FSEM.L vs. PEMD.L
FSEM.L (Fidelity Sustainable USD EM Bond UCITS ETF Inc) and PEMD.L (Invesco Emerging Markets USD Bond UCITS ETF Dist) are both Emerging Markets Bonds funds. FSEM.L is actively managed, while PEMD.L is passively managed. Over the past 5 years, FSEM.L returned 1.53%/yr vs 2.29%/yr for PEMD.L. A 0.69 correlation means they provide meaningful diversification when combined. FSEM.L charges 0.45%/yr vs 0.25%/yr for PEMD.L.
Performance
FSEM.L vs. PEMD.L - Performance Comparison
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Returns By Period
In the year-to-date period, FSEM.L achieves a 2.90% return, which is significantly higher than PEMD.L's 1.58% 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*
- —
PEMD.L
- 1D
- 0.75%
- 1M
- 1.05%
- YTD
- 1.58%
- 6M
- 2.07%
- 1Y
- 10.10%
- 3Y*
- 9.49%
- 5Y*
- 2.29%
- 10Y*
- —
FSEM.L vs. PEMD.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% |
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist | 1.58% | 12.80% | 6.20% | 10.59% | -16.57% | 3.37% |
Correlation
The correlation between FSEM.L and PEMD.L is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2021 | 0.69 |
The correlation between FSEM.L and PEMD.L has been stable across timeframes, ranging from 0.69 to 0.78 - a consistent structural relationship.
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Return for Risk
FSEM.L vs. PEMD.L — Risk / Return Rank
FSEM.L
PEMD.L
FSEM.L vs. PEMD.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 Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.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 | PEMD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.32 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.11 | 2.25 | +0.85 |
| Martin ratioReturn relative to average drawdown | 11.25 | 8.86 | +2.39 |
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 | PEMD.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.96 | 1.70 | +0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.25 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.24 | -0.01 |
Drawdowns
FSEM.L vs. PEMD.L - Drawdown Comparison
The maximum FSEM.L drawdown since its inception was -28.00%, roughly equal to the maximum PEMD.L drawdown of -26.74%. Use the drawdown chart below to compare losses from any high point for FSEM.L and PEMD.L.
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Drawdown Indicators
| FSEM.L | PEMD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.00% | -26.74% | -1.26% |
Max Drawdown (1Y)Largest decline over 1 year | -4.02% | -4.46% | +0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -7.09% | -8.00% | +0.91% |
Max Drawdown (5Y)Largest decline over 5 years | -28.00% | -26.64% | -1.36% |
Current DrawdownCurrent decline from peak | -1.00% | -0.36% | -0.64% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -6.49% | -3.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 1.14% | -0.03% |
Volatility
FSEM.L vs. PEMD.L - Volatility Comparison
Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L) has a higher volatility of 2.72% compared to Invesco Emerging Markets USD Bond UCITS ETF Dist (PEMD.L) at 2.41%. This indicates that FSEM.L's price experiences larger fluctuations and is considered to be riskier than PEMD.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 | PEMD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 2.41% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 5.22% | 4.64% | +0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.39% | 5.98% | +0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.58% | 9.31% | -0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.47% | 11.17% | -2.70% |
FSEM.L vs. PEMD.L - Expense Ratio Comparison
FSEM.L has a 0.45% expense ratio, which is higher than PEMD.L's 0.25% expense ratio.
Dividends
FSEM.L vs. PEMD.L - Dividend Comparison
FSEM.L's dividend yield for the trailing twelve months is around 7.90%, more than PEMD.L's 5.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc | 7.90% | 6.31% | 6.49% | 5.74% | 5.01% | 2.41% | 0.00% | 0.00% | 0.00% |
PEMD.L Invesco Emerging Markets USD Bond UCITS ETF Dist | 5.45% | 5.49% | 5.83% | 5.54% | 4.94% | 3.93% | 3.60% | 4.99% | 5.36% |
Frequently Asked Questions
FSEM.L and PEMD.L have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PEMD.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PEMD.L is cheaper with a 0.25% expense ratio, compared with 0.45% for FSEM.L.
They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.45% for FSEM.L and 0.25% for PEMD.L.
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