IIF vs. FEMSX

Last updated Jun 3, 2026

IIF (Morgan Stanley India Investment Fund) and FEMSX (Fidelity Series Emerging Markets Opportunities Fund) are both Emerging Markets Equities funds. Over the past 10 years, IIF returned 7.94%/yr vs 13.27%/yr for FEMSX. A 0.64 correlation means they provide meaningful diversification when combined. IIF charges 0.01%/yr vs 0.01%/yr for FEMSX.

Performance

IIF vs. FEMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley India Investment Fund (IIF) 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, IIF achieves a -13.53% return, which is significantly lower than FEMSX's 31.76% return. Over the past 10 years, IIF has underperformed FEMSX with an annualized return of 7.94%, while FEMSX has yielded a comparatively higher 13.27% annualized return.

IIF

• 1D: 0.05%
• 1M: -1.37%
• YTD: -13.53%
• 6M: -12.64%
• 1Y: -13.48%
• 3Y*: 12.46%
• 5Y*: 7.92%
• 10Y*: 7.94%

FEMSX

• 1D: 2.33%
• 1M: 10.14%
• YTD: 31.76%
• 6M: 35.94%
• 1Y: 65.06%
• 3Y*: 28.04%
• 5Y*: 8.34%
• 10Y*: 13.27%

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

IIF vs. FEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IIF Morgan Stanley India Investment Fund	-13.53%	6.71%	29.65%	21.43%	-9.55%	30.87%	6.66%	-0.66%	-21.25%	49.89%
FEMSX Fidelity Series Emerging Markets Opportunities Fund	31.76%	37.92%	7.84%	14.23%	-23.95%	-5.14%	24.72%	28.87%	-16.20%	49.92%

Correlation

The correlation between IIF and FEMSX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Dec 11, 2008	0.64

Over the past year, the correlation between IIF and FEMSX has dropped to 0.43 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

Return for Risk

IIF vs. FEMSX — Risk / Return Rank

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

IIF

IIF Risk / Return Rank: 1
IIF Sharpe Ratio Rank: 1
IIF Sortino Ratio Rank: 1
IIF Omega Ratio Rank: 1
IIF Calmar Ratio Rank: 1
IIF Martin Ratio Rank: 1

FEMSX

FEMSX Risk / Return Rank: 92
FEMSX Sharpe Ratio Rank: 97
FEMSX Sortino Ratio Rank: 89
FEMSX Omega Ratio Rank: 90
FEMSX Calmar Ratio Rank: 91
FEMSX Martin Ratio Rank: 92

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.

IIF vs. FEMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley India Investment Fund (IIF) 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.

	IIF	FEMSX	Difference
Sharpe ratio Return per unit of total volatility	-0.86	3.52	-4.38
Sortino ratio Return per unit of downside risk	-1.22	4.35	-5.57
Omega ratio Gain probability vs. loss probability	0.87	1.65	-0.78
Calmar ratio Return relative to maximum drawdown	-0.54	4.80	-5.34
Martin ratio Return relative to average drawdown	-1.30	19.19	-20.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IIF vs. FEMSX - Sharpe Ratio Comparison

The current IIF Sharpe Ratio is -0.86, which is lower than the FEMSX Sharpe Ratio of 3.52. The chart below compares the historical Sharpe Ratios of IIF 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.

Sharpe Ratios by Period

	IIF	FEMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.86	3.52	-4.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.44	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.69	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.57	-0.18

Drawdowns

IIF vs. FEMSX - Drawdown Comparison

The maximum IIF drawdown since its inception was -62.11%, which is greater than FEMSX's maximum drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for IIF and FEMSX.

Drawdown Indicators

	IIF	FEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-62.11%	-44.16%	-17.95%
Max Drawdown (1Y) Largest decline over 1 year	-24.05%	-13.42%	-10.63%
Max Drawdown (3Y) Largest decline over 3 years	-24.05%	-17.04%	-7.01%
Max Drawdown (5Y) Largest decline over 5 years	-24.05%	-41.64%	+17.59%
Max Drawdown (10Y) Largest decline over 10 years	-59.05%	-44.16%	-14.89%
Current Drawdown Current decline from peak	-17.81%	0.00%	-17.81%
Average Drawdown Average peak-to-trough decline	-19.78%	-13.41%	-6.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.91%	3.36%	+6.55%

Volatility

IIF vs. FEMSX - Volatility Comparison

The current volatility for Morgan Stanley India Investment Fund (IIF) is 5.06%, while Fidelity Series Emerging Markets Opportunities Fund (FEMSX) has a volatility of 7.92%. This indicates that IIF 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

	IIF	FEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	7.92%	-2.86%
Volatility (6M) Calculated over the trailing 6-month period	13.26%	16.36%	-3.10%
Volatility (1Y) Calculated over the trailing 1-year period	15.74%	18.95%	-3.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.70%	19.02%	-3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.78%	19.33%	+0.45%

IIF vs. FEMSX - Expense Ratio Comparison

IIF has a 0.01% 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

IIF vs. FEMSX - Dividend Comparison

IIF's dividend yield for the trailing twelve months is around 9.19%, more than FEMSX's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMSX Fidelity Series Emerging Markets Opportunities Fund	1.86%	2.45%	2.08%	2.82%	2.39%	12.83%	2.99%	2.48%	9.42%	8.98%	1.46%	1.27%
IIF Morgan Stanley India Investment Fund	9.19%	7.95%	10.67%	14.61%	19.62%	3.75%	0.02%	0.14%	30.40%	15.23%	4.46%	0.16%

Frequently Asked Questions

Can I hold both IIF and FEMSX in my portfolio?

IIF and FEMSX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IIF or FEMSX?

FEMSX has higher volatility (7.92%) compared to IIF (5.06%). In terms of maximum drawdown, IIF dropped -62.11% vs FEMSX's -44.16%.

Which has better risk-adjusted returns?

FEMSX currently has the higher Sharpe Ratio (3.52 vs -0.86), 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.