QTELX vs. FEMSX

Last updated Aug 1, 2026

QTELX (AQR Emerging Multi-Style II Fund) and FEMSX (Fidelity Series Emerging Markets Opportunities Fund) are both Emerging Markets Equities funds. Over the past 10 years, QTELX returned 8.81%/yr vs 11.35%/yr for FEMSX. Their 0.95 correlation means they have historically moved very closely together. QTELX charges 0.70%/yr vs 0.01%/yr for FEMSX.

Performance

QTELX vs. FEMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Emerging Multi-Style II Fund (QTELX) 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, QTELX achieves a 16.53% return, which is significantly lower than FEMSX's 20.45% return. Over the past 10 years, QTELX has underperformed FEMSX with an annualized return of 8.81%, while FEMSX has yielded a comparatively higher 11.35% annualized return.

QTELX

• 1D: 4.19%
• 1M: -3.99%
• 6M: 6.24%
• YTD: 16.53%
• 1Y: 34.92%
• 3Y*: 20.24%
• 5Y*: 8.36%
• 10Y*: 8.81%
• ALL TIME*: 9.52%

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
QTELX AQR Emerging Multi-Style II Fund	$0.00	$0.00	$0.00

QTELX vs. FEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QTELX AQR Emerging Multi-Style II Fund	16.53%	32.89%	11.82%	12.66%	-21.29%	0.92%	16.90%	14.27%	-16.22%	37.15%
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 QTELX and FEMSX is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	0.95
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.95

The correlation between QTELX and FEMSX has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

QTELX vs. FEMSX — Risk / Return Rank

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

QTELX

QTELX Risk / Return Rank: 53
QTELX Sharpe Ratio Rank: 51
QTELX Sortino Ratio Rank: 45
QTELX Omega Ratio Rank: 56
QTELX Calmar Ratio Rank: 63
QTELX Martin Ratio Rank: 51

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.

QTELX vs. FEMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Emerging Multi-Style II Fund (QTELX) 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.

	QTELX	FEMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.66	-0.27
Sortino ratio: Return per unit of downside risk	1.87	2.18	-0.32
Omega ratio: Gain probability vs. loss probability	1.27	1.31	-0.04
Calmar ratio: Return relative to maximum drawdown	2.18	2.94	-0.76
Martin ratio: Return relative to average drawdown	7.15	9.26	-2.11

QTELX vs. FEMSX - Sharpe Ratio Comparison

The current QTELX Sharpe Ratio is 1.39, which is comparable to the FEMSX Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of QTELX 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

QTELX vs. FEMSX - Drawdown Comparison

The maximum QTELX drawdown since its inception was -40.55%, smaller than the maximum FEMSX drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for QTELX and FEMSX.

Drawdown Indicators

	QTELX	FEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-40.55%	-44.16%	+3.61%
Max Drawdown (1Y) Largest decline over 1 year	-14.71%	-13.47%	-1.24%
Max Drawdown (3Y) Largest decline over 3 years	-16.94%	-17.04%	+0.10%
Max Drawdown (5Y) Largest decline over 5 years	-34.86%	-39.12%	+4.26%
Max Drawdown (10Y) Largest decline over 10 years	-40.55%	-44.16%	+3.61%
Current Drawdown Current decline from peak	-11.14%	-9.89%	-1.25%
Average Drawdown Average peak-to-trough decline	-12.35%	-13.34%	+0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.47%	4.27%	+0.20%

Volatility

QTELX vs. FEMSX - Volatility Comparison

AQR Emerging Multi-Style II Fund (QTELX) has a higher volatility of 10.16% compared to Fidelity Series Emerging Markets Opportunities Fund (FEMSX) at 9.64%. This indicates that QTELX's price experiences larger fluctuations and is considered to be riskier than FEMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QTELX	FEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.16%	9.64%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	21.02%	21.81%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	23.02%	23.84%	-0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.16%	19.97%	-1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.31%	19.75%	-1.44%

QTELX vs. FEMSX - Expense Ratio Comparison

QTELX has a 0.70% expense ratio, which is higher than FEMSX's 0.01% expense ratio.

Dividends

QTELX vs. FEMSX - Dividend Comparison

QTELX's dividend yield for the trailing twelve months is around 3.62%, 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%
QTELX AQR Emerging Multi-Style II Fund	3.62%	4.21%	4.84%	5.65%	4.60%	2.42%	1.53%	2.32%	2.32%	1.55%	2.51%	0.00%

Frequently Asked Questions

Can I hold both QTELX and FEMSX in my portfolio?

With a correlation of 0.96, QTELX and FEMSX 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, QTELX or FEMSX?

QTELX has higher volatility (10.16%) compared to FEMSX (9.64%). In terms of maximum drawdown, QTELX dropped -40.55% vs FEMSX's -44.16%.

Which has better risk-adjusted returns?

FEMSX currently has the higher Sharpe Ratio (1.66 vs 1.39), 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.