NOEMX vs. FERGX

Last updated Jun 25, 2026

NOEMX (Northern Emerging Markets Equity Index Fund) and FERGX (Fidelity SAI Emerging Markets Index Fund) are both Emerging Markets Diversified funds. Over the past 5 years, NOEMX returned 6.89%/yr vs 6.84%/yr for FERGX. Their correlation of 0.94 suggests significant overlap in exposure. NOEMX charges 0.22%/yr vs 0.07%/yr for FERGX.

Performance

NOEMX vs. FERGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Emerging Markets Equity Index Fund (NOEMX) and Fidelity SAI Emerging Markets Index Fund (FERGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with NOEMX having a 23.91% return and FERGX slightly lower at 23.38%.

NOEMX

• 1D: -4.92%
• 1M: 2.16%
• YTD: 23.91%
• 6M: 24.52%
• 1Y: 47.74%
• 3Y*: 22.88%
• 5Y*: 6.89%
• 10Y*: 10.07%

FERGX

• 1D: -4.82%
• 1M: 2.35%
• YTD: 23.38%
• 6M: 24.37%
• 1Y: 43.69%
• 3Y*: 22.60%
• 5Y*: 6.84%
• 10Y*: —

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

NOEMX vs. FERGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOEMX Northern Emerging Markets Equity Index Fund	23.91%	33.67%	7.10%	9.20%	-20.53%	-3.36%	17.63%	18.32%	-15.04%	37.34%
FERGX Fidelity SAI Emerging Markets Index Fund	23.38%	33.86%	6.59%	9.41%	-20.19%	-3.05%	17.46%	18.22%	-14.52%	33.62%

Correlation

The correlation between NOEMX and FERGX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.94

The correlation between NOEMX and FERGX shifts across timeframes, from 0.79 (1 year) to 0.94 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NOEMX vs. FERGX — Risk / Return Rank

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

NOEMX

NOEMX Risk / Return Rank: 83
NOEMX Sharpe Ratio Rank: 88
NOEMX Sortino Ratio Rank: 74
NOEMX Omega Ratio Rank: 83
NOEMX Calmar Ratio Rank: 85
NOEMX Martin Ratio Rank: 83

FERGX

FERGX Risk / Return Rank: 73
FERGX Sharpe Ratio Rank: 74
FERGX Sortino Ratio Rank: 58
FERGX Omega Ratio Rank: 76
FERGX Calmar Ratio Rank: 82
FERGX Martin Ratio Rank: 77

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.

NOEMX vs. FERGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Emerging Markets Equity Index Fund (NOEMX) and Fidelity SAI Emerging Markets Index Fund (FERGX). 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.

	NOEMX	FERGX	Difference
Sharpe ratio: Return per unit of total volatility	2.58	2.29	+0.30
Sortino ratio: Return per unit of downside risk	3.20	2.87	+0.33
Omega ratio: Gain probability vs. loss probability	1.48	1.44	+0.04
Calmar ratio: Return relative to maximum drawdown	3.75	3.57	+0.18
Martin ratio: Return relative to average drawdown	13.81	13.30	+0.50

NOEMX vs. FERGX - Sharpe Ratio Comparison

The current NOEMX Sharpe Ratio is 2.58, which is comparable to the FERGX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of NOEMX and FERGX, 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

NOEMX vs. FERGX - Drawdown Comparison

The maximum NOEMX drawdown since its inception was -66.67%, which is greater than FERGX's maximum drawdown of -39.27%. Use the drawdown chart below to compare losses from any high point for NOEMX and FERGX.

Drawdown Indicators

	NOEMX	FERGX	Difference
Max Drawdown Largest peak-to-trough decline	-66.67%	-39.27%	-27.40%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-13.32%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	-16.34%	-16.20%	-0.14%
Max Drawdown (5Y) Largest decline over 5 years	-37.03%	-36.97%	-0.06%
Max Drawdown (10Y) Largest decline over 10 years	-39.49%	—	—
Current Drawdown Current decline from peak	-4.92%	-4.90%	-0.02%
Average Drawdown Average peak-to-trough decline	-18.97%	-14.27%	-4.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	3.56%	-0.05%

Volatility

NOEMX vs. FERGX - Volatility Comparison

The current volatility for Northern Emerging Markets Equity Index Fund (NOEMX) is 10.27%, while Fidelity SAI Emerging Markets Index Fund (FERGX) has a volatility of 12.04%. This indicates that NOEMX experiences smaller price fluctuations and is considered to be less risky than FERGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOEMX	FERGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.27%	12.04%	-1.77%
Volatility (6M) Calculated over the trailing 6-month period	17.10%	18.91%	-1.81%
Volatility (1Y) Calculated over the trailing 1-year period	18.96%	20.81%	-1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	17.90%	-0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.72%	18.28%	-0.56%

NOEMX vs. FERGX - Expense Ratio Comparison

NOEMX has a 0.22% expense ratio, which is higher than FERGX's 0.08% 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

NOEMX vs. FERGX - Dividend Comparison

NOEMX's dividend yield for the trailing twelve months is around 2.04%, less than FERGX's 2.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FERGX Fidelity SAI Emerging Markets Index Fund	2.17%	2.67%	2.40%	2.67%	2.51%	2.90%	1.49%	2.49%	2.58%	0.58%	0.00%	0.00%
NOEMX Northern Emerging Markets Equity Index Fund	2.04%	2.53%	2.98%	3.86%	2.42%	2.87%	2.36%	3.24%	2.76%	1.74%	1.92%	2.54%

Frequently Asked Questions

Can I hold both NOEMX and FERGX in my portfolio?

NOEMX and FERGX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOEMX or FERGX?

FERGX has higher volatility (12.04%) compared to NOEMX (10.27%). In terms of maximum drawdown, NOEMX dropped -66.67% vs FERGX's -39.27%.

Which has better risk-adjusted returns?

NOEMX currently has the higher Sharpe Ratio (2.58 vs 2.29), 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.