EEMS vs. MSMLX
EEMS (iShares MSCI Emerging Markets Small-Cap ETF) and MSMLX (Matthews Emerging Markets Small Companies Fund) are both Emerging Markets Diversified funds. Over the past 10 years, EEMS returned 9.29%/yr vs 11.73%/yr for MSMLX. A 0.70 correlation means they provide meaningful diversification when combined. EEMS charges 0.73%/yr vs 1.37%/yr for MSMLX.
Performance
EEMS vs. MSMLX - Performance Comparison
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Returns By Period
In the year-to-date period, EEMS achieves a 14.63% return, which is significantly lower than MSMLX's 25.47% return. Over the past 10 years, EEMS has underperformed MSMLX with an annualized return of 9.29%, while MSMLX has yielded a comparatively higher 11.73% annualized 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%
MSMLX
- 1D
- 0.87%
- 1M
- 2.24%
- YTD
- 25.47%
- 6M
- 24.22%
- 1Y
- 34.43%
- 3Y*
- 13.33%
- 5Y*
- 8.65%
- 10Y*
- 11.73%
EEMS vs. MSMLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EEMS iShares MSCI Emerging Markets Small-Cap ETF | 14.63% | 19.78% | 3.13% | 23.09% | -19.12% | 18.12% | 19.47% | 11.25% | -18.98% | 34.80% |
MSMLX Matthews Emerging Markets Small Companies Fund | 25.47% | 13.50% | -6.10% | 20.04% | -16.78% | 26.40% | 43.69% | 17.38% | -17.80% | 30.43% |
Correlation
The correlation between EEMS and MSMLX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2011 | 0.70 |
The correlation between EEMS and MSMLX shifts across timeframes, from 0.70 (all time) to 0.81 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EEMS vs. MSMLX — Risk / Return Rank
EEMS
MSMLX
EEMS vs. MSMLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Small-Cap ETF (EEMS) and Matthews Emerging Markets Small Companies Fund (MSMLX). 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 | MSMLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.35 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 2.85 | -0.14 |
| Martin ratioReturn relative to average drawdown | 9.56 | 9.39 | +0.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EEMS | MSMLX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.71 | 1.96 | -0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | 0.49 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | 0.69 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.65 | -0.33 |
Drawdowns
EEMS vs. MSMLX - Drawdown Comparison
The maximum EEMS drawdown since its inception was -48.89%, which is greater than MSMLX's maximum drawdown of -36.40%. Use the drawdown chart below to compare losses from any high point for EEMS and MSMLX.
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Drawdown Indicators
| EEMS | MSMLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.89% | -36.40% | -12.49% |
Max Drawdown (1Y)Largest decline over 1 year | -10.87% | -12.89% | +2.02% |
Max Drawdown (3Y)Largest decline over 3 years | -19.71% | -22.62% | +2.91% |
Max Drawdown (5Y)Largest decline over 5 years | -27.07% | -28.00% | +0.93% |
Max Drawdown (10Y)Largest decline over 10 years | -48.89% | -34.33% | -14.56% |
Current DrawdownCurrent decline from peak | -2.41% | -1.49% | -0.92% |
Average DrawdownAverage peak-to-trough decline | -10.50% | -9.24% | -1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.08% | 3.86% | -0.78% |
Volatility
EEMS vs. MSMLX - Volatility Comparison
iShares MSCI Emerging Markets Small-Cap ETF (EEMS) and Matthews Emerging Markets Small Companies Fund (MSMLX) have volatilities of 7.07% and 7.17%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EEMS | MSMLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.07% | 7.17% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 14.90% | 15.84% | -0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.30% | 18.81% | -1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.06% | 17.74% | -1.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.99% | 17.18% | +0.81% |
EEMS vs. MSMLX - Expense Ratio Comparison
EEMS has a 0.73% expense ratio, which is lower than MSMLX's 1.37% expense ratio.
Dividends
EEMS vs. MSMLX - Dividend Comparison
EEMS's dividend yield for the trailing twelve months is around 2.69%, more than MSMLX's 1.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MSMLX Matthews Emerging Markets Small Companies Fund | 1.19% | 1.50% | 3.95% | 8.36% | 8.04% | 9.18% | 0.28% | 0.51% | 21.31% | 8.12% | 0.43% | 0.13% |
Frequently Asked Questions
EEMS and MSMLX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSMLX has higher volatility (7.17%) compared to EEMS (7.07%). In terms of maximum drawdown, EEMS dropped -48.89% vs MSMLX's -36.40%.
MSMLX currently has the higher Sharpe Ratio (1.96 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.
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