PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
VGE.AX vs. FEMX.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VGE.AX vs. FEMX.AX

Last updated Jul 16, 2026
Documentation

VGE.AX (Vanguard FTSE Emerging Markets Shares ETF) and FEMX.AX (Fidelity Global Emerging Markets Active ETF) are both Emerging Markets Equities funds. VGE.AX is passively managed, while FEMX.AX is actively managed. Over the past 5 years, VGE.AX returned 5.34%/yr vs 4.18%/yr for FEMX.AX. A 0.70 correlation means they provide meaningful diversification when combined.

Performance

VGE.AX vs. FEMX.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Vanguard FTSE Emerging Markets Shares ETF (VGE.AX) and Fidelity Global Emerging Markets Active ETF (FEMX.AX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, VGE.AX achieves a 4.15% return, which is significantly lower than FEMX.AX's 11.39% return.

VGE.AX

1D
-0.09%
1M
-0.57%
6M
1.41%
YTD
4.15%
1Y
11.82%
3Y*
13.35%
5Y*
5.34%
10Y*
8.28%

FEMX.AX

1D
-0.95%
1M
-2.39%
6M
6.05%
YTD
11.39%
1Y
23.29%
3Y*
11.28%
5Y*
4.18%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

VGE.AX vs. FEMX.AX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
VGE.AX
Vanguard FTSE Emerging Markets Shares ETF		4.15%16.61%19.57%5.11%-12.17%7.21%6.36%20.69%3.80%
FEMX.AX
Fidelity Global Emerging Markets Active ETF		11.39%16.71%9.78%3.33%-17.16%11.03%13.98%35.02%4.25%

Correlation

The correlation between VGE.AX and FEMX.AX is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.66

Correlation (3Y)
Calculated over the trailing 3-year period

0.65

Correlation (5Y)
Calculated over the trailing 5-year period

0.70

Correlation (All Time)
Calculated using the full available price history since Oct 29, 2018

0.70

The correlation between VGE.AX and FEMX.AX has been stable across timeframes, ranging from 0.65 to 0.70 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard FTSE Emerging Markets Shares ETF

Fidelity Global Emerging Markets Active ETF

Return for Risk

VGE.AX vs. FEMX.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VGE.AX
VGE.AX Risk / Return Rank: 2626
Overall Rank
VGE.AX Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
VGE.AX Sortino Ratio Rank: 2727
Sortino Ratio Rank
VGE.AX Omega Ratio Rank: 2727
Omega Ratio Rank
VGE.AX Calmar Ratio Rank: 2323
Calmar Ratio Rank
VGE.AX Martin Ratio Rank: 2626
Martin Ratio Rank
FEMX.AX
FEMX.AX Risk / Return Rank: 3939
Overall Rank
FEMX.AX Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
FEMX.AX Sortino Ratio Rank: 3535
Sortino Ratio Rank
FEMX.AX Omega Ratio Rank: 3636
Omega Ratio Rank
FEMX.AX Calmar Ratio Rank: 4141
Calmar Ratio Rank
FEMX.AX Martin Ratio Rank: 4444
Martin Ratio Rank
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.

VGE.AX vs. FEMX.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets Shares ETF (VGE.AX) and Fidelity Global Emerging Markets Active ETF (FEMX.AX). 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.

VGE.AXFEMX.AXDifference
Sharpe ratioReturn per unit of total volatility
0.85
1.10

-0.25

Sortino ratioReturn per unit of downside risk
1.27
1.58

-0.31

Omega ratioGain probability vs. loss probability

1.16

1.21

-0.05

Calmar ratioReturn relative to maximum drawdown

0.90

1.75

-0.85

Martin ratioReturn relative to average drawdown

2.80

5.92

-3.12

VGE.AX vs. FEMX.AX - Sharpe Ratio Comparison

The current VGE.AX Sharpe Ratio is 0.85, which is comparable to the FEMX.AX Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of VGE.AX and FEMX.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

VGE.AX vs. FEMX.AX - Drawdown Comparison

The maximum VGE.AX drawdown since its inception was -27.06%, roughly equal to the maximum FEMX.AX drawdown of -27.88%. Use the drawdown chart below to compare losses from any high point for VGE.AX and FEMX.AX.

Loading charts...

Drawdown Indicators

VGE.AXFEMX.AXDifference

Max Drawdown

Largest peak-to-trough decline

-27.06%

-27.88%

+0.82%

Max Drawdown (1Y)

Largest decline over 1 year

-12.53%

-11.66%

-0.87%

Max Drawdown (3Y)

Largest decline over 3 years

-12.53%

-11.66%

-0.87%

Max Drawdown (5Y)

Largest decline over 5 years

-20.98%

-27.88%

+6.90%

Max Drawdown (10Y)

Largest decline over 10 years

-22.93%

—

—

Current Drawdown

Current decline from peak

-2.08%

-4.27%

+2.19%

Average Drawdown

Average peak-to-trough decline

-6.81%

-9.01%

+2.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.13%

3.51%

+0.62%

Volatility

VGE.AX vs. FEMX.AX - Volatility Comparison

The current volatility for Vanguard FTSE Emerging Markets Shares ETF (VGE.AX) is 4.55%, while Fidelity Global Emerging Markets Active ETF (FEMX.AX) has a volatility of 5.39%. This indicates that VGE.AX experiences smaller price fluctuations and is considered to be less risky than FEMX.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

VGE.AXFEMX.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.55%

5.39%

-0.84%

Volatility (6M)

Calculated over the trailing 6-month period

11.58%

16.84%

-5.26%

Volatility (1Y)

Calculated over the trailing 1-year period

13.39%

18.67%

-5.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.53%

16.50%

-2.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.50%

16.88%

-2.38%

Dividends

VGE.AX vs. FEMX.AX - Dividend Comparison

VGE.AX's dividend yield for the trailing twelve months is around 0.32%, less than FEMX.AX's 9.60% yield.

PositionTTM20252024202320222021202020192018201720162015
FEMX.AX
Fidelity Global Emerging Markets Active ETF		9.60%1.53%3.38%0.72%1.66%0.45%0.00%0.82%0.00%0.00%0.00%0.00%
VGE.AX
Vanguard FTSE Emerging Markets Shares ETF		0.32%3.22%0.50%1.62%2.83%2.68%3.78%3.15%2.22%2.01%1.65%3.22%

Frequently Asked Questions

VGE.AX and FEMX.AX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: Vanguard and Fidelity.

Portfolio Optimizer

Find the right allocation for VGE.AX and FEMX.AX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer