BKEM vs. BKMI

Last updated Jun 4, 2026

BKEM (BNY Mellon Emerging Markets Equity ETF) and BKMI (BNY Mellon Municipal Intermediate ETF) are both exchange-traded funds - BKEM is a Asia Pacific Equities fund tracking the Morningstar Emerging Markets Large Cap Index, while BKMI is a Municipal Bonds fund actively managed by BNY Mellon. BKEM is passively managed, while BKMI is actively managed. At a 0.36 correlation, their price movements are largely independent. BKEM charges 0.11%/yr vs 0.35%/yr for BKMI.

Performance

BKEM vs. BKMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Emerging Markets Equity ETF (BKEM) and BNY Mellon Municipal Intermediate ETF (BKMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BKEM

• 1D: -0.95%
• 1M: 8.75%
• YTD: 30.24%
• 6M: 32.64%
• 1Y: 57.21%
• 3Y*: 24.11%
• 5Y*: 7.37%
• 10Y*: —

BKMI

• 1D: -0.06%
• 1M: 0.49%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BKEM vs. BKMI - Yearly Performance Comparison

	2026 (YTD)
BKEM BNY Mellon Emerging Markets Equity ETF	23.11%
BKMI BNY Mellon Municipal Intermediate ETF	0.26%

Correlation

The correlation between BKEM and BKMI is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 13, 2026	0.36

Return for Risk

BKEM vs. BKMI — Risk / Return Rank

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

BKEM

BKEM Risk / Return Rank: 84
BKEM Sharpe Ratio Rank: 87
BKEM Sortino Ratio Rank: 84
BKEM Omega Ratio Rank: 84
BKEM Calmar Ratio Rank: 83
BKEM Martin Ratio Rank: 83

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.

BKEM vs. BKMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Emerging Markets Equity ETF (BKEM) and BNY Mellon Municipal Intermediate ETF (BKMI). 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.

	BKEM	BKMI	Difference
Sharpe ratio: Return per unit of total volatility	2.95	—	—
Sortino ratio: Return per unit of downside risk	3.83	—	—
Omega ratio: Gain probability vs. loss probability	1.52	—	—
Calmar ratio: Return relative to maximum drawdown	4.39	—	—
Martin ratio: Return relative to average drawdown	16.85	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BKEM	BKMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.95	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.23	+0.52

Drawdowns

BKEM vs. BKMI - Drawdown Comparison

The maximum BKEM drawdown since its inception was -39.48%, which is greater than BKMI's maximum drawdown of -2.99%. Use the drawdown chart below to compare losses from any high point for BKEM and BKMI.

Drawdown Indicators

	BKEM	BKMI	Difference
Max Drawdown Largest peak-to-trough decline	-39.48%	-2.99%	-36.49%
Max Drawdown (1Y) Largest decline over 1 year	-13.11%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.53%	—	—
Current Drawdown Current decline from peak	-0.95%	-1.23%	+0.28%
Average Drawdown Average peak-to-trough decline	-16.00%	-1.17%	-14.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	—	—

Volatility

Volatility by Period

	BKEM	BKMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.10%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.75%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.46%	2.88%	+16.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.73%	2.88%	+15.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.12%	2.88%	+16.24%

BKEM vs. BKMI - Expense Ratio Comparison

BKEM has a 0.11% expense ratio, which is lower than BKMI's 0.35% expense ratio.

Dividends

BKEM vs. BKMI - Dividend Comparison

BKEM's dividend yield for the trailing twelve months is around 1.45%, more than BKMI's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BKEM BNY Mellon Emerging Markets Equity ETF	1.45%	2.25%	2.76%	3.02%	3.15%	2.22%	1.78%
BKMI BNY Mellon Municipal Intermediate ETF	0.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BKEM and BKMI in my portfolio?

BKEM and BKMI have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BKEM or BKMI?

On fees, BKEM is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BKEM or BKMI?

BKEM is cheaper with a 0.11% expense ratio, compared with 0.35% for BKMI.

Which ETF pays a higher dividend yield, BKEM or BKMI?

BKEM has the higher dividend yield at 1.45%, compared with 0.98% for BKMI.

What is the main difference between BKEM and BKMI?

BKEM is categorized as Asia Pacific Equities, while BKMI is Municipal Bonds. Their fees differ too: 0.11% for BKEM and 0.35% for BKMI.