EEMS vs. DFEV

Last updated Jun 4, 2026

EEMS (iShares MSCI Emerging Markets Small-Cap ETF) and DFEV (Dimensional Emerging Markets Value ETF) are both Emerging Markets Diversified funds. EEMS is passively managed, while DFEV is actively managed. Over the past 3 years, EEMS returned 16.81%/yr vs 25.84%/yr for DFEV. Their correlation of 0.89 suggests significant overlap in exposure. EEMS charges 0.73%/yr vs 0.43%/yr for DFEV.

Performance

EEMS vs. DFEV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Small-Cap ETF (EEMS) and Dimensional Emerging Markets Value ETF (DFEV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EEMS achieves a 14.63% return, which is significantly lower than DFEV's 29.46% return.

EEMS

• 1D: -1.36%
• 1M: 1.46%
• YTD: 14.63%
• 6M: 16.52%
• 1Y: 29.38%
• 3Y*: 16.81%
• 5Y*: 6.92%
• 10Y*: 9.29%

DFEV

• 1D: -1.36%
• 1M: 9.10%
• YTD: 29.46%
• 6M: 32.40%
• 1Y: 57.15%
• 3Y*: 25.84%
• 5Y*: —
• 10Y*: —

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

EEMS vs. DFEV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
EEMS iShares MSCI Emerging Markets Small-Cap ETF	14.63%	19.78%	3.13%	23.09%	-10.07%
DFEV Dimensional Emerging Markets Value ETF	29.46%	32.54%	7.26%	15.52%	-6.71%

Correlation

The correlation between EEMS and DFEV is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Apr 28, 2022	0.89

The correlation between EEMS and DFEV has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

EEMS vs. DFEV - Sectors Allocation Comparison

Sectors	EEMS	DFEV
Technology	22.7%	28.6%
Industrials	18.9%	9.8%
Financial Services	11.1%	16.8%
Consumer Cyclical	9.6%	10.5%
Healthcare	9.4%	3.3%
Basic Materials	9.3%	7.4%
Real Estate	5.9%	1.6%
Consumer Defensive	5.2%	3.4%
Communication Services	2.9%	3.5%
Utilities	2.7%	0.8%
Energy	2.4%	7.6%

Return for Risk

EEMS vs. DFEV — Risk / Return Rank

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

EEMS

EEMS Risk / Return Rank: 51
EEMS Sharpe Ratio Rank: 49
EEMS Sortino Ratio Rank: 46
EEMS Omega Ratio Rank: 49
EEMS Calmar Ratio Rank: 54
EEMS Martin Ratio Rank: 55

DFEV

DFEV Risk / Return Rank: 89
DFEV Sharpe Ratio Rank: 92
DFEV Sortino Ratio Rank: 90
DFEV Omega Ratio Rank: 91
DFEV Calmar Ratio Rank: 87
DFEV Martin Ratio Rank: 87

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.

EEMS vs. DFEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Small-Cap ETF (EEMS) and Dimensional Emerging Markets Value ETF (DFEV). 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.

	EEMS	DFEV	Difference
Sharpe ratio: Return per unit of total volatility	1.71	3.32	-1.61
Sortino ratio: Return per unit of downside risk	2.31	4.29	-1.98
Omega ratio: Gain probability vs. loss probability	1.31	1.61	-0.29
Calmar ratio: Return relative to maximum drawdown	2.72	5.06	-2.34
Martin ratio: Return relative to average drawdown	9.56	19.06	-9.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EEMS vs. DFEV - Sharpe Ratio Comparison

The current EEMS Sharpe Ratio is 1.71, which is lower than the DFEV Sharpe Ratio of 3.32. The chart below compares the historical Sharpe Ratios of EEMS and DFEV, 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

	EEMS	DFEV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	3.32	-1.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	1.11	-0.79

Drawdowns

EEMS vs. DFEV - Drawdown Comparison

The maximum EEMS drawdown since its inception was -48.89%, which is greater than DFEV's maximum drawdown of -18.49%. Use the drawdown chart below to compare losses from any high point for EEMS and DFEV.

Drawdown Indicators

	EEMS	DFEV	Difference
Max Drawdown Largest peak-to-trough decline	-48.89%	-18.49%	-30.40%
Max Drawdown (1Y) Largest decline over 1 year	-10.87%	-11.35%	+0.48%
Max Drawdown (3Y) Largest decline over 3 years	-19.71%	-17.94%	-1.77%
Max Drawdown (5Y) Largest decline over 5 years	-27.07%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.89%	—	—
Current Drawdown Current decline from peak	-2.41%	-1.36%	-1.05%
Average Drawdown Average peak-to-trough decline	-10.50%	-4.65%	-5.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	3.01%	+0.07%

Volatility

EEMS vs. DFEV - Volatility Comparison

The current volatility for iShares MSCI Emerging Markets Small-Cap ETF (EEMS) is 7.07%, while Dimensional Emerging Markets Value ETF (DFEV) has a volatility of 7.73%. This indicates that EEMS experiences smaller price fluctuations and is considered to be less risky than DFEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEMS	DFEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.07%	7.73%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	14.90%	14.85%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	17.30%	17.31%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.06%	16.42%	-0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.99%	16.42%	+1.57%

EEMS vs. DFEV - Expense Ratio Comparison

EEMS has a 0.73% expense ratio, which is higher than DFEV's 0.43% expense ratio.

Dividends

EEMS vs. DFEV - Dividend Comparison

EEMS's dividend yield for the trailing twelve months is around 2.69%, more than DFEV's 2.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFEV Dimensional Emerging Markets Value ETF	2.02%	2.69%	3.17%	3.47%	3.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EEMS iShares MSCI Emerging Markets Small-Cap ETF	2.69%	3.09%	2.60%	2.69%	0.89%	3.56%	2.14%	2.64%	3.06%	2.47%	2.51%	2.33%

Frequently Asked Questions

Can I hold both EEMS and DFEV in my portfolio?

With a correlation of 0.91, EEMS and DFEV 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, EEMS or DFEV?

DFEV has higher volatility (7.73%) compared to EEMS (7.07%). In terms of maximum drawdown, EEMS dropped -48.89% vs DFEV's -18.49%.

Which ETF is better, EEMS or DFEV?

On 3-year performance, DFEV leads with 25.84% vs 16.81% for EEMS. On fees, DFEV is cheaper at 0.43% per year. On volatility, EEMS has been the lower-risk option at 7.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEMS or DFEV?

Over the 3-year period, DFEV has performed better with a 25.84% return vs 16.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEMS or DFEV?

DFEV is cheaper with a 0.43% expense ratio, compared with 0.73% for EEMS.

Which ETF pays a higher dividend yield, EEMS or DFEV?

EEMS has the higher dividend yield at 2.69%, compared with 2.02% for DFEV.

What is the main difference between EEMS and DFEV?

They also come from different issuers: iShares and Dimensional. Their fees differ too: 0.73% for EEMS and 0.43% for DFEV.

Which has better risk-adjusted returns?

DFEV currently has the higher Sharpe Ratio (3.32 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.