EEMX vs. ESGE

Last updated Jun 23, 2026

EEMX (SPDR MSCI Emerging Markets Fossil Fuel Free ETF) and ESGE (iShares ESG Aware MSCI EM ETF) are both exchange-traded funds - EEMX is a Asia Pacific Equities fund tracking the MSCI Emerging Markets ex Fossil Fuels Index, while ESGE is a Emerging Markets Equities fund tracking the MSCI EM Extended ESG Focus Index. Both are passively managed. Over the past 5 years, EEMX returned 9.07%/yr vs 7.71%/yr for ESGE. Their correlation of 0.90 suggests significant overlap in exposure. EEMX charges 0.30%/yr vs 0.25%/yr for ESGE.

Performance

EEMX vs. ESGE - 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 iShares ESG Aware MSCI EM ETF (ESGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EEMX achieves a 32.21% return, which is significantly higher than ESGE's 29.55% return.

EEMX

• 1D: 0.48%
• 1M: 9.19%
• YTD: 32.21%
• 6M: 33.98%
• 1Y: 59.90%
• 3Y*: 26.28%
• 5Y*: 9.07%
• 10Y*: —

ESGE

• 1D: 0.41%
• 1M: 8.95%
• YTD: 29.55%
• 6M: 31.12%
• 1Y: 54.89%
• 3Y*: 25.08%
• 5Y*: 7.71%
• 10Y*: —

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

EEMX vs. ESGE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF	32.21%	35.23%	7.22%	9.80%	-19.75%	-3.57%	19.55%	18.56%	-16.76%	38.46%
ESGE iShares ESG Aware MSCI EM ETF	29.55%	35.86%	6.63%	9.51%	-22.41%	-2.87%	18.60%	20.37%	-15.24%	38.86%

Correlation

The correlation between EEMX and ESGE is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 25, 2016	0.90

The correlation between EEMX and ESGE has been stable across timeframes, ranging from 0.90 to 0.98 - a consistent structural relationship.

EEMX vs. ESGE - Sectors Allocation Comparison

Sectors	EEMX	ESGE
Technology	26.8%	43.9%
Financial Services	11.1%	22.0%
Consumer Cyclical	6.5%	7.5%
Communication Services	4.4%	7.4%
Basic Materials	2.6%	5.0%
Industrials	2.3%	5.7%
Consumer Defensive	1.6%	2.1%
Healthcare	1.4%	2.2%
Utilities	0.9%	1.3%
Real Estate	0.7%	1.0%
Energy	0.3%	1.9%

Return for Risk

EEMX vs. ESGE — Risk / Return Rank

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

EEMX

EEMX Risk / Return Rank: 83
EEMX Sharpe Ratio Rank: 85
EEMX Sortino Ratio Rank: 78
EEMX Omega Ratio Rank: 85
EEMX Calmar Ratio Rank: 84
EEMX Martin Ratio Rank: 83

ESGE

ESGE Risk / Return Rank: 79
ESGE Sharpe Ratio Rank: 82
ESGE Sortino Ratio Rank: 74
ESGE Omega Ratio Rank: 82
ESGE Calmar Ratio Rank: 79
ESGE Martin Ratio Rank: 79

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.

EEMX vs. ESGE - 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 iShares ESG Aware MSCI EM ETF (ESGE). 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	ESGE	Difference
Sharpe ratio: Return per unit of total volatility	2.64	2.51	+0.14
Sortino ratio: Return per unit of downside risk	3.32	3.19	+0.12
Omega ratio: Gain probability vs. loss probability	1.49	1.47	+0.02
Calmar ratio: Return relative to maximum drawdown	4.33	3.97	+0.37
Martin ratio: Return relative to average drawdown	16.38	14.85	+1.53

EEMX vs. ESGE - Sharpe Ratio Comparison

The current EEMX Sharpe Ratio is 2.64, which is comparable to the ESGE Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of EEMX and ESGE, 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. ESGE - Drawdown Comparison

The maximum EEMX drawdown since its inception was -39.90%, roughly equal to the maximum ESGE drawdown of -41.07%. Use the drawdown chart below to compare losses from any high point for EEMX and ESGE.

Drawdown Indicators

	EEMX	ESGE	Difference
Max Drawdown Largest peak-to-trough decline	-39.90%	-41.07%	+1.17%
Max Drawdown (1Y) Largest decline over 1 year	-13.89%	-13.90%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-17.64%	-16.71%	-0.93%
Max Drawdown (5Y) Largest decline over 5 years	-36.99%	-39.18%	+2.19%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-14.68%	-14.41%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	3.71%	-0.04%

Volatility

EEMX vs. ESGE - Volatility Comparison

SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) and iShares ESG Aware MSCI EM ETF (ESGE) have volatilities of 11.25% and 10.79%, 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.

Volatility by Period

	EEMX	ESGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.25%	10.79%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	20.64%	19.79%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	22.84%	22.06%	+0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.64%	19.55%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.54%	20.11%	+0.43%

EEMX vs. ESGE - Expense Ratio Comparison

EEMX has a 0.30% expense ratio, which is higher than ESGE's 0.25% expense ratio.

Dividends

EEMX vs. ESGE - Dividend Comparison

EEMX's dividend yield for the trailing twelve months is around 1.71%, less than ESGE's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF	1.71%	2.28%	2.26%	2.20%	2.38%	1.72%	1.42%	2.57%	2.41%	2.45%	0.15%
ESGE iShares ESG Aware MSCI EM ETF	2.00%	2.50%	2.41%	2.64%	2.68%	2.66%	1.31%	2.59%	2.19%	1.86%	0.27%

Frequently Asked Questions

Can I hold both EEMX and ESGE in my portfolio?

With a correlation of 0.98, EEMX and ESGE 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, EEMX or ESGE?

EEMX has higher volatility (11.25%) compared to ESGE (10.79%). In terms of maximum drawdown, EEMX dropped -39.90% vs ESGE's -41.07%.

Which ETF is better, EEMX or ESGE?

On 5-year performance, EEMX leads with 9.07% vs 7.71% for ESGE. On fees, ESGE is cheaper at 0.25% per year. On volatility, ESGE has been the lower-risk option at 10.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEMX or ESGE?

Over the 5-year period, EEMX has performed better with a 9.07% return vs 7.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEMX or ESGE?

ESGE is cheaper with a 0.25% expense ratio, compared with 0.30% for EEMX.

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

ESGE has the higher dividend yield at 2.00%, compared with 1.71% for EEMX.

What is the main difference between EEMX and ESGE?

EEMX is categorized as Asia Pacific Equities, while ESGE is Emerging Markets Equities. EEMX tracks MSCI Emerging Markets ex Fossil Fuels Index, while ESGE tracks MSCI EM Extended ESG Focus Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for EEMX and 0.25% for ESGE.

Which has better risk-adjusted returns?

EEMX currently has the higher Sharpe Ratio (2.64 vs 2.51), 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.