ASIA vs. EMSF

Last updated Jun 24, 2026

ASIA (Matthews Pacific Tiger Active ETF) and EMSF (Matthews Emerging Markets Sustainable Future Active ETF) are both exchange-traded funds - ASIA 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, ASIA returned 58.06% vs 58.48% for EMSF. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

ASIA vs. EMSF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Pacific Tiger Active ETF (ASIA) 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, ASIA achieves a 29.48% return, which is significantly lower than EMSF's 45.49% return.

ASIA

• 1D: -6.60%
• 1M: 3.08%
• YTD: 29.48%
• 6M: 31.09%
• 1Y: 58.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EMSF

• 1D: -6.10%
• 1M: 5.39%
• YTD: 45.49%
• 6M: 45.93%
• 1Y: 58.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ASIA vs. EMSF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ASIA Matthews Pacific Tiger Active ETF	29.48%	32.06%	3.41%	0.01%
EMSF Matthews Emerging Markets Sustainable Future Active ETF	45.49%	19.20%	-3.09%	0.98%

Correlation

The correlation between ASIA and EMSF is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.89

The correlation between ASIA and EMSF has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

ASIA vs. EMSF — Risk / Return Rank

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

ASIA

ASIA Risk / Return Rank: 76
ASIA Sharpe Ratio Rank: 78
ASIA Sortino Ratio Rank: 65
ASIA Omega Ratio Rank: 80
ASIA Calmar Ratio Rank: 81
ASIA Martin Ratio Rank: 78

EMSF

EMSF Risk / Return Rank: 71
EMSF Sharpe Ratio Rank: 70
EMSF Sortino Ratio Rank: 61
EMSF Omega Ratio Rank: 68
EMSF Calmar Ratio Rank: 82
EMSF Martin Ratio Rank: 75

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.

ASIA vs. EMSF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Pacific Tiger Active ETF (ASIA) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ASIA	EMSF	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.08	+0.22
Sortino ratio: Return per unit of downside risk	2.80	2.62	+0.17
Omega ratio: Gain probability vs. loss probability	1.44	1.37	+0.07
Calmar ratio: Return relative to maximum drawdown	4.03	4.03	0.00
Martin ratio: Return relative to average drawdown	14.27	13.14	+1.13

ASIA vs. EMSF - Sharpe Ratio Comparison

The current ASIA Sharpe Ratio is 2.31, which is comparable to the EMSF Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of ASIA 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.

Drawdowns

ASIA vs. EMSF - Drawdown Comparison

The maximum ASIA drawdown since its inception was -23.95%, roughly equal to the maximum EMSF drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for ASIA and EMSF.

Drawdown Indicators

	ASIA	EMSF	Difference
Max Drawdown Largest peak-to-trough decline	-23.95%	-24.75%	+0.80%
Max Drawdown (1Y) Largest decline over 1 year	-14.47%	-14.57%	+0.10%
Current Drawdown Current decline from peak	-6.60%	-6.10%	-0.50%
Average Drawdown Average peak-to-trough decline	-4.84%	-5.72%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	4.46%	-0.38%

Volatility

ASIA vs. EMSF - Volatility Comparison

Matthews Pacific Tiger Active ETF (ASIA) has a higher volatility of 15.17% compared to Matthews Emerging Markets Sustainable Future Active ETF (EMSF) at 14.20%. This indicates that ASIA's price experiences larger fluctuations and is considered to be riskier than EMSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASIA	EMSF	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.17%	14.20%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	22.95%	24.49%	-1.54%
Volatility (1Y) Calculated over the trailing 1-year period	25.30%	28.21%	-2.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.63%	23.87%	-2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.63%	23.87%	-2.24%

ASIA vs. EMSF - Expense Ratio Comparison

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

Dividends

ASIA vs. EMSF - Dividend Comparison

ASIA's dividend yield for the trailing twelve months is around 0.81%, less than EMSF's 1.29% yield.

Position	TTM	2025	2024	2023
ASIA Matthews Pacific Tiger Active ETF	0.81%	1.05%	0.58%	0.12%
EMSF Matthews Emerging Markets Sustainable Future Active ETF	1.29%	1.88%	3.29%	0.02%

Frequently Asked Questions

Can I hold both ASIA and EMSF in my portfolio?

With a correlation of 0.93, ASIA and EMSF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ASIA or EMSF?

ASIA has higher volatility (15.17%) compared to EMSF (14.20%). In terms of maximum drawdown, ASIA dropped -23.95% vs EMSF's -24.75%.

Which ETF is better, ASIA or EMSF?

On 1-year performance, EMSF leads with 58.48% vs 58.06% for ASIA. Both ETFs have the same 0.79% expense ratio. On volatility, EMSF has been the lower-risk option at 14.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASIA or EMSF?

Over the 1-year period, EMSF has performed better with a 58.48% return vs 58.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ASIA or EMSF?

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

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

EMSF has the higher dividend yield at 1.29%, compared with 0.81% for ASIA.

What is the main difference between ASIA and EMSF?

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

Which has better risk-adjusted returns?

ASIA currently has the higher Sharpe Ratio (2.31 vs 2.08), 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.