BKEM vs. FLAX

Last updated Jun 24, 2026

BKEM (BNY Mellon Emerging Markets Equity ETF) and FLAX (Franklin FTSE Asia ex Japan ETF) are both Asia Pacific Equities funds - BKEM tracks the Morningstar Emerging Markets Large Cap Index while FLAX tracks the FTSE Asia ex Japan RIC Capped Index. Both are passively managed. Over the past 5 years, BKEM returned 6.77%/yr vs 7.35%/yr for FLAX. With a 0.96 correlation, they move nearly in lockstep. BKEM charges 0.11%/yr vs 0.19%/yr for FLAX.

Performance

BKEM vs. FLAX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with BKEM having a 24.97% return and FLAX slightly lower at 24.30%.

BKEM

• 1D: -5.37%
• 1M: 2.20%
• YTD: 24.97%
• 6M: 25.93%
• 1Y: 47.05%
• 3Y*: 22.54%
• 5Y*: 6.77%
• 10Y*: —

FLAX

• 1D: -5.68%
• 1M: 2.36%
• YTD: 24.30%
• 6M: 25.58%
• 1Y: 48.51%
• 3Y*: 23.90%
• 5Y*: 7.35%
• 10Y*: —

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

BKEM vs. FLAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BKEM BNY Mellon Emerging Markets Equity ETF	24.97%	30.55%	7.53%	8.68%	-19.43%	-3.91%	48.44%
FLAX Franklin FTSE Asia ex Japan ETF	24.30%	33.72%	9.82%	6.27%	-18.88%	-3.54%	46.19%

Correlation

The correlation between BKEM and FLAX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Apr 24, 2020	0.96

The correlation between BKEM and FLAX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

BKEM vs. FLAX - Sectors Allocation Comparison

Sectors	BKEM	FLAX
Technology	43.0%	46.4%
Financial Services	16.9%	15.6%
Consumer Cyclical	8.7%	9.1%
Industrials	8.1%	8.2%
Communication Services	5.8%	5.6%
Basic Materials	5.7%	3.6%
Energy	3.4%	2.5%
Healthcare	2.7%	2.9%
Consumer Defensive	2.6%	2.4%
Utilities	2.0%	1.9%
Real Estate	1.1%	1.8%

Return for Risk

BKEM vs. FLAX — Risk / Return Rank

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

BKEM

BKEM Risk / Return Rank: 71
BKEM Sharpe Ratio Rank: 71
BKEM Sortino Ratio Rank: 62
BKEM Omega Ratio Rank: 72
BKEM Calmar Ratio Rank: 75
BKEM Martin Ratio Rank: 74

FLAX

FLAX Risk / Return Rank: 75
FLAX Sharpe Ratio Rank: 74
FLAX Sortino Ratio Rank: 66
FLAX Omega Ratio Rank: 78
FLAX Calmar Ratio Rank: 78
FLAX Martin Ratio Rank: 78

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. FLAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Emerging Markets Equity ETF (BKEM) and Franklin FTSE Asia ex Japan ETF (FLAX). 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.

	BKEM	FLAX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.21	-0.08
Sortino ratio: Return per unit of downside risk	2.71	2.83	-0.12
Omega ratio: Gain probability vs. loss probability	1.40	1.43	-0.03
Calmar ratio: Return relative to maximum drawdown	3.61	3.75	-0.15
Martin ratio: Return relative to average drawdown	13.18	13.91	-0.73

BKEM vs. FLAX - Sharpe Ratio Comparison

The current BKEM Sharpe Ratio is 2.14, which is comparable to the FLAX Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of BKEM and FLAX, 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

BKEM vs. FLAX - Drawdown Comparison

The maximum BKEM drawdown since its inception was -39.48%, smaller than the maximum FLAX drawdown of -42.51%. Use the drawdown chart below to compare losses from any high point for BKEM and FLAX.

Drawdown Indicators

	BKEM	FLAX	Difference
Max Drawdown Largest peak-to-trough decline	-39.48%	-42.51%	+3.03%
Max Drawdown (1Y) Largest decline over 1 year	-13.11%	-12.99%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-18.38%	-19.29%	+0.91%
Max Drawdown (5Y) Largest decline over 5 years	-36.20%	-38.64%	+2.44%
Current Drawdown Current decline from peak	-5.37%	-5.68%	+0.31%
Average Drawdown Average peak-to-trough decline	-15.89%	-15.34%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	3.50%	+0.08%

Volatility

BKEM vs. FLAX - Volatility Comparison

BNY Mellon Emerging Markets Equity ETF (BKEM) and Franklin FTSE Asia ex Japan ETF (FLAX) have volatilities of 12.30% and 12.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BKEM	FLAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.30%	12.58%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	20.07%	19.97%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	22.13%	22.02%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.35%	19.66%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.55%	20.26%	-0.71%

BKEM vs. FLAX - Expense Ratio Comparison

BKEM has a 0.11% expense ratio, which is lower than FLAX's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BKEM vs. FLAX - Dividend Comparison

BKEM's dividend yield for the trailing twelve months is around 1.51%, more than FLAX's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BKEM BNY Mellon Emerging Markets Equity ETF	1.51%	2.25%	2.76%	3.02%	3.15%	2.22%	1.78%	0.00%	0.00%
FLAX Franklin FTSE Asia ex Japan ETF	1.46%	2.37%	3.12%	2.20%	2.86%	2.38%	1.57%	2.23%	2.35%

Frequently Asked Questions

Can I hold both BKEM and FLAX in my portfolio?

With a correlation of 0.95, BKEM and FLAX 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, BKEM or FLAX?

FLAX has higher volatility (12.58%) compared to BKEM (12.30%). In terms of maximum drawdown, BKEM dropped -39.48% vs FLAX's -42.51%.

Which ETF is better, BKEM or FLAX?

On 5-year performance, FLAX leads with 7.35% vs 6.77% for BKEM. On fees, BKEM is cheaper at 0.11% per year. On volatility, BKEM has been the lower-risk option at 12.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BKEM or FLAX?

Over the 5-year period, FLAX has performed better with a 7.35% return vs 6.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKEM or FLAX?

BKEM is cheaper with a 0.11% expense ratio, compared with 0.19% for FLAX.

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

BKEM has the higher dividend yield at 1.51%, compared with 1.46% for FLAX.

What is the main difference between BKEM and FLAX?

BKEM tracks Morningstar Emerging Markets Large Cap Index, while FLAX tracks FTSE Asia ex Japan RIC Capped Index. They also come from different issuers: BNY Mellon and Franklin Templeton. Their fees differ too: 0.11% for BKEM and 0.19% for FLAX.

Which has better risk-adjusted returns?

FLAX currently has the higher Sharpe Ratio (2.21 vs 2.14), 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.