QLVE vs. FDEM

Last updated Jun 4, 2026

QLVE (FlexShares Emerging Markets Quality Low Volatility Index Fund) and FDEM (Fidelity Emerging Markets Multifactor ETF) are both exchange-traded funds - QLVE is a Volatility Hedged Equity fund tracking the Northern Trust Emerging Markets Quality Low Volatility Index, while FDEM is a Emerging Markets Equities fund tracking the Fidelity Targeted Emerging Markets Factor Index. Both are passively managed. Over the past 5 years, QLVE returned 7.43%/yr vs 9.43%/yr for FDEM. Their correlation of 0.88 suggests significant overlap in exposure. QLVE charges 0.40%/yr vs 0.45%/yr for FDEM.

Performance

QLVE vs. FDEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE) and Fidelity Emerging Markets Multifactor ETF (FDEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLVE achieves a 18.06% return, which is significantly lower than FDEM's 22.58% return.

QLVE

• 1D: -1.29%
• 1M: 7.29%
• YTD: 18.06%
• 6M: 19.74%
• 1Y: 34.41%
• 3Y*: 18.46%
• 5Y*: 7.43%
• 10Y*: —

FDEM

• 1D: -1.46%
• 1M: 7.69%
• YTD: 22.58%
• 6M: 24.26%
• 1Y: 45.52%
• 3Y*: 23.79%
• 5Y*: 9.43%
• 10Y*: —

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

QLVE vs. FDEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	18.06%	21.87%	10.17%	8.53%	-13.10%	0.90%	4.16%	4.98%
FDEM Fidelity Emerging Markets Multifactor ETF	22.58%	26.75%	9.34%	17.26%	-13.11%	-3.52%	8.87%	4.76%

Correlation

The correlation between QLVE and FDEM is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	0.88

The correlation between QLVE and FDEM has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

QLVE vs. FDEM - Sectors Allocation Comparison

Sectors	QLVE	FDEM
Technology	59.6%	31.8%
Financial Services	38.5%	16.3%
Communication Services	18.4%	10.6%
Consumer Defensive	10.8%	7.6%
Consumer Cyclical	10.4%	12.2%
Healthcare	7.6%	-
Energy	7.2%	8.3%
Industrials	7.1%	4.8%
Basic Materials	5.5%	3.2%
Utilities	5.4%	-
Real Estate	0.1%	5.2%

Return for Risk

QLVE vs. FDEM — Risk / Return Rank

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

QLVE

QLVE Risk / Return Rank: 64
QLVE Sharpe Ratio Rank: 62
QLVE Sortino Ratio Rank: 64
QLVE Omega Ratio Rank: 70
QLVE Calmar Ratio Rank: 60
QLVE Martin Ratio Rank: 66

FDEM

FDEM Risk / Return Rank: 76
FDEM Sharpe Ratio Rank: 80
FDEM Sortino Ratio Rank: 76
FDEM Omega Ratio Rank: 78
FDEM Calmar Ratio Rank: 71
FDEM Martin Ratio Rank: 74

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.

QLVE vs. FDEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE) and Fidelity Emerging Markets Multifactor ETF (FDEM). 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.

	QLVE	FDEM	Difference
Sharpe ratio Return per unit of total volatility	2.10	2.63	-0.53
Sortino ratio Return per unit of downside risk	2.99	3.46	-0.47
Omega ratio Gain probability vs. loss probability	1.42	1.48	-0.06
Calmar ratio Return relative to maximum drawdown	2.98	3.60	-0.62
Martin ratio Return relative to average drawdown	11.97	14.12	-2.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLVE vs. FDEM - Sharpe Ratio Comparison

The current QLVE Sharpe Ratio is 2.10, which is comparable to the FDEM Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of QLVE and FDEM, 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

	QLVE	FDEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	2.63	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.59	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.53	-0.05

Drawdowns

QLVE vs. FDEM - Drawdown Comparison

The maximum QLVE drawdown since its inception was -29.96%, smaller than the maximum FDEM drawdown of -33.65%. Use the drawdown chart below to compare losses from any high point for QLVE and FDEM.

Drawdown Indicators

	QLVE	FDEM	Difference
Max Drawdown Largest peak-to-trough decline	-29.96%	-33.65%	+3.69%
Max Drawdown (1Y) Largest decline over 1 year	-11.60%	-12.70%	+1.10%
Max Drawdown (3Y) Largest decline over 3 years	-13.29%	-16.04%	+2.75%
Max Drawdown (5Y) Largest decline over 5 years	-23.94%	-29.02%	+5.08%
Current Drawdown Current decline from peak	-1.29%	-1.46%	+0.17%
Average Drawdown Average peak-to-trough decline	-8.29%	-8.84%	+0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	3.23%	-0.35%

Volatility

QLVE vs. FDEM - Volatility Comparison

The current volatility for FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE) is 6.82%, while Fidelity Emerging Markets Multifactor ETF (FDEM) has a volatility of 7.26%. This indicates that QLVE experiences smaller price fluctuations and is considered to be less risky than FDEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLVE	FDEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.82%	7.26%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	14.82%	15.03%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	16.46%	17.36%	-0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.48%	16.13%	-2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.79%	17.91%	-2.12%

QLVE vs. FDEM - Expense Ratio Comparison

QLVE has a 0.40% expense ratio, which is lower than FDEM's 0.45% expense ratio.

Dividends

QLVE vs. FDEM - Dividend Comparison

QLVE's dividend yield for the trailing twelve months is around 2.42%, less than FDEM's 2.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FDEM Fidelity Emerging Markets Multifactor ETF	2.66%	3.23%	4.05%	4.41%	3.95%	2.71%	1.84%	2.39%
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	2.42%	3.14%	3.11%	3.00%	2.48%	2.57%	1.66%	1.27%

Frequently Asked Questions

Can I hold both QLVE and FDEM in my portfolio?

QLVE and FDEM have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QLVE or FDEM?

FDEM has higher volatility (7.26%) compared to QLVE (6.82%). In terms of maximum drawdown, QLVE dropped -29.96% vs FDEM's -33.65%.

Which ETF is better, QLVE or FDEM?

On 5-year performance, FDEM leads with 9.43% vs 7.43% for QLVE. On fees, QLVE is cheaper at 0.40% per year. On volatility, QLVE has been the lower-risk option at 6.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLVE or FDEM?

Over the 5-year period, FDEM has performed better with a 9.43% return vs 7.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLVE or FDEM?

QLVE is cheaper with a 0.40% expense ratio, compared with 0.45% for FDEM.

Which ETF pays a higher dividend yield, QLVE or FDEM?

FDEM has the higher dividend yield at 2.66%, compared with 2.42% for QLVE.

What is the main difference between QLVE and FDEM?

QLVE is categorized as Volatility Hedged Equity, while FDEM is Emerging Markets Equities. QLVE tracks Northern Trust Emerging Markets Quality Low Volatility Index, while FDEM tracks Fidelity Targeted Emerging Markets Factor Index. They also come from different issuers: Northern Trust and Fidelity. Their fees differ too: 0.40% for QLVE and 0.45% for FDEM.

Which has better risk-adjusted returns?

FDEM currently has the higher Sharpe Ratio (2.63 vs 2.10), 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.