Fido's FEMEX posted a loss of -1.68% today (June 2), while T. Rowe's TRAMX posted a gain of +.50%. My guess is that FEMEX's positions in emerging Europe pulled that fund down today (Market Vectors Russia/RSX lost -1.16%, yet T. Rowe's TREMX posted a fractional gain of +.05%). As for TRAMX, several Persian Gulf stock exchanges trade on Sunday and yesterday's rising stocks like Aldar Properties (3.5% position) may have contributed to today's gain.

I would agree they are different,  FEMEX just opened, I would guess that the manager has not fully invested all the funds.  They probably have a pile of cash waiting to make good buys.  So they will be very sensitive to the little stock they own.

FEMEX dropped -1.93% today (June 4), while TRAMX gained .50%. Fido's manager may have deployed some of his initial cash in volatile, energy-sensitive Russian stocks.