VWO vs. FEMKX

Last updated Jun 4, 2026

VWO (Vanguard FTSE Emerging Markets ETF) and FEMKX (Fidelity Emerging Markets) are both Emerging Markets Equities funds. Over the past 10 years, VWO returned 8.85%/yr vs 12.37%/yr for FEMKX. Their correlation of 0.89 suggests significant overlap in exposure. VWO charges 0.08%/yr vs 0.88%/yr for FEMKX.

Performance

VWO vs. FEMKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Emerging Markets ETF (VWO) and Fidelity Emerging Markets (FEMKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWO achieves a 12.22% return, which is significantly lower than FEMKX's 28.21% return. Over the past 10 years, VWO has underperformed FEMKX with an annualized return of 8.85%, while FEMKX has yielded a comparatively higher 12.37% annualized return.

VWO

• 1D: -1.41%
• 1M: 2.72%
• YTD: 12.22%
• 6M: 13.79%
• 1Y: 30.72%
• 3Y*: 18.02%
• 5Y*: 5.17%
• 10Y*: 8.85%

FEMKX

• 1D: 1.69%
• 1M: 9.75%
• YTD: 28.21%
• 6M: 30.66%
• 1Y: 58.46%
• 3Y*: 23.78%
• 5Y*: 7.37%
• 10Y*: 12.37%

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

VWO vs. FEMKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VWO Vanguard FTSE Emerging Markets ETF	12.22%	25.60%	10.59%	9.25%	-17.98%	1.26%	15.17%	20.75%	-14.76%	31.49%
FEMKX Fidelity Emerging Markets	28.21%	31.02%	7.12%	15.16%	-27.48%	1.25%	32.56%	33.67%	-18.03%	46.92%

Correlation

The correlation between VWO and FEMKX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Mar 11, 2005	0.89

The correlation between VWO and FEMKX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

VWO vs. FEMKX — Risk / Return Rank

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

VWO

VWO Risk / Return Rank: 56
VWO Sharpe Ratio Rank: 56
VWO Sortino Ratio Rank: 55
VWO Omega Ratio Rank: 57
VWO Calmar Ratio Rank: 54
VWO Martin Ratio Rank: 56

FEMKX

FEMKX Risk / Return Rank: 87
FEMKX Sharpe Ratio Rank: 92
FEMKX Sortino Ratio Rank: 83
FEMKX Omega Ratio Rank: 84
FEMKX Calmar Ratio Rank: 89
FEMKX 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.

VWO vs. FEMKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets ETF (VWO) and Fidelity Emerging Markets (FEMKX). 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.

	VWO	FEMKX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	3.10	-1.16
Sortino ratio: Return per unit of downside risk	2.69	3.92	-1.22
Omega ratio: Gain probability vs. loss probability	1.36	1.56	-0.20
Calmar ratio: Return relative to maximum drawdown	2.76	4.51	-1.75
Martin ratio: Return relative to average drawdown	9.96	17.09	-7.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VWO vs. FEMKX - Sharpe Ratio Comparison

The current VWO Sharpe Ratio is 1.94, which is lower than the FEMKX Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of VWO and FEMKX, 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

	VWO	FEMKX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	3.10	-1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.39	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.66	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.33	-0.06

Drawdowns

VWO vs. FEMKX - Drawdown Comparison

The maximum VWO drawdown since its inception was -67.68%, roughly equal to the maximum FEMKX drawdown of -71.14%. Use the drawdown chart below to compare losses from any high point for VWO and FEMKX.

Drawdown Indicators

	VWO	FEMKX	Difference
Max Drawdown Largest peak-to-trough decline	-67.68%	-71.14%	+3.46%
Max Drawdown (1Y) Largest decline over 1 year	-11.17%	-13.00%	+1.83%
Max Drawdown (3Y) Largest decline over 3 years	-17.37%	-19.13%	+1.76%
Max Drawdown (5Y) Largest decline over 5 years	-32.64%	-40.88%	+8.24%
Max Drawdown (10Y) Largest decline over 10 years	-36.39%	-43.24%	+6.85%
Current Drawdown Current decline from peak	-1.41%	0.00%	-1.41%
Average Drawdown Average peak-to-trough decline	-15.82%	-25.95%	+10.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	3.43%	-0.34%

Volatility

VWO vs. FEMKX - Volatility Comparison

The current volatility for Vanguard FTSE Emerging Markets ETF (VWO) is 5.61%, while Fidelity Emerging Markets (FEMKX) has a volatility of 7.92%. This indicates that VWO experiences smaller price fluctuations and is considered to be less risky than FEMKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWO	FEMKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	7.92%	-2.31%
Volatility (6M) Calculated over the trailing 6-month period	13.22%	16.07%	-2.85%
Volatility (1Y) Calculated over the trailing 1-year period	15.89%	18.92%	-3.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.37%	18.90%	-1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.20%	18.68%	+0.52%

VWO vs. FEMKX - Expense Ratio Comparison

VWO has a 0.08% expense ratio, which is lower than FEMKX's 0.88% expense ratio.

Dividends

VWO vs. FEMKX - Dividend Comparison

VWO's dividend yield for the trailing twelve months is around 2.40%, more than FEMKX's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMKX Fidelity Emerging Markets	0.04%	0.05%	0.65%	1.11%	0.77%	6.00%	1.39%	1.71%	0.83%	0.08%	0.67%	0.51%
VWO Vanguard FTSE Emerging Markets ETF	2.40%	2.79%	3.20%	3.52%	4.11%	2.63%	1.91%	3.23%	2.88%	2.30%	2.52%	3.26%

Frequently Asked Questions

Can I hold both VWO and FEMKX in my portfolio?

VWO and FEMKX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWO or FEMKX?

FEMKX has higher volatility (7.92%) compared to VWO (5.61%). In terms of maximum drawdown, VWO dropped -67.68% vs FEMKX's -71.14%.

Which has better risk-adjusted returns?

FEMKX currently has the higher Sharpe Ratio (3.10 vs 1.94), 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.