FMCKX vs. VEMIX

Last updated Jun 23, 2026

FMCKX (Fidelity Advisor Focused Emerging Markets Fund Class C) and VEMIX (Vanguard Emerging Markets Stock Index Fund Institutional Shares) are both Emerging Markets Equities funds. Over the past 10 years, FMCKX returned 11.95%/yr vs 8.96%/yr for VEMIX. Their correlation of 0.95 suggests significant overlap in exposure. FMCKX charges 2.11%/yr vs 0.10%/yr for VEMIX.

Performance

FMCKX vs. VEMIX - 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 Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMCKX achieves a 30.85% return, which is significantly higher than VEMIX's 13.17% return. Over the past 10 years, FMCKX has outperformed VEMIX with an annualized return of 11.95%, while VEMIX has yielded a comparatively lower 8.96% annualized return.

FMCKX

• 1D: 2.42%
• 1M: 6.37%
• YTD: 30.85%
• 6M: 32.56%
• 1Y: 63.12%
• 3Y*: 24.99%
• 5Y*: 8.73%
• 10Y*: 11.95%

VEMIX

• 1D: 1.50%
• 1M: 3.21%
• YTD: 13.17%
• 6M: 13.84%
• 1Y: 31.00%
• 3Y*: 16.78%
• 5Y*: 5.83%
• 10Y*: 8.96%

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

FMCKX vs. VEMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMCKX Fidelity Advisor Focused Emerging Markets Fund Class C	30.85%	38.72%	8.19%	7.32%	-20.72%	-3.67%	29.01%	28.31%	-18.95%	45.62%
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	13.17%	24.80%	11.38%	8.85%	-17.75%	0.91%	15.26%	20.35%	-14.55%	31.42%

Correlation

The correlation between FMCKX and VEMIX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Mar 30, 2004	0.95

The correlation between FMCKX and VEMIX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

FMCKX vs. VEMIX — Risk / Return Rank

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

FMCKX

FMCKX Risk / Return Rank: 90
FMCKX Sharpe Ratio Rank: 95
FMCKX Sortino Ratio Rank: 86
FMCKX Omega Ratio Rank: 88
FMCKX Calmar Ratio Rank: 91
FMCKX Martin Ratio Rank: 91

VEMIX

VEMIX Risk / Return Rank: 52
VEMIX Sharpe Ratio Rank: 54
VEMIX Sortino Ratio Rank: 50
VEMIX Omega Ratio Rank: 53
VEMIX Calmar Ratio Rank: 55
VEMIX Martin Ratio Rank: 51

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.

FMCKX vs. VEMIX - 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 Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX). 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	VEMIX	Difference
Sharpe ratio: Return per unit of total volatility	3.08	1.98	+1.10
Sortino ratio: Return per unit of downside risk	3.79	2.73	+1.06
Omega ratio: Gain probability vs. loss probability	1.57	1.36	+0.20
Calmar ratio: Return relative to maximum drawdown	4.48	2.71	+1.77
Martin ratio: Return relative to average drawdown	17.18	9.86	+7.32

FMCKX vs. VEMIX - Sharpe Ratio Comparison

The current FMCKX Sharpe Ratio is 3.08, which is higher than the VEMIX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of FMCKX and VEMIX, 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. VEMIX - Drawdown Comparison

The maximum FMCKX drawdown since its inception was -70.33%, which is greater than VEMIX's maximum drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for FMCKX and VEMIX.

Drawdown Indicators

	FMCKX	VEMIX	Difference
Max Drawdown Largest peak-to-trough decline	-70.33%	-66.43%	-3.90%
Max Drawdown (1Y) Largest decline over 1 year	-13.79%	-11.05%	-2.74%
Max Drawdown (3Y) Largest decline over 3 years	-19.15%	-15.77%	-3.38%
Max Drawdown (5Y) Largest decline over 5 years	-40.41%	-32.45%	-7.96%
Max Drawdown (10Y) Largest decline over 10 years	-42.90%	-36.04%	-6.86%
Current Drawdown Current decline from peak	-1.73%	-0.74%	-0.99%
Average Drawdown Average peak-to-trough decline	-21.95%	-15.96%	-5.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	3.03%	+0.56%

Volatility

FMCKX vs. VEMIX - Volatility Comparison

Fidelity Advisor Focused Emerging Markets Fund Class C (FMCKX) has a higher volatility of 10.68% compared to Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) at 6.11%. This indicates that FMCKX's price experiences larger fluctuations and is considered to be riskier than VEMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMCKX	VEMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	6.11%	+4.57%
Volatility (6M) Calculated over the trailing 6-month period	17.92%	12.87%	+5.05%
Volatility (1Y) Calculated over the trailing 1-year period	20.06%	15.11%	+4.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.34%	15.52%	+3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.02%	16.50%	+2.52%

FMCKX vs. VEMIX - Expense Ratio Comparison

FMCKX has a 2.11% expense ratio, which is higher than VEMIX's 0.10% expense ratio.

Dividends

FMCKX vs. VEMIX - Dividend Comparison

FMCKX's dividend yield for the trailing twelve months is around 0.53%, less than VEMIX's 2.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMCKX Fidelity Advisor Focused Emerging Markets Fund Class C	0.53%	0.70%	0.11%	0.53%	0.00%	4.23%	1.27%	11.09%	0.00%	0.00%	0.00%	0.00%
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	2.27%	2.77%	3.17%	3.51%	4.09%	2.61%	1.90%	3.23%	2.89%	2.33%	2.55%	2.51%

Frequently Asked Questions

Can I hold both FMCKX and VEMIX in my portfolio?

With a correlation of 0.92, FMCKX and VEMIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FMCKX or VEMIX?

FMCKX has higher volatility (10.68%) compared to VEMIX (6.11%). In terms of maximum drawdown, FMCKX dropped -70.33% vs VEMIX's -66.43%.

Which has better risk-adjusted returns?

FMCKX currently has the higher Sharpe Ratio (3.08 vs 1.98), 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.