EMSF vs. MEMX

Last updated Jun 4, 2026

EMSF (Matthews Emerging Markets Sustainable Future Active ETF) and MEMX (Matthews Emerging Markets Ex China Active ETF) are both Emerging Markets Diversified funds from Matthews. Both are actively managed. Over the past year, EMSF returned 63.33% vs 70.49% for MEMX. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

EMSF vs. MEMX - 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 Emerging Markets Ex China Active ETF (MEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMSF achieves a 45.34% return, which is significantly higher than MEMX's 33.07% return.

EMSF

• 1D: -1.10%
• 1M: 8.61%
• YTD: 45.34%
• 6M: 40.08%
• 1Y: 63.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MEMX

• 1D: -0.97%
• 1M: 10.92%
• YTD: 33.07%
• 6M: 42.31%
• 1Y: 70.49%
• 3Y*: 26.95%
• 5Y*: —
• 10Y*: —

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

EMSF vs. MEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EMSF Matthews Emerging Markets Sustainable Future Active ETF	45.34%	19.20%	-3.09%	1.88%
MEMX Matthews Emerging Markets Ex China Active ETF	33.07%	35.88%	5.50%	9.21%

Correlation

The correlation between EMSF and MEMX is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Sep 25, 2023	0.79

The correlation between EMSF and MEMX has been stable across timeframes, ranging from 0.79 to 0.89 - a consistent structural relationship.

EMSF vs. MEMX - Sectors Allocation Comparison

Sectors	EMSF	MEMX
Technology	43.6%	39.5%
Financial Services	16.6%	25.1%
Industrials	15.0%	9.6%
Consumer Cyclical	7.7%	7.8%
Healthcare	6.8%	4.5%
Consumer Defensive	3.9%	2.1%
Utilities	2.8%	1.1%
Communication Services	2.0%	3.4%
Real Estate	1.6%	1.5%
Basic Materials	-	2.6%
Energy	-	2.8%

Return for Risk

EMSF vs. MEMX — Risk / Return Rank

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

EMSF

EMSF Risk / Return Rank: 76
EMSF Sharpe Ratio Rank: 77
EMSF Sortino Ratio Rank: 69
EMSF Omega Ratio Rank: 72
EMSF Calmar Ratio Rank: 83
EMSF Martin Ratio Rank: 76

MEMX

MEMX Risk / Return Rank: 89
MEMX Sharpe Ratio Rank: 92
MEMX Sortino Ratio Rank: 89
MEMX Omega Ratio Rank: 89
MEMX Calmar Ratio Rank: 86
MEMX Martin Ratio Rank: 88

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. MEMX - 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 Emerging Markets Ex China Active ETF (MEMX). 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	MEMX	Difference
Sharpe ratio Return per unit of total volatility	2.51	3.29	-0.78
Sortino ratio Return per unit of downside risk	3.14	4.11	-0.97
Omega ratio Gain probability vs. loss probability	1.43	1.58	-0.15
Calmar ratio Return relative to maximum drawdown	4.37	4.82	-0.45
Martin ratio Return relative to average drawdown	14.61	19.20	-4.59
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. MEMX - Sharpe Ratio Comparison

The current EMSF Sharpe Ratio is 2.51, which is comparable to the MEMX Sharpe Ratio of 3.29. The chart below compares the historical Sharpe Ratios of EMSF and MEMX, 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	MEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	3.29	-0.78
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	1.45	-0.47

Drawdowns

EMSF vs. MEMX - Drawdown Comparison

The maximum EMSF drawdown since its inception was -24.75%, which is greater than MEMX's maximum drawdown of -19.27%. Use the drawdown chart below to compare losses from any high point for EMSF and MEMX.

Drawdown Indicators

	EMSF	MEMX	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-19.27%	-5.48%
Max Drawdown (1Y) Largest decline over 1 year	-14.57%	-14.70%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.27%	—
Current Drawdown Current decline from peak	-1.10%	-0.97%	-0.13%
Average Drawdown Average peak-to-trough decline	-5.72%	-3.49%	-2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	3.68%	+0.67%

Volatility

EMSF vs. MEMX - Volatility Comparison

Matthews Emerging Markets Sustainable Future Active ETF (EMSF) has a higher volatility of 9.96% compared to Matthews Emerging Markets Ex China Active ETF (MEMX) at 9.43%. This indicates that EMSF's price experiences larger fluctuations and is considered to be riskier than MEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMSF	MEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.96%	9.43%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	21.98%	19.04%	+2.94%
Volatility (1Y) Calculated over the trailing 1-year period	25.35%	21.53%	+3.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.75%	17.09%	+5.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.75%	17.09%	+5.66%

EMSF vs. MEMX - Expense Ratio Comparison

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

Dividends

EMSF vs. MEMX - Dividend Comparison

EMSF's dividend yield for the trailing twelve months is around 1.30%, less than MEMX's 3.67% yield.

Position	TTM	2025	2024	2023
EMSF Matthews Emerging Markets Sustainable Future Active ETF	1.30%	1.88%	3.29%	0.02%
MEMX Matthews Emerging Markets Ex China Active ETF	3.67%	4.88%	0.99%	1.13%

Frequently Asked Questions

Can I hold both EMSF and MEMX in my portfolio?

EMSF and MEMX have a correlation of 0.89, 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 MEMX?

EMSF has higher volatility (9.96%) compared to MEMX (9.43%). In terms of maximum drawdown, EMSF dropped -24.75% vs MEMX's -19.27%.

Which ETF is better, EMSF or MEMX?

On 1-year performance, MEMX leads with 70.49% vs 63.33% for EMSF. Both ETFs have the same 0.79% expense ratio. On volatility, MEMX has been the lower-risk option at 9.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMSF or MEMX?

Over the 1-year period, MEMX has performed better with a 70.49% return vs 63.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMSF or MEMX?

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

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

MEMX has the higher dividend yield at 3.67%, compared with 1.30% for EMSF.

Which has better risk-adjusted returns?

MEMX currently has the higher Sharpe Ratio (3.29 vs 2.51), 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.