EMSF vs. ASIA

Last updated Aug 2, 2026

EMSF (Matthews Emerging Markets Sustainable Future Active ETF) and ASIA (Matthews Pacific Tiger Active ETF) are both exchange-traded funds - EMSF is a Emerging Markets Equities fund actively managed by Matthews, while ASIA is a Asia Pacific Equities fund actively managed by Matthews. Both are actively managed. Over the past year, EMSF returned 42.52% vs 37.93% for ASIA. Their correlation of 0.89 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

EMSF vs. ASIA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Sustainable Future Active ETF (EMSF) and Matthews Pacific Tiger Active ETF (ASIA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMSF achieves a 30.73% return, which is significantly higher than ASIA's 18.48% return.

EMSF

• 1D: 0.83%
• 1M: -8.36%
• 6M: 17.49%
• YTD: 30.73%
• 1Y: 42.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.92%

ASIA

• 1D: 1.18%
• 1M: -4.71%
• 6M: 10.82%
• YTD: 18.48%
• 1Y: 37.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.36%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ASIA Matthews Pacific Tiger Active ETF	$103.81K	$180.34K	$200.88K
EMSF Matthews Emerging Markets Sustainable Future Active ETF	$80.02K	$93.23K	$184.42K

EMSF vs. ASIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EMSF Matthews Emerging Markets Sustainable Future Active ETF	30.73%	19.20%	-3.09%	0.98%
ASIA Matthews Pacific Tiger Active ETF	18.48%	32.06%	3.41%	0.01%

Correlation

The correlation between EMSF and ASIA is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.89

The correlation between EMSF and ASIA has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

EMSF vs. ASIA - Sectors Allocation Comparison

Sectors	EMSF	ASIA
Technology	52.8%	62.1%
Financial Services	15.0%	15.4%
Industrials	11.0%	7.1%
Consumer Cyclical	6.3%	3.4%
Healthcare	6.0%	2.3%
Consumer Defensive	3.6%	1.1%
Utilities	2.1%	-
Communication Services	1.7%	4.6%
Real Estate	1.6%	1.6%
Basic Materials	-	1.0%
Energy	-	2.4%

Return for Risk

EMSF vs. ASIA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EMSF

EMSF Risk / Return Rank: 57
EMSF Sharpe Ratio Rank: 57
EMSF Sortino Ratio Rank: 52
EMSF Omega Ratio Rank: 58
EMSF Calmar Ratio Rank: 60
EMSF Martin Ratio Rank: 59

ASIA

ASIA Risk / Return Rank: 54
ASIA Sharpe Ratio Rank: 55
ASIA Sortino Ratio Rank: 49
ASIA Omega Ratio Rank: 58
ASIA Calmar Ratio Rank: 55
ASIA Martin Ratio Rank: 54

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EMSF vs. ASIA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Sustainable Future Active ETF (EMSF) and Matthews Pacific Tiger Active ETF (ASIA). 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.

	EMSF	ASIA	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.32	+0.04
Sortino ratio: Return per unit of downside risk	1.86	1.77	+0.08
Omega ratio: Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	2.10	1.96	+0.14
Martin ratio: Return relative to average drawdown	7.05	6.31	+0.74

EMSF vs. ASIA - Sharpe Ratio Comparison

The current EMSF Sharpe Ratio is 1.36, which is comparable to the ASIA Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of EMSF and ASIA, 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

EMSF vs. ASIA - Drawdown Comparison

The maximum EMSF drawdown since its inception was -24.75%, roughly equal to the maximum ASIA drawdown of -23.95%. Use the drawdown chart below to compare losses from any high point for EMSF and ASIA.

Drawdown Indicators

	EMSF	ASIA	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-23.95%	-0.80%
Max Drawdown (1Y) Largest decline over 1 year	-19.49%	-18.52%	-0.97%
Current Drawdown Current decline from peak	-15.62%	-14.53%	-1.09%
Average Drawdown Average peak-to-trough decline	-5.91%	-5.10%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.80%	5.74%	+0.06%

Volatility

EMSF vs. ASIA - Volatility Comparison

Matthews Emerging Markets Sustainable Future Active ETF (EMSF) has a higher volatility of 10.79% compared to Matthews Pacific Tiger Active ETF (ASIA) at 10.24%. This indicates that EMSF's price experiences larger fluctuations and is considered to be riskier than ASIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMSF	ASIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.79%	10.24%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	26.54%	25.12%	+1.42%
Volatility (1Y) Calculated over the trailing 1-year period	30.10%	27.45%	+2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.40%	22.25%	+2.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.40%	22.25%	+2.15%

EMSF vs. ASIA - Expense Ratio Comparison

Both EMSF and ASIA have an expense ratio of 0.79%.

Dividends

EMSF vs. ASIA - Dividend Comparison

EMSF's dividend yield for the trailing twelve months is around 1.44%, more than ASIA's 0.88% yield.

Position	TTM	2025	2024	2023
ASIA Matthews Pacific Tiger Active ETF	0.88%	1.05%	0.58%	0.12%
EMSF Matthews Emerging Markets Sustainable Future Active ETF	1.44%	1.88%	3.29%	0.02%

Frequently Asked Questions

Can I hold both EMSF and ASIA in my portfolio?

With a correlation of 0.94, EMSF and ASIA 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, EMSF or ASIA?

EMSF has higher volatility (10.79%) compared to ASIA (10.24%). In terms of maximum drawdown, EMSF dropped -24.75% vs ASIA's -23.95%.

Which ETF is better, EMSF or ASIA?

On 1-year performance, EMSF leads with 42.52% vs 37.93% for ASIA. Both ETFs have the same 0.79% expense ratio. On volatility, ASIA has been the lower-risk option at 10.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMSF or ASIA?

Over the 1-year period, EMSF has performed better with a 42.52% return vs 37.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMSF or ASIA?

EMSF and ASIA have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, EMSF or ASIA?

EMSF has the higher dividend yield at 1.44%, compared with 0.88% for ASIA.

What is the main difference between EMSF and ASIA?

EMSF is categorized as Emerging Markets Equities, while ASIA is Asia Pacific Equities.

Which has better risk-adjusted returns?

EMSF currently has the higher Sharpe Ratio (1.36 vs 1.32), 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.