TEMLX vs. FPADX

Last updated Jun 24, 2026

TEMLX (TIAA-CREF Emerging Markets Equity Fund) and FPADX (Fidelity Emerging Markets Index Fund) are both Emerging Markets Diversified funds. Over the past 10 years, TEMLX returned 9.41%/yr vs 10.60%/yr for FPADX. Their correlation of 0.94 suggests significant overlap in exposure. TEMLX charges 0.90%/yr vs 0.07%/yr for FPADX.

Performance

TEMLX vs. FPADX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Emerging Markets Equity Fund (TEMLX) and Fidelity Emerging Markets Index Fund (FPADX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TEMLX achieves a 24.68% return, which is significantly lower than FPADX's 29.97% return. Over the past 10 years, TEMLX has underperformed FPADX with an annualized return of 9.41%, while FPADX has yielded a comparatively higher 10.60% annualized return.

TEMLX

• 1D: 0.95%
• 1M: 6.88%
• YTD: 24.68%
• 6M: 26.42%
• 1Y: 53.39%
• 3Y*: 20.68%
• 5Y*: 4.14%
• 10Y*: 9.41%

FPADX

• 1D: 0.17%
• 1M: 7.56%
• YTD: 29.97%
• 6M: 31.22%
• 1Y: 54.93%
• 3Y*: 24.86%
• 5Y*: 8.23%
• 10Y*: 10.60%

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

TEMLX vs. FPADX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TEMLX TIAA-CREF Emerging Markets Equity Fund	24.68%	36.01%	-0.29%	13.98%	-20.02%	-16.65%	18.19%	28.64%	-18.17%	44.30%
FPADX Fidelity Emerging Markets Index Fund	29.97%	33.90%	6.80%	9.51%	-20.06%	-3.07%	17.84%	18.28%	-14.65%	35.16%

Correlation

The correlation between TEMLX and FPADX is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.94

The correlation between TEMLX and FPADX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

TEMLX vs. FPADX — Risk / Return Rank

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

TEMLX

TEMLX Risk / Return Rank: 78
TEMLX Sharpe Ratio Rank: 83
TEMLX Sortino Ratio Rank: 65
TEMLX Omega Ratio Rank: 79
TEMLX Calmar Ratio Rank: 84
TEMLX Martin Ratio Rank: 79

FPADX

FPADX Risk / Return Rank: 86
FPADX Sharpe Ratio Rank: 91
FPADX Sortino Ratio Rank: 80
FPADX Omega Ratio Rank: 85
FPADX Calmar Ratio Rank: 89
FPADX Martin Ratio Rank: 88

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.

TEMLX vs. FPADX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Emerging Markets Equity Fund (TEMLX) and Fidelity Emerging Markets Index Fund (FPADX). 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.

	TEMLX	FPADX	Difference
Sharpe ratio: Return per unit of total volatility	2.51	2.78	-0.27
Sortino ratio: Return per unit of downside risk	3.09	3.46	-0.37
Omega ratio: Gain probability vs. loss probability	1.47	1.53	-0.06
Calmar ratio: Return relative to maximum drawdown	3.77	4.22	-0.45
Martin ratio: Return relative to average drawdown	13.71	15.86	-2.15

TEMLX vs. FPADX - Sharpe Ratio Comparison

The current TEMLX Sharpe Ratio is 2.51, which is comparable to the FPADX Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of TEMLX and FPADX, 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

TEMLX vs. FPADX - Drawdown Comparison

The maximum TEMLX drawdown since its inception was -47.40%, which is greater than FPADX's maximum drawdown of -39.16%. Use the drawdown chart below to compare losses from any high point for TEMLX and FPADX.

Drawdown Indicators

	TEMLX	FPADX	Difference
Max Drawdown Largest peak-to-trough decline	-47.40%	-39.16%	-8.24%
Max Drawdown (1Y) Largest decline over 1 year	-14.26%	-13.28%	-0.98%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	-16.09%	-4.68%
Max Drawdown (5Y) Largest decline over 5 years	-44.88%	-36.86%	-8.02%
Max Drawdown (10Y) Largest decline over 10 years	-47.40%	-39.16%	-8.24%
Current Drawdown Current decline from peak	-1.39%	-0.06%	-1.33%
Average Drawdown Average peak-to-trough decline	-17.71%	-13.22%	-4.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.90%	3.52%	+0.38%

Volatility

TEMLX vs. FPADX - Volatility Comparison

TIAA-CREF Emerging Markets Equity Fund (TEMLX) and Fidelity Emerging Markets Index Fund (FPADX) have volatilities of 10.76% and 10.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TEMLX	FPADX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.76%	10.85%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	18.82%	18.16%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	21.43%	20.17%	+1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.13%	17.63%	+2.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.23%	18.05%	+2.18%

TEMLX vs. FPADX - Expense Ratio Comparison

TEMLX has a 0.90% expense ratio, which is higher than FPADX's 0.08% expense ratio.

Dividends

TEMLX vs. FPADX - Dividend Comparison

TEMLX's dividend yield for the trailing twelve months is around 2.77%, more than FPADX's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPADX Fidelity Emerging Markets Index Fund	1.81%	2.35%	2.70%	2.68%	2.47%	2.14%	1.50%	2.59%	2.20%	0.12%	1.69%	2.47%
TEMLX TIAA-CREF Emerging Markets Equity Fund	2.77%	3.46%	2.64%	3.25%	0.05%	24.53%	8.93%	1.42%	4.51%	3.55%	0.93%	1.00%

Frequently Asked Questions

Can I hold both TEMLX and FPADX in my portfolio?

With a correlation of 0.95, TEMLX and FPADX 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, TEMLX or FPADX?

FPADX has higher volatility (10.85%) compared to TEMLX (10.76%). In terms of maximum drawdown, TEMLX dropped -47.40% vs FPADX's -39.16%.

Which has better risk-adjusted returns?

FPADX currently has the higher Sharpe Ratio (2.78 vs 2.51), 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.