EMCR vs. HDEF

Last updated Jun 5, 2026

EMCR (Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF) and HDEF (Xtrackers MSCI EAFE High Dividend Yield Equity ETF) are both exchange-traded funds - EMCR is a Emerging Markets Equities fund tracking the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index - Benchmark TR Net, while HDEF is a Foreign Large Cap Equities fund tracking the MSCI EAFE High Dividend Yield US Dollar Hedged Index. Both are passively managed. Over the past 5 years, EMCR returned 8.83%/yr vs 10.01%/yr for HDEF. A 0.70 correlation means they provide meaningful diversification when combined. EMCR charges 0.15%/yr vs 0.20%/yr for HDEF.

Performance

EMCR vs. HDEF - 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 Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF). 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 HDEF's 4.87% return.

EMCR

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

HDEF

• 1D: 0.84%
• 1M: -1.49%
• YTD: 4.87%
• 6M: 7.11%
• 1Y: 16.55%
• 3Y*: 16.85%
• 5Y*: 10.01%
• 10Y*: 8.59%

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

EMCR vs. HDEF - 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%
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	4.87%	33.01%	2.85%	18.53%	-2.51%	6.95%	-1.90%	25.02%	-1.49%

Correlation

The correlation between EMCR and HDEF is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Dec 7, 2018	0.70

Over the past year, the correlation between EMCR and HDEF has dropped to 0.44 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

EMCR vs. HDEF - Sectors Allocation Comparison

Sectors	EMCR	HDEF
Technology	36.2%	0.6%
Financial Services	20.7%	26.9%
Consumer Cyclical	10.6%	3.9%
Communication Services	9.9%	4.0%
Industrials	6.7%	8.8%
Healthcare	5.6%	14.0%
Basic Materials	3.9%	0.7%
Consumer Defensive	2.8%	17.9%
Real Estate	1.8%	0.9%
Utilities	1.5%	8.4%
Energy	0.1%	13.8%

Return for Risk

EMCR vs. HDEF — 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

HDEF

HDEF Risk / Return Rank: 41
HDEF Sharpe Ratio Rank: 41
HDEF Sortino Ratio Rank: 40
HDEF Omega Ratio Rank: 41
HDEF Calmar Ratio Rank: 43
HDEF Martin Ratio Rank: 41

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. HDEF - 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 Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF). 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	HDEF	Difference
Sharpe ratio: Return per unit of total volatility	2.42	1.42	+1.00
Sortino ratio: Return per unit of downside risk	3.17	2.01	+1.16
Omega ratio: Gain probability vs. loss probability	1.44	1.26	+0.18
Calmar ratio: Return relative to maximum drawdown	3.42	2.07	+1.35
Martin ratio: Return relative to average drawdown	13.08	6.36	+6.72
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. HDEF - Sharpe Ratio Comparison

The current EMCR Sharpe Ratio is 2.42, which is higher than the HDEF Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of EMCR and HDEF, 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	HDEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	1.42	+1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.71	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.45	+0.15

Drawdowns

EMCR vs. HDEF - Drawdown Comparison

The maximum EMCR drawdown since its inception was -34.28%, smaller than the maximum HDEF drawdown of -36.43%. Use the drawdown chart below to compare losses from any high point for EMCR and HDEF.

Drawdown Indicators

	EMCR	HDEF	Difference
Max Drawdown Largest peak-to-trough decline	-34.28%	-36.43%	+2.15%
Max Drawdown (1Y) Largest decline over 1 year	-13.84%	-8.03%	-5.81%
Max Drawdown (3Y) Largest decline over 3 years	-18.38%	-11.15%	-7.23%
Max Drawdown (5Y) Largest decline over 5 years	-34.28%	-23.63%	-10.65%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.43%	—
Current Drawdown Current decline from peak	-2.21%	-4.89%	+2.68%
Average Drawdown Average peak-to-trough decline	-9.33%	-5.04%	-4.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	2.61%	+1.00%

Volatility

EMCR vs. HDEF - Volatility Comparison

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) has a higher volatility of 8.00% compared to Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) at 3.72%. This indicates that EMCR's price experiences larger fluctuations and is considered to be riskier than HDEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMCR	HDEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.00%	3.72%	+4.28%
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%	11.68%	+7.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.29%	14.14%	+5.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.86%	16.24%	+3.62%

EMCR vs. HDEF - Expense Ratio Comparison

EMCR has a 0.15% expense ratio, which is lower than HDEF's 0.20% expense ratio. Despite the difference, 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. HDEF - Dividend Comparison

EMCR's dividend yield for the trailing twelve months is around 1.99%, less than HDEF's 3.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	3.62%	3.88%	4.53%	4.38%	5.41%	4.76%	3.93%	4.20%	3.55%	3.38%	9.53%	1.87%

Frequently Asked Questions

Can I hold both EMCR and HDEF in my portfolio?

EMCR and HDEF have a correlation of 0.44, 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 HDEF?

EMCR has higher volatility (8.00%) compared to HDEF (3.72%). In terms of maximum drawdown, EMCR dropped -34.28% vs HDEF's -36.43%.

Which ETF is better, EMCR or HDEF?

On 5-year performance, HDEF leads with 10.01% vs 8.83% for EMCR. On fees, EMCR is cheaper at 0.15% per year. On volatility, HDEF has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMCR or HDEF?

Over the 5-year period, HDEF has performed better with a 10.01% return vs 8.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMCR or HDEF?

EMCR is cheaper with a 0.15% expense ratio, compared with 0.20% for HDEF.

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

HDEF has the higher dividend yield at 3.62%, compared with 1.99% for EMCR.

What is the main difference between EMCR and HDEF?

EMCR is categorized as Emerging Markets Equities, while HDEF is Foreign Large Cap Equities. EMCR tracks Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index - Benchmark TR Net, while HDEF tracks MSCI EAFE High Dividend Yield US Dollar Hedged Index. Their fees differ too: 0.15% for EMCR and 0.20% for HDEF.

Which has better risk-adjusted returns?

EMCR currently has the higher Sharpe Ratio (2.42 vs 1.42), 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.