FKEMX vs. FRESX

Last updated Jun 5, 2026

FKEMX (Fidelity Emerging Markets K) and FRESX (Fidelity Real Estate Investment Portfolio) are both mutual funds - FKEMX is a Emerging Markets Equities fund managed by Fidelity, while FRESX is a REIT fund managed by Fidelity. Over the past 10 years, FKEMX returned 12.34%/yr vs 5.18%/yr for FRESX. At a 0.45 correlation, their price movements are largely independent. FKEMX charges 0.77%/yr vs 0.71%/yr for FRESX.

Performance

FKEMX vs. FRESX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Markets K (FKEMX) and Fidelity Real Estate Investment Portfolio (FRESX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FKEMX achieves a 26.40% return, which is significantly higher than FRESX's 9.81% return. Over the past 10 years, FKEMX has outperformed FRESX with an annualized return of 12.34%, while FRESX has yielded a comparatively lower 5.18% 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%

FRESX

• 1D: -0.10%
• 1M: -1.45%
• YTD: 9.81%
• 6M: 9.10%
• 1Y: 9.72%
• 3Y*: 9.13%
• 5Y*: 3.14%
• 10Y*: 5.18%

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

FKEMX vs. FRESX - 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%
FRESX Fidelity Real Estate Investment Portfolio	9.81%	2.54%	5.87%	10.82%	-24.36%	42.34%	-7.93%	25.22%	-4.48%	4.28%

Correlation

The correlation between FKEMX and FRESX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since May 12, 2008	0.45

Over the past year, the correlation between FKEMX and FRESX has dropped to 0.20 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

Return for Risk

FKEMX vs. FRESX — 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: 90
FKEMX Sortino Ratio Rank: 79
FKEMX Omega Ratio Rank: 80
FKEMX Calmar Ratio Rank: 88
FKEMX Martin Ratio Rank: 87

FRESX

FRESX Risk / Return Rank: 11
FRESX Sharpe Ratio Rank: 10
FRESX Sortino Ratio Rank: 9
FRESX Omega Ratio Rank: 9
FRESX Calmar Ratio Rank: 15
FRESX Martin Ratio Rank: 13

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. FRESX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets K (FKEMX) and Fidelity Real Estate Investment Portfolio (FRESX). 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	FRESX	Difference
Sharpe ratio: Return per unit of total volatility	2.99	0.77	+2.23
Sortino ratio: Return per unit of downside risk	3.79	1.13	+2.67
Omega ratio: Gain probability vs. loss probability	1.53	1.14	+0.39
Calmar ratio: Return relative to maximum drawdown	4.38	1.31	+3.07
Martin ratio: Return relative to average drawdown	16.57	3.76	+12.81
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. FRESX - Sharpe Ratio Comparison

The current FKEMX Sharpe Ratio is 2.99, which is higher than the FRESX Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of FKEMX and FRESX, 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

	FKEMX	FRESX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	0.77	+2.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.17	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.25	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.39	-0.15

Drawdowns

FKEMX vs. FRESX - Drawdown Comparison

The maximum FKEMX drawdown since its inception was -69.07%, smaller than the maximum FRESX drawdown of -76.34%. Use the drawdown chart below to compare losses from any high point for FKEMX and FRESX.

Drawdown Indicators

	FKEMX	FRESX	Difference
Max Drawdown Largest peak-to-trough decline	-69.07%	-76.34%	+7.27%
Max Drawdown (1Y) Largest decline over 1 year	-13.00%	-7.78%	-5.22%
Max Drawdown (3Y) Largest decline over 3 years	-19.08%	-16.44%	-2.64%
Max Drawdown (5Y) Largest decline over 5 years	-40.79%	-32.13%	-8.66%
Max Drawdown (10Y) Largest decline over 10 years	-43.13%	-40.93%	-2.20%
Current Drawdown Current decline from peak	-1.45%	-2.97%	+1.52%
Average Drawdown Average peak-to-trough decline	-21.30%	-11.12%	-10.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	2.70%	+0.72%

Volatility

FKEMX vs. FRESX - Volatility Comparison

Fidelity Emerging Markets K (FKEMX) has a higher volatility of 8.11% compared to Fidelity Real Estate Investment Portfolio (FRESX) at 3.74%. This indicates that FKEMX's price experiences larger fluctuations and is considered to be riskier than FRESX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FKEMX	FRESX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.11%	3.74%	+4.37%
Volatility (6M) Calculated over the trailing 6-month period	16.16%	9.18%	+6.98%
Volatility (1Y) Calculated over the trailing 1-year period	19.01%	13.27%	+5.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.95%	18.72%	+0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	20.56%	-1.87%

FKEMX vs. FRESX - Expense Ratio Comparison

FKEMX has a 0.77% expense ratio, which is higher than FRESX's 0.71% expense ratio.

Dividends

FKEMX vs. FRESX - Dividend Comparison

FKEMX's dividend yield for the trailing twelve months is around 0.05%, less than FRESX's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FKEMX Fidelity Emerging Markets K	0.05%	0.07%	0.78%	1.24%	0.89%	6.18%	1.46%	1.85%	1.00%	0.08%	0.84%	0.70%
FRESX Fidelity Real Estate Investment Portfolio	4.22%	4.64%	5.58%	6.95%	10.16%	3.70%	4.77%	6.91%	4.23%	4.00%	4.90%	6.09%

Frequently Asked Questions

Can I hold both FKEMX and FRESX in my portfolio?

FKEMX and FRESX have a correlation of 0.20, 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 FRESX?

FKEMX has higher volatility (8.11%) compared to FRESX (3.74%). In terms of maximum drawdown, FKEMX dropped -69.07% vs FRESX's -76.34%.

Which has better risk-adjusted returns?

FKEMX currently has the higher Sharpe Ratio (2.99 vs 0.77), 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.