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EMIF vs. EMCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMIF vs. EMCS

Last updated Jun 24, 2026

EMIF (iShares Emerging Markets Infrastructure ETF) and EMCS (Xtrackers MSCI Emerging Markets Climate Selection ETF) are both Emerging Markets Equities funds - EMIF tracks the S&P Emerging Markets Infrastructure Index while EMCS tracks the MSCI Emerging Markets Climate Select Index. Both are passively managed. Over the past 5 years, EMIF returned 4.64%/yr vs 7.51%/yr for EMCS. A 0.61 correlation means they provide meaningful diversification when combined. EMIF charges 0.75%/yr vs 0.15%/yr for EMCS.

Performance

EMIF vs. EMCS - 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 Climate Selection ETF (EMCS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EMIF achieves a 1.13% return, which is significantly lower than EMCS's 30.08% return.

EMIF

1D
-0.50%
1M
-2.11%
YTD
1.13%
6M
-0.46%
1Y
20.42%
3Y*
11.63%
5Y*
4.64%
10Y*
2.41%

EMCS

1D
-6.03%
1M
5.49%
YTD
30.08%
6M
31.16%
1Y
55.24%
3Y*
26.52%
5Y*
7.51%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMIF vs. EMCS - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
EMIF
iShares Emerging Markets Infrastructure ETF		1.13%33.90%1.21%5.67%-12.59%3.76%-19.98%16.36%-0.17%
EMCS
Xtrackers MSCI Emerging Markets Climate Selection ETF		30.08%38.71%10.12%5.68%-23.58%-2.02%19.72%19.54%-1.41%

Correlation

The correlation between EMIF and EMCS is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.53

Correlation (3Y)
Calculated over the trailing 3-year period

0.59

Correlation (5Y)
Calculated over the trailing 5-year period

0.61

Correlation (All Time)
Calculated using the full available price history since Dec 6, 2018

0.61

The correlation between EMIF and EMCS has been stable across timeframes, ranging from 0.53 to 0.61 - a consistent structural relationship.

EMIF vs. EMCS - Sectors Allocation Comparison

Sectors
EMIF
EMCS

Industrials

42.0%
1.2%

Utilities

38.7%
0.0%

Energy

19.3%
1.2%

Basic Materials

-

2.6%

Communication Services

-

7.4%

Consumer Cyclical

-

9.1%

Consumer Defensive

-

0.0%

Financial Services

-

26.0%

Healthcare

-

0.0%

Real Estate

-

1.8%

Technology

-

50.7%

Industrials

EMIF
42.0%
EMCS
1.2%

Utilities

EMIF
38.7%
EMCS
0.0%

Energy

EMIF
19.3%
EMCS
1.2%

Basic Materials

EMIF

-

EMCS
2.6%

Communication Services

EMIF

-

EMCS
7.4%

Consumer Cyclical

EMIF

-

EMCS
9.1%

Consumer Defensive

EMIF

-

EMCS
0.0%

Financial Services

EMIF

-

EMCS
26.0%

Healthcare

EMIF

-

EMCS
0.0%

Real Estate

EMIF

-

EMCS
1.8%

Technology

EMIF

-

EMCS
50.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Emerging Markets Infrastructure ETF

Xtrackers MSCI Emerging Markets Climate Selection ETF

Often compared with EMIF:
EMIF vs. SPYEMIF vs. IVVEMIF vs. BNEMIF vs. VDCEMIF vs. IYKEMIF vs. JXIEMIF vs. UTES
Often compared with EMCS:
EMCS vs. SNPDEMCS vs. TDECEMCS vs. FEMEMCS vs. BHYBEMCS vs. EDOGEMCS vs. SCHEEMCS vs. VWO

Return for Risk

EMIF vs. EMCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMIF
EMIF Risk / Return Rank: 3434
Overall Rank
EMIF Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
EMIF Sortino Ratio Rank: 3939
Sortino Ratio Rank
EMIF Omega Ratio Rank: 3838
Omega Ratio Rank
EMIF Calmar Ratio Rank: 2828
Calmar Ratio Rank
EMIF Martin Ratio Rank: 2929
Martin Ratio Rank
EMCS
EMCS Risk / Return Rank: 7575
Overall Rank
EMCS Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
EMCS Sortino Ratio Rank: 6666
Sortino Ratio Rank
EMCS Omega Ratio Rank: 7676
Omega Ratio Rank
EMCS Calmar Ratio Rank: 8080
Calmar Ratio Rank
EMCS Martin Ratio Rank: 8080
Martin Ratio Rank
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. EMCS - 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 Climate Selection ETF (EMCS). 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.

EMIFEMCSDifference
Sharpe ratioReturn per unit of total volatility
1.28
2.19

-0.90

Sortino ratioReturn per unit of downside risk
1.88
2.77

-0.89

Omega ratioGain probability vs. loss probability

1.24

1.41

-0.17

Calmar ratioReturn relative to maximum drawdown

1.32

3.88

-2.56

Martin ratioReturn relative to average drawdown

3.91

14.31

-10.40

EMIF vs. EMCS - Sharpe Ratio Comparison

The current EMIF Sharpe Ratio is 1.28, which is lower than the EMCS Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of EMIF and EMCS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EMIF vs. EMCS - Drawdown Comparison

The maximum EMIF drawdown since its inception was -48.02%, which is greater than EMCS's maximum drawdown of -44.86%. Use the drawdown chart below to compare losses from any high point for EMIF and EMCS.

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Drawdown Indicators

EMIFEMCSDifference

Max Drawdown

Largest peak-to-trough decline

-48.02%

-44.86%

-3.16%

Max Drawdown (1Y)

Largest decline over 1 year

-15.57%

-14.32%

-1.25%

Max Drawdown (3Y)

Largest decline over 3 years

-16.70%

-16.73%

+0.03%

Max Drawdown (5Y)

Largest decline over 5 years

-23.29%

-42.06%

+18.77%

Max Drawdown (10Y)

Largest decline over 10 years

-48.02%

—

—

Current Drawdown

Current decline from peak

-12.97%

-6.03%

-6.94%

Average Drawdown

Average peak-to-trough decline

-15.90%

-16.52%

+0.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.24%

3.87%

+1.37%

Volatility

EMIF vs. EMCS - Volatility Comparison

The current volatility for iShares Emerging Markets Infrastructure ETF (EMIF) is 5.59%, while Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS) has a volatility of 14.09%. This indicates that EMIF experiences smaller price fluctuations and is considered to be less risky than EMCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMIFEMCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.59%

14.09%

-8.50%

Volatility (6M)

Calculated over the trailing 6-month period

13.43%

23.01%

-9.58%

Volatility (1Y)

Calculated over the trailing 1-year period

16.01%

25.41%

-9.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.74%

21.33%

-1.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.58%

22.04%

-1.46%

EMIF vs. EMCS - Expense Ratio Comparison

EMIF has a 0.75% expense ratio, which is higher than EMCS's 0.15% expense ratio.

Dividends

EMIF vs. EMCS - Dividend Comparison

EMIF's dividend yield for the trailing twelve months is around 4.18%, more than EMCS's 1.46% yield.

PositionTTM20252024202320222021202020192018201720162015
EMCS
Xtrackers MSCI Emerging Markets Climate Selection ETF		1.46%1.66%0.67%3.07%2.26%1.46%1.40%3.56%0.00%0.00%0.00%0.00%
EMIF
iShares Emerging Markets Infrastructure ETF		4.18%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

EMIF and EMCS have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EMCS has higher volatility (14.09%) compared to EMIF (5.59%). In terms of maximum drawdown, EMIF dropped -48.02% vs EMCS's -44.86%.

On 5-year performance, EMCS leads with 7.51% vs 4.64% for EMIF. On fees, EMCS is cheaper at 0.15% per year. On volatility, EMIF has been the lower-risk option at 5.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EMCS has performed better with a 7.51% return vs 4.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EMCS is cheaper with a 0.15% expense ratio, compared with 0.75% for EMIF.

EMIF has the higher dividend yield at 4.18%, compared with 1.46% for EMCS.

EMIF tracks S&P Emerging Markets Infrastructure Index, while EMCS tracks MSCI Emerging Markets Climate Select Index. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.75% for EMIF and 0.15% for EMCS.

EMCS currently has the higher Sharpe Ratio (2.19 vs 1.28), 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.

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