FSPCX vs. FEMKX

Last updated Jun 24, 2026

FSPCX (Fidelity Select Insurance Portfolio) and FEMKX (Fidelity Emerging Markets) are both mutual funds - FSPCX is a Financials Equities fund managed by Fidelity, while FEMKX is a Emerging Markets Equities fund managed by Fidelity. Over the past 10 years, FSPCX returned 12.57%/yr vs 12.71%/yr for FEMKX. At a 0.40 correlation, their price movements are largely independent. FSPCX charges 0.78%/yr vs 0.88%/yr for FEMKX.

Performance

FSPCX vs. FEMKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Select Insurance Portfolio (FSPCX) and Fidelity Emerging Markets (FEMKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSPCX achieves a -1.11% return, which is significantly lower than FEMKX's 28.98% return. Both investments have delivered pretty close results over the past 10 years, with FSPCX having a 12.57% annualized return and FEMKX not far ahead at 12.71%.

FSPCX

• 1D: 0.29%
• 1M: 0.38%
• YTD: -1.11%
• 6M: -1.93%
• 1Y: -2.13%
• 3Y*: 14.12%
• 5Y*: 12.61%
• 10Y*: 12.57%

FEMKX

• 1D: 0.83%
• 1M: 8.03%
• YTD: 28.98%
• 6M: 30.23%
• 1Y: 55.93%
• 3Y*: 23.79%
• 5Y*: 7.58%
• 10Y*: 12.71%

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

FSPCX vs. FEMKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSPCX Fidelity Select Insurance Portfolio	-1.11%	3.45%	28.44%	12.98%	7.75%	29.26%	0.00%	30.06%	-11.99%	15.50%
FEMKX Fidelity Emerging Markets	28.98%	31.02%	7.12%	15.16%	-27.48%	1.25%	32.56%	33.67%	-18.03%	46.92%

Correlation

The correlation between FSPCX and FEMKX is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Oct 31, 1990	0.40

The correlation between FSPCX and FEMKX shifts across timeframes, from -0.14 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSPCX vs. FEMKX — Risk / Return Rank

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

FSPCX

FSPCX Risk / Return Rank: 2
FSPCX Sharpe Ratio Rank: 3
FSPCX Sortino Ratio Rank: 3
FSPCX Omega Ratio Rank: 3
FSPCX Calmar Ratio Rank: 2
FSPCX Martin Ratio Rank: 2

FEMKX

FEMKX Risk / Return Rank: 84
FEMKX Sharpe Ratio Rank: 87
FEMKX Sortino Ratio Rank: 73
FEMKX Omega Ratio Rank: 81
FEMKX Calmar Ratio Rank: 90
FEMKX Martin Ratio Rank: 88

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.

FSPCX vs. FEMKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Insurance Portfolio (FSPCX) and Fidelity Emerging Markets (FEMKX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FSPCX	FEMKX	Difference
Sharpe ratio: Return per unit of total volatility	-0.05	2.63	-2.68
Sortino ratio: Return per unit of downside risk	0.03	3.24	-3.21
Omega ratio: Gain probability vs. loss probability	1.00	1.49	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.08	4.36	-4.44
Martin ratio: Return relative to average drawdown	-0.16	15.55	-15.71

FSPCX vs. FEMKX - Sharpe Ratio Comparison

The current FSPCX Sharpe Ratio is -0.05, which is lower than the FEMKX Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of FSPCX and FEMKX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FSPCX vs. FEMKX - Drawdown Comparison

The maximum FSPCX drawdown since its inception was -69.48%, roughly equal to the maximum FEMKX drawdown of -71.14%. Use the drawdown chart below to compare losses from any high point for FSPCX and FEMKX.

Drawdown Indicators

	FSPCX	FEMKX	Difference
Max Drawdown Largest peak-to-trough decline	-69.48%	-71.14%	+1.66%
Max Drawdown (1Y) Largest decline over 1 year	-9.98%	-13.00%	+3.02%
Max Drawdown (3Y) Largest decline over 3 years	-11.69%	-19.13%	+7.44%
Max Drawdown (5Y) Largest decline over 5 years	-16.65%	-40.88%	+24.23%
Max Drawdown (10Y) Largest decline over 10 years	-43.68%	-43.24%	-0.44%
Current Drawdown Current decline from peak	-5.80%	0.00%	-5.80%
Average Drawdown Average peak-to-trough decline	-9.70%	-25.91%	+16.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.01%	3.64%	+1.37%

Volatility

FSPCX vs. FEMKX - Volatility Comparison

The current volatility for Fidelity Select Insurance Portfolio (FSPCX) is 5.06%, while Fidelity Emerging Markets (FEMKX) has a volatility of 11.80%. This indicates that FSPCX experiences smaller price fluctuations and is considered to be less risky than FEMKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSPCX	FEMKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	11.80%	-6.74%
Volatility (6M) Calculated over the trailing 6-month period	10.96%	19.26%	-8.30%
Volatility (1Y) Calculated over the trailing 1-year period	15.48%	21.64%	-6.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.48%	19.49%	-2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.12%	18.96%	+1.16%

FSPCX vs. FEMKX - Expense Ratio Comparison

FSPCX has a 0.78% expense ratio, which is lower than FEMKX's 0.88% expense ratio.

Dividends

FSPCX vs. FEMKX - Dividend Comparison

FSPCX's dividend yield for the trailing twelve months is around 4.76%, more than FEMKX's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMKX Fidelity Emerging Markets	0.04%	0.05%	0.65%	1.11%	0.77%	6.00%	1.39%	1.71%	0.83%	0.08%	0.67%	0.51%
FSPCX Fidelity Select Insurance Portfolio	4.76%	3.35%	8.72%	8.48%	0.74%	8.40%	8.80%	6.90%	32.69%	12.52%	2.81%	3.11%

Frequently Asked Questions

Can I hold both FSPCX and FEMKX in my portfolio?

FSPCX and FEMKX have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSPCX or FEMKX?

FEMKX has higher volatility (11.80%) compared to FSPCX (5.06%). In terms of maximum drawdown, FSPCX dropped -69.48% vs FEMKX's -71.14%.

Which has better risk-adjusted returns?

FEMKX currently has the higher Sharpe Ratio (2.63 vs -0.05), 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.