SPEM vs. FEMSX

Last updated Jun 4, 2026

SPEM (SPDR Portfolio Emerging Markets ETF) and FEMSX (Fidelity Series Emerging Markets Opportunities Fund) are both Emerging Markets Equities funds. Over the past 10 years, SPEM returned 9.45%/yr vs 13.44%/yr for FEMSX. Their correlation of 0.92 suggests significant overlap in exposure. SPEM charges 0.11%/yr vs 0.01%/yr for FEMSX.

Performance

SPEM vs. FEMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Emerging Markets ETF (SPEM) 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, SPEM achieves a 12.45% return, which is significantly lower than FEMSX's 33.67% return. Over the past 10 years, SPEM has underperformed FEMSX with an annualized return of 9.45%, while FEMSX has yielded a comparatively higher 13.44% annualized return.

SPEM

• 1D: -1.40%
• 1M: 3.20%
• YTD: 12.45%
• 6M: 14.11%
• 1Y: 31.35%
• 3Y*: 18.73%
• 5Y*: 5.70%
• 10Y*: 9.45%

FEMSX

• 1D: 1.45%
• 1M: 10.61%
• YTD: 33.67%
• 6M: 37.91%
• 1Y: 67.03%
• 3Y*: 28.65%
• 5Y*: 8.84%
• 10Y*: 13.44%

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

SPEM vs. FEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPEM SPDR Portfolio Emerging Markets ETF	12.45%	25.63%	11.40%	10.51%	-17.90%	1.51%	14.55%	19.69%	-13.26%	34.82%
FEMSX Fidelity Series Emerging Markets Opportunities Fund	33.67%	37.92%	7.84%	14.23%	-23.95%	-5.14%	24.72%	28.87%	-16.20%	49.92%

Correlation

The correlation between SPEM and FEMSX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 11, 2008	0.92

The correlation between SPEM and FEMSX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

SPEM vs. FEMSX — Risk / Return Rank

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

SPEM

SPEM Risk / Return Rank: 57
SPEM Sharpe Ratio Rank: 57
SPEM Sortino Ratio Rank: 56
SPEM Omega Ratio Rank: 58
SPEM Calmar Ratio Rank: 55
SPEM Martin Ratio Rank: 57

FEMSX

FEMSX Risk / Return Rank: 93
FEMSX Sharpe Ratio Rank: 96
FEMSX Sortino Ratio Rank: 91
FEMSX Omega Ratio Rank: 91
FEMSX Calmar Ratio Rank: 92
FEMSX Martin Ratio Rank: 93

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.

SPEM vs. FEMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Emerging Markets ETF (SPEM) 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.

	SPEM	FEMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	3.58	-1.60
Sortino ratio: Return per unit of downside risk	2.73	4.41	-1.67
Omega ratio: Gain probability vs. loss probability	1.36	1.66	-0.29
Calmar ratio: Return relative to maximum drawdown	2.77	5.05	-2.28
Martin ratio: Return relative to average drawdown	10.14	20.16	-10.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPEM vs. FEMSX - Sharpe Ratio Comparison

The current SPEM Sharpe Ratio is 1.98, which is lower than the FEMSX Sharpe Ratio of 3.58. The chart below compares the historical Sharpe Ratios of SPEM 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.

Sharpe Ratios by Period

	SPEM	FEMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	3.58	-1.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.47	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.70	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.57	-0.34

Drawdowns

SPEM vs. FEMSX - Drawdown Comparison

The maximum SPEM drawdown since its inception was -64.41%, which is greater than FEMSX's maximum drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for SPEM and FEMSX.

Drawdown Indicators

	SPEM	FEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-44.16%	-20.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.36%	-13.42%	+2.06%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-17.04%	-0.58%
Max Drawdown (5Y) Largest decline over 5 years	-31.88%	-41.64%	+9.76%
Max Drawdown (10Y) Largest decline over 10 years	-36.06%	-44.16%	+8.10%
Current Drawdown Current decline from peak	-1.40%	0.00%	-1.40%
Average Drawdown Average peak-to-trough decline	-14.75%	-13.41%	-1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	3.36%	-0.26%

Volatility

SPEM vs. FEMSX - Volatility Comparison

The current volatility for SPDR Portfolio Emerging Markets ETF (SPEM) is 5.69%, while Fidelity Series Emerging Markets Opportunities Fund (FEMSX) has a volatility of 7.96%. This indicates that SPEM 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

	SPEM	FEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.69%	7.96%	-2.27%
Volatility (6M) Calculated over the trailing 6-month period	13.29%	16.40%	-3.11%
Volatility (1Y) Calculated over the trailing 1-year period	15.92%	18.95%	-3.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.13%	19.03%	-1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	19.34%	-0.54%

SPEM vs. FEMSX - Expense Ratio Comparison

SPEM has a 0.11% expense ratio, which is higher than FEMSX's 0.01% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPEM vs. FEMSX - Dividend Comparison

SPEM's dividend yield for the trailing twelve months is around 2.47%, more than FEMSX's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMSX Fidelity Series Emerging Markets Opportunities Fund	1.83%	2.45%	2.08%	2.82%	2.39%	12.83%	2.99%	2.48%	9.42%	8.98%	1.46%	1.27%
SPEM SPDR Portfolio Emerging Markets ETF	2.47%	2.77%	2.78%	2.80%	3.38%	3.14%	1.92%	2.94%	2.34%	1.12%	1.51%	2.40%

Frequently Asked Questions

Can I hold both SPEM and FEMSX in my portfolio?

With a correlation of 0.90, SPEM 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, SPEM or FEMSX?

FEMSX has higher volatility (7.96%) compared to SPEM (5.69%). In terms of maximum drawdown, SPEM dropped -64.41% vs FEMSX's -44.16%.

Which has better risk-adjusted returns?

FEMSX currently has the higher Sharpe Ratio (3.58 vs 1.98), 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.