FSSGX vs. EMXC
FSSGX (Fidelity SAI Sustainable Emerging Markets Equity Fund) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both funds - FSSGX is a Emerging Markets Diversified fund actively managed by Fidelity, while EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index. FSSGX is actively managed, while EMXC is passively managed. Over the past 3 years, FSSGX returned 25.47%/yr vs 30.52%/yr for EMXC. Their correlation of 0.86 suggests significant overlap in exposure. FSSGX charges 0.95%/yr vs 0.49%/yr for EMXC.
Performance
FSSGX vs. EMXC - Performance Comparison
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Returns By Period
In the year-to-date period, FSSGX achieves a 32.93% return, which is significantly lower than EMXC's 47.39% return.
FSSGX
- 1D
- 3.32%
- 1M
- 5.66%
- YTD
- 32.93%
- 6M
- 34.95%
- 1Y
- 61.93%
- 3Y*
- 25.47%
- 5Y*
- —
- 10Y*
- —
EMXC
- 1D
- 0.70%
- 1M
- 12.05%
- YTD
- 47.39%
- 6M
- 50.85%
- 1Y
- 80.79%
- 3Y*
- 30.52%
- 5Y*
- 14.13%
- 10Y*
- —
FSSGX vs. EMXC - 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% |
EMXC iShares MSCI Emerging Markets ex China ETF | 47.39% | 35.14% | 2.68% | 18.96% | -11.97% |
Correlation
The correlation between FSSGX and EMXC is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Apr 25, 2022 | 0.86 |
The correlation between FSSGX and EMXC has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.
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Return for Risk
FSSGX vs. EMXC — Risk / Return Rank
FSSGX
EMXC
FSSGX vs. EMXC - 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 ex China ETF (EMXC). 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 | EMXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.60 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 4.57 | 5.64 | -1.07 |
| Martin ratioReturn relative to average drawdown | 16.54 | 21.69 | -5.15 |
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Drawdowns
FSSGX vs. EMXC - Drawdown Comparison
The maximum FSSGX drawdown since its inception was -24.11%, smaller than the maximum EMXC drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for FSSGX and EMXC.
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Drawdown Indicators
| FSSGX | EMXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.11% | -42.81% | +18.70% |
Max Drawdown (1Y)Largest decline over 1 year | -13.47% | -14.41% | +0.94% |
Max Drawdown (3Y)Largest decline over 3 years | -15.80% | -19.12% | +3.32% |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.91% | — |
Current DrawdownCurrent decline from peak | -1.01% | 0.00% | -1.01% |
Average DrawdownAverage peak-to-trough decline | -5.44% | -10.15% | +4.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.71% | 3.74% | -0.03% |
Volatility
FSSGX vs. EMXC - Volatility Comparison
The current volatility for Fidelity SAI Sustainable Emerging Markets Equity Fund (FSSGX) is 11.31%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 12.87%. This indicates that FSSGX experiences smaller price fluctuations and is considered to be less risky than EMXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSSGX | EMXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.31% | 12.87% | -1.56% |
Volatility (6M)Calculated over the trailing 6-month period | 19.46% | 22.38% | -2.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.86% | 24.42% | -2.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.74% | 18.17% | +1.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.74% | 20.13% | -0.39% |
FSSGX vs. EMXC - Expense Ratio Comparison
FSSGX has a 0.95% expense ratio, which is higher than EMXC's 0.49% expense ratio.
Dividends
FSSGX vs. EMXC - Dividend Comparison
FSSGX's dividend yield for the trailing twelve months is around 2.16%, more than EMXC's 1.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 1.81% | 2.82% | 2.69% | 1.83% | 2.85% | 1.78% | 1.45% | 3.25% | 2.63% | 0.99% |
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% |
Frequently Asked Questions
With a correlation of 0.91, FSSGX and EMXC 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.
EMXC has higher volatility (12.87%) compared to FSSGX (11.31%). In terms of maximum drawdown, FSSGX dropped -24.11% vs EMXC's -42.81%.
EMXC currently has the higher Sharpe Ratio (3.33 vs 2.82), 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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