FTMKX vs. FEMSX

Last updated Aug 1, 2026

FTMKX (Fidelity Advisor Focused Emerging Markets Fund Class M) and FEMSX (Fidelity Series Emerging Markets Opportunities Fund) are both Emerging Markets Equities funds from Fidelity. Over the past 10 years, FTMKX returned 10.89%/yr vs 11.35%/yr for FEMSX. Their 0.97 correlation means they have historically moved very closely together. FTMKX charges 1.61%/yr vs 0.01%/yr for FEMSX.

Performance

FTMKX vs. FEMSX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with FTMKX having a 20.17% return and FEMSX slightly higher at 20.45%. Both investments have delivered pretty close results over the past 10 years, with FTMKX having a 10.89% annualized return and FEMSX not far ahead at 11.35%.

FTMKX

• 1D: 4.16%
• 1M: -2.87%
• 6M: 8.70%
• YTD: 20.17%
• 1Y: 41.50%
• 3Y*: 21.10%
• 5Y*: 8.69%
• 10Y*: 10.89%
• ALL TIME*: 8.74%

FEMSX

• 1D: 4.14%
• 1M: -3.48%
• 6M: 9.96%
• YTD: 20.45%
• 1Y: 42.08%
• 3Y*: 21.01%
• 5Y*: 8.08%
• 10Y*: 11.35%
• ALL TIME*: 10.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FEMSX Fidelity Series Emerging Markets Opportunities Fund	$0.00	$0.00	$0.00
FTMKX Fidelity Advisor Focused Emerging Markets Fund Class M	$0.00	$0.00	$0.00

FTMKX vs. FEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTMKX Fidelity Advisor Focused Emerging Markets Fund Class M	20.17%	39.38%	8.73%	7.84%	-20.29%	-3.19%	29.65%	28.95%	-18.56%	46.33%
FEMSX Fidelity Series Emerging Markets Opportunities Fund	20.45%	37.92%	7.84%	14.23%	-23.95%	-5.14%	24.72%	28.87%	-16.20%	49.92%

Correlation

The correlation between FTMKX and FEMSX is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.96
Correlation (5Y) Shows whether the relationship held over a longer period.	0.97
Correlation (10Y) Provides a long-term view across more market conditions.	0.96
Correlation (All Time) Calculated using the full available price history since Dec 10, 2008	0.97

The correlation between FTMKX and FEMSX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

FTMKX vs. FEMSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FTMKX

FTMKX Risk / Return Rank: 71
FTMKX Sharpe Ratio Rank: 73
FTMKX Sortino Ratio Rank: 64
FTMKX Omega Ratio Rank: 72
FTMKX Calmar Ratio Rank: 82
FTMKX Martin Ratio Rank: 66

FEMSX

FEMSX Risk / Return Rank: 75
FEMSX Sharpe Ratio Rank: 73
FEMSX Sortino Ratio Rank: 65
FEMSX Omega Ratio Rank: 73
FEMSX Calmar Ratio Rank: 86
FEMSX Martin Ratio Rank: 78

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FTMKX vs. FEMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Focused Emerging Markets Fund Class M (FTMKX) 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.

	FTMKX	FEMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.66	+0.09
Sortino ratio: Return per unit of downside risk	2.32	2.18	+0.14
Omega ratio: Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio: Return relative to maximum drawdown	2.84	2.94	-0.10
Martin ratio: Return relative to average drawdown	8.66	9.26	-0.60

FTMKX vs. FEMSX - Sharpe Ratio Comparison

The current FTMKX Sharpe Ratio is 1.75, which is comparable to the FEMSX Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of FTMKX 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

FTMKX vs. FEMSX - Drawdown Comparison

The maximum FTMKX drawdown since its inception was -70.17%, which is greater than FEMSX's maximum drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for FTMKX and FEMSX.

Drawdown Indicators

	FTMKX	FEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-70.17%	-44.16%	-26.01%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-13.47%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-18.94%	-17.04%	-1.90%
Max Drawdown (5Y) Largest decline over 5 years	-37.17%	-39.12%	+1.95%
Max Drawdown (10Y) Largest decline over 10 years	-42.43%	-44.16%	+1.73%
Current Drawdown Current decline from peak	-9.96%	-9.89%	-0.07%
Average Drawdown Average peak-to-trough decline	-20.88%	-13.34%	-7.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.50%	4.27%	+0.23%

Volatility

FTMKX vs. FEMSX - Volatility Comparison

The current volatility for Fidelity Advisor Focused Emerging Markets Fund Class M (FTMKX) is 9.09%, while Fidelity Series Emerging Markets Opportunities Fund (FEMSX) has a volatility of 9.64%. This indicates that FTMKX 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

	FTMKX	FEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.09%	9.64%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	20.32%	21.81%	-1.49%
Volatility (1Y) Calculated over the trailing 1-year period	22.33%	23.84%	-1.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.72%	19.97%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.19%	19.75%	-0.56%

FTMKX vs. FEMSX - Expense Ratio Comparison

FTMKX has a 1.61% expense ratio, which is higher than FEMSX's 0.01% expense ratio.

Dividends

FTMKX vs. FEMSX - Dividend Comparison

FTMKX's dividend yield for the trailing twelve months is around 0.86%, less than FEMSX's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMSX Fidelity Series Emerging Markets Opportunities Fund	2.03%	2.45%	2.08%	2.82%	2.39%	12.83%	2.99%	2.48%	9.42%	8.98%	1.46%	1.27%
FTMKX Fidelity Advisor Focused Emerging Markets Fund Class M	0.86%	1.04%	0.78%	0.98%	0.47%	4.58%	1.62%	10.48%	0.00%	0.08%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTMKX and FEMSX in my portfolio?

With a correlation of 0.96, FTMKX and FEMSX 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.

Which is riskier, FTMKX or FEMSX?

FEMSX has higher volatility (9.64%) compared to FTMKX (9.09%). In terms of maximum drawdown, FTMKX dropped -70.17% vs FEMSX's -44.16%.

Which has better risk-adjusted returns?

FTMKX currently has the higher Sharpe Ratio (1.75 vs 1.66), 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.