EMCR vs. EMDV

Last updated Jun 5, 2026

EMCR (Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF) and EMDV (ProShares MSCI Emerging Markets Dividend Growers ETF) are both Emerging Markets Equities funds - EMCR tracks the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index - Benchmark TR Net while EMDV tracks the MSCI Emerging Markets Dividend Masters Index. Both are passively managed. Over the past 5 years, EMCR returned 8.83%/yr vs -3.23%/yr for EMDV. Their correlation of 0.81 suggests significant overlap in exposure. EMCR charges 0.15%/yr vs 0.60%/yr for EMDV.

Performance

EMCR vs. EMDV - 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 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, EMCR achieves a 22.13% return, which is significantly higher than EMDV's 0.78% return.

EMCR

• 1D: -0.87%
• 1M: 5.56%
• YTD: 22.13%
• 6M: 24.53%
• 1Y: 47.15%
• 3Y*: 23.37%
• 5Y*: 8.83%
• 10Y*: —

EMDV

• 1D: -0.38%
• 1M: -0.38%
• YTD: 0.78%
• 6M: 0.56%
• 1Y: 6.45%
• 3Y*: 2.77%
• 5Y*: -3.23%
• 10Y*: 2.53%

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

EMCR vs. EMDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	22.13%	33.25%	9.69%	10.55%	-18.73%	5.54%	13.49%	22.41%	-1.76%
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	0.78%	11.90%	0.06%	-1.03%	-18.19%	1.11%	-0.09%	14.93%	-0.36%

Correlation

The correlation between EMCR and EMDV is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Dec 7, 2018	0.81

The correlation between EMCR and EMDV has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

EMCR vs. EMDV - Sectors Allocation Comparison

Sectors	EMCR	EMDV
Technology	36.2%	22.5%
Financial Services	20.7%	24.1%
Consumer Cyclical	10.6%	6.2%
Communication Services	9.9%	6.2%
Industrials	6.7%	6.2%
Healthcare	5.6%	8.2%
Basic Materials	3.9%	1.9%
Consumer Defensive	2.8%	16.4%
Real Estate	1.8%	-
Utilities	1.5%	8.3%
Energy	0.1%	-

Return for Risk

EMCR vs. EMDV — Risk / Return Rank

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

EMCR

EMCR Risk / Return Rank: 73
EMCR Sharpe Ratio Rank: 76
EMCR Sortino Ratio Rank: 71
EMCR Omega Ratio Rank: 75
EMCR Calmar Ratio Rank: 70
EMCR Martin Ratio Rank: 71

EMDV

EMDV Risk / Return Rank: 20
EMDV Sharpe Ratio Rank: 18
EMDV Sortino Ratio Rank: 18
EMDV Omega Ratio Rank: 18
EMDV Calmar Ratio Rank: 21
EMDV Martin Ratio Rank: 22

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. EMDV - 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 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.

	EMCR	EMDV	Difference
Sharpe ratio: Return per unit of total volatility	2.42	0.58	+1.84
Sortino ratio: Return per unit of downside risk	3.17	0.89	+2.28
Omega ratio: Gain probability vs. loss probability	1.44	1.11	+0.33
Calmar ratio: Return relative to maximum drawdown	3.42	0.89	+2.53
Martin ratio: Return relative to average drawdown	13.08	2.72	+10.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMCR vs. EMDV - Sharpe Ratio Comparison

The current EMCR Sharpe Ratio is 2.42, which is higher than the EMDV Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of EMCR 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.

Sharpe Ratios by Period

	EMCR	EMDV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	0.58	+1.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	-0.21	+0.67
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.14	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.21	+0.38

Drawdowns

EMCR vs. EMDV - Drawdown Comparison

The maximum EMCR drawdown since its inception was -34.28%, smaller than the maximum EMDV drawdown of -39.20%. Use the drawdown chart below to compare losses from any high point for EMCR and EMDV.

Drawdown Indicators

	EMCR	EMDV	Difference
Max Drawdown Largest peak-to-trough decline	-34.28%	-39.20%	+4.92%
Max Drawdown (1Y) Largest decline over 1 year	-13.84%	-7.24%	-6.60%
Max Drawdown (3Y) Largest decline over 3 years	-18.38%	-20.71%	+2.33%
Max Drawdown (5Y) Largest decline over 5 years	-34.28%	-34.97%	+0.69%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.20%	—
Current Drawdown Current decline from peak	-2.21%	-15.13%	+12.92%
Average Drawdown Average peak-to-trough decline	-9.33%	-13.55%	+4.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	2.38%	+1.23%

Volatility

EMCR vs. EMDV - Volatility Comparison

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) has a higher volatility of 8.00% compared to ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) at 4.11%. This indicates that EMCR'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

	EMCR	EMDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.00%	4.11%	+3.89%
Volatility (6M) Calculated over the trailing 6-month period	16.94%	9.22%	+7.72%
Volatility (1Y) Calculated over the trailing 1-year period	19.62%	11.22%	+8.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.29%	15.41%	+3.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.86%	18.26%	+1.60%

EMCR vs. EMDV - Expense Ratio Comparison

EMCR has a 0.15% expense ratio, which is lower than EMDV's 0.60% expense ratio.

Dividends

EMCR vs. EMDV - Dividend Comparison

EMCR's dividend yield for the trailing twelve months is around 1.99%, less than EMDV's 2.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	1.99%	2.43%	6.62%	1.95%	3.05%	1.83%	1.75%	3.15%	0.19%	0.00%	0.00%
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	2.42%	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 EMCR and EMDV in my portfolio?

EMCR and EMDV have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMCR or EMDV?

EMCR has higher volatility (8.00%) compared to EMDV (4.11%). In terms of maximum drawdown, EMCR dropped -34.28% vs EMDV's -39.20%.

Which ETF is better, EMCR or EMDV?

On 5-year performance, EMCR leads with 8.83% vs -3.23% for EMDV. On fees, EMCR is cheaper at 0.15% per year. On volatility, EMDV has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMCR or EMDV?

Over the 5-year period, EMCR has performed better with a 8.83% return vs -3.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMCR or EMDV?

EMCR is cheaper with a 0.15% expense ratio, compared with 0.60% for EMDV.

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

EMDV has the higher dividend yield at 2.42%, compared with 1.99% for EMCR.

What is the main difference between EMCR and EMDV?

EMCR tracks Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index - Benchmark TR Net, while EMDV tracks MSCI Emerging Markets Dividend Masters Index. They also come from different issuers: Deutsche Bank and ProShares. Their fees differ too: 0.15% for EMCR and 0.60% for EMDV.

Which has better risk-adjusted returns?

EMCR currently has the higher Sharpe Ratio (2.42 vs 0.58), 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.