PRASX vs. FEMKX

Last updated Jun 3, 2026

PRASX (T. Rowe Price New Asia Fund) and FEMKX (Fidelity Emerging Markets) are both mutual funds - PRASX is a Asia Pacific Equities fund managed by T. Rowe Price, while FEMKX is a Emerging Markets Equities fund managed by Fidelity. Over the past 10 years, PRASX returned 9.91%/yr vs 12.18%/yr for FEMKX. Their correlation of 0.80 suggests significant overlap in exposure. PRASX charges 0.99%/yr vs 0.88%/yr for FEMKX.

Performance

PRASX vs. FEMKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price New Asia Fund (PRASX) and Fidelity Emerging Markets (FEMKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRASX achieves a 29.44% return, which is significantly higher than FEMKX's 26.09% return. Over the past 10 years, PRASX has underperformed FEMKX with an annualized return of 9.91%, while FEMKX has yielded a comparatively higher 12.18% annualized return.

PRASX

• 1D: 2.98%
• 1M: 13.02%
• YTD: 29.44%
• 6M: 32.59%
• 1Y: 55.34%
• 3Y*: 19.99%
• 5Y*: 3.98%
• 10Y*: 9.91%

FEMKX

• 1D: 2.48%
• 1M: 9.43%
• YTD: 26.09%
• 6M: 28.52%
• 1Y: 55.76%
• 3Y*: 23.10%
• 5Y*: 6.83%
• 10Y*: 12.18%

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

PRASX vs. FEMKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRASX T. Rowe Price New Asia Fund	29.44%	26.60%	6.97%	0.83%	-22.60%	-4.33%	29.56%	26.75%	-15.13%	40.64%
FEMKX Fidelity Emerging Markets	26.09%	31.02%	7.12%	15.16%	-27.48%	1.25%	32.56%	33.67%	-18.03%	46.92%

Correlation

The correlation between PRASX and FEMKX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 3, 1991	0.80

The correlation between PRASX and FEMKX shifts across timeframes, from 0.80 (all time) to 0.94 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PRASX vs. FEMKX — Risk / Return Rank

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

PRASX

PRASX Risk / Return Rank: 82
PRASX Sharpe Ratio Rank: 90
PRASX Sortino Ratio Rank: 79
PRASX Omega Ratio Rank: 83
PRASX Calmar Ratio Rank: 82
PRASX Martin Ratio Rank: 79

FEMKX

FEMKX Risk / Return Rank: 85
FEMKX Sharpe Ratio Rank: 92
FEMKX Sortino Ratio Rank: 81
FEMKX Omega Ratio Rank: 82
FEMKX Calmar Ratio Rank: 87
FEMKX Martin Ratio Rank: 85

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.

PRASX vs. FEMKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price New Asia Fund (PRASX) and Fidelity Emerging Markets (FEMKX). 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.

	PRASX	FEMKX	Difference
Sharpe ratio Return per unit of total volatility	2.95	3.05	-0.10
Sortino ratio Return per unit of downside risk	3.74	3.85	-0.12
Omega ratio Gain probability vs. loss probability	1.55	1.55	+0.01
Calmar ratio Return relative to maximum drawdown	3.81	4.25	-0.44
Martin ratio Return relative to average drawdown	14.86	16.14	-1.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRASX vs. FEMKX - Sharpe Ratio Comparison

The current PRASX Sharpe Ratio is 2.95, which is comparable to the FEMKX Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of PRASX and FEMKX, 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

	PRASX	FEMKX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.95	3.05	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.36	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.65	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.33	+0.13

Drawdowns

PRASX vs. FEMKX - Drawdown Comparison

The maximum PRASX drawdown since its inception was -70.53%, roughly equal to the maximum FEMKX drawdown of -71.14%. Use the drawdown chart below to compare losses from any high point for PRASX and FEMKX.

Drawdown Indicators

	PRASX	FEMKX	Difference
Max Drawdown Largest peak-to-trough decline	-70.53%	-71.14%	+0.61%
Max Drawdown (1Y) Largest decline over 1 year	-14.39%	-13.00%	-1.39%
Max Drawdown (3Y) Largest decline over 3 years	-18.34%	-19.13%	+0.79%
Max Drawdown (5Y) Largest decline over 5 years	-41.93%	-40.88%	-1.05%
Max Drawdown (10Y) Largest decline over 10 years	-45.07%	-43.24%	-1.83%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-18.53%	-25.95%	+7.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	3.43%	+0.26%

Volatility

PRASX vs. FEMKX - Volatility Comparison

T. Rowe Price New Asia Fund (PRASX) and Fidelity Emerging Markets (FEMKX) have volatilities of 8.20% and 7.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRASX	FEMKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.20%	7.84%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	16.34%	16.00%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	19.25%	18.89%	+0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.04%	18.89%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.30%	18.67%	-0.37%

PRASX vs. FEMKX - Expense Ratio Comparison

PRASX has a 0.99% expense ratio, which is higher than FEMKX's 0.88% expense ratio.

Dividends

PRASX vs. FEMKX - Dividend Comparison

PRASX's dividend yield for the trailing twelve months is around 0.48%, more than FEMKX's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMKX Fidelity Emerging Markets	0.04%	0.05%	0.65%	1.11%	0.77%	6.00%	1.39%	1.71%	0.83%	0.08%	0.67%	0.51%
PRASX T. Rowe Price New Asia Fund	0.48%	0.62%	1.05%	1.77%	1.96%	14.22%	0.46%	0.77%	7.23%	9.15%	0.46%	1.31%

Frequently Asked Questions

Can I hold both PRASX and FEMKX in my portfolio?

With a correlation of 0.94, PRASX and FEMKX 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, PRASX or FEMKX?

PRASX has higher volatility (8.20%) compared to FEMKX (7.84%). In terms of maximum drawdown, PRASX dropped -70.53% vs FEMKX's -71.14%.

Which has better risk-adjusted returns?

FEMKX currently has the higher Sharpe Ratio (3.05 vs 2.95), 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.