IEMGX vs. FHKFX
IEMGX (Voya Multi-Manager Emerging Markets Equity Fund) and FHKFX (Fidelity Series Emerging Markets Fund) are both Emerging Markets Equities funds. Over the past 5 years, IEMGX returned 8.70%/yr vs 7.54%/yr for FHKFX. Their correlation of 0.92 means they have usually moved in the same direction. IEMGX charges 1.15%/yr vs 0.01%/yr for FHKFX.
Performance
IEMGX vs. FHKFX - Performance Comparison
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Returns By Period
In the year-to-date period, IEMGX achieves a 22.74% return, which is significantly higher than FHKFX's 20.27% return.
IEMGX
- 1D
- 4.16%
- 1M
- -5.97%
- 6M
- 9.37%
- YTD
- 22.74%
- 1Y
- 50.07%
- 3Y*
- 22.24%
- 5Y*
- 8.70%
- 10Y*
- 9.90%
- ALL TIME*
- 6.71%
FHKFX
- 1D
- 4.05%
- 1M
- -3.49%
- 6M
- 8.95%
- YTD
- 20.27%
- 1Y
- 41.07%
- 3Y*
- 20.31%
- 5Y*
- 7.54%
- 10Y*
- —
- ALL TIME*
- 6.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
IEMGX vs. FHKFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IEMGX Voya Multi-Manager Emerging Markets Equity Fund | 22.74% | 46.12% | 0.76% | 15.09% | -24.13% | -2.91% | 16.80% | 25.23% | -10.03% |
FHKFX Fidelity Series Emerging Markets Fund | 20.27% | 38.51% | 5.42% | 12.10% | -24.50% | -4.15% | 17.85% | 9.64% | -8.52% |
Correlation
The correlation between IEMGX and FHKFX is 0.87, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.87 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Aug 29, 2018 | 0.92 |
The correlation between IEMGX and FHKFX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.
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Return for Risk
IEMGX vs. FHKFX — Risk / Return Rank
IEMGX
FHKFX
IEMGX vs. FHKFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Voya Multi-Manager Emerging Markets Equity Fund (IEMGX) and Fidelity Series Emerging Markets Fund (FHKFX). 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.
| IEMGX | FHKFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.30 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.07 | 2.67 | +0.41 |
| Martin ratioReturn relative to average drawdown | 9.86 | 8.71 | +1.15 |
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Drawdowns
IEMGX vs. FHKFX - Drawdown Comparison
The maximum IEMGX drawdown since its inception was -41.87%, smaller than the maximum FHKFX drawdown of -45.47%. Use the drawdown chart below to compare losses from any high point for IEMGX and FHKFX.
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Drawdown Indicators
| IEMGX | FHKFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.87% | -45.47% | +3.60% |
Max Drawdown (1Y)Largest decline over 1 year | -17.64% | -14.49% | -3.15% |
Max Drawdown (3Y)Largest decline over 3 years | -17.64% | -16.71% | -0.93% |
Max Drawdown (5Y)Largest decline over 5 years | -37.33% | -39.01% | +1.68% |
Max Drawdown (10Y)Largest decline over 10 years | -41.87% | — | — |
Current DrawdownCurrent decline from peak | -14.21% | -11.03% | -3.18% |
Average DrawdownAverage peak-to-trough decline | -15.02% | -17.01% | +1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.31% | 4.43% | +0.88% |
Volatility
IEMGX vs. FHKFX - Volatility Comparison
Voya Multi-Manager Emerging Markets Equity Fund (IEMGX) has a higher volatility of 10.84% compared to Fidelity Series Emerging Markets Fund (FHKFX) at 9.54%. This indicates that IEMGX's price experiences larger fluctuations and is considered to be riskier than FHKFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEMGX | FHKFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.84% | 9.54% | +1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 24.96% | 21.41% | +3.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.72% | 23.69% | +4.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.56% | 19.95% | -0.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.98% | 20.18% | -1.20% |
IEMGX vs. FHKFX - Expense Ratio Comparison
IEMGX has a 1.15% expense ratio, which is higher than FHKFX's 0.01% expense ratio.
Dividends
IEMGX vs. FHKFX - Dividend Comparison
IEMGX's dividend yield for the trailing twelve months is around 4.89%, more than FHKFX's 1.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FHKFX Fidelity Series Emerging Markets Fund | 1.98% | 2.38% | 2.86% | 2.43% | 2.56% | 3.46% | 1.38% | 2.28% | 0.42% | 0.00% | 0.00% | 0.00% |
IEMGX Voya Multi-Manager Emerging Markets Equity Fund | 4.89% | 6.01% | 4.66% | 1.99% | 4.22% | 19.49% | 3.91% | 2.69% | 1.01% | 1.39% | 1.17% | 1.53% |
Frequently Asked Questions
IEMGX and FHKFX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMGX has higher volatility (10.84%) compared to FHKFX (9.54%). In terms of maximum drawdown, IEMGX dropped -41.87% vs FHKFX's -45.47%.
IEMGX currently has the higher Sharpe Ratio (1.96 vs 1.63), 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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