QLVE vs. FEMVX

Last updated Jun 3, 2026

QLVE (FlexShares Emerging Markets Quality Low Volatility Index Fund) and FEMVX (Fidelity SAI Emerging Markets Value Index Fund) are both funds - QLVE is a Volatility Hedged Equity fund tracking the Northern Trust Emerging Markets Quality Low Volatility Index, while FEMVX is a Emerging Markets Diversified fund managed by Fidelity. Over the past 5 years, QLVE returned 7.88%/yr vs 13.10%/yr for FEMVX. Their correlation of 0.90 suggests significant overlap in exposure. QLVE charges 0.40%/yr vs 0.22%/yr for FEMVX.

Performance

QLVE vs. FEMVX - 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 SAI Emerging Markets Value Index Fund (FEMVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLVE achieves a 19.60% return, which is significantly lower than FEMVX's 34.98% return.

QLVE

• 1D: 0.48%
• 1M: 8.70%
• YTD: 19.60%
• 6M: 21.24%
• 1Y: 36.46%
• 3Y*: 18.97%
• 5Y*: 7.88%
• 10Y*: —

FEMVX

• 1D: 2.90%
• 1M: 13.31%
• YTD: 34.98%
• 6M: 38.86%
• 1Y: 68.08%
• 3Y*: 30.26%
• 5Y*: 13.10%
• 10Y*: —

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

QLVE vs. FEMVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	19.60%	21.87%	10.17%	8.53%	-13.10%	0.90%	25.49%
FEMVX Fidelity SAI Emerging Markets Value Index Fund	34.98%	33.95%	11.68%	17.43%	-16.98%	6.02%	35.70%

Correlation

The correlation between QLVE and FEMVX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 13, 2020	0.90

The correlation between QLVE and FEMVX has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

QLVE vs. FEMVX — Risk / Return Rank

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

QLVE

QLVE Risk / Return Rank: 68
QLVE Sharpe Ratio Rank: 66
QLVE Sortino Ratio Rank: 68
QLVE Omega Ratio Rank: 73
QLVE Calmar Ratio Rank: 63
QLVE Martin Ratio Rank: 68

FEMVX

FEMVX Risk / Return Rank: 95
FEMVX Sharpe Ratio Rank: 98
FEMVX Sortino Ratio Rank: 95
FEMVX Omega Ratio Rank: 94
FEMVX Calmar Ratio Rank: 94
FEMVX Martin Ratio Rank: 95

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. FEMVX - 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 SAI Emerging Markets Value Index Fund (FEMVX). 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	FEMVX	Difference
Sharpe ratio Return per unit of total volatility	2.23	4.07	-1.83
Sortino ratio Return per unit of downside risk	3.16	5.06	-1.91
Omega ratio Gain probability vs. loss probability	1.45	1.76	-0.31
Calmar ratio Return relative to maximum drawdown	3.19	5.47	-2.28
Martin ratio Return relative to average drawdown	12.84	21.66	-8.82
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. FEMVX - Sharpe Ratio Comparison

The current QLVE Sharpe Ratio is 2.23, which is lower than the FEMVX Sharpe Ratio of 4.07. The chart below compares the historical Sharpe Ratios of QLVE and FEMVX, 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	FEMVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	4.07	-1.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.84	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	1.18	-0.69

Drawdowns

QLVE vs. FEMVX - Drawdown Comparison

The maximum QLVE drawdown since its inception was -29.96%, roughly equal to the maximum FEMVX drawdown of -30.54%. Use the drawdown chart below to compare losses from any high point for QLVE and FEMVX.

Drawdown Indicators

	QLVE	FEMVX	Difference
Max Drawdown Largest peak-to-trough decline	-29.96%	-30.54%	+0.58%
Max Drawdown (1Y) Largest decline over 1 year	-11.60%	-12.20%	+0.60%
Max Drawdown (3Y) Largest decline over 3 years	-13.29%	-15.64%	+2.35%
Max Drawdown (5Y) Largest decline over 5 years	-23.94%	-30.54%	+6.60%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.30%	-7.69%	-0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	3.08%	-0.20%

Volatility

QLVE vs. FEMVX - Volatility Comparison

The current volatility for FlexShares Emerging Markets Quality Low Volatility Index Fund (QLVE) is 6.61%, while Fidelity SAI Emerging Markets Value Index Fund (FEMVX) has a volatility of 7.15%. This indicates that QLVE experiences smaller price fluctuations and is considered to be less risky than FEMVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLVE	FEMVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.61%	7.15%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	14.75%	14.56%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	16.40%	16.98%	-0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.47%	15.73%	-2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.79%	16.00%	-0.21%

QLVE vs. FEMVX - Expense Ratio Comparison

QLVE has a 0.40% expense ratio, which is higher than FEMVX's 0.22% expense ratio.

Dividends

QLVE vs. FEMVX - Dividend Comparison

QLVE's dividend yield for the trailing twelve months is around 2.39%, less than FEMVX's 2.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FEMVX Fidelity SAI Emerging Markets Value Index Fund	2.94%	3.97%	3.65%	4.73%	4.87%	5.00%	0.00%	0.00%
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fund	2.39%	3.14%	3.11%	3.00%	2.48%	2.57%	1.66%	1.27%

Frequently Asked Questions

Can I hold both QLVE and FEMVX in my portfolio?

QLVE and FEMVX have a correlation of 0.85, 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 FEMVX?

FEMVX has higher volatility (7.15%) compared to QLVE (6.61%). In terms of maximum drawdown, QLVE dropped -29.96% vs FEMVX's -30.54%.

Which has better risk-adjusted returns?

FEMVX currently has the higher Sharpe Ratio (4.07 vs 2.23), 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.