EMDM vs. MKOR

Last updated Jun 14, 2026

EMDM (First Trust Bloomberg Emerging Market Democracies ETF) and MKOR (Matthews Korea Active ETF) are both exchange-traded funds - EMDM is a Emerging Markets Diversified fund tracking the Bloomberg Emerging Market Democracies Index - Benchmark TR Net, while MKOR is a Asia Pacific Equities fund actively managed by Matthews. EMDM is passively managed, while MKOR is actively managed. Over the past year, EMDM returned 83.08% vs 166.41% for MKOR. A 0.76 correlation means they provide meaningful diversification when combined. EMDM charges 0.75%/yr vs 0.79%/yr for MKOR.

Performance

EMDM vs. MKOR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Bloomberg Emerging Market Democracies ETF (EMDM) and Matthews Korea Active ETF (MKOR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMDM achieves a 36.28% return, which is significantly lower than MKOR's 94.74% return.

EMDM

• 1D: 0.70%
• 1M: 6.11%
• YTD: 36.28%
• 6M: 42.03%
• 1Y: 83.08%
• 3Y*: 30.34%
• 5Y*: —
• 10Y*: —

MKOR

• 1D: 1.84%
• 1M: 12.24%
• YTD: 94.74%
• 6M: 106.59%
• 1Y: 166.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EMDM vs. MKOR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EMDM First Trust Bloomberg Emerging Market Democracies ETF	36.28%	59.68%	-4.93%	4.39%
MKOR Matthews Korea Active ETF	94.74%	70.33%	-15.76%	-2.52%

Correlation

The correlation between EMDM and MKOR is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jul 17, 2023	0.76

The correlation between EMDM and MKOR has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

Return for Risk

EMDM vs. MKOR — Risk / Return Rank

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

EMDM

EMDM Risk / Return Rank: 92
EMDM Sharpe Ratio Rank: 94
EMDM Sortino Ratio Rank: 91
EMDM Omega Ratio Rank: 92
EMDM Calmar Ratio Rank: 91
EMDM Martin Ratio Rank: 92

MKOR

MKOR Risk / Return Rank: 95
MKOR Sharpe Ratio Rank: 97
MKOR Sortino Ratio Rank: 93
MKOR Omega Ratio Rank: 94
MKOR Calmar Ratio Rank: 96
MKOR Martin Ratio Rank: 96

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.

EMDM vs. MKOR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Bloomberg Emerging Market Democracies ETF (EMDM) and Matthews Korea Active ETF (MKOR). 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.

	EMDM	MKOR	Difference
Sharpe ratio: Return per unit of total volatility	3.21	4.08	-0.86
Sortino ratio: Return per unit of downside risk	3.78	4.11	-0.34
Omega ratio: Gain probability vs. loss probability	1.55	1.59	-0.04
Calmar ratio: Return relative to maximum drawdown	5.18	7.91	-2.74
Martin ratio: Return relative to average drawdown	20.59	29.09	-8.50

EMDM vs. MKOR - Sharpe Ratio Comparison

The current EMDM Sharpe Ratio is 3.21, which is comparable to the MKOR Sharpe Ratio of 4.08. The chart below compares the historical Sharpe Ratios of EMDM and MKOR, 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

EMDM vs. MKOR - Drawdown Comparison

The maximum EMDM drawdown since its inception was -18.81%, smaller than the maximum MKOR drawdown of -22.09%. Use the drawdown chart below to compare losses from any high point for EMDM and MKOR.

Drawdown Indicators

	EMDM	MKOR	Difference
Max Drawdown Largest peak-to-trough decline	-18.81%	-22.09%	+3.28%
Max Drawdown (1Y) Largest decline over 1 year	-15.65%	-20.62%	+4.97%
Max Drawdown (3Y) Largest decline over 3 years	-18.81%	—	—
Current Drawdown Current decline from peak	-3.27%	-3.32%	+0.05%
Average Drawdown Average peak-to-trough decline	-4.08%	-6.30%	+2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.93%	5.60%	-1.67%

Volatility

EMDM vs. MKOR - Volatility Comparison

The current volatility for First Trust Bloomberg Emerging Market Democracies ETF (EMDM) is 12.16%, while Matthews Korea Active ETF (MKOR) has a volatility of 20.42%. This indicates that EMDM experiences smaller price fluctuations and is considered to be less risky than MKOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMDM	MKOR	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.16%	20.42%	-8.26%
Volatility (6M) Calculated over the trailing 6-month period	22.86%	36.74%	-13.88%
Volatility (1Y) Calculated over the trailing 1-year period	25.23%	40.06%	-14.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.36%	28.39%	-8.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.36%	28.39%	-8.03%

EMDM vs. MKOR - Expense Ratio Comparison

EMDM has a 0.75% expense ratio, which is lower than MKOR's 0.79% expense ratio.

Dividends

EMDM vs. MKOR - Dividend Comparison

EMDM's dividend yield for the trailing twelve months is around 2.62%, more than MKOR's 1.35% yield.

Position	TTM	2025	2024	2023
EMDM First Trust Bloomberg Emerging Market Democracies ETF	2.62%	3.57%	5.87%	2.16%
MKOR Matthews Korea Active ETF	1.35%	2.62%	5.28%	0.00%

Frequently Asked Questions

Can I hold both EMDM and MKOR in my portfolio?

EMDM and MKOR have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMDM or MKOR?

MKOR has higher volatility (20.42%) compared to EMDM (12.16%). In terms of maximum drawdown, EMDM dropped -18.81% vs MKOR's -22.09%.

Which ETF is better, EMDM or MKOR?

On 1-year performance, MKOR leads with 166.41% vs 83.08% for EMDM. On fees, EMDM is cheaper at 0.75% per year. On volatility, EMDM has been the lower-risk option at 12.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMDM or MKOR?

Over the 1-year period, MKOR has performed better with a 166.41% return vs 83.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMDM or MKOR?

EMDM is cheaper with a 0.75% expense ratio, compared with 0.79% for MKOR.

Which ETF pays a higher dividend yield, EMDM or MKOR?

EMDM has the higher dividend yield at 2.62%, compared with 1.35% for MKOR.

What is the main difference between EMDM and MKOR?

EMDM is categorized as Emerging Markets Diversified, while MKOR is Asia Pacific Equities. They also come from different issuers: First Trust and Matthews. Their fees differ too: 0.75% for EMDM and 0.79% for MKOR.

Which has better risk-adjusted returns?

MKOR currently has the higher Sharpe Ratio (4.08 vs 3.21), 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.