First Trust Emerging Markets Small Cap… (FEMS) Performance
FEMS total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +6.8% since Dec 31, 2025
- 1 year
- +7.6% total return
- 5 years
- +5.5% a year
- 10 years
- +7.4% a year
- Since first price
- +6.4% a year since 2012
FEMS trailing returns vs SPY, QQQ, AGG
| Period | FEMS total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.8% | −2.7% | −1.0% | −5.0% | +0.9% |
| 3 months | −0.9% | −1.8% | +3.2% | +1.9% | −0.4% |
| 6 months | −6.1% | −7.8% | +7.8% | +8.4% | −1.5% |
| YTD | +6.8% | +4.2% | +12.3% | +15.1% | −1.0% |
| 1 year | +7.6% | +3.3% | +14.4% | +15.9% | −1.1% |
| 3 years | +36.6%+10.9%/yr | +21.7% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +30.7%+5.5%/yr | +4.4% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +104.3%+7.4%/yr | +33.2% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionFeb 17, 2012 | +147.2%+6.4%/yr | +42.4% | — | — | — |
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: FEMS vs SPY
From Feb 17, 2012: FEMS grew to $24,722, SPY to $71,888.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FEMS returns by calendar year
10 of 13 full years positive. Best 2017 (+49.0%), worst 2018 (−22.6%). 2026 is year to date.
FEMS annual returns table
| Year | FEMS | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +6.8% | −12.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +16.5% | −16.7% | +17.7% | +20.8% | +7.2% |
| 2024 | +1.9% | −10.3% | +24.9% | +25.6% | +1.3% |
| 2023 | +3.6% | −13.6% | +26.2% | +54.9% | +5.7% |
| 2022 | +1.9% | −21.2% | −18.2% | −32.6% | −13.0% |
| 2021 | +3.8% | −19.3% | +28.7% | +27.4% | −1.8% |
| 2020 | +7.9% | −44.0% | +18.3% | +48.6% | +7.5% |
| 2019 | +28.9% | −13.3% | +31.2% | +39.0% | +8.5% |
| 2018 | −22.6% | −31.2% | −4.6% | −0.1% | +0.1% |
| 2017 | +49.0% | −8.3% | +21.7% | +32.7% | +3.6% |
| 2016 | +14.0% | −12.1% | +12.0% | +7.1% | +2.4% |
| 2015 | −14.1% | −31.6% | +1.2% | +9.4% | +0.5% |
| 2014 | −7.0% | −18.3% | +13.5% | +19.2% | +6.0% |
| 2013 | +6.3% | −20.4% | +32.3% | +36.6% | −2.0% |
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.
FEMS largest drawdowns
Now 9.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 26, 2018 | −47.8% | Mar 23, 2020 | Jan 7, 2021 | 2.2 years | 2.9 years |
| Mar 13, 2012 | −45.5% | Jun 4, 2012 | Aug 22, 2017 | 3 months | 5.4 years |
| Jun 3, 2021 | −30.4% | Sep 29, 2022 | Jul 1, 2025 | 1.3 years | 4.1 years |
| May 6, 2026 | −12.4% | Jul 29, 2026 | not yet | 3 months | 6 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.
FEMS risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2012 |
|---|---|---|---|---|
| Annualized return | +8.8% | +5.5% | +7.5% | +6.3% |
| Volatility (annualized) | 13.6% | 15.5% | 19.8% | 19.2% |
| Sharpe ratio | 0.37 | 0.19 | 0.35 | 0.34 |
| Sortino ratio | 0.58 | 0.30 | 0.53 | 0.50 |
| Best month | +8.5% | +15.5% | +16.5% | +16.5% |
| Worst month | −7.4% | −8.5% | −26.7% | −26.7% |
| Best 12 months | +34.7% | +34.7% | +81.5% | +81.5% |
| Worst 12 months | −1.5% | −19.2% | −25.7% | −27.1% |
| Positive months | 50% | 48% | 53% | 54% |
| Beta vs S&P 500 | 0.52 | 0.51 | 0.82 | — |
| Correlation with S&P 500 | 0.47 | 0.52 | 0.63 | — |
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.
FEMS rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 165 | −27.1% | +7.3% | +81.5% | 66% |
| 3-year (a year) | 141 | −8.7% | +7.1% | +19.7% | 87% |
| 5-year (a year) | 117 | −1.9% | +6.5% | +14.6% | 97% |
| 10-year (a year) | 57 | +3.1% | +5.7% | +10.7% | 100% |
Every holding period starting at a month-end since 2012. Returns for 3 years and longer are annualized.
FEMS performance overview
First Trust Emerging Markets Small Cap… (FEMS) returned +7.6% over the past year and +7.4% a year over ten years, with distributions reinvested. Since its first recorded price in 2012 it has returned +6.4% a year, turning $10,000 into about $24,722. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −47.8%, from Jan 26, 2018 to Mar 23, 2020, and it took 10 months to get back to the old high. FEMS finished 10 of its 13 full calendar years with a gain; the best year was 2017 (+49.0%) and the worst 2018 (−22.6%). Volatility has been 19.2% a year.
Related: FEMS chart, FEMS holdings, FEMS dividends. See the FEMS overview for the latest quote and fund facts.
FEMS performance FAQ
What is the FEMS return over the past year?
FEMS returned +7.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 3.3%.
What is the average annual return of FEMS?
FEMS has returned +5.5% a year over 5 years, +7.4% a year over 10 years, +6.4% a year since February 17, 2012 (total return, distributions reinvested).
How much would $10,000 invested in FEMS be worth?
$10,000 invested in FEMS at its first recorded close on February 17, 2012 would be worth about $24,722 on October 23, 2026 with distributions reinvested.
What was the worst year for FEMS?
The worst calendar year was 2018, with a total return of −22.6%. The best was 2017 at +49.0%.
What is the biggest drawdown of FEMS?
The largest peak-to-trough decline was −47.8% between January 26, 2018 and March 23, 2020. It recovered to the old high on January 7, 2021, 10 months after the bottom.
How volatile is FEMS?
Over the past 3 years FEMS had an annualized volatility of 13.6% and a Sharpe ratio of 0.37 (excess return over 1–3 month T-bills per unit of risk).