FTIHX vs. FEMSX

Last updated Jun 27, 2026

FTIHX (Fidelity Total International Index Fund) and FEMSX (Fidelity Series Emerging Markets Opportunities Fund) are both mutual funds - FTIHX is a Foreign Large Cap Equities fund tracking the MSCI ACWI (All Country World Index) ex USA Investable Market Index, while FEMSX is a Emerging Markets Equities fund managed by Fidelity. Over the past 10 years, FTIHX returned 10.24%/yr vs 13.44%/yr for FEMSX. Their correlation of 0.87 suggests significant overlap in exposure. FTIHX charges 0.06%/yr vs 0.01%/yr for FEMSX.

Performance

FTIHX vs. FEMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Total International Index Fund (FTIHX) and Fidelity Series Emerging Markets Opportunities Fund (FEMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTIHX achieves a 13.28% return, which is significantly lower than FEMSX's 29.21% return. Over the past 10 years, FTIHX has underperformed FEMSX with an annualized return of 10.24%, while FEMSX has yielded a comparatively higher 13.44% annualized return.

FTIHX

• 1D: 0.67%
• 1M: -0.46%
• YTD: 13.28%
• 6M: 13.02%
• 1Y: 27.35%
• 3Y*: 19.11%
• 5Y*: 8.33%
• 10Y*: 10.24%

FEMSX

• 1D: 1.18%
• 1M: 0.31%
• YTD: 29.21%
• 6M: 29.74%
• 1Y: 52.20%
• 3Y*: 26.85%
• 5Y*: 7.90%
• 10Y*: 13.44%

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

FTIHX vs. FEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTIHX Fidelity Total International Index Fund	13.28%	32.59%	4.98%	15.49%	-16.29%	8.45%	11.09%	21.50%	-14.40%	25.88%
FEMSX Fidelity Series Emerging Markets Opportunities Fund	29.21%	37.92%	7.84%	14.23%	-23.95%	-5.14%	24.72%	28.87%	-16.20%	49.92%

Correlation

The correlation between FTIHX and FEMSX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 16, 2016	0.87

The correlation between FTIHX and FEMSX has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.

Return for Risk

FTIHX vs. FEMSX — Risk / Return Rank

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

FTIHX

FTIHX Risk / Return Rank: 61
FTIHX Sharpe Ratio Rank: 63
FTIHX Sortino Ratio Rank: 56
FTIHX Omega Ratio Rank: 64
FTIHX Calmar Ratio Rank: 62
FTIHX Martin Ratio Rank: 60

FEMSX

FEMSX Risk / Return Rank: 86
FEMSX Sharpe Ratio Rank: 87
FEMSX Sortino Ratio Rank: 77
FEMSX Omega Ratio Rank: 83
FEMSX Calmar Ratio Rank: 90
FEMSX Martin Ratio Rank: 90

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.

FTIHX vs. FEMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Total International Index Fund (FTIHX) and Fidelity Series Emerging Markets Opportunities Fund (FEMSX). 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.

	FTIHX	FEMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.46	-0.60
Sortino ratio: Return per unit of downside risk	2.52	3.02	-0.51
Omega ratio: Gain probability vs. loss probability	1.35	1.47	-0.12
Calmar ratio: Return relative to maximum drawdown	2.55	4.00	-1.45
Martin ratio: Return relative to average drawdown	9.83	14.91	-5.08

FTIHX vs. FEMSX - Sharpe Ratio Comparison

The current FTIHX Sharpe Ratio is 1.86, which is comparable to the FEMSX Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of FTIHX and FEMSX, 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

FTIHX vs. FEMSX - Drawdown Comparison

The maximum FTIHX drawdown since its inception was -35.75%, smaller than the maximum FEMSX drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for FTIHX and FEMSX.

Drawdown Indicators

	FTIHX	FEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-35.75%	-44.16%	+8.41%
Max Drawdown (1Y) Largest decline over 1 year	-11.25%	-13.42%	+2.17%
Max Drawdown (3Y) Largest decline over 3 years	-13.15%	-17.04%	+3.89%
Max Drawdown (5Y) Largest decline over 5 years	-29.99%	-41.64%	+11.65%
Max Drawdown (10Y) Largest decline over 10 years	-35.75%	-44.16%	+8.41%
Current Drawdown Current decline from peak	-2.10%	-3.34%	+1.24%
Average Drawdown Average peak-to-trough decline	-7.18%	-13.37%	+6.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	3.59%	-0.68%

Volatility

FTIHX vs. FEMSX - Volatility Comparison

The current volatility for Fidelity Total International Index Fund (FTIHX) is 6.69%, while Fidelity Series Emerging Markets Opportunities Fund (FEMSX) has a volatility of 12.08%. This indicates that FTIHX experiences smaller price fluctuations and is considered to be less risky than FEMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTIHX	FEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.69%	12.08%	-5.39%
Volatility (6M) Calculated over the trailing 6-month period	13.53%	19.89%	-6.36%
Volatility (1Y) Calculated over the trailing 1-year period	15.44%	21.82%	-6.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.51%	19.66%	-4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	19.56%	-3.61%

FTIHX vs. FEMSX - Expense Ratio Comparison

FTIHX has a 0.06% expense ratio, which is higher than FEMSX's 0.01% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FTIHX vs. FEMSX - Dividend Comparison

FTIHX's dividend yield for the trailing twelve months is around 2.46%, more than FEMSX's 1.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMSX Fidelity Series Emerging Markets Opportunities Fund	1.89%	2.45%	2.08%	2.82%	2.39%	12.83%	2.99%	2.48%	9.42%	8.98%	1.46%	1.27%
FTIHX Fidelity Total International Index Fund	2.46%	2.78%	2.88%	2.78%	2.51%	2.55%	1.62%	2.61%	2.21%	0.45%	0.47%	0.00%

Frequently Asked Questions

Can I hold both FTIHX and FEMSX in my portfolio?

FTIHX and FEMSX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTIHX or FEMSX?

FEMSX has higher volatility (12.08%) compared to FTIHX (6.69%). In terms of maximum drawdown, FTIHX dropped -35.75% vs FEMSX's -44.16%.

Which has better risk-adjusted returns?

FEMSX currently has the higher Sharpe Ratio (2.46 vs 1.86), 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.