ADVE vs. EMSF

Last updated Jun 3, 2026

ADVE (Matthews Asia Dividend Active ETF) and EMSF (Matthews Emerging Markets Sustainable Future Active ETF) are both exchange-traded funds - ADVE is a Asia Pacific Equities fund actively managed by Matthews, while EMSF is a Emerging Markets Diversified fund actively managed by Matthews. Both are actively managed. Over the past year, ADVE returned 42.25% vs 65.26% for EMSF. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

ADVE vs. EMSF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Asia Dividend Active ETF (ADVE) and Matthews Emerging Markets Sustainable Future Active ETF (EMSF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADVE achieves a 22.27% return, which is significantly lower than EMSF's 46.95% return.

ADVE

• 1D: 1.38%
• 1M: 5.22%
• YTD: 22.27%
• 6M: 24.39%
• 1Y: 42.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EMSF

• 1D: 1.74%
• 1M: 10.89%
• YTD: 46.95%
• 6M: 41.41%
• 1Y: 65.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ADVE vs. EMSF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ADVE Matthews Asia Dividend Active ETF	22.27%	26.12%	7.02%	5.13%
EMSF Matthews Emerging Markets Sustainable Future Active ETF	46.95%	19.20%	-3.09%	1.88%

Correlation

The correlation between ADVE and EMSF is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Sep 25, 2023	0.83

The correlation between ADVE and EMSF has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

ADVE vs. EMSF - Sectors Allocation Comparison

Sectors	ADVE	EMSF
Technology	29.0%	43.6%
Financial Services	27.3%	16.6%
Industrials	13.6%	15.0%
Communication Services	9.5%	2.0%
Consumer Cyclical	6.9%	7.7%
Real Estate	4.0%	1.6%
Basic Materials	3.4%	-
Consumer Defensive	2.9%	3.9%
Energy	1.2%	-
Utilities	1.1%	2.8%
Healthcare	1.1%	6.8%

Return for Risk

ADVE vs. EMSF — Risk / Return Rank

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

ADVE

ADVE Risk / Return Rank: 76
ADVE Sharpe Ratio Rank: 76
ADVE Sortino Ratio Rank: 77
ADVE Omega Ratio Rank: 78
ADVE Calmar Ratio Rank: 73
ADVE Martin Ratio Rank: 75

EMSF

EMSF Risk / Return Rank: 76
EMSF Sharpe Ratio Rank: 78
EMSF Sortino Ratio Rank: 69
EMSF Omega Ratio Rank: 73
EMSF Calmar Ratio Rank: 84
EMSF Martin Ratio Rank: 77

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.

ADVE vs. EMSF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Asia Dividend Active ETF (ADVE) and Matthews Emerging Markets Sustainable Future Active ETF (EMSF). 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.

	ADVE	EMSF	Difference
Sharpe ratio Return per unit of total volatility	2.52	2.59	-0.07
Sortino ratio Return per unit of downside risk	3.50	3.22	+0.28
Omega ratio Gain probability vs. loss probability	1.47	1.44	+0.03
Calmar ratio Return relative to maximum drawdown	3.71	4.59	-0.88
Martin ratio Return relative to average drawdown	14.74	15.38	-0.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ADVE vs. EMSF - Sharpe Ratio Comparison

The current ADVE Sharpe Ratio is 2.52, which is comparable to the EMSF Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of ADVE and EMSF, 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

	ADVE	EMSF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	2.59	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	1.46	1.00	+0.46

Drawdowns

ADVE vs. EMSF - Drawdown Comparison

The maximum ADVE drawdown since its inception was -18.41%, smaller than the maximum EMSF drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for ADVE and EMSF.

Drawdown Indicators

	ADVE	EMSF	Difference
Max Drawdown Largest peak-to-trough decline	-18.41%	-24.75%	+6.34%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-14.57%	+2.84%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.15%	-5.73%	+2.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	4.35%	-1.40%

Volatility

ADVE vs. EMSF - Volatility Comparison

The current volatility for Matthews Asia Dividend Active ETF (ADVE) is 5.98%, while Matthews Emerging Markets Sustainable Future Active ETF (EMSF) has a volatility of 9.85%. This indicates that ADVE experiences smaller price fluctuations and is considered to be less risky than EMSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADVE	EMSF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.98%	9.85%	-3.87%
Volatility (6M) Calculated over the trailing 6-month period	14.40%	21.95%	-7.55%
Volatility (1Y) Calculated over the trailing 1-year period	16.88%	25.33%	-8.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.69%	22.75%	-7.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.69%	22.75%	-7.06%

ADVE vs. EMSF - Expense Ratio Comparison

Both ADVE and EMSF have an expense ratio of 0.79%.

Dividends

ADVE vs. EMSF - Dividend Comparison

ADVE's dividend yield for the trailing twelve months is around 2.44%, more than EMSF's 1.28% yield.

Position	TTM	2025	2024	2023
ADVE Matthews Asia Dividend Active ETF	2.44%	2.97%	6.00%	0.37%
EMSF Matthews Emerging Markets Sustainable Future Active ETF	1.28%	1.88%	3.29%	0.02%

Frequently Asked Questions

Can I hold both ADVE and EMSF in my portfolio?

ADVE and EMSF have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADVE or EMSF?

EMSF has higher volatility (9.85%) compared to ADVE (5.98%). In terms of maximum drawdown, ADVE dropped -18.41% vs EMSF's -24.75%.

Which ETF is better, ADVE or EMSF?

On 1-year performance, EMSF leads with 65.26% vs 42.25% for ADVE. Both ETFs have the same 0.79% expense ratio. On volatility, ADVE has been the lower-risk option at 5.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ADVE or EMSF?

Over the 1-year period, EMSF has performed better with a 65.26% return vs 42.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ADVE or EMSF?

ADVE and EMSF have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, ADVE or EMSF?

ADVE has the higher dividend yield at 2.44%, compared with 1.28% for EMSF.

What is the main difference between ADVE and EMSF?

ADVE is categorized as Asia Pacific Equities, while EMSF is Emerging Markets Diversified.

Which has better risk-adjusted returns?

EMSF currently has the higher Sharpe Ratio (2.59 vs 2.52), 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.