FMDE vs. EMLC

Last updated Jul 21, 2026

FMDE (Fidelity Enhanced Mid Cap ETF) and EMLC (VanEck 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 GBI-EM Global Core Index. FMDE is actively managed, while EMLC is passively managed. Over the past year, FMDE returned 16.99% vs 7.40% for EMLC. At a 0.39 correlation, their price movements are largely independent. FMDE charges 0.23%/yr vs 0.30%/yr for EMLC.

Performance

FMDE vs. EMLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Mid Cap ETF (FMDE) and VanEck J.P. Morgan EM Local Currency Bond ETF (EMLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMDE achieves a 11.31% return, which is significantly higher than EMLC's 1.38% return.

FMDE

• 1D: -0.37%
• 1M: 0.40%
• 6M: 7.79%
• YTD: 11.31%
• 1Y: 16.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.92%

EMLC

• 1D: 0.04%
• 1M: -0.26%
• 6M: 0.95%
• YTD: 1.38%
• 1Y: 7.40%
• 3Y*: 5.77%
• 5Y*: 1.95%
• 10Y*: 1.86%
• ALL TIME*: 1.17%

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

FMDE vs. EMLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMDE Fidelity Enhanced Mid Cap ETF	11.31%	12.19%	21.76%	9.09%
EMLC VanEck J.P. Morgan EM Local Currency Bond ETF	1.38%	18.81%	-2.97%	2.96%

Correlation

The correlation between FMDE and EMLC is 0.52, 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	0.52
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.39

The correlation between FMDE and EMLC shifts across timeframes, from 0.39 (all time) to 0.52 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FMDE vs. EMLC — Risk / Return Rank

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

FMDE

FMDE Risk / Return Rank: 51
FMDE Sharpe Ratio Rank: 47
FMDE Sortino Ratio Rank: 48
FMDE Omega Ratio Rank: 44
FMDE Calmar Ratio Rank: 54
FMDE Martin Ratio Rank: 63

EMLC

EMLC Risk / Return Rank: 35
EMLC Sharpe Ratio Rank: 38
EMLC Sortino Ratio Rank: 35
EMLC Omega Ratio Rank: 38
EMLC Calmar Ratio Rank: 31
EMLC Martin Ratio Rank: 34

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.

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 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.

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.

	FMDE	EMLC	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.04	+0.21
Sortino ratio: Return per unit of downside risk	1.83	1.47	+0.36
Omega ratio: Gain probability vs. loss probability	1.22	1.20	+0.02
Calmar ratio: Return relative to maximum drawdown	2.05	1.20	+0.85
Martin ratio: Return relative to average drawdown	8.05	3.84	+4.21

FMDE vs. EMLC - Sharpe Ratio Comparison

The current FMDE Sharpe Ratio is 1.25, which is comparable to the EMLC Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of FMDE and EMLC, 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

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.

Drawdown Indicators

	FMDE	EMLC	Difference
Max Drawdown Largest 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	—	-8.65%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.60%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-26.47%	—
Current Drawdown Current decline from peak	-0.84%	-3.85%	+3.01%
Average Drawdown Average peak-to-trough decline	-2.55%	-14.28%	+11.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	1.93%	+0.19%

Volatility

FMDE vs. EMLC - Volatility Comparison

Fidelity Enhanced Mid Cap ETF (FMDE) has a higher volatility of 2.62% compared to VanEck J.P. Morgan EM Local Currency Bond ETF (EMLC) at 1.63%. 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.

Volatility by Period

	FMDE	EMLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.62%	1.63%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	10.42%	6.41%	+4.01%
Volatility (1Y) Calculated over the trailing 1-year period	13.73%	7.19%	+6.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.01%	9.12%	+6.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	9.92%	+6.09%

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 1.09%, less than EMLC's 6.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMLC VanEck J.P. Morgan EM Local Currency Bond ETF	6.28%	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	1.09%	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

Can I hold both FMDE and EMLC in my portfolio?

FMDE and EMLC have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMDE or EMLC?

FMDE has higher volatility (2.62%) compared to EMLC (1.63%). In terms of maximum drawdown, FMDE dropped -21.10% vs EMLC's -32.43%.

Which ETF is better, FMDE or EMLC?

On 1-year performance, FMDE leads with 16.99% vs 7.40% for EMLC. On fees, FMDE is cheaper at 0.23% per year. On volatility, EMLC has been the lower-risk option at 1.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMDE or EMLC?

Over the 1-year period, FMDE has performed better with a 16.99% return vs 7.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMDE or EMLC?

FMDE is cheaper with a 0.23% expense ratio, compared with 0.30% for EMLC.

Which ETF pays a higher dividend yield, FMDE or EMLC?

EMLC has the higher dividend yield at 6.28%, compared with 1.09% for FMDE.

What is the main difference between FMDE and EMLC?

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.

Which has better risk-adjusted returns?

FMDE currently has the higher Sharpe Ratio (1.25 vs 1.04), 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.