EMES vs. DIEM

Last updated Jun 4, 2026

EMES (Harbor Emerging Markets Select ETF) and DIEM (Franklin Emerging Market Core Dividend Tilt Index ETF) are both Emerging Markets Diversified funds. EMES is actively managed, while DIEM is passively managed. Over the past year, EMES returned 46.81% vs 60.54% for DIEM. Their correlation of 0.90 suggests significant overlap in exposure. EMES charges 0.65%/yr vs 0.19%/yr for DIEM.

Performance

EMES vs. DIEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Emerging Markets Select ETF (EMES) and Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMES achieves a 28.30% return, which is significantly lower than DIEM's 32.78% return.

EMES

• 1D: -1.25%
• 1M: 5.92%
• YTD: 28.30%
• 6M: 29.99%
• 1Y: 46.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DIEM

• 1D: -1.37%
• 1M: 12.08%
• YTD: 32.78%
• 6M: 35.57%
• 1Y: 60.54%
• 3Y*: 28.35%
• 5Y*: 11.49%
• 10Y*: —

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

EMES vs. DIEM - Yearly Performance Comparison

	2026 (YTD)	2025
EMES Harbor Emerging Markets Select ETF	28.30%	12.63%
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF	32.78%	20.53%

Correlation

The correlation between EMES and DIEM is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since May 16, 2025	0.90

The correlation between EMES and DIEM has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

EMES vs. DIEM - Sectors Allocation Comparison

Sectors	EMES	DIEM
Technology	42.9%	40.3%
Industrials	16.3%	4.7%
Consumer Cyclical	14.8%	6.7%
Financial Services	14.2%	23.3%
Communication Services	4.7%	5.6%
Consumer Defensive	3.1%	2.9%
Real Estate	3.0%	1.6%
Healthcare	1.1%	0.6%
Basic Materials	-	4.2%
Energy	-	6.0%
Utilities	-	4.1%

Return for Risk

EMES vs. DIEM — Risk / Return Rank

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

EMES

EMES Risk / Return Rank: 71
EMES Sharpe Ratio Rank: 70
EMES Sortino Ratio Rank: 65
EMES Omega Ratio Rank: 70
EMES Calmar Ratio Rank: 73
EMES Martin Ratio Rank: 75

DIEM

DIEM Risk / Return Rank: 90
DIEM Sharpe Ratio Rank: 92
DIEM Sortino Ratio Rank: 90
DIEM Omega Ratio Rank: 92
DIEM Calmar Ratio Rank: 87
DIEM Martin Ratio Rank: 89

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.

EMES vs. DIEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Emerging Markets Select ETF (EMES) and Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM). 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.

	EMES	DIEM	Difference
Sharpe ratio: Return per unit of total volatility	2.25	3.35	-1.10
Sortino ratio: Return per unit of downside risk	2.98	4.26	-1.28
Omega ratio: Gain probability vs. loss probability	1.41	1.62	-0.21
Calmar ratio: Return relative to maximum drawdown	3.62	4.93	-1.31
Martin ratio: Return relative to average drawdown	14.07	20.34	-6.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMES vs. DIEM - Sharpe Ratio Comparison

The current EMES Sharpe Ratio is 2.25, which is lower than the DIEM Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of EMES and DIEM, 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

	EMES	DIEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	3.35	-1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.06	0.55	+1.51

Drawdowns

EMES vs. DIEM - Drawdown Comparison

The maximum EMES drawdown since its inception was -12.98%, smaller than the maximum DIEM drawdown of -38.61%. Use the drawdown chart below to compare losses from any high point for EMES and DIEM.

Drawdown Indicators

	EMES	DIEM	Difference
Max Drawdown Largest peak-to-trough decline	-12.98%	-38.61%	+25.63%
Max Drawdown (1Y) Largest decline over 1 year	-12.98%	-12.33%	-0.65%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.61%	—
Current Drawdown Current decline from peak	-1.25%	-1.37%	+0.12%
Average Drawdown Average peak-to-trough decline	-2.07%	-9.72%	+7.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	2.99%	+0.35%

Volatility

EMES vs. DIEM - Volatility Comparison

Harbor Emerging Markets Select ETF (EMES) and Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) have volatilities of 8.70% and 8.52%, 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

	EMES	DIEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.70%	8.52%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	18.31%	15.91%	+2.40%
Volatility (1Y) Calculated over the trailing 1-year period	20.89%	18.17%	+2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.56%	16.93%	+3.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.56%	17.59%	+2.97%

EMES vs. DIEM - Expense Ratio Comparison

EMES has a 0.65% expense ratio, which is higher than DIEM's 0.19% expense ratio.

Dividends

EMES vs. DIEM - Dividend Comparison

EMES's dividend yield for the trailing twelve months is around 0.42%, less than DIEM's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF	2.30%	2.99%	4.92%	4.45%	6.31%	4.06%	2.75%	5.98%	3.87%	2.61%	0.35%
EMES Harbor Emerging Markets Select ETF	0.42%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMES and DIEM in my portfolio?

With a correlation of 0.90, EMES and DIEM 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, EMES or DIEM?

EMES has higher volatility (8.70%) compared to DIEM (8.52%). In terms of maximum drawdown, EMES dropped -12.98% vs DIEM's -38.61%.

Which ETF is better, EMES or DIEM?

On 1-year performance, DIEM leads with 60.54% vs 46.81% for EMES. On fees, DIEM is cheaper at 0.19% per year. On volatility, DIEM has been the lower-risk option at 8.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMES or DIEM?

Over the 1-year period, DIEM has performed better with a 60.54% return vs 46.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMES or DIEM?

DIEM is cheaper with a 0.19% expense ratio, compared with 0.65% for EMES.

Which ETF pays a higher dividend yield, EMES or DIEM?

DIEM has the higher dividend yield at 2.30%, compared with 0.42% for EMES.

What is the main difference between EMES and DIEM?

They also come from different issuers: Harbor and Franklin Templeton. Their fees differ too: 0.65% for EMES and 0.19% for DIEM.

Which has better risk-adjusted returns?

DIEM currently has the higher Sharpe Ratio (3.35 vs 2.25), 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.