SEMGX vs. FEMSX

Last updated Aug 6, 2026

SEMGX (DWS Emerging Markets Equity Fund) and FEMSX (Fidelity Series Emerging Markets Opportunities Fund) are both Emerging Markets Equities funds. Over the past 10 years, SEMGX returned 7.90%/yr vs 11.70%/yr for FEMSX. Their correlation of 0.94 means they have usually moved in the same direction. SEMGX charges 0.98%/yr vs 0.01%/yr for FEMSX.

Performance

SEMGX vs. FEMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS Emerging Markets Equity Fund (SEMGX) 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 investments are quite close, with SEMGX having a 24.51% return and FEMSX slightly higher at 25.35%. Over the past 10 years, SEMGX has underperformed FEMSX with an annualized return of 7.90%, while FEMSX has yielded a comparatively higher 11.70% annualized return.

SEMGX

• 1D: 1.96%
• 1M: -5.34%
• 6M: 14.66%
• YTD: 24.51%
• 1Y: 42.90%
• 3Y*: 21.00%
• 5Y*: 5.50%
• 10Y*: 7.90%
• ALL TIME*: 5.24%

FEMSX

• 1D: 1.81%
• 1M: -2.92%
• 6M: 14.74%
• YTD: 25.35%
• 1Y: 45.62%
• 3Y*: 23.95%
• 5Y*: 8.65%
• 10Y*: 11.70%
• ALL TIME*: 10.70%

*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
SEMGX DWS Emerging Markets Equity Fund	$0.00	$0.00	$0.00

SEMGX vs. FEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SEMGX DWS Emerging Markets Equity Fund	24.51%	28.85%	7.48%	6.32%	-21.66%	-11.60%	18.65%	19.23%	-12.25%	37.71%
FEMSX Fidelity Series Emerging Markets Opportunities Fund	25.35%	37.92%	7.84%	14.23%	-23.95%	-5.14%	24.72%	28.87%	-16.20%	49.92%

Correlation

The correlation between SEMGX and FEMSX is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Dec 10, 2008	0.94

The correlation between SEMGX and FEMSX has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

Return for Risk

SEMGX vs. FEMSX — Risk / Return Rank

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

SEMGX

SEMGX Risk / Return Rank: 54
SEMGX Sharpe Ratio Rank: 56
SEMGX Sortino Ratio Rank: 43
SEMGX Omega Ratio Rank: 56
SEMGX Calmar Ratio Rank: 61
SEMGX Martin Ratio Rank: 52

FEMSX

FEMSX Risk / Return Rank: 74
FEMSX Sharpe Ratio Rank: 76
FEMSX Sortino Ratio Rank: 60
FEMSX Omega Ratio Rank: 73
FEMSX Calmar Ratio Rank: 87
FEMSX Martin Ratio Rank: 74

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.

SEMGX vs. FEMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS Emerging Markets Equity Fund (SEMGX) 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.

	SEMGX	FEMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.95	-0.25
Sortino ratio: Return per unit of downside risk	2.17	2.48	-0.31
Omega ratio: Gain probability vs. loss probability	1.32	1.36	-0.04
Calmar ratio: Return relative to maximum drawdown	2.45	3.45	-1.01
Martin ratio: Return relative to average drawdown	8.20	10.68	-2.48

SEMGX vs. FEMSX - Sharpe Ratio Comparison

The current SEMGX Sharpe Ratio is 1.70, which is comparable to the FEMSX Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of SEMGX 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

SEMGX vs. FEMSX - Drawdown Comparison

The maximum SEMGX drawdown since its inception was -67.21%, which is greater than FEMSX's maximum drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for SEMGX and FEMSX.

Drawdown Indicators

	SEMGX	FEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-67.21%	-44.16%	-23.05%
Max Drawdown (1Y) Largest decline over 1 year	-17.84%	-13.47%	-4.37%
Max Drawdown (3Y) Largest decline over 3 years	-18.37%	-17.04%	-1.33%
Max Drawdown (5Y) Largest decline over 5 years	-37.63%	-39.12%	+1.49%
Max Drawdown (10Y) Largest decline over 10 years	-45.82%	-44.16%	-1.66%
Current Drawdown Current decline from peak	-9.68%	-6.22%	-3.46%
Average Drawdown Average peak-to-trough decline	-25.15%	-13.33%	-11.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.30%	4.35%	+0.95%

Volatility

SEMGX vs. FEMSX - Volatility Comparison

DWS Emerging Markets Equity Fund (SEMGX) has a higher volatility of 11.89% compared to Fidelity Series Emerging Markets Opportunities Fund (FEMSX) at 8.93%. This indicates that SEMGX'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

	SEMGX	FEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.89%	8.93%	+2.96%
Volatility (6M) Calculated over the trailing 6-month period	23.41%	21.83%	+1.58%
Volatility (1Y) Calculated over the trailing 1-year period	25.76%	23.89%	+1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.00%	19.99%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.94%	19.77%	-0.83%

SEMGX vs. FEMSX - Expense Ratio Comparison

SEMGX has a 0.98% expense ratio, which is higher than FEMSX's 0.01% expense ratio.

Dividends

SEMGX vs. FEMSX - Dividend Comparison

SEMGX's dividend yield for the trailing twelve months is around 2.41%, more than FEMSX's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMSX Fidelity Series Emerging Markets Opportunities Fund	1.95%	2.45%	2.08%	2.82%	2.39%	12.83%	2.99%	2.48%	9.42%	8.98%	1.46%	1.27%
SEMGX DWS Emerging Markets Equity Fund	2.41%	3.00%	0.15%	2.16%	2.16%	1.71%	1.23%	1.94%	0.71%	0.62%	0.54%	0.23%

Frequently Asked Questions

Can I hold both SEMGX and FEMSX in my portfolio?

SEMGX and FEMSX 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, SEMGX or FEMSX?

SEMGX has higher volatility (11.89%) compared to FEMSX (8.93%). In terms of maximum drawdown, SEMGX dropped -67.21% vs FEMSX's -44.16%.

Which has better risk-adjusted returns?

FEMSX currently has the higher Sharpe Ratio (1.95 vs 1.70), 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.