FSEM.L vs. FUSA.L
FSEM.L (Fidelity Sustainable USD EM Bond UCITS ETF Inc) and FUSA.L (Fidelity US Quality Income ETF Acc) are both exchange-traded funds - FSEM.L is a Emerging Markets Bonds fund actively managed by Fidelity, while FUSA.L is a Dividend fund tracking the Fidelity US Quality Income Index. FSEM.L is actively managed, while FUSA.L is passively managed. Over the past 5 years, FSEM.L returned 1.51%/yr vs 11.76%/yr for FUSA.L. At a 0.38 correlation, their price movements are largely independent. FSEM.L charges 0.45%/yr vs 0.25%/yr for FUSA.L.
Performance
FSEM.L vs. FUSA.L - Performance Comparison
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Returns By Period
In the year-to-date period, FSEM.L achieves a 2.80% return, which is significantly lower than FUSA.L's 8.02% return.
FSEM.L
- 1D
- -0.19%
- 1M
- 0.55%
- YTD
- 2.80%
- 6M
- 3.31%
- 1Y
- 12.88%
- 3Y*
- 8.73%
- 5Y*
- 1.51%
- 10Y*
- —
FUSA.L
- 1D
- -0.26%
- 1M
- 2.82%
- YTD
- 8.02%
- 6M
- 8.95%
- 1Y
- 24.28%
- 3Y*
- 18.06%
- 5Y*
- 11.76%
- 10Y*
- —
FSEM.L vs. FUSA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc | 2.80% | 13.32% | 3.51% | 8.82% | -17.90% | 2.49% |
FUSA.L Fidelity US Quality Income ETF Acc | 8.02% | 16.31% | 17.98% | 18.04% | -10.51% | 17.73% |
Correlation
The correlation between FSEM.L and FUSA.L is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2021 | 0.38 |
The correlation between FSEM.L and FUSA.L shifts across timeframes, from 0.37 (5 years) to 0.54 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FSEM.L vs. FUSA.L — Risk / Return Rank
FSEM.L
FUSA.L
FSEM.L vs. FUSA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L) and Fidelity US Quality Income ETF Acc (FUSA.L). 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.
| FSEM.L | FUSA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.42 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 2.98 | +0.21 |
| Martin ratioReturn relative to average drawdown | 11.58 | 12.96 | -1.38 |
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
| FSEM.L | FUSA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.01 | 2.29 | -0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.80 | -0.62 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.84 | -0.61 |
Drawdowns
FSEM.L vs. FUSA.L - Drawdown Comparison
The maximum FSEM.L drawdown since its inception was -28.00%, smaller than the maximum FUSA.L drawdown of -35.84%. Use the drawdown chart below to compare losses from any high point for FSEM.L and FUSA.L.
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Drawdown Indicators
| FSEM.L | FUSA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.00% | -35.84% | +7.84% |
Max Drawdown (1Y)Largest decline over 1 year | -4.02% | -8.10% | +4.08% |
Max Drawdown (3Y)Largest decline over 3 years | -7.09% | -17.91% | +10.82% |
Max Drawdown (5Y)Largest decline over 5 years | -28.00% | -19.37% | -8.63% |
Current DrawdownCurrent decline from peak | -1.09% | -0.26% | -0.83% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -4.24% | -5.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 1.87% | -0.76% |
Volatility
FSEM.L vs. FUSA.L - Volatility Comparison
The current volatility for Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L) is 2.73%, while Fidelity US Quality Income ETF Acc (FUSA.L) has a volatility of 3.03%. This indicates that FSEM.L experiences smaller price fluctuations and is considered to be less risky than FUSA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSEM.L | FUSA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.73% | 3.03% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 5.22% | 7.60% | -2.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.39% | 10.60% | -4.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.58% | 14.77% | -6.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.48% | 17.29% | -8.81% |
FSEM.L vs. FUSA.L - Expense Ratio Comparison
FSEM.L has a 0.45% expense ratio, which is higher than FUSA.L's 0.25% expense ratio.
Dividends
FSEM.L vs. FUSA.L - Dividend Comparison
FSEM.L's dividend yield for the trailing twelve months is around 7.91%, while FUSA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc | 7.91% | 6.31% | 6.49% | 5.74% | 5.01% | 2.41% |
FUSA.L Fidelity US Quality Income ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FSEM.L and FUSA.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FUSA.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FUSA.L is cheaper with a 0.25% expense ratio, compared with 0.45% for FSEM.L.
FSEM.L is categorized as Emerging Markets Bonds, while FUSA.L is Dividend. Their fees differ too: 0.45% for FSEM.L and 0.25% for FUSA.L.
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