EEMX vs. EMDV

Last updated Aug 2, 2026

EEMX (SPDR MSCI Emerging Markets Fossil Fuel Free ETF) and EMDV (ProShares MSCI Emerging Markets Dividend Growers ETF) are both Emerging Markets Equities funds - EEMX tracks the MSCI Emerging Markets ex Fossil Fuels Index while EMDV tracks the MSCI Emerging Markets Dividend Masters Index. Both are passively managed. Over the past 5 years, EEMX returned 7.90%/yr vs -1.50%/yr for EMDV. Their 0.76 correlation means they have sometimes moved together and sometimes differently. EEMX charges 0.30%/yr vs 0.60%/yr for EMDV.

Performance

EEMX vs. EMDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) and ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EEMX achieves a 18.71% return, which is significantly higher than EMDV's 1.51% return.

EEMX

• 1D: 0.69%
• 1M: -2.50%
• 6M: 9.90%
• YTD: 18.71%
• 1Y: 37.30%
• 3Y*: 19.41%
• 5Y*: 7.90%
• 10Y*: —
• ALL TIME*: 9.29%

EMDV

• 1D: -0.18%
• 1M: 4.30%
• 6M: 0.72%
• YTD: 1.51%
• 1Y: 6.10%
• 3Y*: 1.66%
• 5Y*: -1.50%
• 10Y*: 1.95%
• ALL TIME*: 4.01%

*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)
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF	$114.77K	$173.22K	$297.15K
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	$3.04K	$6.93K	$10.37K

EEMX vs. EMDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF	18.71%	35.23%	7.22%	9.80%	-19.75%	-3.57%	19.55%	18.56%	-16.76%	38.46%
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	1.51%	11.90%	0.06%	-1.03%	-18.19%	1.11%	-0.09%	14.93%	-7.52%	26.98%

Correlation

The correlation between EEMX and EMDV is 0.68, 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.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (All Time) Calculated using the full available price history since Oct 25, 2016	0.76

The correlation between EEMX and EMDV shifts across timeframes, from 0.68 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.

EEMX vs. EMDV - Sectors Allocation Comparison

Sectors	EEMX	EMDV
Technology	47.1%	22.8%
Financial Services	19.2%	24.0%
Consumer Cyclical	7.8%	6.7%
Communication Services	6.3%	5.8%
Industrials	6.3%	6.7%
Basic Materials	5.3%	2.5%
Consumer Defensive	2.7%	14.4%
Healthcare	2.6%	8.4%
Utilities	1.3%	8.8%
Real Estate	1.0%	-
Energy	0.4%	-

Return for Risk

EEMX vs. EMDV — Risk / Return Rank

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

EEMX

EEMX Risk / Return Rank: 64
EEMX Sharpe Ratio Rank: 61
EEMX Sortino Ratio Rank: 56
EEMX Omega Ratio Rank: 64
EEMX Calmar Ratio Rank: 72
EEMX Martin Ratio Rank: 64

EMDV

EMDV Risk / Return Rank: 23
EMDV Sharpe Ratio Rank: 23
EMDV Sortino Ratio Rank: 22
EMDV Omega Ratio Rank: 22
EMDV Calmar Ratio Rank: 26
EMDV Martin Ratio Rank: 25

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.

EEMX vs. EMDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) and ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV). 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.

	EEMX	EMDV	Difference
Sharpe ratio: Return per unit of total volatility	1.43	0.50	+0.93
Sortino ratio: Return per unit of downside risk	1.95	0.79	+1.16
Omega ratio: Gain probability vs. loss probability	1.27	1.10	+0.17
Calmar ratio: Return relative to maximum drawdown	2.51	0.81	+1.70
Martin ratio: Return relative to average drawdown	7.80	1.92	+5.88

EEMX vs. EMDV - Sharpe Ratio Comparison

The current EEMX Sharpe Ratio is 1.43, which is higher than the EMDV Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of EEMX and EMDV, 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

EEMX vs. EMDV - Drawdown Comparison

The maximum EEMX drawdown since its inception was -39.90%, roughly equal to the maximum EMDV drawdown of -39.20%. Use the drawdown chart below to compare losses from any high point for EEMX and EMDV.

Drawdown Indicators

	EEMX	EMDV	Difference
Max Drawdown Largest peak-to-trough decline	-39.90%	-39.20%	-0.70%
Max Drawdown (1Y) Largest decline over 1 year	-14.47%	-7.24%	-7.23%
Max Drawdown (3Y) Largest decline over 3 years	-17.64%	-20.71%	+3.07%
Max Drawdown (5Y) Largest decline over 5 years	-34.31%	-33.37%	-0.94%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.20%	—
Current Drawdown Current decline from peak	-10.21%	-14.51%	+4.30%
Average Drawdown Average peak-to-trough decline	-14.60%	-13.59%	-1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.65%	3.04%	+1.61%

Volatility

EEMX vs. EMDV - Volatility Comparison

SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) has a higher volatility of 9.58% compared to ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) at 3.09%. This indicates that EEMX's price experiences larger fluctuations and is considered to be riskier than EMDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEMX	EMDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.58%	3.09%	+6.49%
Volatility (6M) Calculated over the trailing 6-month period	23.32%	9.93%	+13.39%
Volatility (1Y) Calculated over the trailing 1-year period	25.34%	11.68%	+13.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.14%	15.41%	+4.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.76%	17.99%	+2.77%

EEMX vs. EMDV - Expense Ratio Comparison

EEMX has a 0.30% expense ratio, which is lower than EMDV's 0.60% expense ratio.

Dividends

EEMX vs. EMDV - Dividend Comparison

EEMX's dividend yield for the trailing twelve months is around 1.90%, which matches EMDV's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF	1.90%	2.28%	2.26%	2.20%	2.38%	1.72%	1.42%	2.57%	2.41%	2.45%	0.15%
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	1.90%	2.46%	2.79%	1.88%	3.68%	2.12%	3.12%	2.38%	1.27%	2.09%	2.87%

Frequently Asked Questions

Can I hold both EEMX and EMDV in my portfolio?

EEMX and EMDV have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EEMX or EMDV?

EEMX has higher volatility (9.58%) compared to EMDV (3.09%). In terms of maximum drawdown, EEMX dropped -39.90% vs EMDV's -39.20%.

Which ETF is better, EEMX or EMDV?

On 5-year performance, EEMX leads with 7.90% vs -1.50% for EMDV. On fees, EEMX is cheaper at 0.30% per year. On volatility, EMDV has been the lower-risk option at 3.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEMX or EMDV?

Over the 5-year period, EEMX has performed better with a 7.90% return vs -1.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEMX or EMDV?

EEMX is cheaper with a 0.30% expense ratio, compared with 0.60% for EMDV.

Which ETF pays a higher dividend yield, EEMX or EMDV?

EEMX and EMDV have nearly identical dividend yields, around 1.90%.

What is the main difference between EEMX and EMDV?

EEMX tracks MSCI Emerging Markets ex Fossil Fuels Index, while EMDV tracks MSCI Emerging Markets Dividend Masters Index. They also come from different issuers: State Street and ProShares. Their fees differ too: 0.30% for EEMX and 0.60% for EMDV.

Which has better risk-adjusted returns?

EEMX currently has the higher Sharpe Ratio (1.43 vs 0.50), 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.