EMIF vs. DBEM

Last updated Jun 4, 2026

EMIF (iShares Emerging Markets Infrastructure ETF) and DBEM (Xtrackers MSCI Emerging Markets Hedged Equity ETF) are both Emerging Markets Equities funds - EMIF tracks the S&P Emerging Markets Infrastructure Index while DBEM tracks the MSCI EM US Dollar Hedged Index. Both are passively managed. Over the past 10 years, EMIF returned 2.36%/yr vs 10.73%/yr for DBEM. A 0.65 correlation means they provide meaningful diversification when combined. EMIF charges 0.75%/yr vs 0.66%/yr for DBEM.

Performance

EMIF vs. DBEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Emerging Markets Infrastructure ETF (EMIF) and Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMIF achieves a 1.74% return, which is significantly lower than DBEM's 32.18% return. Over the past 10 years, EMIF has underperformed DBEM with an annualized return of 2.36%, while DBEM has yielded a comparatively higher 10.73% annualized return.

EMIF

• 1D: -1.54%
• 1M: -6.56%
• YTD: 1.74%
• 6M: 0.79%
• 1Y: 21.17%
• 3Y*: 11.48%
• 5Y*: 4.93%
• 10Y*: 2.36%

DBEM

• 1D: -0.69%
• 1M: 10.58%
• YTD: 32.18%
• 6M: 34.98%
• 1Y: 64.04%
• 3Y*: 25.82%
• 5Y*: 9.74%
• 10Y*: 10.73%

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

EMIF vs. DBEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMIF iShares Emerging Markets Infrastructure ETF	1.74%	33.90%	1.21%	5.67%	-12.59%	3.76%	-19.98%	16.36%	-13.70%	20.70%
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF	32.18%	30.42%	10.61%	10.53%	-17.00%	-2.26%	18.12%	16.77%	-10.81%	27.10%

Correlation

The correlation between EMIF and DBEM is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jun 10, 2011	0.65

The correlation between EMIF and DBEM shifts across timeframes, from 0.49 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

EMIF vs. DBEM - Sectors Allocation Comparison

Sectors	EMIF	DBEM
Industrials	41.1%	7.6%
Utilities	40.1%	2.1%
Energy	18.8%	4.1%
Basic Materials	-	6.6%
Communication Services	-	7.0%
Consumer Cyclical	-	9.6%
Consumer Defensive	-	3.0%
Financial Services	-	19.6%
Healthcare	-	2.9%
Real Estate	-	1.1%
Technology	-	36.4%

Return for Risk

EMIF vs. DBEM — Risk / Return Rank

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

EMIF

EMIF Risk / Return Rank: 37
EMIF Sharpe Ratio Rank: 38
EMIF Sortino Ratio Rank: 38
EMIF Omega Ratio Rank: 39
EMIF Calmar Ratio Rank: 35
EMIF Martin Ratio Rank: 33

DBEM

DBEM Risk / Return Rank: 93
DBEM Sharpe Ratio Rank: 93
DBEM Sortino Ratio Rank: 93
DBEM Omega Ratio Rank: 93
DBEM Calmar Ratio Rank: 92
DBEM Martin Ratio Rank: 93

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.

EMIF vs. DBEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Infrastructure ETF (EMIF) and Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM). 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.

	EMIF	DBEM	Difference
Sharpe ratio: Return per unit of total volatility	1.38	3.58	-2.20
Sortino ratio: Return per unit of downside risk	2.00	4.62	-2.62
Omega ratio: Gain probability vs. loss probability	1.26	1.64	-0.39
Calmar ratio: Return relative to maximum drawdown	1.71	6.13	-4.42
Martin ratio: Return relative to average drawdown	4.92	24.38	-19.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMIF vs. DBEM - Sharpe Ratio Comparison

The current EMIF Sharpe Ratio is 1.38, which is lower than the DBEM Sharpe Ratio of 3.58. The chart below compares the historical Sharpe Ratios of EMIF and DBEM, 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

	EMIF	DBEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	3.58	-2.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.57	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.12	0.63	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.34	-0.17

Drawdowns

EMIF vs. DBEM - Drawdown Comparison

The maximum EMIF drawdown since its inception was -48.02%, which is greater than DBEM's maximum drawdown of -33.51%. Use the drawdown chart below to compare losses from any high point for EMIF and DBEM.

Drawdown Indicators

	EMIF	DBEM	Difference
Max Drawdown Largest peak-to-trough decline	-48.02%	-33.51%	-14.51%
Max Drawdown (1Y) Largest decline over 1 year	-12.45%	-10.51%	-1.94%
Max Drawdown (3Y) Largest decline over 3 years	-16.70%	-15.12%	-1.58%
Max Drawdown (5Y) Largest decline over 5 years	-23.68%	-30.48%	+6.80%
Max Drawdown (10Y) Largest decline over 10 years	-48.02%	-33.51%	-14.51%
Current Drawdown Current decline from peak	-12.45%	-0.69%	-11.76%
Average Drawdown Average peak-to-trough decline	-15.91%	-11.69%	-4.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.31%	2.63%	+1.68%

Volatility

EMIF vs. DBEM - Volatility Comparison

The current volatility for iShares Emerging Markets Infrastructure ETF (EMIF) is 4.38%, while Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) has a volatility of 7.53%. This indicates that EMIF experiences smaller price fluctuations and is considered to be less risky than DBEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMIF	DBEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	7.53%	-3.15%
Volatility (6M) Calculated over the trailing 6-month period	12.97%	15.53%	-2.56%
Volatility (1Y) Calculated over the trailing 1-year period	15.41%	17.96%	-2.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.67%	17.08%	+2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.61%	17.14%	+3.47%

EMIF vs. DBEM - Expense Ratio Comparison

EMIF has a 0.75% expense ratio, which is higher than DBEM's 0.66% expense ratio.

Dividends

EMIF vs. DBEM - Dividend Comparison

EMIF's dividend yield for the trailing twelve months is around 4.87%, more than DBEM's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF	1.39%	1.84%	2.48%	2.55%	2.65%	1.77%	1.74%	2.59%	2.85%	1.51%	1.59%	3.49%
EMIF iShares Emerging Markets Infrastructure ETF	4.87%	4.96%	4.12%	2.64%	3.08%	3.94%	2.54%	2.07%	2.64%	2.58%	3.16%	2.07%

Frequently Asked Questions

Can I hold both EMIF and DBEM in my portfolio?

EMIF and DBEM have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMIF or DBEM?

DBEM has higher volatility (7.53%) compared to EMIF (4.38%). In terms of maximum drawdown, EMIF dropped -48.02% vs DBEM's -33.51%.

Which ETF is better, EMIF or DBEM?

On 10-year performance, DBEM leads with 10.73% vs 2.36% for EMIF. On fees, DBEM is cheaper at 0.66% per year. On volatility, EMIF has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMIF or DBEM?

Over the 10-year period, DBEM has performed better with a 10.73% return vs 2.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMIF or DBEM?

DBEM is cheaper with a 0.66% expense ratio, compared with 0.75% for EMIF.

Which ETF pays a higher dividend yield, EMIF or DBEM?

EMIF has the higher dividend yield at 4.87%, compared with 1.39% for DBEM.

What is the main difference between EMIF and DBEM?

EMIF tracks S&P Emerging Markets Infrastructure Index, while DBEM tracks MSCI EM US Dollar Hedged Index. They also come from different issuers: iShares and Deutsche Bank. Their fees differ too: 0.75% for EMIF and 0.66% for DBEM.

Which has better risk-adjusted returns?

DBEM currently has the higher Sharpe Ratio (3.58 vs 1.38), 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.