DVYE vs. EMDM

Last updated Aug 5, 2026

DVYE (iShares Emerging Markets Dividend ETF) and EMDM (First Trust Bloomberg Emerging Market Democracies ETF) are both Emerging Markets Equities funds - DVYE tracks the Dow Jones Emerging Markets Select Dividend Index (Net) while EMDM tracks the Bloomberg Emerging Market Democracies Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, DVYE returned 20.62%/yr vs 29.10%/yr for EMDM. Their 0.76 correlation means they have sometimes moved together and sometimes differently. DVYE charges 0.50%/yr vs 0.75%/yr for EMDM.

Performance

DVYE vs. EMDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Emerging Markets Dividend ETF (DVYE) and First Trust Bloomberg Emerging Market Democracies ETF (EMDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVYE achieves a 12.05% return, which is significantly lower than EMDM's 31.50% return.

DVYE

• 1D: 0.00%
• 1M: 6.44%
• 6M: 1.52%
• YTD: 12.05%
• 1Y: 25.36%
• 3Y*: 20.62%
• 5Y*: 6.01%
• 10Y*: 6.60%
• ALL TIME*: 2.99%

EMDM

• 1D: 2.42%
• 1M: -0.78%
• 6M: 13.02%
• YTD: 31.50%
• 1Y: 68.49%
• 3Y*: 29.10%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 27.40%

*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)
DVYE iShares Emerging Markets Dividend ETF	$3.47M	$5.34M	$6.64M
EMDM First Trust Bloomberg Emerging Market Democracies ETF	$384.95K	$728.73K	$538.13K

DVYE vs. EMDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DVYE iShares Emerging Markets Dividend ETF	12.05%	28.36%	8.89%	17.00%
EMDM First Trust Bloomberg Emerging Market Democracies ETF	31.50%	59.68%	-4.93%	14.75%

Correlation

The correlation between DVYE and EMDM is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (All Time) Calculated using the full available price history since Mar 3, 2023	0.76

The correlation between DVYE and EMDM has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.

DVYE vs. EMDM - Sectors Allocation Comparison

Sectors	DVYE	EMDM
Financial Services	31.4%	25.6%
Energy	16.2%	4.8%
Industrials	14.6%	2.6%
Basic Materials	8.3%	12.7%
Technology	8.0%	39.9%
Utilities	6.4%	1.5%
Consumer Cyclical	4.0%	5.3%
Real Estate	3.4%	-
Consumer Defensive	2.2%	3.1%
Communication Services	1.8%	4.0%
Healthcare	-	0.5%

Return for Risk

DVYE vs. EMDM — Risk / Return Rank

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

DVYE

DVYE Risk / Return Rank: 64
DVYE Sharpe Ratio Rank: 65
DVYE Sortino Ratio Rank: 62
DVYE Omega Ratio Rank: 63
DVYE Calmar Ratio Rank: 70
DVYE Martin Ratio Rank: 58

EMDM

EMDM Risk / Return Rank: 88
EMDM Sharpe Ratio Rank: 91
EMDM Sortino Ratio Rank: 83
EMDM Omega Ratio Rank: 88
EMDM Calmar Ratio Rank: 91
EMDM Martin Ratio Rank: 86

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.

DVYE vs. EMDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Dividend ETF (DVYE) and First Trust Bloomberg Emerging Market Democracies ETF (EMDM). 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.

	DVYE	EMDM	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.47	-0.75
Sortino ratio: Return per unit of downside risk	2.33	3.00	-0.66
Omega ratio: Gain probability vs. loss probability	1.30	1.42	-0.12
Calmar ratio: Return relative to maximum drawdown	2.75	4.40	-1.65
Martin ratio: Return relative to average drawdown	7.80	13.87	-6.07

DVYE vs. EMDM - Sharpe Ratio Comparison

The current DVYE Sharpe Ratio is 1.71, which is lower than the EMDM Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of DVYE and EMDM, 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

DVYE vs. EMDM - Drawdown Comparison

The maximum DVYE drawdown since its inception was -47.42%, which is greater than EMDM's maximum drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for DVYE and EMDM.

Drawdown Indicators

	DVYE	EMDM	Difference
Max Drawdown Largest peak-to-trough decline	-47.42%	-18.81%	-28.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.26%	-15.65%	+6.39%
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	-18.81%	+4.18%
Max Drawdown (5Y) Largest decline over 5 years	-40.89%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.89%	—	—
Current Drawdown Current decline from peak	-2.69%	-8.35%	+5.66%
Average Drawdown Average peak-to-trough decline	-15.26%	-4.21%	-11.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	4.95%	-1.69%

Volatility

DVYE vs. EMDM - Volatility Comparison

The current volatility for iShares Emerging Markets Dividend ETF (DVYE) is 3.49%, while First Trust Bloomberg Emerging Market Democracies ETF (EMDM) has a volatility of 9.63%. This indicates that DVYE experiences smaller price fluctuations and is considered to be less risky than EMDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVYE	EMDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	9.63%	-6.14%
Volatility (6M) Calculated over the trailing 6-month period	12.19%	25.44%	-13.25%
Volatility (1Y) Calculated over the trailing 1-year period	14.87%	27.94%	-13.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.11%	21.17%	-4.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.28%	21.17%	-2.89%

DVYE vs. EMDM - Expense Ratio Comparison

DVYE has a 0.50% expense ratio, which is lower than EMDM's 0.75% expense ratio.

Dividends

DVYE vs. EMDM - Dividend Comparison

DVYE's dividend yield for the trailing twelve months is around 4.81%, more than EMDM's 2.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVYE iShares Emerging Markets Dividend ETF	4.81%	5.88%	11.81%	9.05%	9.89%	7.31%	5.27%	5.97%	5.69%	4.81%	4.56%	6.53%
EMDM First Trust Bloomberg Emerging Market Democracies ETF	2.88%	3.57%	5.87%	2.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DVYE and EMDM in my portfolio?

DVYE and EMDM have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVYE or EMDM?

EMDM has higher volatility (9.63%) compared to DVYE (3.49%). In terms of maximum drawdown, DVYE dropped -47.42% vs EMDM's -18.81%.

Which ETF is better, DVYE or EMDM?

On 3-year performance, EMDM leads with 29.10% vs 20.62% for DVYE. On fees, DVYE is cheaper at 0.50% per year. On volatility, DVYE has been the lower-risk option at 3.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVYE or EMDM?

Over the 3-year period, EMDM has performed better with a 29.10% return vs 20.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVYE or EMDM?

DVYE is cheaper with a 0.50% expense ratio, compared with 0.75% for EMDM.

Which ETF pays a higher dividend yield, DVYE or EMDM?

DVYE has the higher dividend yield at 4.81%, compared with 2.88% for EMDM.

What is the main difference between DVYE and EMDM?

DVYE tracks Dow Jones Emerging Markets Select Dividend Index (Net), while EMDM tracks Bloomberg Emerging Market Democracies Index - Benchmark TR Net. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.50% for DVYE and 0.75% for EMDM.

Which has better risk-adjusted returns?

EMDM currently has the higher Sharpe Ratio (2.47 vs 1.71), 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.