EMCS vs. BKEM

Last updated Jul 14, 2026

EMCS (Xtrackers MSCI Emerging Markets Climate Selection ETF) and BKEM (BNY Mellon Emerging Markets Equity ETF) are both Emerging Markets Equities funds - EMCS tracks the MSCI Emerging Markets Climate Select Index while BKEM tracks the Morningstar Emerging Markets Large Cap Index. Both are passively managed. Over the past 5 years, EMCS returned 7.01%/yr vs 6.39%/yr for BKEM. With a 0.96 correlation, they move nearly in lockstep. EMCS charges 0.15%/yr vs 0.11%/yr for BKEM.

Performance

EMCS vs. BKEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS) 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, EMCS achieves a 24.75% return, which is significantly higher than BKEM's 20.10% return.

EMCS

• 1D: -3.99%
• 1M: -3.97%
• 6M: 17.62%
• YTD: 24.75%
• 1Y: 44.48%
• 3Y*: 23.07%
• 5Y*: 7.01%
• 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)

EMCS vs. BKEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EMCS Xtrackers MSCI Emerging Markets Climate Selection ETF	24.75%	38.71%	10.12%	5.68%	-23.58%	-2.02%	45.91%
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 EMCS and BKEM is 0.95 - 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	0.95
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	0.96

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

EMCS vs. BKEM - Sectors Allocation Comparison

Sectors	EMCS	BKEM
Technology	50.7%	43.0%
Financial Services	26.0%	16.9%
Consumer Cyclical	9.1%	8.7%
Communication Services	7.4%	5.8%
Basic Materials	2.6%	5.7%
Real Estate	1.8%	1.1%
Industrials	1.2%	8.1%
Energy	1.2%	3.4%
Consumer Defensive	0.0%	2.6%
Healthcare	0.0%	2.7%
Utilities	0.0%	2.0%

Return for Risk

EMCS vs. BKEM — Risk / Return Rank

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

EMCS

EMCS Risk / Return Rank: 69
EMCS Sharpe Ratio Rank: 66
EMCS Sortino Ratio Rank: 60
EMCS Omega Ratio Rank: 68
EMCS Calmar Ratio Rank: 76
EMCS Martin Ratio Rank: 73

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.

EMCS vs. BKEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS) 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.

	EMCS	BKEM	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.62	+0.09
Sortino ratio: Return per unit of downside risk	2.24	2.12	+0.12
Omega ratio: Gain probability vs. loss probability	1.32	1.30	+0.02
Calmar ratio: Return relative to maximum drawdown	3.12	2.82	+0.30
Martin ratio: Return relative to average drawdown	10.68	9.64	+1.05

EMCS vs. BKEM - Sharpe Ratio Comparison

The current EMCS Sharpe Ratio is 1.71, which is comparable to the BKEM Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of EMCS 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

EMCS vs. BKEM - Drawdown Comparison

The maximum EMCS drawdown since its inception was -44.86%, which is greater than BKEM's maximum drawdown of -39.48%. Use the drawdown chart below to compare losses from any high point for EMCS and BKEM.

Drawdown Indicators

	EMCS	BKEM	Difference
Max Drawdown Largest peak-to-trough decline	-44.86%	-39.48%	-5.38%
Max Drawdown (1Y) Largest decline over 1 year	-14.32%	-13.11%	-1.21%
Max Drawdown (3Y) Largest decline over 3 years	-16.73%	-18.38%	+1.65%
Max Drawdown (5Y) Largest decline over 5 years	-40.25%	-34.52%	-5.73%
Current Drawdown Current decline from peak	-9.88%	-9.06%	-0.82%
Average Drawdown Average peak-to-trough decline	-16.45%	-15.81%	-0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	3.83%	+0.35%

Volatility

EMCS vs. BKEM - Volatility Comparison

Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS) has a higher volatility of 12.31% compared to BNY Mellon Emerging Markets Equity ETF (BKEM) at 10.87%. This indicates that EMCS's price experiences larger fluctuations and is considered to be riskier than BKEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMCS	BKEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.31%	10.87%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	23.90%	20.93%	+2.97%
Volatility (1Y) Calculated over the trailing 1-year period	26.27%	22.92%	+3.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.52%	19.50%	+2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.12%	19.65%	+2.47%

EMCS vs. BKEM - Expense Ratio Comparison

EMCS 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

EMCS vs. BKEM - Dividend Comparison

EMCS's dividend yield for the trailing twelve months is around 1.52%, less than BKEM's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BKEM BNY Mellon Emerging Markets Equity ETF	1.95%	2.25%	2.76%	3.02%	3.15%	2.22%	1.78%	0.00%
EMCS Xtrackers MSCI Emerging Markets Climate Selection ETF	1.52%	1.66%	0.67%	3.07%	2.26%	1.46%	1.40%	3.56%

Frequently Asked Questions

Can I hold both EMCS and BKEM in my portfolio?

With a correlation of 0.95, EMCS 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, EMCS or BKEM?

EMCS has higher volatility (12.31%) compared to BKEM (10.87%). In terms of maximum drawdown, EMCS dropped -44.86% vs BKEM's -39.48%.

Which ETF is better, EMCS or BKEM?

On 5-year performance, EMCS leads with 7.01% vs 6.39% for BKEM. On fees, BKEM is cheaper at 0.11% per year. On volatility, BKEM has been the lower-risk option at 10.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMCS or BKEM?

Over the 5-year period, EMCS has performed better with a 7.01% return vs 6.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMCS or BKEM?

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

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

BKEM has the higher dividend yield at 1.95%, compared with 1.52% for EMCS.

What is the main difference between EMCS and BKEM?

EMCS tracks MSCI Emerging Markets Climate Select Index, while BKEM tracks Morningstar Emerging Markets Large Cap Index. They also come from different issuers: Xtrackers and BNY Mellon. Their fees differ too: 0.15% for EMCS and 0.11% for BKEM.

Which has better risk-adjusted returns?

EMCS currently has the higher Sharpe Ratio (1.71 vs 1.62), 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.