FNMIX vs. FEDCX

Last updated Jun 5, 2026

FNMIX (Fidelity New Markets Income Fund) and FEDCX (Fidelity Series Emerging Markets Debt Fund) are both Emerging Markets Bonds funds from Fidelity. Over the past 10 years, FNMIX returned 4.02%/yr vs 4.37%/yr for FEDCX. With a 0.96 correlation, they move nearly in lockstep. FNMIX charges 0.80%/yr vs 0.00%/yr for FEDCX.

Performance

FNMIX vs. FEDCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity New Markets Income Fund (FNMIX) and Fidelity Series Emerging Markets Debt Fund (FEDCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FNMIX having a 3.73% return and FEDCX slightly higher at 3.79%. Over the past 10 years, FNMIX has underperformed FEDCX with an annualized return of 4.02%, while FEDCX has yielded a comparatively higher 4.37% annualized return.

FNMIX

• 1D: -0.21%
• 1M: 0.55%
• YTD: 3.73%
• 6M: 4.28%
• 1Y: 15.19%
• 3Y*: 12.87%
• 5Y*: 3.80%
• 10Y*: 4.02%

FEDCX

• 1D: -0.23%
• 1M: 0.72%
• YTD: 3.79%
• 6M: 4.58%
• 1Y: 15.23%
• 3Y*: 12.18%
• 5Y*: 3.77%
• 10Y*: 4.37%

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

FNMIX vs. FEDCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNMIX Fidelity New Markets Income Fund	3.73%	14.86%	6.80%	14.00%	-16.09%	-2.42%	4.62%	10.93%	-7.77%	10.16%
FEDCX Fidelity Series Emerging Markets Debt Fund	3.79%	14.91%	7.39%	11.92%	-16.08%	-1.28%	4.78%	10.50%	-4.55%	10.59%

Correlation

The correlation between FNMIX and FEDCX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 30, 2011	0.96

The correlation between FNMIX and FEDCX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

FNMIX vs. FEDCX — Risk / Return Rank

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

FNMIX

FNMIX Risk / Return Rank: 93
FNMIX Sharpe Ratio Rank: 96
FNMIX Sortino Ratio Rank: 97
FNMIX Omega Ratio Rank: 94
FNMIX Calmar Ratio Rank: 86
FNMIX Martin Ratio Rank: 90

FEDCX

FEDCX Risk / Return Rank: 92
FEDCX Sharpe Ratio Rank: 95
FEDCX Sortino Ratio Rank: 97
FEDCX Omega Ratio Rank: 93
FEDCX Calmar Ratio Rank: 83
FEDCX 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.

FNMIX vs. FEDCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity New Markets Income Fund (FNMIX) and Fidelity Series Emerging Markets Debt Fund (FEDCX). 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.

	FNMIX	FEDCX	Difference
Sharpe ratio: Return per unit of total volatility	3.55	3.40	+0.16
Sortino ratio: Return per unit of downside risk	5.95	5.68	+0.27
Omega ratio: Gain probability vs. loss probability	1.76	1.73	+0.03
Calmar ratio: Return relative to maximum drawdown	4.08	3.86	+0.22
Martin ratio: Return relative to average drawdown	17.87	17.38	+0.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNMIX vs. FEDCX - Sharpe Ratio Comparison

The current FNMIX Sharpe Ratio is 3.55, which is comparable to the FEDCX Sharpe Ratio of 3.40. The chart below compares the historical Sharpe Ratios of FNMIX and FEDCX, 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

	FNMIX	FEDCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.55	3.40	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.60	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.66	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.76	+0.04

Drawdowns

FNMIX vs. FEDCX - Drawdown Comparison

The maximum FNMIX drawdown since its inception was -42.76%, which is greater than FEDCX's maximum drawdown of -26.00%. Use the drawdown chart below to compare losses from any high point for FNMIX and FEDCX.

Drawdown Indicators

	FNMIX	FEDCX	Difference
Max Drawdown Largest peak-to-trough decline	-42.76%	-26.00%	-16.76%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-4.07%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-6.42%	-6.42%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-27.16%	-26.00%	-1.16%
Max Drawdown (10Y) Largest decline over 10 years	-27.16%	-26.00%	-1.16%
Current Drawdown Current decline from peak	-0.21%	-0.23%	+0.02%
Average Drawdown Average peak-to-trough decline	-5.69%	-4.36%	-1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.90%	-0.02%

Volatility

FNMIX vs. FEDCX - Volatility Comparison

Fidelity New Markets Income Fund (FNMIX) and Fidelity Series Emerging Markets Debt Fund (FEDCX) have volatilities of 1.58% and 1.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNMIX	FEDCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.58%	1.64%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	3.60%	3.75%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	4.44%	4.64%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.62%	6.36%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.93%	6.62%	+0.31%

FNMIX vs. FEDCX - Expense Ratio Comparison

FNMIX has a 0.80% expense ratio, which is higher than FEDCX's 0.00% expense ratio.

Dividends

FNMIX vs. FEDCX - Dividend Comparison

FNMIX's dividend yield for the trailing twelve months is around 4.89%, less than FEDCX's 5.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEDCX Fidelity Series Emerging Markets Debt Fund	5.83%	5.97%	5.18%	5.55%	3.84%	3.81%	4.99%	5.89%	6.08%	7.33%	7.03%	5.61%
FNMIX Fidelity New Markets Income Fund	4.89%	5.07%	4.71%	5.15%	3.93%	3.48%	4.06%	4.87%	4.98%	5.77%	6.93%	4.95%

Frequently Asked Questions

Can I hold both FNMIX and FEDCX in my portfolio?

With a correlation of 0.97, FNMIX and FEDCX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FNMIX or FEDCX?

FEDCX has higher volatility (1.64%) compared to FNMIX (1.58%). In terms of maximum drawdown, FNMIX dropped -42.76% vs FEDCX's -26.00%.

Which has better risk-adjusted returns?

FNMIX currently has the higher Sharpe Ratio (3.55 vs 3.40), 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.