EMSF vs. DEM

Last updated Aug 2, 2026

EMSF (Matthews Emerging Markets Sustainable Future Active ETF) and DEM (WisdomTree Emerging Markets Equity Income Fund) are both exchange-traded funds - EMSF is a Emerging Markets Equities fund actively managed by Matthews, while DEM is a Dividend fund tracking the WisdomTree Emerging Markets Equity Income Index. EMSF is actively managed, while DEM is passively managed. Over the past year, EMSF returned 42.52% vs 24.73% for DEM. Their 0.76 correlation means they have sometimes moved together and sometimes differently. EMSF charges 0.79%/yr vs 0.63%/yr for DEM.

Performance

EMSF vs. DEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Sustainable Future Active ETF (EMSF) and WisdomTree Emerging Markets Equity Income Fund (DEM). 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 DEM's 17.08% return.

EMSF

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

DEM

• 1D: 0.19%
• 1M: 0.60%
• 6M: 10.28%
• YTD: 17.08%
• 1Y: 24.73%
• 3Y*: 15.88%
• 5Y*: 10.19%
• 10Y*: 9.26%
• ALL TIME*: 4.92%

*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)
DEM WisdomTree Emerging Markets Equity Income Fund	$8.90M	$9.48M	$10.87M
EMSF Matthews Emerging Markets Sustainable Future Active ETF	$80.02K	$93.23K	$184.42K

EMSF vs. DEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EMSF Matthews Emerging Markets Sustainable Future Active ETF	30.73%	19.20%	-3.09%	0.98%
DEM WisdomTree Emerging Markets Equity Income Fund	17.08%	21.29%	4.46%	8.56%

Correlation

The correlation between EMSF and DEM is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.76

The correlation between EMSF and DEM has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.

EMSF vs. DEM - Sectors Allocation Comparison

Sectors	EMSF	DEM
Technology	52.8%	17.5%
Financial Services	15.0%	21.9%
Industrials	11.0%	8.9%
Consumer Cyclical	6.3%	5.4%
Healthcare	6.0%	0.6%
Consumer Defensive	3.6%	5.8%
Utilities	2.1%	3.0%
Communication Services	1.7%	3.0%
Real Estate	1.6%	2.9%
Basic Materials	-	3.7%
Energy	-	6.2%

Return for Risk

EMSF vs. DEM — 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

DEM

DEM Risk / Return Rank: 75
DEM Sharpe Ratio Rank: 73
DEM Sortino Ratio Rank: 71
DEM Omega Ratio Rank: 72
DEM Calmar Ratio Rank: 84
DEM Martin Ratio Rank: 76

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. DEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Sustainable Future Active ETF (EMSF) and WisdomTree Emerging Markets Equity Income Fund (DEM). 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	DEM	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.66	-0.30
Sortino ratio: Return per unit of downside risk	1.86	2.31	-0.45
Omega ratio: Gain probability vs. loss probability	1.25	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	2.10	3.15	-1.05
Martin ratio: Return relative to average drawdown	7.05	9.50	-2.45

EMSF vs. DEM - Sharpe Ratio Comparison

The current EMSF Sharpe Ratio is 1.36, which is comparable to the DEM Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of EMSF and DEM, 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. DEM - Drawdown Comparison

The maximum EMSF drawdown since its inception was -24.75%, smaller than the maximum DEM drawdown of -51.85%. Use the drawdown chart below to compare losses from any high point for EMSF and DEM.

Drawdown Indicators

	EMSF	DEM	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-51.85%	+27.10%
Max Drawdown (1Y) Largest decline over 1 year	-19.49%	-7.89%	-11.60%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.64%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.79%	—
Current Drawdown Current decline from peak	-15.62%	-3.57%	-12.05%
Average Drawdown Average peak-to-trough decline	-5.91%	-12.82%	+6.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.80%	2.61%	+3.19%

Volatility

EMSF vs. DEM - Volatility Comparison

Matthews Emerging Markets Sustainable Future Active ETF (EMSF) has a higher volatility of 10.79% compared to WisdomTree Emerging Markets Equity Income Fund (DEM) at 5.12%. This indicates that EMSF's price experiences larger fluctuations and is considered to be riskier than DEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMSF	DEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.79%	5.12%	+5.67%
Volatility (6M) Calculated over the trailing 6-month period	26.54%	13.28%	+13.26%
Volatility (1Y) Calculated over the trailing 1-year period	30.10%	15.02%	+15.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.40%	15.60%	+8.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.40%	17.85%	+6.55%

EMSF vs. DEM - Expense Ratio Comparison

EMSF has a 0.79% expense ratio, which is higher than DEM's 0.63% expense ratio.

Dividends

EMSF vs. DEM - Dividend Comparison

EMSF's dividend yield for the trailing twelve months is around 1.44%, less than DEM's 4.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEM WisdomTree Emerging Markets Equity Income Fund	4.18%	4.88%	5.24%	5.49%	8.62%	5.87%	4.21%	4.78%	4.47%	3.67%	3.63%	5.21%
EMSF Matthews Emerging Markets Sustainable Future Active ETF	1.44%	1.88%	3.29%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMSF and DEM in my portfolio?

EMSF and DEM have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMSF or DEM?

EMSF has higher volatility (10.79%) compared to DEM (5.12%). In terms of maximum drawdown, EMSF dropped -24.75% vs DEM's -51.85%.

Which ETF is better, EMSF or DEM?

On 1-year performance, EMSF leads with 42.52% vs 24.73% for DEM. On fees, DEM is cheaper at 0.63% per year. On volatility, DEM has been the lower-risk option at 5.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMSF or DEM?

Over the 1-year period, EMSF has performed better with a 42.52% return vs 24.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMSF or DEM?

DEM is cheaper with a 0.63% expense ratio, compared with 0.79% for EMSF.

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

DEM has the higher dividend yield at 4.18%, compared with 1.44% for EMSF.

What is the main difference between EMSF and DEM?

EMSF is categorized as Emerging Markets Equities, while DEM is Dividend. They also come from different issuers: Matthews and WisdomTree. Their fees differ too: 0.79% for EMSF and 0.63% for DEM.

Which has better risk-adjusted returns?

DEM currently has the higher Sharpe Ratio (1.66 vs 1.36), 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.