FUSA.L vs. FSEM.L

Last updated Jun 5, 2026

FUSA.L (Fidelity US Quality Income ETF Acc) and FSEM.L (Fidelity Sustainable USD EM Bond UCITS ETF Inc) are both exchange-traded funds - FUSA.L is a Dividend fund tracking the Fidelity US Quality Income Index, while FSEM.L is a Emerging Markets Bonds fund actively managed by Fidelity. FUSA.L is passively managed, while FSEM.L is actively managed. Over the past 5 years, FUSA.L returned 11.76%/yr vs 1.53%/yr for FSEM.L. At a 0.38 correlation, their price movements are largely independent. FUSA.L charges 0.25%/yr vs 0.45%/yr for FSEM.L.

Performance

FUSA.L vs. FSEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity US Quality Income ETF Acc (FUSA.L) and Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FUSA.L achieves a 8.02% return, which is significantly higher than FSEM.L's 2.90% return.

FUSA.L

• 1D: 0.00%
• 1M: 2.04%
• YTD: 8.02%
• 6M: 8.45%
• 1Y: 23.52%
• 3Y*: 17.99%
• 5Y*: 11.76%
• 10Y*: —

FSEM.L

• 1D: 0.09%
• 1M: 0.89%
• YTD: 2.90%
• 6M: 3.45%
• 1Y: 12.53%
• 3Y*: 8.81%
• 5Y*: 1.53%
• 10Y*: —

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

FUSA.L vs. FSEM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FUSA.L Fidelity US Quality Income ETF Acc	8.02%	16.31%	17.98%	18.04%	-10.51%	17.73%
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc	2.90%	13.32%	3.51%	8.82%	-17.90%	2.49%

Correlation

The correlation between FUSA.L and FSEM.L is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Mar 30, 2021	0.38

The correlation between FUSA.L and FSEM.L shifts across timeframes, from 0.37 (5 years) to 0.54 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FUSA.L vs. FSEM.L — Risk / Return Rank

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

FUSA.L

FUSA.L Risk / Return Rank: 69
FUSA.L Sharpe Ratio Rank: 69
FUSA.L Sortino Ratio Rank: 77
FUSA.L Omega Ratio Rank: 69
FUSA.L Calmar Ratio Rank: 60
FUSA.L Martin Ratio Rank: 69

FSEM.L

FSEM.L Risk / Return Rank: 67
FSEM.L Sharpe Ratio Rank: 59
FSEM.L Sortino Ratio Rank: 69
FSEM.L Omega Ratio Rank: 78
FSEM.L Calmar Ratio Rank: 64
FSEM.L Martin Ratio Rank: 63

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.

FUSA.L vs. FSEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity US Quality Income ETF Acc (FUSA.L) and Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L). 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.

	FUSA.L	FSEM.L	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.96	+0.28
Sortino ratio: Return per unit of downside risk	3.41	3.11	+0.30
Omega ratio: Gain probability vs. loss probability	1.41	1.46	-0.05
Calmar ratio: Return relative to maximum drawdown	2.91	3.11	-0.19
Martin ratio: Return relative to average drawdown	12.66	11.25	+1.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FUSA.L vs. FSEM.L - Sharpe Ratio Comparison

The current FUSA.L Sharpe Ratio is 2.24, which is comparable to the FSEM.L Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of FUSA.L and FSEM.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FUSA.L	FSEM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	1.96	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.18	+0.62
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.23	+0.61

Drawdowns

FUSA.L vs. FSEM.L - Drawdown Comparison

The maximum FUSA.L drawdown since its inception was -35.84%, which is greater than FSEM.L's maximum drawdown of -28.00%. Use the drawdown chart below to compare losses from any high point for FUSA.L and FSEM.L.

Drawdown Indicators

	FUSA.L	FSEM.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.84%	-28.00%	-7.84%
Max Drawdown (1Y) Largest decline over 1 year	-8.10%	-4.02%	-4.08%
Max Drawdown (3Y) Largest decline over 3 years	-17.91%	-7.09%	-10.82%
Max Drawdown (5Y) Largest decline over 5 years	-19.37%	-28.00%	+8.63%
Current Drawdown Current decline from peak	-0.26%	-1.00%	+0.74%
Average Drawdown Average peak-to-trough decline	-4.24%	-10.21%	+5.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	1.11%	+0.76%

Volatility

FUSA.L vs. FSEM.L - Volatility Comparison

Fidelity US Quality Income ETF Acc (FUSA.L) has a higher volatility of 2.90% compared to Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L) at 2.72%. This indicates that FUSA.L's price experiences larger fluctuations and is considered to be riskier than FSEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FUSA.L	FSEM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	2.72%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	7.60%	5.22%	+2.38%
Volatility (1Y) Calculated over the trailing 1-year period	10.55%	6.39%	+4.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.77%	8.58%	+6.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.29%	8.47%	+8.82%

FUSA.L vs. FSEM.L - Expense Ratio Comparison

FUSA.L has a 0.25% expense ratio, which is lower than FSEM.L's 0.45% expense ratio.

Dividends

FUSA.L vs. FSEM.L - Dividend Comparison

FUSA.L has not paid dividends to shareholders, while FSEM.L's dividend yield for the trailing twelve months is around 7.90%.

Position	TTM	2025	2024	2023	2022	2021
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc	7.90%	6.31%	6.49%	5.74%	5.01%	2.41%
FUSA.L Fidelity US Quality Income ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FUSA.L and FSEM.L in my portfolio?

FUSA.L and FSEM.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FUSA.L or FSEM.L?

On fees, FUSA.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FUSA.L or FSEM.L?

FUSA.L is cheaper with a 0.25% expense ratio, compared with 0.45% for FSEM.L.

What is the main difference between FUSA.L and FSEM.L?

FUSA.L is categorized as Dividend, while FSEM.L is Emerging Markets Bonds. Their fees differ too: 0.25% for FUSA.L and 0.45% for FSEM.L.