FMQQ vs. EEMS
FMQQ (FMQQ The Next Frontier Internet & Ecommerce ETF) and EEMS (iShares MSCI Emerging Markets Small-Cap ETF) are both Emerging Markets Diversified funds - FMQQ tracks the FMQQ The Next Frontier Internet & Ecommerce Index - Benchmark TR Net while EEMS tracks the MSCI Emerging Markets Small Cap Index. Both are passively managed. Over the past 3 years, FMQQ returned 2.61%/yr vs 15.45%/yr for EEMS. A 0.73 correlation means they provide meaningful diversification when combined. FMQQ charges 0.86%/yr vs 0.73%/yr for EEMS.
Performance
FMQQ vs. EEMS - Performance Comparison
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Returns By Period
In the year-to-date period, FMQQ achieves a -17.33% return, which is significantly lower than EEMS's 11.49% return.
FMQQ
- 1D
- -1.59%
- 1M
- 0.22%
- YTD
- -17.33%
- 6M
- -17.61%
- 1Y
- -20.84%
- 3Y*
- 2.61%
- 5Y*
- —
- 10Y*
- —
EEMS
- 1D
- -4.01%
- 1M
- -2.11%
- YTD
- 11.49%
- 6M
- 12.59%
- 1Y
- 23.79%
- 3Y*
- 15.45%
- 5Y*
- 6.33%
- 10Y*
- 9.32%
FMQQ vs. EEMS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF | -17.33% | 10.77% | 12.45% | 15.15% | -54.03% | -16.57% |
EEMS iShares MSCI Emerging Markets Small-Cap ETF | 11.49% | 19.78% | 3.13% | 23.09% | -19.12% | 0.72% |
Correlation
The correlation between FMQQ and EEMS is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021 | 0.73 |
The correlation between FMQQ and EEMS has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.
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Return for Risk
FMQQ vs. EEMS — Risk / Return Rank
FMQQ
EEMS
FMQQ vs. EEMS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) and iShares MSCI Emerging Markets Small-Cap ETF (EEMS). 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.
| FMQQ | EEMS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.34 | ||
| Sortino ratioReturn per unit of downside risk | -3.26 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.24 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 2.20 | -2.88 |
| Martin ratioReturn relative to average drawdown | -1.28 | 7.37 | -8.64 |
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Drawdowns
FMQQ vs. EEMS - Drawdown Comparison
The maximum FMQQ drawdown since its inception was -64.51%, which is greater than EEMS's maximum drawdown of -48.89%. Use the drawdown chart below to compare losses from any high point for FMQQ and EEMS.
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Drawdown Indicators
| FMQQ | EEMS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.51% | -48.89% | -15.62% |
Max Drawdown (1Y)Largest decline over 1 year | -30.82% | -10.87% | -19.95% |
Max Drawdown (3Y)Largest decline over 3 years | -30.82% | -19.71% | -11.11% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.07% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.89% | — |
Current DrawdownCurrent decline from peak | -55.31% | -5.08% | -50.23% |
Average DrawdownAverage peak-to-trough decline | -49.41% | -10.48% | -38.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.34% | 3.24% | +13.10% |
Volatility
FMQQ vs. EEMS - Volatility Comparison
The current volatility for FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) is 6.10%, while iShares MSCI Emerging Markets Small-Cap ETF (EEMS) has a volatility of 9.86%. This indicates that FMQQ experiences smaller price fluctuations and is considered to be less risky than EEMS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMQQ | EEMS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.10% | 9.86% | -3.76% |
Volatility (6M)Calculated over the trailing 6-month period | 16.16% | 17.19% | -1.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.25% | 19.11% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.80% | 16.50% | +8.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.80% | 18.12% | +6.68% |
FMQQ vs. EEMS - Expense Ratio Comparison
FMQQ has a 0.86% expense ratio, which is higher than EEMS's 0.73% expense ratio.
Dividends
FMQQ vs. EEMS - Dividend Comparison
FMQQ's dividend yield for the trailing twelve months is around 0.74%, less than EEMS's 2.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EEMS iShares MSCI Emerging Markets Small-Cap ETF | 2.86% | 3.09% | 2.60% | 2.69% | 0.89% | 3.56% | 2.14% | 2.64% | 3.06% | 2.47% | 2.51% | 2.33% |
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF | 0.74% | 0.61% | 0.45% | 0.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMQQ and EEMS have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EEMS has higher volatility (9.86%) compared to FMQQ (6.10%). In terms of maximum drawdown, FMQQ dropped -64.51% vs EEMS's -48.89%.
On 3-year performance, EEMS leads with 15.45% vs 2.61% for FMQQ. On fees, EEMS is cheaper at 0.73% per year. On volatility, FMQQ has been the lower-risk option at 6.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EEMS has performed better with a 15.45% return vs 2.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EEMS is cheaper with a 0.73% expense ratio, compared with 0.86% for FMQQ.
EEMS has the higher dividend yield at 2.86%, compared with 0.74% for FMQQ.
FMQQ tracks FMQQ The Next Frontier Internet & Ecommerce Index - Benchmark TR Net, while EEMS tracks MSCI Emerging Markets Small Cap Index. They also come from different issuers: EMQQ and iShares. Their fees differ too: 0.86% for FMQQ and 0.73% for EEMS.
EEMS currently has the higher Sharpe Ratio (1.25 vs -1.09), 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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