FMCKX vs. FQEMX

Last updated Aug 6, 2026

FMCKX (Fidelity Advisor Focused Emerging Markets Fund Class C) and FQEMX (Franklin Templeton SMACS: Series EM) are both Emerging Markets Equities funds. Over the past 3 years, FMCKX returned 23.03%/yr vs 41.37%/yr for FQEMX. Their correlation of 0.83 means they have usually moved in the same direction. FMCKX charges 2.11%/yr vs 0.00%/yr for FQEMX.

Performance

FMCKX vs. FQEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Focused Emerging Markets Fund Class C (FMCKX) and Franklin Templeton SMACS: Series EM (FQEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMCKX achieves a 23.12% return, which is significantly lower than FQEMX's 63.91% return.

FMCKX

• 1D: 1.70%
• 1M: -3.36%
• 6M: 11.20%
• YTD: 23.12%
• 1Y: 41.83%
• 3Y*: 23.03%
• 5Y*: 8.39%
• 10Y*: 10.58%
• ALL TIME*: 8.34%

FQEMX

• 1D: 3.95%
• 1M: -5.97%
• 6M: 38.76%
• YTD: 63.91%
• 1Y: 106.15%
• 3Y*: 41.37%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.42%

*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)
FMCKX Fidelity Advisor Focused Emerging Markets Fund Class C	$0.00	$0.00	$0.00
FQEMX Franklin Templeton SMACS: Series EM	$0.00	$0.00	$0.00

FMCKX vs. FQEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FMCKX Fidelity Advisor Focused Emerging Markets Fund Class C	23.12%	38.72%	8.19%	7.32%	-20.72%	-5.07%
FQEMX Franklin Templeton SMACS: Series EM	63.91%	55.98%	6.67%	12.18%	-20.68%	0.32%

Correlation

The correlation between FMCKX and FQEMX is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.83

The correlation between FMCKX and FQEMX has been stable across timeframes, ranging from 0.82 to 0.84 - a consistent structural relationship.

Return for Risk

FMCKX vs. FQEMX — Risk / Return Rank

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

FMCKX

FMCKX Risk / Return Rank: 70
FMCKX Sharpe Ratio Rank: 74
FMCKX Sortino Ratio Rank: 61
FMCKX Omega Ratio Rank: 72
FMCKX Calmar Ratio Rank: 82
FMCKX Martin Ratio Rank: 61

FQEMX

FQEMX Risk / Return Rank: 91
FQEMX Sharpe Ratio Rank: 96
FQEMX Sortino Ratio Rank: 83
FQEMX Omega Ratio Rank: 92
FQEMX Calmar Ratio Rank: 92
FQEMX Martin Ratio Rank: 91

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.

FMCKX vs. FQEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Focused Emerging Markets Fund Class C (FMCKX) and Franklin Templeton SMACS: Series EM (FQEMX). 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.

	FMCKX	FQEMX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.87	-0.94
Sortino ratio: Return per unit of downside risk	2.51	3.06	-0.54
Omega ratio: Gain probability vs. loss probability	1.36	1.49	-0.13
Calmar ratio: Return relative to maximum drawdown	3.13	4.05	-0.92
Martin ratio: Return relative to average drawdown	9.30	14.44	-5.13

FMCKX vs. FQEMX - Sharpe Ratio Comparison

The current FMCKX Sharpe Ratio is 1.93, which is lower than the FQEMX Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of FMCKX and FQEMX, 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

FMCKX vs. FQEMX - Drawdown Comparison

The maximum FMCKX drawdown since its inception was -70.33%, which is greater than FQEMX's maximum drawdown of -34.46%. Use the drawdown chart below to compare losses from any high point for FMCKX and FQEMX.

Drawdown Indicators

	FMCKX	FQEMX	Difference
Max Drawdown Largest peak-to-trough decline	-70.33%	-34.46%	-35.87%
Max Drawdown (1Y) Largest decline over 1 year	-13.79%	-26.96%	+13.17%
Max Drawdown (3Y) Largest decline over 3 years	-19.15%	-26.96%	+7.81%
Max Drawdown (5Y) Largest decline over 5 years	-37.54%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.90%	—	—
Current Drawdown Current decline from peak	-7.54%	-14.89%	+7.35%
Average Drawdown Average peak-to-trough decline	-21.87%	-10.83%	-11.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.62%	7.51%	-2.89%

Volatility

FMCKX vs. FQEMX - Volatility Comparison

The current volatility for Fidelity Advisor Focused Emerging Markets Fund Class C (FMCKX) is 8.37%, while Franklin Templeton SMACS: Series EM (FQEMX) has a volatility of 16.41%. This indicates that FMCKX experiences smaller price fluctuations and is considered to be less risky than FQEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMCKX	FQEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.37%	16.41%	-8.04%
Volatility (6M) Calculated over the trailing 6-month period	20.24%	35.94%	-15.70%
Volatility (1Y) Calculated over the trailing 1-year period	22.32%	38.07%	-15.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	24.00%	-4.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.20%	24.00%	-4.80%

FMCKX vs. FQEMX - Expense Ratio Comparison

FMCKX has a 2.11% expense ratio, which is higher than FQEMX's 0.00% expense ratio.

Dividends

FMCKX vs. FQEMX - Dividend Comparison

FMCKX's dividend yield for the trailing twelve months is around 0.57%, less than FQEMX's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FMCKX Fidelity Advisor Focused Emerging Markets Fund Class C	0.57%	0.70%	0.11%	0.53%	0.00%	4.23%	1.27%	11.09%
FQEMX Franklin Templeton SMACS: Series EM	1.94%	3.18%	3.15%	4.82%	3.93%	0.62%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMCKX and FQEMX in my portfolio?

FMCKX and FQEMX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMCKX or FQEMX?

FQEMX has higher volatility (16.41%) compared to FMCKX (8.37%). In terms of maximum drawdown, FMCKX dropped -70.33% vs FQEMX's -34.46%.

Which has better risk-adjusted returns?

FQEMX currently has the higher Sharpe Ratio (2.87 vs 1.93), 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.