FKEMX vs. DEMCX

Last updated Aug 1, 2026

FKEMX (Fidelity Emerging Markets K) and DEMCX (Nomura Emerging Markets Fund Class C) are both Emerging Markets Equities funds. Over the past 10 years, FKEMX returned 10.55%/yr vs 16.80%/yr for DEMCX. Their correlation of 0.90 means they have usually moved in the same direction. FKEMX charges 0.77%/yr vs 2.17%/yr for DEMCX.

Performance

FKEMX vs. DEMCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Markets K (FKEMX) and Nomura Emerging Markets Fund Class C (DEMCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FKEMX achieves a 13.98% return, which is significantly lower than DEMCX's 67.60% return. Over the past 10 years, FKEMX has underperformed DEMCX with an annualized return of 10.55%, while DEMCX has yielded a comparatively higher 16.80% annualized return.

FKEMX

• 1D: 3.85%
• 1M: -4.45%
• 6M: 6.79%
• YTD: 13.98%
• 1Y: 33.44%
• 3Y*: 16.72%
• 5Y*: 6.19%
• 10Y*: 10.55%
• ALL TIME*: 4.50%

DEMCX

• 1D: 8.32%
• 1M: -18.28%
• 6M: 33.85%
• YTD: 67.60%
• 1Y: 153.43%
• 3Y*: 49.76%
• 5Y*: 21.94%
• 10Y*: 16.80%
• ALL TIME*: 9.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DEMCX Nomura Emerging Markets Fund Class C	$0.00	$0.00	$0.00
FKEMX Fidelity Emerging Markets K	$0.00	$0.00	$0.00

FKEMX vs. DEMCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FKEMX Fidelity Emerging Markets K	13.98%	31.18%	7.26%	15.36%	-27.42%	1.40%	32.68%	33.86%	-17.92%	46.97%
DEMCX Nomura Emerging Markets Fund Class C	67.60%	84.86%	5.47%	16.47%	-29.38%	-3.05%	24.55%	23.16%	-17.94%	40.59%

Correlation

The correlation between FKEMX and DEMCX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since May 9, 2008	0.90

The correlation between FKEMX and DEMCX shifts across timeframes, from 0.78 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FKEMX vs. DEMCX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FKEMX

FKEMX Risk / Return Rank: 51
FKEMX Sharpe Ratio Rank: 48
FKEMX Sortino Ratio Rank: 43
FKEMX Omega Ratio Rank: 52
FKEMX Calmar Ratio Rank: 64
FKEMX Martin Ratio Rank: 50

DEMCX

DEMCX Risk / Return Rank: 91
DEMCX Sharpe Ratio Rank: 97
DEMCX Sortino Ratio Rank: 82
DEMCX Omega Ratio Rank: 86
DEMCX Calmar Ratio Rank: 94
DEMCX Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FKEMX vs. DEMCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets K (FKEMX) and Nomura Emerging Markets Fund Class C (DEMCX). 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.

	FKEMX	DEMCX	Difference
Sharpe ratio: Return per unit of total volatility	1.29	2.75	-1.46
Sortino ratio: Return per unit of downside risk	1.76	2.84	-1.08
Omega ratio: Gain probability vs. loss probability	1.25	1.43	-0.18
Calmar ratio: Return relative to maximum drawdown	2.08	3.98	-1.90
Martin ratio: Return relative to average drawdown	6.81	16.56	-9.75

FKEMX vs. DEMCX - Sharpe Ratio Comparison

The current FKEMX Sharpe Ratio is 1.29, which is lower than the DEMCX Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of FKEMX and DEMCX, 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

FKEMX vs. DEMCX - Drawdown Comparison

The maximum FKEMX drawdown since its inception was -69.07%, which is greater than DEMCX's maximum drawdown of -63.54%. Use the drawdown chart below to compare losses from any high point for FKEMX and DEMCX.

Drawdown Indicators

	FKEMX	DEMCX	Difference
Max Drawdown Largest peak-to-trough decline	-69.07%	-63.54%	-5.53%
Max Drawdown (1Y) Largest decline over 1 year	-14.94%	-36.58%	+21.64%
Max Drawdown (3Y) Largest decline over 3 years	-19.08%	-36.58%	+17.50%
Max Drawdown (5Y) Largest decline over 5 years	-40.42%	-38.96%	-1.46%
Max Drawdown (10Y) Largest decline over 10 years	-43.13%	-47.21%	+4.08%
Current Drawdown Current decline from peak	-11.66%	-31.31%	+19.65%
Average Drawdown Average peak-to-trough decline	-21.17%	-19.59%	-1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.55%	8.76%	-4.21%

Volatility

FKEMX vs. DEMCX - Volatility Comparison

The current volatility for Fidelity Emerging Markets K (FKEMX) is 9.59%, while Nomura Emerging Markets Fund Class C (DEMCX) has a volatility of 25.07%. This indicates that FKEMX experiences smaller price fluctuations and is considered to be less risky than DEMCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FKEMX	DEMCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.59%	25.07%	-15.48%
Volatility (6M) Calculated over the trailing 6-month period	21.93%	49.53%	-27.60%
Volatility (1Y) Calculated over the trailing 1-year period	24.13%	52.91%	-28.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.00%	30.11%	-10.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.19%	25.79%	-6.60%

FKEMX vs. DEMCX - Expense Ratio Comparison

FKEMX has a 0.77% expense ratio, which is lower than DEMCX's 2.17% expense ratio.

Dividends

FKEMX vs. DEMCX - Dividend Comparison

FKEMX's dividend yield for the trailing twelve months is around 0.06%, less than DEMCX's 12.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEMCX Nomura Emerging Markets Fund Class C	12.22%	20.47%	1.09%	2.03%	0.69%	2.58%	0.61%	0.00%	0.00%	1.03%	0.08%	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

Can I hold both FKEMX and DEMCX in my portfolio?

FKEMX and DEMCX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FKEMX or DEMCX?

DEMCX has higher volatility (25.07%) compared to FKEMX (9.59%). In terms of maximum drawdown, FKEMX dropped -69.07% vs DEMCX's -63.54%.

Which has better risk-adjusted returns?

DEMCX currently has the higher Sharpe Ratio (2.75 vs 1.29), 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.