V3NM.L vs. FSEM.L

Last updated Jun 5, 2026

V3NM.L (Vanguard ESG North America All Cap UCITS ETF USD Income) and FSEM.L (Fidelity Sustainable USD EM Bond UCITS ETF Inc) are both exchange-traded funds - V3NM.L is a ESG fund tracking the FTSE North America All Cap Choice Index, while FSEM.L is a Emerging Markets Bonds fund actively managed by Fidelity. V3NM.L is passively managed, while FSEM.L is actively managed. Over the past 3 years, V3NM.L returned 18.93%/yr vs 6.08%/yr for FSEM.L. At a 0.34 correlation, their price movements are largely independent.

Performance

V3NM.L vs. FSEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard ESG North America All Cap UCITS ETF USD Income (V3NM.L) and Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

V3NM.L is traded in GBP, while FSEM.L is traded in USD. To make them comparable, the FSEM.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, V3NM.L achieves a 10.38% return, which is significantly higher than FSEM.L's 3.32% return.

V3NM.L

• 1D: 0.19%
• 1M: 6.47%
• YTD: 10.38%
• 6M: 10.33%
• 1Y: 29.16%
• 3Y*: 18.93%
• 5Y*: —
• 10Y*: —

FSEM.L

• 1D: 0.09%
• 1M: 1.82%
• YTD: 3.32%
• 6M: 2.73%
• 1Y: 13.62%
• 3Y*: 6.08%
• 5Y*: 2.63%
• 10Y*: —

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

V3NM.L vs. FSEM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
V3NM.L Vanguard ESG North America All Cap UCITS ETF USD Income	10.38%	8.72%	26.63%	23.61%	-13.01%
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc	3.32%	5.25%	5.32%	3.38%	-2.98%

Correlation

The correlation between V3NM.L and FSEM.L is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (All Time) Calculated using the full available price history since Aug 19, 2022	0.34

Return for Risk

V3NM.L vs. FSEM.L — Risk / Return Rank

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

V3NM.L

V3NM.L Risk / Return Rank: 69
V3NM.L Sharpe Ratio Rank: 76
V3NM.L Sortino Ratio Rank: 74
V3NM.L Omega Ratio Rank: 78
V3NM.L Calmar Ratio Rank: 59
V3NM.L Martin Ratio Rank: 58

FSEM.L

FSEM.L Risk / Return Rank: 67
FSEM.L Sharpe Ratio Rank: 59
FSEM.L Sortino Ratio Rank: 69
FSEM.L Omega Ratio Rank: 78
FSEM.L Calmar Ratio Rank: 64
FSEM.L Martin Ratio Rank: 63

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.

V3NM.L vs. FSEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard ESG North America All Cap UCITS ETF USD Income (V3NM.L) and Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L). 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.

	V3NM.L	FSEM.L	Difference
Sharpe ratio: Return per unit of total volatility	2.42	1.72	+0.71
Sortino ratio: Return per unit of downside risk	3.27	2.47	+0.80
Omega ratio: Gain probability vs. loss probability	1.45	1.32	+0.13
Calmar ratio: Return relative to maximum drawdown	2.84	2.38	+0.46
Martin ratio: Return relative to average drawdown	10.15	6.80	+3.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

V3NM.L vs. FSEM.L - Sharpe Ratio Comparison

The current V3NM.L Sharpe Ratio is 2.42, which is higher than the FSEM.L Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of V3NM.L and FSEM.L, 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

	V3NM.L	FSEM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	1.72	+0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	0.24	+0.69

Drawdowns

V3NM.L vs. FSEM.L - Drawdown Comparison

The maximum V3NM.L drawdown since its inception was -22.46%, which is greater than FSEM.L's maximum drawdown of -15.36%. Use the drawdown chart below to compare losses from any high point for V3NM.L and FSEM.L.

Drawdown Indicators

	V3NM.L	FSEM.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.46%	-15.36%	-7.10%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-5.70%	-4.50%
Max Drawdown (3Y) Largest decline over 3 years	-22.46%	-9.08%	-13.38%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.36%	—
Current Drawdown Current decline from peak	-0.31%	-1.12%	+0.81%
Average Drawdown Average peak-to-trough decline	-4.20%	-6.53%	+2.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	2.00%	+0.87%

Volatility

V3NM.L vs. FSEM.L - Volatility Comparison

Vanguard ESG North America All Cap UCITS ETF USD Income (V3NM.L) and Fidelity Sustainable USD EM Bond UCITS ETF Inc (FSEM.L) have volatilities of 3.04% and 2.91%, 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

	V3NM.L	FSEM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.04%	2.91%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	8.47%	6.39%	+2.08%
Volatility (1Y) Calculated over the trailing 1-year period	11.98%	7.90%	+4.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.86%	10.22%	+4.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.86%	10.13%	+4.73%

Dividends

V3NM.L vs. FSEM.L - Dividend Comparison

V3NM.L's dividend yield for the trailing twelve months is around 0.73%, less than FSEM.L's 7.90% yield.

Position	TTM	2025	2024	2023	2022	2021
FSEM.L Fidelity Sustainable USD EM Bond UCITS ETF Inc	7.90%	6.31%	6.49%	5.74%	5.01%	2.41%
V3NM.L Vanguard ESG North America All Cap UCITS ETF USD Income	0.73%	0.80%	0.85%	1.06%	0.41%	0.00%

Frequently Asked Questions

Can I hold both V3NM.L and FSEM.L in my portfolio?

V3NM.L and FSEM.L have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between V3NM.L and FSEM.L?

V3NM.L is categorized as ESG, while FSEM.L is Emerging Markets Bonds. They also come from different issuers: Vanguard and Fidelity.