DFSE vs. MEMX

Last updated Jun 4, 2026

DFSE (Dimensional Emerging Markets Sustainability Core 1 ETF) and MEMX (Matthews Emerging Markets Ex China Active ETF) are both Emerging Markets Diversified funds. Both are actively managed. Over the past 3 years, DFSE returned 21.00%/yr vs 26.95%/yr for MEMX. Their correlation of 0.81 suggests significant overlap in exposure. DFSE charges 0.41%/yr vs 0.79%/yr for MEMX.

Performance

DFSE vs. MEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE) and Matthews Emerging Markets Ex China Active ETF (MEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFSE achieves a 21.02% return, which is significantly lower than MEMX's 33.07% return.

DFSE

• 1D: -1.66%
• 1M: 5.84%
• YTD: 21.02%
• 6M: 22.69%
• 1Y: 42.80%
• 3Y*: 21.00%
• 5Y*: —
• 10Y*: —

MEMX

• 1D: -0.97%
• 1M: 10.92%
• YTD: 33.07%
• 6M: 42.31%
• 1Y: 70.49%
• 3Y*: 26.95%
• 5Y*: —
• 10Y*: —

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

DFSE vs. MEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF	21.02%	28.22%	6.90%	7.55%
MEMX Matthews Emerging Markets Ex China Active ETF	33.07%	35.88%	5.50%	10.52%

Correlation

The correlation between DFSE and MEMX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023	0.81

The correlation between DFSE and MEMX has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

DFSE vs. MEMX - Sectors Allocation Comparison

Sectors	DFSE	MEMX
Technology	31.2%	39.5%
Financial Services	13.9%	25.1%
Industrials	12.5%	9.6%
Consumer Cyclical	10.6%	7.8%
Basic Materials	6.2%	2.6%
Communication Services	5.8%	3.4%
Healthcare	4.7%	4.5%
Consumer Defensive	3.9%	2.1%
Real Estate	2.2%	1.5%
Utilities	1.8%	1.1%
Energy	1.0%	2.8%

Return for Risk

DFSE vs. MEMX — Risk / Return Rank

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

DFSE

DFSE Risk / Return Rank: 69
DFSE Sharpe Ratio Rank: 70
DFSE Sortino Ratio Rank: 67
DFSE Omega Ratio Rank: 71
DFSE Calmar Ratio Rank: 68
DFSE Martin Ratio Rank: 68

MEMX

MEMX Risk / Return Rank: 89
MEMX Sharpe Ratio Rank: 92
MEMX Sortino Ratio Rank: 89
MEMX Omega Ratio Rank: 89
MEMX Calmar Ratio Rank: 86
MEMX Martin Ratio Rank: 88

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.

DFSE vs. MEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE) and Matthews Emerging Markets Ex China Active ETF (MEMX). 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.

	DFSE	MEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.30	3.29	-0.99
Sortino ratio: Return per unit of downside risk	3.06	4.11	-1.05
Omega ratio: Gain probability vs. loss probability	1.42	1.58	-0.16
Calmar ratio: Return relative to maximum drawdown	3.34	4.82	-1.48
Martin ratio: Return relative to average drawdown	12.45	19.20	-6.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFSE vs. MEMX - Sharpe Ratio Comparison

The current DFSE Sharpe Ratio is 2.30, which is lower than the MEMX Sharpe Ratio of 3.29. The chart below compares the historical Sharpe Ratios of DFSE and MEMX, 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

	DFSE	MEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	3.29	-0.99
Sharpe Ratio (All Time) Calculated using the full available price history	1.34	1.45	-0.11

Drawdowns

DFSE vs. MEMX - Drawdown Comparison

The maximum DFSE drawdown since its inception was -19.77%, roughly equal to the maximum MEMX drawdown of -19.27%. Use the drawdown chart below to compare losses from any high point for DFSE and MEMX.

Drawdown Indicators

	DFSE	MEMX	Difference
Max Drawdown Largest peak-to-trough decline	-19.77%	-19.27%	-0.50%
Max Drawdown (1Y) Largest decline over 1 year	-12.88%	-14.70%	+1.82%
Max Drawdown (3Y) Largest decline over 3 years	-19.77%	-19.27%	-0.50%
Current Drawdown Current decline from peak	-1.66%	-0.97%	-0.69%
Average Drawdown Average peak-to-trough decline	-3.99%	-3.49%	-0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	3.68%	-0.23%

Volatility

DFSE vs. MEMX - Volatility Comparison

The current volatility for Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE) is 7.93%, while Matthews Emerging Markets Ex China Active ETF (MEMX) has a volatility of 9.43%. This indicates that DFSE experiences smaller price fluctuations and is considered to be less risky than MEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFSE	MEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.93%	9.43%	-1.50%
Volatility (6M) Calculated over the trailing 6-month period	16.13%	19.04%	-2.91%
Volatility (1Y) Calculated over the trailing 1-year period	18.72%	21.53%	-2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	17.09%	+0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.63%	17.09%	+0.54%

DFSE vs. MEMX - Expense Ratio Comparison

DFSE has a 0.41% expense ratio, which is lower than MEMX's 0.79% expense ratio.

Dividends

DFSE vs. MEMX - Dividend Comparison

DFSE's dividend yield for the trailing twelve months is around 1.84%, less than MEMX's 3.67% yield.

Position	TTM	2025	2024	2023	2022
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF	1.84%	2.26%	2.06%	2.06%	0.36%
MEMX Matthews Emerging Markets Ex China Active ETF	3.67%	4.88%	0.99%	1.13%	0.00%

Frequently Asked Questions

Can I hold both DFSE and MEMX in my portfolio?

DFSE and MEMX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFSE or MEMX?

MEMX has higher volatility (9.43%) compared to DFSE (7.93%). In terms of maximum drawdown, DFSE dropped -19.77% vs MEMX's -19.27%.

Which ETF is better, DFSE or MEMX?

On 3-year performance, MEMX leads with 26.95% vs 21.00% for DFSE. On fees, DFSE is cheaper at 0.41% per year. On volatility, DFSE has been the lower-risk option at 7.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFSE or MEMX?

Over the 3-year period, MEMX has performed better with a 26.95% return vs 21.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFSE or MEMX?

DFSE is cheaper with a 0.41% expense ratio, compared with 0.79% for MEMX.

Which ETF pays a higher dividend yield, DFSE or MEMX?

MEMX has the higher dividend yield at 3.67%, compared with 1.84% for DFSE.

What is the main difference between DFSE and MEMX?

They also come from different issuers: Dimensional and Matthews. Their fees differ too: 0.41% for DFSE and 0.79% for MEMX.

Which has better risk-adjusted returns?

MEMX currently has the higher Sharpe Ratio (3.29 vs 2.30), 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.