank
AVES Calmar Ratio Rank: 4545
Calmar Ratio Rank
AVES Martin Ratio Rank: 4848
Martin Ratio Rank
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. AVES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets K (FKEMX) and Avantis Emerging Markets Value ETF (AVES). 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.

FKEMXAVESDifference
Sharpe ratioReturn per unit of total volatility
2.07
1.35

+0.72

Sortino ratioReturn per unit of downside risk
2.60
1.86

+0.75

Omega ratioGain probability vs. loss probability

1.39

1.26

+0.13

Calmar ratioReturn relative to maximum drawdown

3.53

1.98

+1.55

Martin ratioReturn relative to average drawdown

12.49

7.06

+5.43

FKEMX vs. AVES - Sharpe Ratio Comparison

The current FKEMX Sharpe Ratio is 2.07, which is higher than the AVES Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of FKEMX and AVES, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FKEMX vs. AVES - Drawdown Comparison

The maximum FKEMX drawdown since its inception was -69.07%, which is greater than AVES's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for FKEMX and AVES.

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Drawdown Indicators

FKEMXAVESDifference

Max Drawdown

Largest peak-to-trough decline

-69.07%

-27.40%

-41.67%

Max Drawdown (1Y)

Largest decline over 1 year

-13.00%

-12.90%

-0.10%

Max Drawdown (3Y)

Largest decline over 3 years

-19.08%

-18.50%

-0.58%

Max Drawdown (5Y)

Largest decline over 5 years

-40.79%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-43.13%

—

—

Current Drawdown

Current decline from peak

-4.49%

-5.70%

+1.21%

Average Drawdown

Average peak-to-trough decline

-21.24%

-7.67%

-13.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.66%

3.61%

+0.05%

Volatility

FKEMX vs. AVES - Volatility Comparison

Fidelity Emerging Markets K (FKEMX) has a higher volatility of 12.99% compared to Avantis Emerging Markets Value ETF (AVES) at 9.31%. This indicates that FKEMX's price experiences larger fluctuations and is considered to be riskier than AVES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FKEMXAVESDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.99%

9.31%

+3.68%

Volatility (6M)

Calculated over the trailing 6-month period

19.98%

16.78%

+3.20%

Volatility (1Y)

Calculated over the trailing 1-year period

22.26%

18.87%

+3.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.65%

17.34%

+2.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.99%

17.34%

+1.65%

FKEMX vs. AVES - Expense Ratio Comparison

FKEMX has a 0.77% expense ratio, which is higher than AVES's 0.36% expense ratio.

Dividends

FKEMX vs. AVES - Dividend Comparison

FKEMX's dividend yield for the trailing twelve months is around 0.06%, less than AVES's 2.49% yield.

PositionTTM20252024202320222021202020192018201720162015
AVES
Avantis Emerging Markets Value ETF		2.49%3.17%4.09%3.96%3.70%0.62%0.00%0.00%0.00%0.00%0.00%0.00%
FKEMX
Fidelity Emerging Markets K		0.06%0.07%0.78%1.24%0.89%6.18%1.46%1.85%1.00%0.08%0.84%0.70%

Frequently Asked Questions

FKEMX and AVES have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FKEMX has higher volatility (12.99%) compared to AVES (9.31%). In terms of maximum drawdown, FKEMX dropped -69.07% vs AVES's -27.40%.

FKEMX currently has the higher Sharpe Ratio (2.07 vs 1.35), 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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