RLEMX vs. FEMSX

Last updated Jul 25, 2026

RLEMX (Lazard Emerging Markets Equity Portfolio Class R6) and FEMSX (Fidelity Series Emerging Markets Opportunities Fund) are both Emerging Markets Equities funds. Over the past 10 years, RLEMX returned 10.12%/yr vs 11.85%/yr for FEMSX. Their correlation of 0.88 suggests significant overlap in exposure. RLEMX charges 1.38%/yr vs 0.01%/yr for FEMSX.

Performance

RLEMX vs. FEMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard Emerging Markets Equity Portfolio Class R6 (RLEMX) and Fidelity Series Emerging Markets Opportunities Fund (FEMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with RLEMX having a 24.08% return and FEMSX slightly lower at 23.69%. Over the past 10 years, RLEMX has underperformed FEMSX with an annualized return of 10.12%, while FEMSX has yielded a comparatively higher 11.85% annualized return.

RLEMX

• 1D: -0.74%
• 1M: 2.70%
• 6M: 14.58%
• YTD: 24.08%
• 1Y: 41.56%
• 3Y*: 26.16%
• 5Y*: 14.10%
• 10Y*: 10.12%
• ALL TIME*: 11.58%

FEMSX

• 1D: -0.16%
• 1M: -3.14%
• 6M: 14.07%
• YTD: 23.69%
• 1Y: 41.22%
• 3Y*: 23.19%
• 5Y*: 8.17%
• 10Y*: 11.85%
• ALL TIME*: 10.63%

*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
RLEMX Lazard Emerging Markets Equity Portfolio Class R6	$0.00	$0.00	$0.00

RLEMX vs. FEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RLEMX Lazard Emerging Markets Equity Portfolio Class R6	24.08%	41.38%	7.60%	22.42%	-14.86%	5.43%	-0.02%	17.99%	-18.11%	28.02%
FEMSX Fidelity Series Emerging Markets Opportunities Fund	23.69%	37.92%	7.84%	14.23%	-23.95%	-5.14%	24.72%	28.87%	-16.20%	49.92%

Correlation

The correlation between RLEMX and FEMSX 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	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.88

The correlation between RLEMX and FEMSX has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

Return for Risk

RLEMX vs. FEMSX — Risk / Return Rank

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

RLEMX

RLEMX Risk / Return Rank: 94
RLEMX Sharpe Ratio Rank: 97
RLEMX Sortino Ratio Rank: 94
RLEMX Omega Ratio Rank: 92
RLEMX Calmar Ratio Rank: 94
RLEMX Martin Ratio Rank: 93

FEMSX

FEMSX Risk / Return Rank: 73
FEMSX Sharpe Ratio Rank: 71
FEMSX Sortino Ratio Rank: 61
FEMSX Omega Ratio Rank: 72
FEMSX Calmar Ratio Rank: 84
FEMSX Martin Ratio Rank: 77

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.

RLEMX vs. FEMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard Emerging Markets Equity Portfolio Class R6 (RLEMX) 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.

	RLEMX	FEMSX	Difference
Sharpe ratio: Return per unit of total volatility	2.86	1.77	+1.10
Sortino ratio: Return per unit of downside risk	3.70	2.30	+1.41
Omega ratio: Gain probability vs. loss probability	1.51	1.33	+0.18
Calmar ratio: Return relative to maximum drawdown	4.03	3.05	+0.98
Martin ratio: Return relative to average drawdown	13.71	10.21	+3.50

RLEMX vs. FEMSX - Sharpe Ratio Comparison

The current RLEMX Sharpe Ratio is 2.86, which is higher than the FEMSX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of RLEMX 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

RLEMX vs. FEMSX - Drawdown Comparison

The maximum RLEMX drawdown since its inception was -44.12%, roughly equal to the maximum FEMSX drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for RLEMX and FEMSX.

Drawdown Indicators

	RLEMX	FEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-44.12%	-44.16%	+0.04%
Max Drawdown (1Y) Largest decline over 1 year	-10.41%	-13.42%	+3.01%
Max Drawdown (3Y) Largest decline over 3 years	-14.25%	-17.04%	+2.79%
Max Drawdown (5Y) Largest decline over 5 years	-29.17%	-39.12%	+9.95%
Max Drawdown (10Y) Largest decline over 10 years	-44.12%	-44.16%	+0.04%
Current Drawdown Current decline from peak	-2.25%	-7.47%	+5.22%
Average Drawdown Average peak-to-trough decline	-10.38%	-13.34%	+2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	4.00%	-0.95%

Volatility

RLEMX vs. FEMSX - Volatility Comparison

The current volatility for Lazard Emerging Markets Equity Portfolio Class R6 (RLEMX) is 4.74%, while Fidelity Series Emerging Markets Opportunities Fund (FEMSX) has a volatility of 8.24%. This indicates that RLEMX 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

	RLEMX	FEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	8.24%	-3.50%
Volatility (6M) Calculated over the trailing 6-month period	12.78%	21.16%	-8.38%
Volatility (1Y) Calculated over the trailing 1-year period	14.70%	23.18%	-8.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.58%	19.89%	-5.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.37%	19.67%	-3.30%

RLEMX vs. FEMSX - Expense Ratio Comparison

RLEMX has a 1.38% expense ratio, which is higher than FEMSX's 0.01% expense ratio.

Dividends

RLEMX vs. FEMSX - Dividend Comparison

RLEMX's dividend yield for the trailing twelve months is around 1.65%, less than FEMSX's 1.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMSX Fidelity Series Emerging Markets Opportunities Fund	1.98%	2.45%	2.08%	2.82%	2.39%	12.83%	2.99%	2.48%	9.42%	8.98%	1.46%	1.27%
RLEMX Lazard Emerging Markets Equity Portfolio Class R6	1.65%	2.05%	3.10%	3.76%	5.92%	4.89%	2.11%	2.45%	2.10%	1.99%	1.48%	0.00%

Frequently Asked Questions

Can I hold both RLEMX and FEMSX in my portfolio?

RLEMX and FEMSX 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, RLEMX or FEMSX?

FEMSX has higher volatility (8.24%) compared to RLEMX (4.74%). In terms of maximum drawdown, RLEMX dropped -44.12% vs FEMSX's -44.16%.

Which has better risk-adjusted returns?

RLEMX currently has the higher Sharpe Ratio (2.86 vs 1.77), 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.