FSM vs. EMEQ
FSM (Fortuna Silver Mines Inc.) is a stock, while EMEQ (Nomura Focused Emerging Markets Equity ETF) is Emerging Markets Diversified fund actively managed by Nomura. Over the past year, FSM returned 41.02% vs 166.45% for EMEQ. At a 0.29 correlation, their price movements are largely independent.
Performance
FSM vs. EMEQ - Performance Comparison
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Returns By Period
In the year-to-date period, FSM achieves a -3.98% return, which is significantly lower than EMEQ's 78.09% return.
FSM
- 1D
- -4.07%
- 1M
- 2.17%
- YTD
- -3.98%
- 6M
- -1.36%
- 1Y
- 41.02%
- 3Y*
- 39.37%
- 5Y*
- 6.64%
- 10Y*
- 4.24%
EMEQ
- 1D
- -1.28%
- 1M
- 23.68%
- YTD
- 78.09%
- 6M
- 88.05%
- 1Y
- 166.45%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FSM vs. EMEQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FSM Fortuna Silver Mines Inc. | -3.98% | 128.67% | -0.23% |
EMEQ Nomura Focused Emerging Markets Equity ETF | 78.09% | 69.78% | -1.16% |
Correlation
The correlation between FSM and EMEQ is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024 | 0.29 |
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Return for Risk
FSM vs. EMEQ — Risk / Return Rank
FSM
EMEQ
FSM vs. EMEQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fortuna Silver Mines Inc. (FSM) and Nomura Focused Emerging Markets Equity ETF (EMEQ). 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.
| FSM | EMEQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.50 | ||
| Sortino ratioReturn per unit of downside risk | -3.99 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.75 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | 1.11 | 9.35 | -8.24 |
| Martin ratioReturn relative to average drawdown | 2.70 | 37.42 | -34.72 |
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
| FSM | EMEQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 5.22 | -4.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.07 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | 2.95 | -2.82 |
Drawdowns
FSM vs. EMEQ - Drawdown Comparison
The maximum FSM drawdown since its inception was -92.25%, which is greater than EMEQ's maximum drawdown of -19.99%. Use the drawdown chart below to compare losses from any high point for FSM and EMEQ.
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Drawdown Indicators
| FSM | EMEQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.25% | -19.99% | -72.26% |
Max Drawdown (1Y)Largest decline over 1 year | -37.26% | -17.91% | -19.35% |
Max Drawdown (3Y)Largest decline over 3 years | -37.26% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -69.44% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -81.07% | — | — |
Current DrawdownCurrent decline from peak | -31.04% | -1.28% | -29.76% |
Average DrawdownAverage peak-to-trough decline | -45.18% | -3.97% | -41.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.23% | 4.47% | +10.76% |
Volatility
FSM vs. EMEQ - Volatility Comparison
Fortuna Silver Mines Inc. (FSM) has a higher volatility of 16.24% compared to Nomura Focused Emerging Markets Equity ETF (EMEQ) at 15.18%. This indicates that FSM's price experiences larger fluctuations and is considered to be riskier than EMEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSM | EMEQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.24% | 15.18% | +1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 44.21% | 28.51% | +15.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.30% | 32.10% | +25.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.27% | 29.97% | +27.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.40% | 29.97% | +29.43% |
Dividends
FSM vs. EMEQ - Dividend Comparison
FSM has not paid dividends to shareholders, while EMEQ's dividend yield for the trailing twelve months is around 1.55%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
EMEQ Nomura Focused Emerging Markets Equity ETF | 1.55% | 2.76% | 0.84% |
FSM Fortuna Silver Mines Inc. | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FSM and EMEQ have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSM has higher volatility (16.24%) compared to EMEQ (15.18%). In terms of maximum drawdown, FSM dropped -92.25% vs EMEQ's -19.99%.
EMEQ currently has the higher Sharpe Ratio (5.22 vs 0.72), 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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