FMCSX vs. FKEMX

Last updated Jun 5, 2026

FMCSX (Fidelity Mid-Cap Stock Fund) and FKEMX (Fidelity Emerging Markets K) are both mutual funds - FMCSX is a Mid Cap Blend Equities fund managed by Fidelity, while FKEMX is a Emerging Markets Equities fund managed by Fidelity. Over the past 10 years, FMCSX returned 12.81%/yr vs 12.34%/yr for FKEMX. A 0.67 correlation means they provide meaningful diversification when combined. FMCSX charges 0.85%/yr vs 0.77%/yr for FKEMX.

Performance

FMCSX vs. FKEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Mid-Cap Stock Fund (FMCSX) and Fidelity Emerging Markets K (FKEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMCSX achieves a 17.82% return, which is significantly lower than FKEMX's 26.40% return. Both investments have delivered pretty close results over the past 10 years, with FMCSX having a 12.81% annualized return and FKEMX not far behind at 12.34%.

FMCSX

• 1D: 0.39%
• 1M: 3.05%
• YTD: 17.82%
• 6M: 18.35%
• 1Y: 32.06%
• 3Y*: 18.68%
• 5Y*: 10.35%
• 10Y*: 12.81%

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%

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

FMCSX vs. FKEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMCSX Fidelity Mid-Cap Stock Fund	17.82%	11.80%	14.55%	11.02%	-6.40%	28.64%	11.43%	25.39%	-6.67%	18.03%
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%

Correlation

The correlation between FMCSX and FKEMX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since May 12, 2008	0.67

The correlation between FMCSX and FKEMX has been stable across timeframes, ranging from 0.57 to 0.67 - a consistent structural relationship.

Return for Risk

FMCSX vs. FKEMX — Risk / Return Rank

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

FMCSX

FMCSX Risk / Return Rank: 60
FMCSX Sharpe Ratio Rank: 49
FMCSX Sortino Ratio Rank: 47
FMCSX Omega Ratio Rank: 44
FMCSX Calmar Ratio Rank: 81
FMCSX Martin Ratio Rank: 77

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

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.

FMCSX vs. FKEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Mid-Cap Stock Fund (FMCSX) and Fidelity Emerging Markets K (FKEMX). 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.

	FMCSX	FKEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.99	-0.94
Sortino ratio: Return per unit of downside risk	2.89	3.79	-0.90
Omega ratio: Gain probability vs. loss probability	1.36	1.53	-0.17
Calmar ratio: Return relative to maximum drawdown	3.74	4.38	-0.64
Martin ratio: Return relative to average drawdown	14.51	16.57	-2.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMCSX vs. FKEMX - Sharpe Ratio Comparison

The current FMCSX Sharpe Ratio is 2.06, which is lower than the FKEMX Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of FMCSX and FKEMX, 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

	FMCSX	FKEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	2.99	-0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.37	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.66	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.23	+0.35

Drawdowns

FMCSX vs. FKEMX - Drawdown Comparison

The maximum FMCSX drawdown since its inception was -62.19%, smaller than the maximum FKEMX drawdown of -69.07%. Use the drawdown chart below to compare losses from any high point for FMCSX and FKEMX.

Drawdown Indicators

	FMCSX	FKEMX	Difference
Max Drawdown Largest peak-to-trough decline	-62.19%	-69.07%	+6.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.55%	-13.00%	+4.45%
Max Drawdown (3Y) Largest decline over 3 years	-22.33%	-19.08%	-3.25%
Max Drawdown (5Y) Largest decline over 5 years	-22.33%	-40.79%	+18.46%
Max Drawdown (10Y) Largest decline over 10 years	-40.55%	-43.13%	+2.58%
Current Drawdown Current decline from peak	0.00%	-1.45%	+1.45%
Average Drawdown Average peak-to-trough decline	-9.35%	-21.30%	+11.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	3.42%	-1.22%

Volatility

FMCSX vs. FKEMX - Volatility Comparison

The current volatility for Fidelity Mid-Cap Stock Fund (FMCSX) is 5.01%, while Fidelity Emerging Markets K (FKEMX) has a volatility of 8.11%. This indicates that FMCSX experiences smaller price fluctuations and is considered to be less risky than FKEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMCSX	FKEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	8.11%	-3.10%
Volatility (6M) Calculated over the trailing 6-month period	12.25%	16.16%	-3.91%
Volatility (1Y) Calculated over the trailing 1-year period	15.58%	19.01%	-3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.72%	18.95%	-1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.59%	18.69%	-0.10%

FMCSX vs. FKEMX - Expense Ratio Comparison

FMCSX has a 0.85% expense ratio, which is higher than FKEMX's 0.77% expense ratio.

Dividends

FMCSX vs. FKEMX - Dividend Comparison

FMCSX's dividend yield for the trailing twelve months is around 1.56%, more than FKEMX's 0.05% 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%
FMCSX Fidelity Mid-Cap Stock Fund	1.56%	1.83%	8.94%	2.60%	5.44%	12.80%	6.72%	6.63%	18.48%	6.66%	8.25%	14.18%

Frequently Asked Questions

Can I hold both FMCSX and FKEMX in my portfolio?

FMCSX and FKEMX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMCSX or FKEMX?

FKEMX has higher volatility (8.11%) compared to FMCSX (5.01%). In terms of maximum drawdown, FMCSX dropped -62.19% vs FKEMX's -69.07%.

Which has better risk-adjusted returns?

FKEMX currently has the higher Sharpe Ratio (2.99 vs 2.06), 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.