IEEM.L vs. FEMD.L

Last updated Jun 13, 2026

IEEM.L (iShares MSCI EM UCITS ETF (Dist)) and FEMD.L (Fidelity Emerging Markets Quality Income UCITS ETF) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from iShares and Fidelity respectively. Both are passively managed. Over the past 5 years, IEEM.L returned 8.39%/yr vs 9.97%/yr for FEMD.L. Their correlation of 0.90 suggests significant overlap in exposure. IEEM.L charges 0.18%/yr vs 0.50%/yr for FEMD.L.

Performance

IEEM.L vs. FEMD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI EM UCITS ETF (Dist) (IEEM.L) and Fidelity Emerging Markets Quality Income UCITS ETF (FEMD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IEEM.L is traded in GBp, while FEMD.L is traded in GBP. To make them comparable, the FEMD.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IEEM.L achieves a 24.42% return, which is significantly lower than FEMD.L's 35.32% return.

IEEM.L

• 1D: 2.99%
• 1M: 2.29%
• YTD: 24.42%
• 6M: 26.81%
• 1Y: 48.25%
• 3Y*: 19.74%
• 5Y*: 8.39%
• 10Y*: 10.95%

FEMD.L

• 1D: 1.78%
• 1M: 8.17%
• YTD: 35.32%
• 6M: 36.48%
• 1Y: 53.87%
• 3Y*: 22.86%
• 5Y*: 9.97%
• 10Y*: —

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

IEEM.L vs. FEMD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IEEM.L iShares MSCI EM UCITS ETF (Dist)	24.42%	25.76%	9.15%	3.25%	-10.39%	-2.10%	15.38%	3.56%
FEMD.L Fidelity Emerging Markets Quality Income UCITS ETF	35.32%	20.69%	6.70%	10.14%	-15.65%	7.02%	9.84%	2.09%

Correlation

The correlation between IEEM.L and FEMD.L is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Sep 11, 2019	0.90

The correlation between IEEM.L and FEMD.L has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

IEEM.L vs. FEMD.L - Sectors Allocation Comparison

Sectors	IEEM.L	FEMD.L
Technology	36.8%	49.5%
Financial Services	19.5%	16.6%
Consumer Cyclical	9.5%	9.6%
Industrials	7.5%	7.1%
Communication Services	6.9%	2.3%
Basic Materials	6.5%	5.2%
Energy	4.1%	3.2%
Consumer Defensive	3.0%	1.9%
Healthcare	2.9%	1.8%
Utilities	2.1%	1.7%
Real Estate	1.1%	1.2%

Return for Risk

IEEM.L vs. FEMD.L — Risk / Return Rank

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

IEEM.L

IEEM.L Risk / Return Rank: 87
IEEM.L Sharpe Ratio Rank: 91
IEEM.L Sortino Ratio Rank: 88
IEEM.L Omega Ratio Rank: 90
IEEM.L Calmar Ratio Rank: 86
IEEM.L Martin Ratio Rank: 83

FEMD.L

FEMD.L Risk / Return Rank: 93
FEMD.L Sharpe Ratio Rank: 94
FEMD.L Sortino Ratio Rank: 94
FEMD.L Omega Ratio Rank: 94
FEMD.L Calmar Ratio Rank: 94
FEMD.L Martin Ratio Rank: 91

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.

IEEM.L vs. FEMD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EM UCITS ETF (Dist) (IEEM.L) and Fidelity Emerging Markets Quality Income UCITS ETF (FEMD.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.

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.

	IEEM.L	FEMD.L	Difference
Sharpe ratio: Return per unit of total volatility	2.71	3.24	-0.53
Sortino ratio: Return per unit of downside risk	3.51	4.45	-0.94
Omega ratio: Gain probability vs. loss probability	1.50	1.61	-0.10
Calmar ratio: Return relative to maximum drawdown	4.29	6.08	-1.79
Martin ratio: Return relative to average drawdown	14.64	19.02	-4.38

IEEM.L vs. FEMD.L - Sharpe Ratio Comparison

The current IEEM.L Sharpe Ratio is 2.71, which is comparable to the FEMD.L Sharpe Ratio of 3.24. The chart below compares the historical Sharpe Ratios of IEEM.L and FEMD.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.

Drawdowns

IEEM.L vs. FEMD.L - Drawdown Comparison

The maximum IEEM.L drawdown since its inception was -53.80%, which is greater than FEMD.L's maximum drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for IEEM.L and FEMD.L.

Drawdown Indicators

	IEEM.L	FEMD.L	Difference
Max Drawdown Largest peak-to-trough decline	-53.80%	-27.56%	-26.24%
Max Drawdown (1Y) Largest decline over 1 year	-11.21%	-8.82%	-2.39%
Max Drawdown (3Y) Largest decline over 3 years	-15.56%	-14.37%	-1.19%
Max Drawdown (5Y) Largest decline over 5 years	-23.96%	-25.37%	+1.41%
Max Drawdown (10Y) Largest decline over 10 years	-27.50%	—	—
Current Drawdown Current decline from peak	-3.48%	-3.82%	+0.34%
Average Drawdown Average peak-to-trough decline	-11.40%	-8.27%	-3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	2.82%	+0.47%

Volatility

IEEM.L vs. FEMD.L - Volatility Comparison

The current volatility for iShares MSCI EM UCITS ETF (Dist) (IEEM.L) is 7.59%, while Fidelity Emerging Markets Quality Income UCITS ETF (FEMD.L) has a volatility of 8.96%. This indicates that IEEM.L experiences smaller price fluctuations and is considered to be less risky than FEMD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEEM.L	FEMD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.59%	8.96%	-1.37%
Volatility (6M) Calculated over the trailing 6-month period	15.37%	14.39%	+0.98%
Volatility (1Y) Calculated over the trailing 1-year period	17.71%	16.55%	+1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.46%	15.16%	+1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.16%	17.74%	+0.42%

IEEM.L vs. FEMD.L - Expense Ratio Comparison

IEEM.L has a 0.18% expense ratio, which is lower than FEMD.L's 0.50% expense ratio.

Dividends

IEEM.L vs. FEMD.L - Dividend Comparison

IEEM.L's dividend yield for the trailing twelve months is around 1.03%, less than FEMD.L's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMD.L Fidelity Emerging Markets Quality Income UCITS ETF	2.72%	3.48%	3.75%	3.69%	4.00%	3.26%	2.84%	0.36%	0.00%	0.00%	0.00%	0.00%
IEEM.L iShares MSCI EM UCITS ETF (Dist)	1.03%	1.84%	2.22%	2.32%	2.84%	2.00%	1.54%	1.84%	1.91%	1.42%	1.56%	2.20%

Frequently Asked Questions

Can I hold both IEEM.L and FEMD.L in my portfolio?

IEEM.L and FEMD.L have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IEEM.L or FEMD.L?

On fees, IEEM.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IEEM.L or FEMD.L?

IEEM.L is cheaper with a 0.18% expense ratio, compared with 0.50% for FEMD.L.

What is the main difference between IEEM.L and FEMD.L?

Both ETFs track MSCI EM NR USD. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.18% for IEEM.L and 0.50% for FEMD.L.