DBEM vs. EMCS

Last updated Jun 24, 2026

DBEM (Xtrackers MSCI Emerging Markets Hedged Equity ETF) and EMCS (Xtrackers MSCI Emerging Markets Climate Selection ETF) are both Emerging Markets Equities funds - DBEM tracks the MSCI EM US Dollar Hedged Index while EMCS tracks the MSCI Emerging Markets Climate Select Index. Both are passively managed. Over the past 5 years, DBEM returned 9.17%/yr vs 7.51%/yr for EMCS. Their correlation of 0.93 suggests significant overlap in exposure. DBEM charges 0.66%/yr vs 0.15%/yr for EMCS.

Performance

DBEM vs. EMCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) and Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBEM achieves a 27.92% return, which is significantly lower than EMCS's 30.08% return.

DBEM

• 1D: -5.21%
• 1M: 2.97%
• YTD: 27.92%
• 6M: 28.44%
• 1Y: 54.61%
• 3Y*: 24.78%
• 5Y*: 9.17%
• 10Y*: 10.69%

EMCS

• 1D: -6.03%
• 1M: 5.49%
• YTD: 30.08%
• 6M: 31.16%
• 1Y: 55.24%
• 3Y*: 26.52%
• 5Y*: 7.51%
• 10Y*: —

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

DBEM vs. EMCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF	27.92%	30.42%	10.61%	10.53%	-17.00%	-2.26%	18.12%	16.77%	-2.73%
EMCS Xtrackers MSCI Emerging Markets Climate Selection ETF	30.08%	38.71%	10.12%	5.68%	-23.58%	-2.02%	19.72%	19.54%	-1.41%

Correlation

The correlation between DBEM and EMCS 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 (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 6, 2018	0.93

The correlation between DBEM and EMCS has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

DBEM vs. EMCS - Sectors Allocation Comparison

Sectors	DBEM	EMCS
Technology	43.6%	50.7%
Financial Services	17.9%	26.0%
Consumer Cyclical	8.4%	9.1%
Industrials	6.7%	1.2%
Communication Services	6.1%	7.4%
Basic Materials	6.0%	2.6%
Energy	3.5%	1.2%
Consumer Defensive	2.5%	0.0%
Healthcare	2.5%	0.0%
Utilities	1.8%	0.0%
Real Estate	1.0%	1.8%

Return for Risk

DBEM vs. EMCS — Risk / Return Rank

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

DBEM

DBEM Risk / Return Rank: 87
DBEM Sharpe Ratio Rank: 87
DBEM Sortino Ratio Rank: 80
DBEM Omega Ratio Rank: 86
DBEM Calmar Ratio Rank: 90
DBEM Martin Ratio Rank: 90

EMCS

EMCS Risk / Return Rank: 75
EMCS Sharpe Ratio Rank: 75
EMCS Sortino Ratio Rank: 66
EMCS Omega Ratio Rank: 76
EMCS Calmar Ratio Rank: 80
EMCS Martin Ratio Rank: 80

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.

DBEM vs. EMCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) and Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS). 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.

	DBEM	EMCS	Difference
Sharpe ratio: Return per unit of total volatility	2.65	2.19	+0.47
Sortino ratio: Return per unit of downside risk	3.28	2.77	+0.51
Omega ratio: Gain probability vs. loss probability	1.49	1.41	+0.08
Calmar ratio: Return relative to maximum drawdown	5.22	3.88	+1.35
Martin ratio: Return relative to average drawdown	19.15	14.31	+4.84

DBEM vs. EMCS - Sharpe Ratio Comparison

The current DBEM Sharpe Ratio is 2.65, which is comparable to the EMCS Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of DBEM and EMCS, 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

DBEM vs. EMCS - Drawdown Comparison

The maximum DBEM drawdown since its inception was -33.51%, smaller than the maximum EMCS drawdown of -44.86%. Use the drawdown chart below to compare losses from any high point for DBEM and EMCS.

Drawdown Indicators

	DBEM	EMCS	Difference
Max Drawdown Largest peak-to-trough decline	-33.51%	-44.86%	+11.35%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-14.32%	+3.81%
Max Drawdown (3Y) Largest decline over 3 years	-15.12%	-16.73%	+1.61%
Max Drawdown (5Y) Largest decline over 5 years	-30.48%	-42.06%	+11.58%
Max Drawdown (10Y) Largest decline over 10 years	-33.51%	—	—
Current Drawdown Current decline from peak	-5.21%	-6.03%	+0.82%
Average Drawdown Average peak-to-trough decline	-11.66%	-16.52%	+4.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	3.87%	-1.01%

Volatility

DBEM vs. EMCS - Volatility Comparison

The current volatility for Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) is 11.58%, while Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS) has a volatility of 14.09%. This indicates that DBEM experiences smaller price fluctuations and is considered to be less risky than EMCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBEM	EMCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.58%	14.09%	-2.51%
Volatility (6M) Calculated over the trailing 6-month period	18.66%	23.01%	-4.35%
Volatility (1Y) Calculated over the trailing 1-year period	20.69%	25.41%	-4.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	21.33%	-3.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.39%	22.04%	-4.65%

DBEM vs. EMCS - Expense Ratio Comparison

DBEM has a 0.66% expense ratio, which is higher than EMCS's 0.15% expense ratio.

Dividends

DBEM vs. EMCS - Dividend Comparison

DBEM's dividend yield for the trailing twelve months is around 2.06%, more than EMCS's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF	2.06%	1.84%	2.48%	2.55%	2.65%	1.77%	1.74%	2.59%	2.85%	1.51%	1.59%	3.49%
EMCS Xtrackers MSCI Emerging Markets Climate Selection ETF	1.46%	1.66%	0.67%	3.07%	2.26%	1.46%	1.40%	3.56%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DBEM and EMCS in my portfolio?

With a correlation of 0.93, DBEM and EMCS 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, DBEM or EMCS?

EMCS has higher volatility (14.09%) compared to DBEM (11.58%). In terms of maximum drawdown, DBEM dropped -33.51% vs EMCS's -44.86%.

Which ETF is better, DBEM or EMCS?

On 5-year performance, DBEM leads with 9.17% vs 7.51% for EMCS. On fees, EMCS is cheaper at 0.15% per year. On volatility, DBEM has been the lower-risk option at 11.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBEM or EMCS?

Over the 5-year period, DBEM has performed better with a 9.17% return vs 7.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEM or EMCS?

EMCS is cheaper with a 0.15% expense ratio, compared with 0.66% for DBEM.

Which ETF pays a higher dividend yield, DBEM or EMCS?

DBEM has the higher dividend yield at 2.06%, compared with 1.46% for EMCS.

What is the main difference between DBEM and EMCS?

DBEM tracks MSCI EM US Dollar Hedged Index, while EMCS tracks MSCI Emerging Markets Climate Select Index. They also come from different issuers: Deutsche Bank and Xtrackers. Their fees differ too: 0.66% for DBEM and 0.15% for EMCS.

Which has better risk-adjusted returns?

DBEM currently has the higher Sharpe Ratio (2.65 vs 2.19), 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.