FSMG.L vs. FEMQ.L

Last updated Jun 4, 2026

FSMG.L (Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF INC-USD) and FEMQ.L (Fidelity Emerging Markets Quality Income UCITS ETF) are both exchange-traded funds - FSMG.L is a Global Corporate Bonds fund tracking the Bloomberg Gbl Agg Corp TR USD, while FEMQ.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 5 years, FSMG.L returned 1.58%/yr vs 10.22%/yr for FEMQ.L. At a 0.10 correlation, their price movements are largely independent. FSMG.L charges 0.25%/yr vs 0.50%/yr for FEMQ.L.

Performance

FSMG.L vs. FEMQ.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF INC-USD (FSMG.L) and Fidelity Emerging Markets Quality Income UCITS ETF (FEMQ.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMG.L achieves a 0.98% return, which is significantly lower than FEMQ.L's 37.29% return.

FSMG.L

• 1D: -0.11%
• 1M: 1.36%
• YTD: 0.98%
• 6M: 0.58%
• 1Y: 6.75%
• 3Y*: 3.72%
• 5Y*: 1.58%
• 10Y*: —

FEMQ.L

• 1D: -0.33%
• 1M: 14.59%
• YTD: 37.29%
• 6M: 37.50%
• 1Y: 61.42%
• 3Y*: 24.30%
• 5Y*: 10.22%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FSMG.L vs. FEMQ.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSMG.L Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF INC-USD	0.98%	2.65%	2.78%	3.90%	-5.75%	4.11%
FEMQ.L Fidelity Emerging Markets Quality Income UCITS ETF	37.29%	20.96%	6.49%	9.64%	-15.02%	3.37%

Correlation

The correlation between FSMG.L and FEMQ.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Mar 30, 2021	0.10

Return for Risk

FSMG.L vs. FEMQ.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FSMG.L

FSMG.L Risk / Return Rank: 32
FSMG.L Sharpe Ratio Rank: 33
FSMG.L Sortino Ratio Rank: 35
FSMG.L Omega Ratio Rank: 33
FSMG.L Calmar Ratio Rank: 34
FSMG.L Martin Ratio Rank: 27

FEMQ.L

FEMQ.L Risk / Return Rank: 94
FEMQ.L Sharpe Ratio Rank: 95
FEMQ.L Sortino Ratio Rank: 95
FEMQ.L Omega Ratio Rank: 95
FEMQ.L Calmar Ratio Rank: 94
FEMQ.L Martin Ratio Rank: 92

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FSMG.L vs. FEMQ.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF INC-USD (FSMG.L) and Fidelity Emerging Markets Quality Income UCITS ETF (FEMQ.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.

	FSMG.L	FEMQ.L	Difference
Sharpe ratio: Return per unit of total volatility	1.19	3.81	-2.62
Sortino ratio: Return per unit of downside risk	1.80	5.25	-3.45
Omega ratio: Gain probability vs. loss probability	1.22	1.73	-0.51
Calmar ratio: Return relative to maximum drawdown	1.63	6.96	-5.33
Martin ratio: Return relative to average drawdown	3.74	23.01	-19.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSMG.L vs. FEMQ.L - Sharpe Ratio Comparison

The current FSMG.L Sharpe Ratio is 1.19, which is lower than the FEMQ.L Sharpe Ratio of 3.81. The chart below compares the historical Sharpe Ratios of FSMG.L and FEMQ.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FSMG.L	FEMQ.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	3.81	-2.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.68	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.50	-0.28

Drawdowns

FSMG.L vs. FEMQ.L - Drawdown Comparison

The maximum FSMG.L drawdown since its inception was -11.66%, smaller than the maximum FEMQ.L drawdown of -28.13%. Use the drawdown chart below to compare losses from any high point for FSMG.L and FEMQ.L.

Drawdown Indicators

	FSMG.L	FEMQ.L	Difference
Max Drawdown Largest peak-to-trough decline	-11.66%	-28.13%	+16.47%
Max Drawdown (1Y) Largest decline over 1 year	-4.12%	-8.78%	+4.66%
Max Drawdown (3Y) Largest decline over 3 years	-5.52%	-14.75%	+9.23%
Max Drawdown (5Y) Largest decline over 5 years	-11.66%	-25.31%	+13.65%
Current Drawdown Current decline from peak	-1.72%	-2.28%	+0.56%
Average Drawdown Average peak-to-trough decline	-4.51%	-8.03%	+3.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	2.66%	-0.86%

Volatility

FSMG.L vs. FEMQ.L - Volatility Comparison

The current volatility for Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF INC-USD (FSMG.L) is 2.37%, while Fidelity Emerging Markets Quality Income UCITS ETF (FEMQ.L) has a volatility of 8.75%. This indicates that FSMG.L experiences smaller price fluctuations and is considered to be less risky than FEMQ.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMG.L	FEMQ.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	8.75%	-6.38%
Volatility (6M) Calculated over the trailing 6-month period	4.46%	14.04%	-9.58%
Volatility (1Y) Calculated over the trailing 1-year period	5.67%	16.06%	-10.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.32%	14.98%	-7.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.32%	17.49%	-10.17%

FSMG.L vs. FEMQ.L - Expense Ratio Comparison

FSMG.L has a 0.25% expense ratio, which is lower than FEMQ.L's 0.50% expense ratio.

Dividends

FSMG.L vs. FEMQ.L - Dividend Comparison

FSMG.L's dividend yield for the trailing twelve months is around 6.04%, while FEMQ.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FEMQ.L Fidelity Emerging Markets Quality Income UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FSMG.L Fidelity Sustainable Global Corporate Bond Paris-Aligned Multifactor UCITS ETF INC-USD	6.04%	4.83%	5.10%	4.67%	2.87%	1.10%

Frequently Asked Questions

Can I hold both FSMG.L and FEMQ.L in my portfolio?

FSMG.L and FEMQ.L have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FSMG.L or FEMQ.L?

On fees, FSMG.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FSMG.L or FEMQ.L?

FSMG.L is cheaper with a 0.25% expense ratio, compared with 0.50% for FEMQ.L.

What is the main difference between FSMG.L and FEMQ.L?

FSMG.L is categorized as Global Corporate Bonds, while FEMQ.L is Emerging Markets Equities. FSMG.L tracks Bloomberg Gbl Agg Corp TR USD, while FEMQ.L tracks MSCI EM NR USD. Their fees differ too: 0.25% for FSMG.L and 0.50% for FEMQ.L.