FSSGX vs. EEM
FSSGX (Fidelity SAI Sustainable Emerging Markets Equity Fund) and EEM (iShares MSCI Emerging Markets ETF) are both Emerging Markets Diversified funds. FSSGX is actively managed, while EEM is passively managed. Over the past 3 years, FSSGX returned 25.47%/yr vs 24.99%/yr for EEM. With a 0.96 correlation, they move nearly in lockstep. FSSGX charges 0.95%/yr vs 0.72%/yr for EEM.
Performance
FSSGX vs. EEM - Performance Comparison
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Returns By Period
In the year-to-date period, FSSGX achieves a 32.93% return, which is significantly higher than EEM's 30.84% return.
FSSGX
- 1D
- 3.32%
- 1M
- 5.66%
- YTD
- 32.93%
- 6M
- 34.95%
- 1Y
- 61.93%
- 3Y*
- 25.47%
- 5Y*
- —
- 10Y*
- —
EEM
- 1D
- 0.59%
- 1M
- 8.65%
- YTD
- 30.84%
- 6M
- 32.53%
- 1Y
- 56.71%
- 3Y*
- 24.99%
- 5Y*
- 7.99%
- 10Y*
- 10.51%
FSSGX vs. EEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FSSGX Fidelity SAI Sustainable Emerging Markets Equity Fund | 32.93% | 38.40% | 7.34% | 11.67% | -7.56% |
EEM iShares MSCI Emerging Markets ETF | 30.84% | 33.98% | 6.49% | 8.95% | -8.44% |
Correlation
The correlation between FSSGX and EEM is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Apr 25, 2022 | 0.96 |
The correlation between FSSGX and EEM has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
FSSGX vs. EEM — Risk / Return Rank
FSSGX
EEM
FSSGX vs. EEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Sustainable Emerging Markets Equity Fund (FSSGX) and iShares MSCI Emerging Markets ETF (EEM). 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.
| FSSGX | EEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.48 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 4.57 | 4.22 | +0.35 |
| Martin ratioReturn relative to average drawdown | 16.54 | 15.52 | +1.02 |
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Drawdowns
FSSGX vs. EEM - Drawdown Comparison
The maximum FSSGX drawdown since its inception was -24.11%, smaller than the maximum EEM drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for FSSGX and EEM.
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Drawdown Indicators
| FSSGX | EEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.11% | -66.43% | +42.32% |
Max Drawdown (1Y)Largest decline over 1 year | -13.47% | -13.52% | +0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -15.80% | -17.29% | +1.49% |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.49% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.82% | — |
Current DrawdownCurrent decline from peak | -1.01% | 0.00% | -1.01% |
Average DrawdownAverage peak-to-trough decline | -5.44% | -15.99% | +10.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.71% | 3.66% | +0.05% |
Volatility
FSSGX vs. EEM - Volatility Comparison
Fidelity SAI Sustainable Emerging Markets Equity Fund (FSSGX) and iShares MSCI Emerging Markets ETF (EEM) have volatilities of 11.31% and 10.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSSGX | EEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.31% | 10.95% | +0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 19.46% | 19.83% | -0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.86% | 22.04% | -0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.74% | 19.39% | +0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.74% | 20.69% | -0.95% |
FSSGX vs. EEM - Expense Ratio Comparison
FSSGX has a 0.95% expense ratio, which is higher than EEM's 0.72% expense ratio.
Dividends
FSSGX vs. EEM - Dividend Comparison
FSSGX's dividend yield for the trailing twelve months is around 2.16%, more than EEM's 1.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EEM iShares MSCI Emerging Markets ETF | 1.56% | 2.22% | 2.43% | 2.63% | 2.50% | 1.99% | 1.45% | 2.76% | 2.24% | 1.89% | 1.89% | 2.49% |
FSSGX Fidelity SAI Sustainable Emerging Markets Equity Fund | 2.16% | 2.87% | 3.83% | 1.01% | 0.88% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, FSSGX and EEM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FSSGX has higher volatility (11.31%) compared to EEM (10.95%). In terms of maximum drawdown, FSSGX dropped -24.11% vs EEM's -66.43%.
FSSGX currently has the higher Sharpe Ratio (2.82 vs 2.59), 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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