FPADX vs. FEMSX
FPADX (Fidelity Emerging Markets Index Fund) and FEMSX (Fidelity Series Emerging Markets Opportunities Fund) are both mutual funds - FPADX is a Emerging Markets Diversified fund managed by Fidelity, while FEMSX is a Emerging Markets Equities fund managed by Fidelity. Over the past 10 years, FPADX returned 10.42%/yr vs 13.44%/yr for FEMSX. With a 0.98 correlation, they move nearly in lockstep. FPADX charges 0.07%/yr vs 0.01%/yr for FEMSX.
Performance
FPADX vs. FEMSX - Performance Comparison
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Returns By Period
In the year-to-date period, FPADX achieves a 30.04% return, which is significantly lower than FEMSX's 33.67% return. Over the past 10 years, FPADX has underperformed FEMSX with an annualized return of 10.42%, while FEMSX has yielded a comparatively higher 13.44% annualized return.
FPADX
- 1D
- 1.25%
- 1M
- 10.70%
- YTD
- 30.04%
- 6M
- 32.95%
- 1Y
- 58.94%
- 3Y*
- 24.97%
- 5Y*
- 7.99%
- 10Y*
- 10.42%
FEMSX
- 1D
- 1.45%
- 1M
- 10.61%
- YTD
- 33.67%
- 6M
- 37.91%
- 1Y
- 67.03%
- 3Y*
- 28.65%
- 5Y*
- 8.84%
- 10Y*
- 13.44%
FPADX vs. FEMSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPADX Fidelity Emerging Markets Index Fund | 30.04% | 33.90% | 6.80% | 9.51% | -20.06% | -3.07% | 17.84% | 18.28% | -14.65% | 35.16% |
FEMSX Fidelity Series Emerging Markets Opportunities Fund | 33.67% | 37.92% | 7.84% | 14.23% | -23.95% | -5.14% | 24.72% | 28.87% | -16.20% | 49.92% |
Correlation
The correlation between FPADX and FEMSX is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2011 | 0.98 |
The correlation between FPADX and FEMSX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
FPADX vs. FEMSX — Risk / Return Rank
FPADX
FEMSX
FPADX vs. FEMSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Index Fund (FPADX) and Fidelity Series Emerging Markets Opportunities Fund (FEMSX). 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.
| FPADX | FEMSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.66 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 4.48 | 5.05 | -0.57 |
| Martin ratioReturn relative to average drawdown | 17.77 | 20.16 | -2.38 |
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
| FPADX | FEMSX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.34 | 3.58 | -0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.47 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.70 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.57 | -0.20 |
Drawdowns
FPADX vs. FEMSX - Drawdown Comparison
The maximum FPADX drawdown since its inception was -39.16%, smaller than the maximum FEMSX drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for FPADX and FEMSX.
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Drawdown Indicators
| FPADX | FEMSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.16% | -44.16% | +5.00% |
Max Drawdown (1Y)Largest decline over 1 year | -13.28% | -13.42% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -16.09% | -17.04% | +0.95% |
Max Drawdown (5Y)Largest decline over 5 years | -37.00% | -41.64% | +4.64% |
Max Drawdown (10Y)Largest decline over 10 years | -39.16% | -44.16% | +5.00% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -13.26% | -13.41% | +0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.34% | 3.36% | -0.02% |
Volatility
FPADX vs. FEMSX - Volatility Comparison
Fidelity Emerging Markets Index Fund (FPADX) and Fidelity Series Emerging Markets Opportunities Fund (FEMSX) have volatilities of 7.57% and 7.96%, 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.
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Volatility by Period
| FPADX | FEMSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.57% | 7.96% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 15.40% | 16.40% | -1.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.80% | 18.95% | -1.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.11% | 19.03% | -1.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.82% | 19.34% | -1.52% |
FPADX vs. FEMSX - Expense Ratio Comparison
FPADX has a 0.08% expense ratio, which is higher than FEMSX's 0.01% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FPADX vs. FEMSX - Dividend Comparison
FPADX's dividend yield for the trailing twelve months is around 1.81%, less than FEMSX's 1.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEMSX Fidelity Series Emerging Markets Opportunities Fund | 1.83% | 2.45% | 2.08% | 2.82% | 2.39% | 12.83% | 2.99% | 2.48% | 9.42% | 8.98% | 1.46% | 1.27% |
FPADX Fidelity Emerging Markets Index Fund | 1.81% | 2.35% | 2.70% | 2.68% | 2.47% | 2.14% | 1.50% | 2.59% | 2.20% | 0.12% | 1.69% | 2.47% |
Frequently Asked Questions
With a correlation of 0.99, FPADX and FEMSX 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.
FEMSX has higher volatility (7.96%) compared to FPADX (7.57%). In terms of maximum drawdown, FPADX dropped -39.16% vs FEMSX's -44.16%.
FEMSX currently has the higher Sharpe Ratio (3.58 vs 3.34), 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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