EMCR vs. BKEM

Last updated Jul 14, 2026

EMCR (Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF) and BKEM (BNY Mellon Emerging Markets Equity ETF) are both Emerging Markets Equities funds - EMCR tracks the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index - Benchmark TR Net while BKEM tracks the Morningstar Emerging Markets Large Cap Index. Both are passively managed. Over the past 5 years, EMCR returned 7.99%/yr vs 6.39%/yr for BKEM. Their correlation of 0.95 suggests significant overlap in exposure. EMCR charges 0.15%/yr vs 0.11%/yr for BKEM.

Performance

EMCR vs. BKEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) and BNY Mellon Emerging Markets Equity ETF (BKEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMCR achieves a 15.90% return, which is significantly lower than BKEM's 20.10% return.

EMCR

• 1D: -3.22%
• 1M: -3.09%
• 6M: 9.60%
• YTD: 15.90%
• 1Y: 33.48%
• 3Y*: 19.46%
• 5Y*: 7.99%
• 10Y*: —

BKEM

• 1D: -3.63%
• 1M: -4.84%
• 6M: 13.52%
• YTD: 20.10%
• 1Y: 36.79%
• 3Y*: 18.94%
• 5Y*: 6.39%
• 10Y*: —

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

EMCR vs. BKEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	15.90%	33.25%	9.69%	10.55%	-18.73%	5.54%	40.33%
BKEM BNY Mellon Emerging Markets Equity ETF	20.10%	30.55%	7.53%	8.68%	-19.43%	-3.91%	48.44%

Correlation

The correlation between EMCR and BKEM is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Apr 24, 2020	0.95

The correlation between EMCR and BKEM has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

EMCR vs. BKEM - Sectors Allocation Comparison

Sectors	EMCR	BKEM
Technology	42.2%	43.0%
Financial Services	18.9%	16.9%
Consumer Cyclical	9.6%	8.7%
Communication Services	8.8%	5.8%
Industrials	6.3%	8.1%
Healthcare	5.0%	2.7%
Basic Materials	3.5%	5.7%
Consumer Defensive	2.5%	2.6%
Real Estate	1.7%	1.1%
Utilities	1.4%	2.0%
Energy	0.1%	3.4%

Return for Risk

EMCR vs. BKEM — Risk / Return Rank

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

EMCR

EMCR Risk / Return Rank: 57
EMCR Sharpe Ratio Rank: 55
EMCR Sortino Ratio Rank: 50
EMCR Omega Ratio Rank: 57
EMCR Calmar Ratio Rank: 61
EMCR Martin Ratio Rank: 61

BKEM

BKEM Risk / Return Rank: 64
BKEM Sharpe Ratio Rank: 62
BKEM Sortino Ratio Rank: 55
BKEM Omega Ratio Rank: 63
BKEM Calmar Ratio Rank: 71
BKEM Martin Ratio Rank: 67

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.

EMCR vs. BKEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) and BNY Mellon Emerging Markets Equity ETF (BKEM). 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.

	EMCR	BKEM	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.62	-0.14
Sortino ratio: Return per unit of downside risk	1.98	2.12	-0.14
Omega ratio: Gain probability vs. loss probability	1.28	1.30	-0.02
Calmar ratio: Return relative to maximum drawdown	2.43	2.82	-0.39
Martin ratio: Return relative to average drawdown	8.51	9.64	-1.12

EMCR vs. BKEM - Sharpe Ratio Comparison

The current EMCR Sharpe Ratio is 1.48, which is comparable to the BKEM Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of EMCR and BKEM, 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

EMCR vs. BKEM - Drawdown Comparison

The maximum EMCR drawdown since its inception was -34.28%, smaller than the maximum BKEM drawdown of -39.48%. Use the drawdown chart below to compare losses from any high point for EMCR and BKEM.

Drawdown Indicators

	EMCR	BKEM	Difference
Max Drawdown Largest peak-to-trough decline	-34.28%	-39.48%	+5.20%
Max Drawdown (1Y) Largest decline over 1 year	-13.84%	-13.11%	-0.73%
Max Drawdown (3Y) Largest decline over 3 years	-18.38%	-18.38%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-34.28%	-34.52%	+0.24%
Current Drawdown Current decline from peak	-7.49%	-9.06%	+1.57%
Average Drawdown Average peak-to-trough decline	-9.26%	-15.81%	+6.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	3.83%	+0.11%

Volatility

EMCR vs. BKEM - Volatility Comparison

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) and BNY Mellon Emerging Markets Equity ETF (BKEM) have volatilities of 10.61% and 10.87%, 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

	EMCR	BKEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.61%	10.87%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	20.64%	20.93%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	22.78%	22.92%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.99%	19.50%	+0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.22%	19.65%	+0.57%

EMCR vs. BKEM - Expense Ratio Comparison

EMCR has a 0.15% expense ratio, which is higher than BKEM's 0.11% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EMCR vs. BKEM - Dividend Comparison

EMCR's dividend yield for the trailing twelve months is around 1.51%, less than BKEM's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BKEM BNY Mellon Emerging Markets Equity ETF	1.95%	2.25%	2.76%	3.02%	3.15%	2.22%	1.78%	0.00%	0.00%
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	1.51%	2.43%	6.62%	1.95%	3.05%	1.83%	1.75%	3.15%	0.19%

Frequently Asked Questions

Can I hold both EMCR and BKEM in my portfolio?

With a correlation of 0.96, EMCR and BKEM 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, EMCR or BKEM?

BKEM has higher volatility (10.87%) compared to EMCR (10.61%). In terms of maximum drawdown, EMCR dropped -34.28% vs BKEM's -39.48%.

Which ETF is better, EMCR or BKEM?

On 5-year performance, EMCR leads with 7.99% vs 6.39% for BKEM. On fees, BKEM is cheaper at 0.11% per year. On volatility, EMCR has been the lower-risk option at 10.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMCR or BKEM?

Over the 5-year period, EMCR has performed better with a 7.99% return vs 6.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMCR or BKEM?

BKEM is cheaper with a 0.11% expense ratio, compared with 0.15% for EMCR.

Which ETF pays a higher dividend yield, EMCR or BKEM?

BKEM has the higher dividend yield at 1.95%, compared with 1.51% for EMCR.

What is the main difference between EMCR and BKEM?

EMCR tracks Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index - Benchmark TR Net, while BKEM tracks Morningstar Emerging Markets Large Cap Index. They also come from different issuers: Deutsche Bank and BNY Mellon. Their fees differ too: 0.15% for EMCR and 0.11% for BKEM.

Which has better risk-adjusted returns?

BKEM currently has the higher Sharpe Ratio (1.62 vs 1.48), 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.