Fidelity Emerging Markets Multifactor ETF (FDEM) Performance
FDEM total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +12.0% since Dec 31, 2025
- 1 year
- +13.4% total return
- 5 years
- +8.9% a year
- Since first price
- +7.7% a year since 2019
FDEM trailing returns vs SPY, QQQ, AGG
| Period | FDEM total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −6.5% | −6.5% | −1.0% | −5.0% | +0.9% |
| 3 months | −2.5% | −3.5% | +3.2% | +1.9% | −0.4% |
| 6 months | −0.0% | −2.1% | +7.8% | +8.4% | −1.5% |
| YTD | +12.0% | +9.1% | +12.3% | +15.1% | −1.0% |
| 1 year | +13.4% | +9.7% | +14.4% | +15.9% | −1.1% |
| 3 years | +74.5%+20.4%/yr | +56.8% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +53.5%+8.9%/yr | +26.5% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionFeb 28, 2019 | +75.8%+7.7%/yr | +35.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: FDEM vs SPY
From Feb 28, 2019: FDEM grew to $17,575, SPY to $30,560.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FDEM returns by calendar year
4 of 6 full years positive. Best 2025 (+26.8%), worst 2022 (−13.1%). 2026 is year to date.
FDEM annual returns table
| Year | FDEM | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +12.0% | −12.7% | +12.3% | +15.1% | −1.0% |
| 2025 | +26.8% | −13.7% | +17.7% | +20.8% | +7.2% |
| 2024 | +9.3% | −8.2% | +24.9% | +25.6% | +1.3% |
| 2023 | +17.3% | −7.7% | +26.2% | +54.9% | +5.7% |
| 2022 | −13.1% | −24.2% | −18.2% | −32.6% | −13.0% |
| 2021 | −3.5% | −13.0% | +28.7% | +27.4% | −1.8% |
| 2020 | +8.9% | −33.6% | +18.3% | +48.6% | +7.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
FDEM largest drawdowns
Now 9.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 17, 2020 | −33.6% | Mar 23, 2020 | Dec 3, 2020 | 2 months | 11 months |
| Feb 16, 2021 | −29.3% | Oct 31, 2022 | May 15, 2024 | 1.7 years | 3.2 years |
| Sep 26, 2024 | −16.0% | Apr 8, 2025 | May 19, 2025 | 6 months | 8 months |
| Feb 25, 2026 | −12.7% | Mar 30, 2026 | Apr 30, 2026 | 33 days | 2 months |
| Jun 2, 2026 | −11.3% | Jul 29, 2026 | not yet | 57 days | 5 months so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
FDEM risk statistics
| Statistic | 3 years | 5 years | Since 2019 |
|---|---|---|---|
| Annualized return | +21.1% | +10.7% | +8.5% |
| Volatility (annualized) | 13.4% | 14.7% | 15.5% |
| Sharpe ratio | 1.18 | 0.53 | 0.43 |
| Sortino ratio | 2.20 | 0.87 | 0.65 |
| Best month | +11.3% | +13.2% | +13.2% |
| Worst month | −8.8% | −8.8% | −16.3% |
| Best 12 months | +44.3% | +44.3% | +46.2% |
| Worst 12 months | +7.3% | −21.9% | −21.9% |
| Positive months | 67% | 58% | 60% |
| Beta vs S&P 500 | 0.74 | 0.62 | — |
| Correlation with S&P 500 | 0.68 | 0.66 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
FDEM rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 81 | −21.9% | +13.3% | +46.2% | 69% |
| 3-year (a year) | 57 | −4.8% | +3.7% | +24.2% | 81% |
| 5-year (a year) | 33 | +2.8% | +7.8% | +10.7% | 100% |
Every holding period starting at a month-end since 2019. Returns for 3 years and longer are annualized.
FDEM performance overview
Fidelity Emerging Markets Multifactor ETF (FDEM) returned +13.4% over the past year and +8.9% a year over five years, with distributions reinvested. Since its first recorded price in 2019 it has returned +7.7% a year, turning $10,000 into about $17,575. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −33.6%, from Jan 17, 2020 to Mar 23, 2020, and it took 8 months to get back to the old high. FDEM finished 4 of its 6 full calendar years with a gain; the best year was 2025 (+26.8%) and the worst 2022 (−13.1%). Volatility has been 15.5% a year.
Related: FDEM chart, FDEM holdings, FDEM dividends. See the FDEM overview for the latest quote and fund facts.
FDEM performance FAQ
What is the FDEM return over the past year?
FDEM returned +13.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 9.7%.
What is the average annual return of FDEM?
FDEM has returned +8.9% a year over 5 years, +7.7% a year since February 28, 2019 (total return, distributions reinvested).
How much would $10,000 invested in FDEM be worth?
$10,000 invested in FDEM at its first recorded close on February 28, 2019 would be worth about $17,575 on October 23, 2026 with distributions reinvested.
What was the worst year for FDEM?
The worst calendar year was 2022, with a total return of −13.1%. The best was 2025 at +26.8%.
What is the biggest drawdown of FDEM?
The largest peak-to-trough decline was −33.6% between January 17, 2020 and March 23, 2020. It recovered to the old high on December 3, 2020, 8 months after the bottom.
How volatile is FDEM?
Over the past 3 years FDEM had an annualized volatility of 13.4% and a Sharpe ratio of 1.18 (excess return over 1–3 month T-bills per unit of risk).