DFEM vs. BKEM

Last updated Aug 6, 2026

DFEM (Dimensional Emerging Markets Core Equity 2 ETF) and BKEM (BNY Mellon Emerging Markets Equity ETF) are both Emerging Markets Equities funds. DFEM is actively managed, while BKEM is passively managed. Over the past 3 years, DFEM returned 19.58%/yr vs 20.07%/yr for BKEM. Their 0.96 correlation means they have historically moved very closely together. DFEM charges 0.39%/yr vs 0.11%/yr for BKEM.

Performance

DFEM vs. BKEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Emerging Markets Core Equity 2 ETF (DFEM) and BNY Mellon Emerging Markets Equity ETF (BKEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFEM achieves a 19.04% return, which is significantly lower than BKEM's 22.42% return.

DFEM

• 1D: -0.18%
• 1M: -3.05%
• 6M: 10.52%
• YTD: 19.04%
• 1Y: 32.35%
• 3Y*: 19.58%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.33%

BKEM

• 1D: -0.11%
• 1M: -2.58%
• 6M: 13.29%
• YTD: 22.42%
• 1Y: 37.39%
• 3Y*: 20.07%
• 5Y*: 7.66%
• 10Y*: —
• ALL TIME*: 12.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BKEM BNY Mellon Emerging Markets Equity ETF	$482.63K	$311.92K	$245.54K
DFEM Dimensional Emerging Markets Core Equity 2 ETF	$42.91M	$40.55M	$40.33M

DFEM vs. BKEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFEM Dimensional Emerging Markets Core Equity 2 ETF	19.04%	29.51%	7.53%	13.91%	-9.60%
BKEM BNY Mellon Emerging Markets Equity ETF	22.42%	30.55%	7.53%	8.68%	-5.47%

Correlation

The correlation between DFEM and BKEM is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (3Y) Balances recent behavior with more history.	0.96
Correlation (All Time) Calculated using the full available price history since Apr 27, 2022	0.96

The correlation between DFEM and BKEM has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

DFEM vs. BKEM - Sectors Allocation Comparison

Sectors	DFEM	BKEM
Technology	40.4%	44.5%
Financial Services	14.8%	17.5%
Industrials	10.6%	7.6%
Consumer Cyclical	7.9%	7.7%
Basic Materials	7.3%	5.4%
Communication Services	5.0%	5.8%
Healthcare	3.6%	2.7%
Energy	3.4%	3.1%
Consumer Defensive	3.3%	2.6%
Utilities	1.9%	2.0%
Real Estate	1.7%	1.1%

Return for Risk

DFEM vs. BKEM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DFEM

DFEM Risk / Return Rank: 53
DFEM Sharpe Ratio Rank: 51
DFEM Sortino Ratio Rank: 47
DFEM Omega Ratio Rank: 53
DFEM Calmar Ratio Rank: 58
DFEM Martin Ratio Rank: 56

BKEM

BKEM Risk / Return Rank: 59
BKEM Sharpe Ratio Rank: 57
BKEM Sortino Ratio Rank: 52
BKEM Omega Ratio Rank: 57
BKEM Calmar Ratio Rank: 68
BKEM Martin Ratio Rank: 61

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DFEM vs. BKEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Emerging Markets Core Equity 2 ETF (DFEM) and BNY Mellon Emerging Markets Equity ETF (BKEM). 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.

	DFEM	BKEM	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.57	-0.13
Sortino ratio: Return per unit of downside risk	1.95	2.10	-0.15
Omega ratio: Gain probability vs. loss probability	1.27	1.29	-0.02
Calmar ratio: Return relative to maximum drawdown	2.35	2.70	-0.35
Martin ratio: Return relative to average drawdown	7.59	8.19	-0.61

DFEM vs. BKEM - Sharpe Ratio Comparison

The current DFEM Sharpe Ratio is 1.44, which is comparable to the BKEM Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of DFEM and BKEM, 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

DFEM vs. BKEM - Drawdown Comparison

The maximum DFEM drawdown since its inception was -20.82%, smaller than the maximum BKEM drawdown of -39.48%. Use the drawdown chart below to compare losses from any high point for DFEM and BKEM.

Drawdown Indicators

	DFEM	BKEM	Difference
Max Drawdown Largest peak-to-trough decline	-20.82%	-39.48%	+18.66%
Max Drawdown (1Y) Largest decline over 1 year	-13.84%	-13.91%	+0.07%
Max Drawdown (3Y) Largest decline over 3 years	-18.09%	-18.38%	+0.29%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.28%	—
Current Drawdown Current decline from peak	-7.12%	-7.30%	+0.18%
Average Drawdown Average peak-to-trough decline	-5.09%	-15.74%	+10.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.28%	4.58%	-0.30%

Volatility

DFEM vs. BKEM - Volatility Comparison

The current volatility for Dimensional Emerging Markets Core Equity 2 ETF (DFEM) is 7.83%, while BNY Mellon Emerging Markets Equity ETF (BKEM) has a volatility of 8.56%. This indicates that DFEM experiences smaller price fluctuations and is considered to be less risky than BKEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEM	BKEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.83%	8.56%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	20.72%	21.91%	-1.19%
Volatility (1Y) Calculated over the trailing 1-year period	22.60%	23.93%	-1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.20%	19.64%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.20%	19.76%	-1.56%

DFEM vs. BKEM - Expense Ratio Comparison

DFEM has a 0.39% expense ratio, which is higher than BKEM's 0.11% expense ratio.

Dividends

DFEM vs. BKEM - Dividend Comparison

DFEM's dividend yield for the trailing twelve months is around 1.90%, which matches BKEM's 1.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BKEM BNY Mellon Emerging Markets Equity ETF	1.91%	2.25%	2.76%	3.02%	3.15%	2.22%	1.78%
DFEM Dimensional Emerging Markets Core Equity 2 ETF	1.90%	2.32%	2.50%	2.38%	1.99%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFEM and BKEM in my portfolio?

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

BKEM has higher volatility (8.56%) compared to DFEM (7.83%). In terms of maximum drawdown, DFEM dropped -20.82% vs BKEM's -39.48%.

Which ETF is better, DFEM or BKEM?

On 3-year performance, BKEM leads with 20.07% vs 19.58% for DFEM. On fees, BKEM is cheaper at 0.11% per year. On volatility, DFEM has been the lower-risk option at 7.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEM or BKEM?

Over the 3-year period, BKEM has performed better with a 20.07% return vs 19.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEM or BKEM?

BKEM is cheaper with a 0.11% expense ratio, compared with 0.39% for DFEM.

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

DFEM and BKEM have nearly identical dividend yields, around 1.90%.

What is the main difference between DFEM and BKEM?

They also come from different issuers: Dimensional and BNY Mellon. Their fees differ too: 0.39% for DFEM and 0.11% for BKEM.

Which has better risk-adjusted returns?

BKEM currently has the higher Sharpe Ratio (1.57 vs 1.44), 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.