FSEM.L vs. IESG.L
FSEM.L (Fidelity Sustainable USD EM Bond UCITS ETF Inc) and IESG.L (iShares MSCI Europe SRI UCITS ETF) are both exchange-traded funds - FSEM.L is a Emerging Markets Bonds fund actively managed by Fidelity, while IESG.L is a ESG fund tracking the MSCI Europe SRI Select Reduced Fossil Fuel Index. FSEM.L is actively managed, while IESG.L is passively managed. Over the past 5 years, FSEM.L returned 1.53%/yr vs 4.43%/yr for IESG.L. At a 0.40 correlation, their price movements are largely independent. FSEM.L charges 0.45%/yr vs 0.20%/yr for IESG.L.
Performance
FSEM.L vs. IESG.L - Performance Comparison
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Different Trading Currencies
FSEM.L is traded in USD, while IESG.L is traded in GBp. To make them comparable, the IESG.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, FSEM.L achieves a 2.90% return, which is significantly lower than IESG.L's 5.81% return.
FSEM.L
- 1D
- 0.09%
- 1M
- 0.89%
- YTD
- 2.90%
- 6M
- 3.45%
- 1Y
- 12.53%
- 3Y*
- 8.81%
- 5Y*
- 1.53%
- 10Y*
- —
IESG.L
- 1D
- 1.04%
- 1M
- 3.02%
- YTD
- 5.81%
- 6M
- 8.38%
- 1Y
- 7.32%
- 3Y*
- 9.88%
- 5Y*
- 4.43%
- 10Y*
- 8.10%
FSEM.L vs. IESG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc | 2.90% | 13.32% | 3.51% | 8.82% | -17.90% | 2.49% |
IESG.L iShares MSCI Europe SRI UCITS ETF | 5.81% | 16.62% | -0.80% | 20.29% | -19.53% | 15.00% |
Correlation
The correlation between FSEM.L and IESG.L is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2021 | 0.40 |
The correlation between FSEM.L and IESG.L shifts across timeframes, from 0.40 (all time) to 0.52 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FSEM.L vs. IESG.L — Risk / Return Rank
FSEM.L
IESG.L
FSEM.L vs. IESG.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 iShares MSCI Europe SRI UCITS ETF (IESG.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 | IESG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.47 | ||
| Sortino ratioReturn per unit of downside risk | +2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.10 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 3.11 | 0.57 | +2.54 |
| Martin ratioReturn relative to average drawdown | 11.25 | 1.89 | +9.36 |
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 | IESG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.96 | 0.49 | +1.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.25 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.46 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.36 | -0.13 |
Drawdowns
FSEM.L vs. IESG.L - Drawdown Comparison
The maximum FSEM.L drawdown since its inception was -28.00%, smaller than the maximum IESG.L drawdown of -35.45%. Use the drawdown chart below to compare losses from any high point for FSEM.L and IESG.L.
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Drawdown Indicators
| FSEM.L | IESG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.00% | -35.45% | +7.45% |
Max Drawdown (1Y)Largest decline over 1 year | -4.02% | -12.82% | +8.80% |
Max Drawdown (3Y)Largest decline over 3 years | -7.09% | -17.69% | +10.60% |
Max Drawdown (5Y)Largest decline over 5 years | -28.00% | -35.45% | +7.45% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.45% | — |
Current DrawdownCurrent decline from peak | -1.00% | -0.23% | -0.77% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -8.10% | -2.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 3.87% | -2.76% |
Volatility
FSEM.L vs. IESG.L - Volatility Comparison
The current volatility for Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L) is 2.72%, while iShares MSCI Europe SRI UCITS ETF (IESG.L) has a volatility of 4.70%. This indicates that FSEM.L experiences smaller price fluctuations and is considered to be less risky than IESG.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 | IESG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 4.70% | -1.98% |
Volatility (6M)Calculated over the trailing 6-month period | 5.22% | 11.99% | -6.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.39% | 14.93% | -8.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.58% | 17.60% | -9.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.47% | 17.48% | -9.01% |
FSEM.L vs. IESG.L - Expense Ratio Comparison
FSEM.L has a 0.45% expense ratio, which is higher than IESG.L's 0.20% expense ratio.
Dividends
FSEM.L vs. IESG.L - Dividend Comparison
FSEM.L's dividend yield for the trailing twelve months is around 7.90%, while IESG.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc | 7.90% | 6.31% | 6.49% | 5.74% | 5.01% | 2.41% |
IESG.L iShares MSCI Europe SRI UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FSEM.L and IESG.L have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IESG.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IESG.L is cheaper with a 0.20% expense ratio, compared with 0.45% for FSEM.L.
FSEM.L is categorized as Emerging Markets Bonds, while IESG.L is ESG. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.45% for FSEM.L and 0.20% for IESG.L.
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