FMDE vs. EMLC
FMDE (Fidelity Enhanced Mid Cap ETF) and EMLC (VanEck Vectors J.P. Morgan EM Local Currency Bond ETF) are both exchange-traded funds - FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity, while EMLC is a Emerging Markets Bonds fund tracking the J.P. Morgan Government Bond Index Emerging Markets Global Core Index. FMDE is actively managed, while EMLC is passively managed. Over the past year, FMDE returned 17.86% vs 7.90% for EMLC. At a 0.38 correlation, their price movements are largely independent. FMDE charges 0.23%/yr vs 0.30%/yr for EMLC.
Performance
FMDE vs. EMLC - Performance Comparison
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Returns By Period
In the year-to-date period, FMDE achieves a 8.21% return, which is significantly higher than EMLC's -0.23% return.
FMDE
- 1D
- -0.18%
- 1M
- 1.08%
- YTD
- 8.21%
- 6M
- 8.53%
- 1Y
- 17.86%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EMLC
- 1D
- -0.16%
- 1M
- -1.80%
- YTD
- -0.23%
- 6M
- 1.29%
- 1Y
- 7.90%
- 3Y*
- 6.04%
- 5Y*
- 0.97%
- 10Y*
- 1.99%
FMDE vs. EMLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FMDE Fidelity Enhanced Mid Cap ETF | 8.21% | 12.19% | 21.76% | 8.91% |
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | -0.23% | 18.81% | -2.97% | 2.06% |
Correlation
The correlation between FMDE and EMLC is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023 | 0.38 |
The correlation between FMDE and EMLC shifts across timeframes, from 0.38 (all time) to 0.50 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FMDE vs. EMLC — Risk / Return Rank
FMDE
EMLC
FMDE vs. EMLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap ETF (FMDE) and VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC). 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.
| FMDE | EMLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.22 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 1.28 | +0.87 |
| Martin ratioReturn relative to average drawdown | 8.49 | 4.34 | +4.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FMDE | EMLC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.31 | 1.14 | +0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.11 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.20 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.28 | 0.10 | +1.18 |
Drawdowns
FMDE vs. EMLC - Drawdown Comparison
The maximum FMDE drawdown since its inception was -21.10%, smaller than the maximum EMLC drawdown of -32.43%. Use the drawdown chart below to compare losses from any high point for FMDE and EMLC.
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Drawdown Indicators
| FMDE | EMLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.10% | -32.43% | +11.33% |
Max Drawdown (1Y)Largest decline over 1 year | -8.33% | -6.19% | -2.14% |
Max Drawdown (3Y)Largest decline over 3 years | — | -9.15% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.26% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.47% | — |
Current DrawdownCurrent decline from peak | -2.19% | -5.38% | +3.19% |
Average DrawdownAverage peak-to-trough decline | -2.64% | -14.36% | +11.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.11% | 1.82% | +0.29% |
Volatility
FMDE vs. EMLC - Volatility Comparison
Fidelity Enhanced Mid Cap ETF (FMDE) has a higher volatility of 3.52% compared to VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) at 2.20%. This indicates that FMDE's price experiences larger fluctuations and is considered to be riskier than EMLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMDE | EMLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.52% | 2.20% | +1.32% |
Volatility (6M)Calculated over the trailing 6-month period | 10.03% | 6.08% | +3.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.75% | 7.00% | +6.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.15% | 9.13% | +7.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.15% | 10.05% | +6.10% |
FMDE vs. EMLC - Expense Ratio Comparison
FMDE has a 0.23% expense ratio, which is lower than EMLC's 0.30% expense ratio.
Dividends
FMDE vs. EMLC - Dividend Comparison
FMDE's dividend yield for the trailing twelve months is around 1.13%, less than EMLC's 6.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 6.26% | 5.91% | 6.55% | 5.97% | 5.54% | 5.25% | 4.90% | 6.25% | 6.50% | 5.34% | 5.32% | 6.25% |
FMDE Fidelity Enhanced Mid Cap ETF | 1.13% | 1.23% | 1.11% | 0.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMDE and EMLC have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMDE has higher volatility (3.52%) compared to EMLC (2.20%). In terms of maximum drawdown, FMDE dropped -21.10% vs EMLC's -32.43%.
On 1-year performance, FMDE leads with 17.86% vs 7.90% for EMLC. On fees, FMDE is cheaper at 0.23% per year. On volatility, EMLC has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FMDE has performed better with a 17.86% return vs 7.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMDE is cheaper with a 0.23% expense ratio, compared with 0.30% for EMLC.
EMLC has the higher dividend yield at 6.26%, compared with 1.13% for FMDE.
FMDE is categorized as Mid Cap Blend Equities, while EMLC is Emerging Markets Bonds. They also come from different issuers: Fidelity and VanEck. Their fees differ too: 0.23% for FMDE and 0.30% for EMLC.
FMDE currently has the higher Sharpe Ratio (1.31 vs 1.14), 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.
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