VEMIX vs. FEMSX

Last updated Jun 4, 2026

VEMIX (Vanguard Emerging Markets Stock Index Fund Institutional Shares) and FEMSX (Fidelity Series Emerging Markets Opportunities Fund) are both Emerging Markets Equities funds. Over the past 10 years, VEMIX returned 9.08%/yr vs 13.44%/yr for FEMSX. With a 0.96 correlation, they move nearly in lockstep. VEMIX charges 0.10%/yr vs 0.01%/yr for FEMSX.

Performance

VEMIX vs. FEMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) 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, VEMIX achieves a 14.00% return, which is significantly lower than FEMSX's 33.67% return. Over the past 10 years, VEMIX has underperformed FEMSX with an annualized return of 9.08%, while FEMSX has yielded a comparatively higher 13.44% annualized return.

VEMIX

• 1D: 1.58%
• 1M: 4.23%
• YTD: 14.00%
• 6M: 15.59%
• 1Y: 32.74%
• 3Y*: 18.68%
• 5Y*: 5.66%
• 10Y*: 9.08%

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)

VEMIX vs. FEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	14.00%	24.80%	11.38%	8.85%	-17.75%	0.91%	15.26%	20.35%	-14.55%	31.42%
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 VEMIX and FEMSX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 11, 2008	0.96

The correlation between VEMIX and FEMSX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

VEMIX vs. FEMSX — Risk / Return Rank

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

VEMIX

VEMIX Risk / Return Rank: 59
VEMIX Sharpe Ratio Rank: 63
VEMIX Sortino Ratio Rank: 57
VEMIX Omega Ratio Rank: 58
VEMIX Calmar Ratio Rank: 61
VEMIX Martin Ratio Rank: 55

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.

VEMIX vs. FEMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) 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.

	VEMIX	FEMSX	Difference
Sharpe ratio Return per unit of total volatility	2.32	3.58	-1.26
Sortino ratio Return per unit of downside risk	3.19	4.41	-1.22
Omega ratio Gain probability vs. loss probability	1.42	1.66	-0.23
Calmar ratio Return relative to maximum drawdown	3.00	5.05	-2.05
Martin ratio Return relative to average drawdown	11.20	20.16	-8.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEMIX vs. FEMSX - Sharpe Ratio Comparison

The current VEMIX Sharpe Ratio is 2.32, which is lower than the FEMSX Sharpe Ratio of 3.58. The chart below compares the historical Sharpe Ratios of VEMIX 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

	VEMIX	FEMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	3.58	-1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.47	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.70	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.57	-0.21

Drawdowns

VEMIX vs. FEMSX - Drawdown Comparison

The maximum VEMIX drawdown since its inception was -66.43%, which is greater than FEMSX's maximum drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for VEMIX and FEMSX.

Drawdown Indicators

	VEMIX	FEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-66.43%	-44.16%	-22.27%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	-13.42%	+2.37%
Max Drawdown (3Y) Largest decline over 3 years	-15.77%	-17.04%	+1.27%
Max Drawdown (5Y) Largest decline over 5 years	-32.52%	-41.64%	+9.12%
Max Drawdown (10Y) Largest decline over 10 years	-36.04%	-44.16%	+8.12%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-15.99%	-13.41%	-2.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	3.36%	-0.40%

Volatility

VEMIX vs. FEMSX - Volatility Comparison

The current volatility for Vanguard Emerging Markets Stock Index Fund Institutional Shares (VEMIX) is 5.01%, while Fidelity Series Emerging Markets Opportunities Fund (FEMSX) has a volatility of 7.96%. This indicates that VEMIX 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

	VEMIX	FEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	7.96%	-2.95%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	16.40%	-4.59%
Volatility (1Y) Calculated over the trailing 1-year period	14.32%	18.95%	-4.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	19.03%	-3.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.45%	19.34%	-2.89%

VEMIX vs. FEMSX - Expense Ratio Comparison

VEMIX has a 0.10% 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

VEMIX vs. FEMSX - Dividend Comparison

VEMIX's dividend yield for the trailing twelve months is around 2.36%, 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%
VEMIX Vanguard Emerging Markets Stock Index Fund Institutional Shares	2.36%	2.77%	3.17%	3.51%	4.09%	2.61%	1.90%	3.23%	2.89%	2.33%	2.55%	2.51%

Frequently Asked Questions

Can I hold both VEMIX and FEMSX in my portfolio?

With a correlation of 0.93, VEMIX 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, VEMIX or FEMSX?

FEMSX has higher volatility (7.96%) compared to VEMIX (5.01%). In terms of maximum drawdown, VEMIX dropped -66.43% vs FEMSX's -44.16%.

Which has better risk-adjusted returns?

FEMSX currently has the higher Sharpe Ratio (3.58 vs 2.32), 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.