FMSDX vs. FFEM

Last updated Jun 4, 2026

FMSDX (Fidelity Multi-Asset Income Fund) and FFEM (Fidelity Fundamental Emerging Markets ETF) are both funds - FMSDX is a Diversified Portfolio fund managed by Fidelity, while FFEM is a Emerging Markets Diversified fund managed by Fidelity. Over the past year, FMSDX returned 20.98% vs 68.49% for FFEM. A 0.66 correlation means they provide meaningful diversification when combined. FMSDX charges 0.78%/yr vs 0.60%/yr for FFEM.

Performance

FMSDX vs. FFEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Multi-Asset Income Fund (FMSDX) and Fidelity Fundamental Emerging Markets ETF (FFEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMSDX achieves a 8.45% return, which is significantly lower than FFEM's 33.06% return.

FMSDX

• 1D: -0.42%
• 1M: 0.98%
• YTD: 8.45%
• 6M: 7.69%
• 1Y: 20.98%
• 3Y*: 12.99%
• 5Y*: 6.45%
• 10Y*: —

FFEM

• 1D: -1.56%
• 1M: 9.73%
• YTD: 33.06%
• 6M: 36.71%
• 1Y: 68.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMSDX vs. FFEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FMSDX Fidelity Multi-Asset Income Fund	8.45%	14.10%	-2.88%
FFEM Fidelity Fundamental Emerging Markets ETF	33.06%	40.03%	-2.27%

Correlation

The correlation between FMSDX and FFEM is 0.68, 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	0.68
Correlation (All Time) Calculated using the full available price history since Nov 22, 2024	0.66

The correlation between FMSDX and FFEM has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.

Return for Risk

FMSDX vs. FFEM — Risk / Return Rank

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

FMSDX

FMSDX Risk / Return Rank: 58
FMSDX Sharpe Ratio Rank: 55
FMSDX Sortino Ratio Rank: 50
FMSDX Omega Ratio Rank: 51
FMSDX Calmar Ratio Rank: 74
FMSDX Martin Ratio Rank: 58

FFEM

FFEM Risk / Return Rank: 89
FFEM Sharpe Ratio Rank: 91
FFEM Sortino Ratio Rank: 88
FFEM Omega Ratio Rank: 89
FFEM Calmar Ratio Rank: 88
FFEM Martin Ratio Rank: 89

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.

FMSDX vs. FFEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Multi-Asset Income Fund (FMSDX) and Fidelity Fundamental Emerging Markets ETF (FFEM). 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.

	FMSDX	FFEM	Difference
Sharpe ratio: Return per unit of total volatility	2.20	3.19	-0.99
Sortino ratio: Return per unit of downside risk	2.99	4.00	-1.01
Omega ratio: Gain probability vs. loss probability	1.39	1.56	-0.17
Calmar ratio: Return relative to maximum drawdown	3.36	5.07	-1.71
Martin ratio: Return relative to average drawdown	11.69	20.18	-8.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMSDX vs. FFEM - Sharpe Ratio Comparison

The current FMSDX Sharpe Ratio is 2.20, which is lower than the FFEM Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of FMSDX and FFEM, 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

	FMSDX	FFEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	3.19	-0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	2.21	-1.29

Drawdowns

FMSDX vs. FFEM - Drawdown Comparison

The maximum FMSDX drawdown since its inception was -21.64%, which is greater than FFEM's maximum drawdown of -16.29%. Use the drawdown chart below to compare losses from any high point for FMSDX and FFEM.

Drawdown Indicators

	FMSDX	FFEM	Difference
Max Drawdown Largest peak-to-trough decline	-21.64%	-16.29%	-5.35%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-13.57%	+7.10%
Max Drawdown (3Y) Largest decline over 3 years	-13.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.12%	—	—
Current Drawdown Current decline from peak	-0.71%	-1.56%	+0.85%
Average Drawdown Average peak-to-trough decline	-3.81%	-2.41%	-1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	3.41%	-1.55%

Volatility

FMSDX vs. FFEM - Volatility Comparison

The current volatility for Fidelity Multi-Asset Income Fund (FMSDX) is 2.50%, while Fidelity Fundamental Emerging Markets ETF (FFEM) has a volatility of 9.03%. This indicates that FMSDX experiences smaller price fluctuations and is considered to be less risky than FFEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMSDX	FFEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	9.03%	-6.53%
Volatility (6M) Calculated over the trailing 6-month period	7.39%	18.77%	-11.38%
Volatility (1Y) Calculated over the trailing 1-year period	9.89%	21.56%	-11.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.80%	22.02%	-12.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	22.02%	-11.42%

FMSDX vs. FFEM - Expense Ratio Comparison

FMSDX has a 0.78% expense ratio, which is higher than FFEM's 0.60% expense ratio.

Dividends

FMSDX vs. FFEM - Dividend Comparison

FMSDX's dividend yield for the trailing twelve months is around 3.47%, more than FFEM's 1.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FFEM Fidelity Fundamental Emerging Markets ETF	1.22%	1.59%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FMSDX Fidelity Multi-Asset Income Fund	3.47%	3.81%	3.84%	4.23%	3.74%	2.81%	1.79%	2.82%	4.36%

Frequently Asked Questions

Can I hold both FMSDX and FFEM in my portfolio?

FMSDX and FFEM have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMSDX or FFEM?

FFEM has higher volatility (9.03%) compared to FMSDX (2.50%). In terms of maximum drawdown, FMSDX dropped -21.64% vs FFEM's -16.29%.

Which has better risk-adjusted returns?

FFEM currently has the higher Sharpe Ratio (3.19 vs 2.20), 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.