PEPFX vs. FEMSX

Last updated Aug 1, 2026

PEPFX (PIMCO RAE Emerging Markets Fund) and FEMSX (Fidelity Series Emerging Markets Opportunities Fund) are both Emerging Markets Equities funds. Over the past 10 years, PEPFX returned 10.02%/yr vs 11.35%/yr for FEMSX. Their correlation of 0.86 means they have usually moved in the same direction. PEPFX charges 0.85%/yr vs 0.01%/yr for FEMSX.

Performance

PEPFX vs. FEMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAE Emerging Markets Fund (PEPFX) 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, PEPFX achieves a 11.49% return, which is significantly lower than FEMSX's 20.45% return. Over the past 10 years, PEPFX has underperformed FEMSX with an annualized return of 10.02%, while FEMSX has yielded a comparatively higher 11.35% annualized return.

PEPFX

• 1D: 2.18%
• 1M: 2.66%
• 6M: 1.47%
• YTD: 11.49%
• 1Y: 19.33%
• 3Y*: 12.34%
• 5Y*: 8.30%
• 10Y*: 10.02%
• ALL TIME*: 8.69%

FEMSX

• 1D: 4.14%
• 1M: -3.48%
• 6M: 9.96%
• YTD: 20.45%
• 1Y: 42.08%
• 3Y*: 21.01%
• 5Y*: 8.08%
• 10Y*: 11.35%
• ALL TIME*: 10.45%

*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
PEPFX PIMCO RAE Emerging Markets Fund	$0.00	$0.00	$0.00

PEPFX vs. FEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEPFX PIMCO RAE Emerging Markets Fund	11.49%	20.60%	2.45%	22.46%	-10.50%	15.79%	9.76%	13.56%	-12.62%	29.07%
FEMSX Fidelity Series Emerging Markets Opportunities Fund	20.45%	37.92%	7.84%	14.23%	-23.95%	-5.14%	24.72%	28.87%	-16.20%	49.92%

Correlation

The correlation between PEPFX and FEMSX is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (5Y) Shows whether the relationship held over a longer period.	0.80
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Jun 10, 2015	0.86

The correlation between PEPFX and FEMSX shifts across timeframes, from 0.76 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PEPFX vs. FEMSX — Risk / Return Rank

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

PEPFX

PEPFX Risk / Return Rank: 32
PEPFX Sharpe Ratio Rank: 32
PEPFX Sortino Ratio Rank: 29
PEPFX Omega Ratio Rank: 33
PEPFX Calmar Ratio Rank: 39
PEPFX Martin Ratio Rank: 28

FEMSX

FEMSX Risk / Return Rank: 75
FEMSX Sharpe Ratio Rank: 73
FEMSX Sortino Ratio Rank: 65
FEMSX Omega Ratio Rank: 73
FEMSX Calmar Ratio Rank: 86
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.

PEPFX vs. FEMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAE Emerging Markets Fund (PEPFX) 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.

	PEPFX	FEMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.05	1.66	-0.61
Sortino ratio: Return per unit of downside risk	1.44	2.18	-0.74
Omega ratio: Gain probability vs. loss probability	1.20	1.31	-0.11
Calmar ratio: Return relative to maximum drawdown	1.63	2.94	-1.31
Martin ratio: Return relative to average drawdown	4.18	9.26	-5.08

PEPFX vs. FEMSX - Sharpe Ratio Comparison

The current PEPFX Sharpe Ratio is 1.05, which is lower than the FEMSX Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of PEPFX 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

PEPFX vs. FEMSX - Drawdown Comparison

The maximum PEPFX drawdown since its inception was -46.88%, which is greater than FEMSX's maximum drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for PEPFX and FEMSX.

Drawdown Indicators

	PEPFX	FEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-46.88%	-44.16%	-2.72%
Max Drawdown (1Y) Largest decline over 1 year	-9.99%	-13.47%	+3.48%
Max Drawdown (3Y) Largest decline over 3 years	-22.09%	-17.04%	-5.05%
Max Drawdown (5Y) Largest decline over 5 years	-25.99%	-39.12%	+13.13%
Max Drawdown (10Y) Largest decline over 10 years	-46.88%	-44.16%	-2.72%
Current Drawdown Current decline from peak	-5.76%	-9.89%	+4.13%
Average Drawdown Average peak-to-trough decline	-11.03%	-13.34%	+2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	4.27%	-0.38%

Volatility

PEPFX vs. FEMSX - Volatility Comparison

The current volatility for PIMCO RAE Emerging Markets Fund (PEPFX) is 5.02%, while Fidelity Series Emerging Markets Opportunities Fund (FEMSX) has a volatility of 9.64%. This indicates that PEPFX 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

	PEPFX	FEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	9.64%	-4.62%
Volatility (6M) Calculated over the trailing 6-month period	12.51%	21.81%	-9.30%
Volatility (1Y) Calculated over the trailing 1-year period	15.45%	23.84%	-8.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.07%	19.97%	-4.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.21%	19.75%	-2.54%

PEPFX vs. FEMSX - Expense Ratio Comparison

PEPFX has a 0.85% expense ratio, which is higher than FEMSX's 0.01% expense ratio.

Dividends

PEPFX vs. FEMSX - Dividend Comparison

PEPFX's dividend yield for the trailing twelve months is around 2.61%, more than FEMSX's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMSX Fidelity Series Emerging Markets Opportunities Fund	2.03%	2.45%	2.08%	2.82%	2.39%	12.83%	2.99%	2.48%	9.42%	8.98%	1.46%	1.27%
PEPFX PIMCO RAE Emerging Markets Fund	2.61%	2.91%	1.99%	4.05%	11.30%	9.12%	9.73%	2.21%	11.05%	8.06%	2.74%	2.46%

Frequently Asked Questions

Can I hold both PEPFX and FEMSX in my portfolio?

PEPFX and FEMSX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEPFX or FEMSX?

FEMSX has higher volatility (9.64%) compared to PEPFX (5.02%). In terms of maximum drawdown, PEPFX dropped -46.88% vs FEMSX's -44.16%.

Which has better risk-adjusted returns?

FEMSX currently has the higher Sharpe Ratio (1.66 vs 1.05), 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.