EMSF vs. EEMS

Last updated Jun 5, 2026

EMSF (Matthews Emerging Markets Sustainable Future Active ETF) and EEMS (iShares MSCI Emerging Markets Small-Cap ETF) are both Emerging Markets Diversified funds. EMSF is actively managed, while EEMS is passively managed. Over the past year, EMSF returned 60.71% vs 28.89% for EEMS. Their correlation of 0.84 suggests significant overlap in exposure. EMSF charges 0.79%/yr vs 0.73%/yr for EEMS.

Performance

EMSF vs. EEMS - Performance Comparison

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

Returns By Period

In the year-to-date period, EMSF achieves a 44.97% return, which is significantly higher than EEMS's 15.19% return.

EMSF

• 1D: -0.25%
• 1M: 5.28%
• YTD: 44.97%
• 6M: 40.31%
• 1Y: 60.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EEMS

• 1D: 0.49%
• 1M: -0.06%
• YTD: 15.19%
• 6M: 17.20%
• 1Y: 28.89%
• 3Y*: 17.04%
• 5Y*: 7.03%
• 10Y*: 9.25%

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

EMSF vs. EEMS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EMSF Matthews Emerging Markets Sustainable Future Active ETF	44.97%	19.20%	-3.09%	1.88%
EEMS iShares MSCI Emerging Markets Small-Cap ETF	15.19%	19.78%	3.13%	7.91%

Correlation

The correlation between EMSF and EEMS is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Sep 25, 2023	0.84

The correlation between EMSF and EEMS has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

EMSF vs. EEMS - Sectors Allocation Comparison

Sectors	EMSF	EEMS
Technology	43.6%	22.7%
Financial Services	16.6%	11.1%
Industrials	15.0%	18.9%
Consumer Cyclical	7.7%	9.6%
Healthcare	6.8%	9.4%
Consumer Defensive	3.9%	5.2%
Utilities	2.8%	2.7%
Communication Services	2.0%	2.9%
Real Estate	1.6%	5.9%
Basic Materials	-	9.3%
Energy	-	2.4%

Return for Risk

EMSF vs. EEMS — Risk / Return Rank

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

EMSF

EMSF Risk / Return Rank: 74
EMSF Sharpe Ratio Rank: 75
EMSF Sortino Ratio Rank: 67
EMSF Omega Ratio Rank: 71
EMSF Calmar Ratio Rank: 82
EMSF Martin Ratio Rank: 75

EEMS

EEMS Risk / Return Rank: 51
EEMS Sharpe Ratio Rank: 50
EEMS Sortino Ratio Rank: 47
EEMS Omega Ratio Rank: 50
EEMS Calmar Ratio Rank: 55
EEMS Martin Ratio Rank: 55

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.

EMSF vs. EEMS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Sustainable Future Active ETF (EMSF) and iShares MSCI Emerging Markets Small-Cap ETF (EEMS). 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.

	EMSF	EEMS	Difference
Sharpe ratio: Return per unit of total volatility	2.41	1.68	+0.73
Sortino ratio: Return per unit of downside risk	3.04	2.28	+0.76
Omega ratio: Gain probability vs. loss probability	1.42	1.31	+0.11
Calmar ratio: Return relative to maximum drawdown	4.19	2.67	+1.52
Martin ratio: Return relative to average drawdown	14.01	9.39	+4.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMSF vs. EEMS - Sharpe Ratio Comparison

The current EMSF Sharpe Ratio is 2.41, which is higher than the EEMS Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of EMSF and EEMS, 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

	EMSF	EEMS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	1.68	+0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.44	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	0.32	+0.65

Drawdowns

EMSF vs. EEMS - Drawdown Comparison

The maximum EMSF drawdown since its inception was -24.75%, smaller than the maximum EEMS drawdown of -48.89%. Use the drawdown chart below to compare losses from any high point for EMSF and EEMS.

Drawdown Indicators

	EMSF	EEMS	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-48.89%	+24.14%
Max Drawdown (1Y) Largest decline over 1 year	-14.57%	-10.87%	-3.70%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.07%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.89%	—
Current Drawdown Current decline from peak	-1.35%	-1.93%	+0.58%
Average Drawdown Average peak-to-trough decline	-5.72%	-10.50%	+4.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	3.08%	+1.27%

Volatility

EMSF vs. EEMS - Volatility Comparison

Matthews Emerging Markets Sustainable Future Active ETF (EMSF) has a higher volatility of 9.63% compared to iShares MSCI Emerging Markets Small-Cap ETF (EEMS) at 6.80%. This indicates that EMSF's price experiences larger fluctuations and is considered to be riskier than EEMS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMSF	EEMS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.63%	6.80%	+2.83%
Volatility (6M) Calculated over the trailing 6-month period	21.99%	14.90%	+7.09%
Volatility (1Y) Calculated over the trailing 1-year period	25.35%	17.30%	+8.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.73%	16.06%	+6.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.73%	17.99%	+4.74%

EMSF vs. EEMS - Expense Ratio Comparison

EMSF has a 0.79% expense ratio, which is higher than EEMS's 0.73% expense ratio.

Dividends

EMSF vs. EEMS - Dividend Comparison

EMSF's dividend yield for the trailing twelve months is around 1.30%, less than EEMS's 2.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMS iShares MSCI Emerging Markets Small-Cap ETF	2.68%	3.09%	2.60%	2.69%	0.89%	3.56%	2.14%	2.64%	3.06%	2.47%	2.51%	2.33%
EMSF Matthews Emerging Markets Sustainable Future Active ETF	1.30%	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 EEMS in my portfolio?

EMSF and EEMS have a correlation of 0.88, 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 EEMS?

EMSF has higher volatility (9.63%) compared to EEMS (6.80%). In terms of maximum drawdown, EMSF dropped -24.75% vs EEMS's -48.89%.

Which ETF is better, EMSF or EEMS?

On 1-year performance, EMSF leads with 60.71% vs 28.89% for EEMS. On fees, EEMS is cheaper at 0.73% per year. On volatility, EEMS has been the lower-risk option at 6.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMSF or EEMS?

Over the 1-year period, EMSF has performed better with a 60.71% return vs 28.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMSF or EEMS?

EEMS is cheaper with a 0.73% expense ratio, compared with 0.79% for EMSF.

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

EEMS has the higher dividend yield at 2.68%, compared with 1.30% for EMSF.

What is the main difference between EMSF and EEMS?

They also come from different issuers: Matthews and iShares. Their fees differ too: 0.79% for EMSF and 0.73% for EEMS.

Which has better risk-adjusted returns?

EMSF currently has the higher Sharpe Ratio (2.41 vs 1.68), 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.