DEM vs. EMGF

Last updated Jun 4, 2026

DEM (WisdomTree Emerging Markets Equity Income Fund) and EMGF (iShares Edge MSCI Multifactor Emerging Markets ETF) are both Emerging Markets Equities funds - DEM tracks the WisdomTree Emerging Markets Equity income Index while EMGF tracks the MSCI Emerging Markets Diversified Multiple-Factor Index. Both are passively managed. Over the past 10 years, DEM returned 10.45%/yr vs 11.48%/yr for EMGF. Their correlation of 0.82 suggests significant overlap in exposure. DEM charges 0.63%/yr vs 0.45%/yr for EMGF.

Performance

DEM vs. EMGF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Emerging Markets Equity Income Fund (DEM) and iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEM achieves a 19.97% return, which is significantly lower than EMGF's 30.01% return. Over the past 10 years, DEM has underperformed EMGF with an annualized return of 10.45%, while EMGF has yielded a comparatively higher 11.48% annualized return.

DEM

• 1D: -1.19%
• 1M: 6.63%
• YTD: 19.97%
• 6M: 20.75%
• 1Y: 32.23%
• 3Y*: 19.32%
• 5Y*: 9.57%
• 10Y*: 10.45%

EMGF

• 1D: -1.20%
• 1M: 9.65%
• YTD: 30.01%
• 6M: 32.52%
• 1Y: 55.31%
• 3Y*: 26.88%
• 5Y*: 10.38%
• 10Y*: 11.48%

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

DEM vs. EMGF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEM WisdomTree Emerging Markets Equity Income Fund	19.97%	21.29%	4.46%	20.93%	-10.43%	11.49%	-5.84%	19.84%	-7.69%	26.26%
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	30.01%	31.41%	9.06%	10.86%	-16.55%	6.65%	10.27%	20.96%	-19.71%	42.37%

Correlation

The correlation between DEM and EMGF is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Dec 11, 2015	0.82

The correlation between DEM and EMGF has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

DEM vs. EMGF - Sectors Allocation Comparison

Sectors	DEM	EMGF
Financial Services	21.9%	19.2%
Technology	17.4%	34.7%
Industrials	9.5%	7.8%
Energy	6.1%	4.3%
Consumer Defensive	5.8%	3.8%
Consumer Cyclical	5.0%	10.4%
Basic Materials	3.5%	5.8%
Real Estate	3.0%	1.1%
Utilities	3.0%	2.5%
Communication Services	3.0%	7.4%
Healthcare	0.6%	2.9%

Return for Risk

DEM vs. EMGF — Risk / Return Rank

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

DEM

DEM Risk / Return Rank: 74
DEM Sharpe Ratio Rank: 72
DEM Sortino Ratio Rank: 71
DEM Omega Ratio Rank: 71
DEM Calmar Ratio Rank: 79
DEM Martin Ratio Rank: 75

EMGF

EMGF Risk / Return Rank: 81
EMGF Sharpe Ratio Rank: 84
EMGF Sortino Ratio Rank: 80
EMGF Omega Ratio Rank: 83
EMGF Calmar Ratio Rank: 79
EMGF 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.

DEM vs. EMGF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Markets Equity Income Fund (DEM) and iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF). 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.

	DEM	EMGF	Difference
Sharpe ratio Return per unit of total volatility	2.38	2.78	-0.40
Sortino ratio Return per unit of downside risk	3.28	3.62	-0.34
Omega ratio Gain probability vs. loss probability	1.43	1.51	-0.07
Calmar ratio Return relative to maximum drawdown	4.10	4.11	0.00
Martin ratio Return relative to average drawdown	14.52	15.84	-1.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEM vs. EMGF - Sharpe Ratio Comparison

The current DEM Sharpe Ratio is 2.38, which is comparable to the EMGF Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of DEM and EMGF, 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

	DEM	EMGF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.78	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.59	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.59	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.57	-0.35

Drawdowns

DEM vs. EMGF - Drawdown Comparison

The maximum DEM drawdown since its inception was -51.85%, which is greater than EMGF's maximum drawdown of -40.23%. Use the drawdown chart below to compare losses from any high point for DEM and EMGF.

Drawdown Indicators

	DEM	EMGF	Difference
Max Drawdown Largest peak-to-trough decline	-51.85%	-40.23%	-11.62%
Max Drawdown (1Y) Largest decline over 1 year	-7.89%	-13.54%	+5.65%
Max Drawdown (3Y) Largest decline over 3 years	-15.64%	-17.65%	+2.01%
Max Drawdown (5Y) Largest decline over 5 years	-27.18%	-28.60%	+1.42%
Max Drawdown (10Y) Largest decline over 10 years	-37.79%	-40.23%	+2.44%
Current Drawdown Current decline from peak	-1.19%	-1.20%	+0.01%
Average Drawdown Average peak-to-trough decline	-12.90%	-10.05%	-2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	3.50%	-1.28%

Volatility

DEM vs. EMGF - Volatility Comparison

The current volatility for WisdomTree Emerging Markets Equity Income Fund (DEM) is 5.64%, while iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) has a volatility of 9.20%. This indicates that DEM experiences smaller price fluctuations and is considered to be less risky than EMGF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEM	EMGF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	9.20%	-3.56%
Volatility (6M) Calculated over the trailing 6-month period	11.33%	17.50%	-6.17%
Volatility (1Y) Calculated over the trailing 1-year period	13.59%	19.99%	-6.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.33%	17.69%	-2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	19.48%	-1.52%

DEM vs. EMGF - Expense Ratio Comparison

DEM has a 0.63% expense ratio, which is higher than EMGF's 0.45% expense ratio.

Dividends

DEM vs. EMGF - Dividend Comparison

DEM's dividend yield for the trailing twelve months is around 3.76%, more than EMGF's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEM WisdomTree Emerging Markets Equity Income Fund	3.76%	4.88%	5.24%	5.49%	8.62%	5.87%	4.21%	4.78%	4.47%	3.67%	3.63%	5.21%
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	1.94%	2.52%	3.42%	5.94%	4.04%	2.48%	1.95%	2.63%	2.73%	1.94%	2.04%	0.00%

Frequently Asked Questions

Can I hold both DEM and EMGF in my portfolio?

DEM and EMGF have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEM or EMGF?

EMGF has higher volatility (9.20%) compared to DEM (5.64%). In terms of maximum drawdown, DEM dropped -51.85% vs EMGF's -40.23%.

Which ETF is better, DEM or EMGF?

On 10-year performance, EMGF leads with 11.48% vs 10.45% for DEM. On fees, EMGF is cheaper at 0.45% per year. On volatility, DEM has been the lower-risk option at 5.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEM or EMGF?

Over the 10-year period, EMGF has performed better with a 11.48% return vs 10.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEM or EMGF?

EMGF is cheaper with a 0.45% expense ratio, compared with 0.63% for DEM.

Which ETF pays a higher dividend yield, DEM or EMGF?

DEM has the higher dividend yield at 3.76%, compared with 1.94% for EMGF.

What is the main difference between DEM and EMGF?

DEM tracks WisdomTree Emerging Markets Equity income Index, while EMGF tracks MSCI Emerging Markets Diversified Multiple-Factor Index. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.63% for DEM and 0.45% for EMGF.

Which has better risk-adjusted returns?

EMGF currently has the higher Sharpe Ratio (2.78 vs 2.38), 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.