MEMEX vs. FEMSX

Last updated Aug 4, 2026

MEMEX (Morgan Stanley Emerging Markets Equity Portfolio) and FEMSX (Fidelity Series Emerging Markets Opportunities Fund) are both Emerging Markets Equities funds. Over the past 5 years, MEMEX returned 7.82%/yr vs 8.45%/yr for FEMSX. Their correlation of 0.95 means they have usually moved in the same direction. MEMEX charges 1.25%/yr vs 0.01%/yr for FEMSX.

Performance

MEMEX vs. FEMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Emerging Markets Equity Portfolio (MEMEX) 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 MEMEX having a 21.85% return and FEMSX slightly higher at 22.47%.

MEMEX

• 1D: 2.35%
• 1M: -2.33%
• 6M: 11.97%
• YTD: 21.85%
• 1Y: 43.88%
• 3Y*: 21.04%
• 5Y*: 7.82%
• 10Y*: —
• ALL TIME*: 8.41%

FEMSX

• 1D: 1.68%
• 1M: -1.85%
• 6M: 11.77%
• YTD: 22.47%
• 1Y: 44.47%
• 3Y*: 22.02%
• 5Y*: 8.45%
• 10Y*: 11.63%
• ALL TIME*: 10.56%

*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
MEMEX Morgan Stanley Emerging Markets Equity Portfolio	$0.00	$0.00	$0.00

MEMEX vs. FEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MEMEX Morgan Stanley Emerging Markets Equity Portfolio	21.85%	32.98%	7.82%	11.90%	-25.14%	2.99%	14.40%	19.61%	-17.46%	26.45%
FEMSX Fidelity Series Emerging Markets Opportunities Fund	22.47%	37.92%	7.84%	14.23%	-23.95%	-5.14%	24.72%	28.87%	-16.20%	40.78%

Correlation

The correlation between MEMEX and FEMSX is 0.97 - 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.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.96
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.95

The correlation between MEMEX and FEMSX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

MEMEX vs. FEMSX — Risk / Return Rank

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

MEMEX

MEMEX Risk / Return Rank: 66
MEMEX Sharpe Ratio Rank: 67
MEMEX Sortino Ratio Rank: 55
MEMEX Omega Ratio Rank: 69
MEMEX Calmar Ratio Rank: 76
MEMEX Martin Ratio Rank: 65

FEMSX

FEMSX Risk / Return Rank: 75
FEMSX Sharpe Ratio Rank: 74
FEMSX Sortino Ratio Rank: 64
FEMSX Omega Ratio Rank: 73
FEMSX Calmar Ratio Rank: 87
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.

MEMEX vs. FEMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Emerging Markets Equity Portfolio (MEMEX) 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.

	MEMEX	FEMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.80	-0.11
Sortino ratio: Return per unit of downside risk	2.20	2.33	-0.13
Omega ratio: Gain probability vs. loss probability	1.32	1.33	-0.01
Calmar ratio: Return relative to maximum drawdown	2.60	3.19	-0.59
Martin ratio: Return relative to average drawdown	8.87	9.98	-1.11

MEMEX vs. FEMSX - Sharpe Ratio Comparison

The current MEMEX Sharpe Ratio is 1.69, which is comparable to the FEMSX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of MEMEX 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

MEMEX vs. FEMSX - Drawdown Comparison

The maximum MEMEX drawdown since its inception was -39.90%, smaller than the maximum FEMSX drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for MEMEX and FEMSX.

Drawdown Indicators

	MEMEX	FEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-39.90%	-44.16%	+4.26%
Max Drawdown (1Y) Largest decline over 1 year	-16.31%	-13.47%	-2.84%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	-17.04%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-37.30%	-39.12%	+1.82%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.16%	—
Current Drawdown Current decline from peak	-10.31%	-8.38%	-1.93%
Average Drawdown Average peak-to-trough decline	-14.91%	-13.34%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.78%	4.30%	+0.48%

Volatility

MEMEX vs. FEMSX - Volatility Comparison

Morgan Stanley Emerging Markets Equity Portfolio (MEMEX) has a higher volatility of 11.14% compared to Fidelity Series Emerging Markets Opportunities Fund (FEMSX) at 9.60%. This indicates that MEMEX's price experiences larger fluctuations and is considered to be riskier than FEMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEMEX	FEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.14%	9.60%	+1.54%
Volatility (6M) Calculated over the trailing 6-month period	23.37%	21.86%	+1.51%
Volatility (1Y) Calculated over the trailing 1-year period	25.10%	23.88%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.07%	19.97%	-0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.90%	19.76%	-0.86%

MEMEX vs. FEMSX - Expense Ratio Comparison

MEMEX has a 1.25% expense ratio, which is higher than FEMSX's 0.01% expense ratio.

Dividends

MEMEX vs. FEMSX - Dividend Comparison

MEMEX's dividend yield for the trailing twelve months is around 4.71%, more than FEMSX's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMSX Fidelity Series Emerging Markets Opportunities Fund	2.00%	2.45%	2.08%	2.82%	2.39%	12.83%	2.99%	2.48%	9.42%	8.98%	1.46%	1.27%
MEMEX Morgan Stanley Emerging Markets Equity Portfolio	4.71%	3.35%	1.38%	3.26%	13.18%	0.86%	2.57%	7.81%	0.52%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MEMEX and FEMSX in my portfolio?

With a correlation of 0.97, MEMEX 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, MEMEX or FEMSX?

MEMEX has higher volatility (11.14%) compared to FEMSX (9.60%). In terms of maximum drawdown, MEMEX dropped -39.90% vs FEMSX's -44.16%.

Which has better risk-adjusted returns?

FEMSX currently has the higher Sharpe Ratio (1.80 vs 1.69), 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.