EMSF vs. MINV

Last updated Jul 12, 2026

EMSF (Matthews Emerging Markets Sustainable Future Active ETF) and MINV (Matthews Asia Innovators Active ETF) are both exchange-traded funds - EMSF is a Emerging Markets Diversified fund actively managed by Matthews, while MINV is a Asia Pacific Equities fund actively managed by Matthews. Both are actively managed. Over the past year, EMSF returned 52.23% vs 72.70% for MINV. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

EMSF vs. MINV - 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 Asia Innovators Active ETF (MINV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMSF achieves a 43.37% return, which is significantly lower than MINV's 50.72% return.

EMSF

• 1D: 0.82%
• 1M: -1.13%
• 6M: 34.63%
• YTD: 43.37%
• 1Y: 52.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MINV

• 1D: -0.80%
• 1M: -0.63%
• 6M: 42.17%
• YTD: 50.72%
• 1Y: 72.70%
• 3Y*: 31.84%
• 5Y*: —
• 10Y*: —

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

EMSF vs. MINV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EMSF Matthews Emerging Markets Sustainable Future Active ETF	43.37%	19.20%	-3.09%	0.98%
MINV Matthews Asia Innovators Active ETF	50.72%	30.85%	17.32%	7.48%

Correlation

The correlation between EMSF and MINV 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 22, 2023	0.86

The correlation between EMSF and MINV has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

EMSF vs. MINV — Risk / Return Rank

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

EMSF

EMSF Risk / Return Rank: 71
EMSF Sharpe Ratio Rank: 70
EMSF Sortino Ratio Rank: 61
EMSF Omega Ratio Rank: 68
EMSF Calmar Ratio Rank: 83
EMSF Martin Ratio Rank: 74

MINV

MINV Risk / Return Rank: 88
MINV Sharpe Ratio Rank: 90
MINV Sortino Ratio Rank: 82
MINV Omega Ratio Rank: 87
MINV Calmar Ratio Rank: 95
MINV Martin Ratio Rank: 89

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. MINV - 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 Asia Innovators Active ETF (MINV). 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	MINV	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.40	-0.61
Sortino ratio: Return per unit of downside risk	2.31	2.90	-0.58
Omega ratio: Gain probability vs. loss probability	1.32	1.42	-0.10
Calmar ratio: Return relative to maximum drawdown	3.53	6.05	-2.51
Martin ratio: Return relative to average drawdown	10.89	15.44	-4.55

EMSF vs. MINV - Sharpe Ratio Comparison

The current EMSF Sharpe Ratio is 1.79, which is comparable to the MINV Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of EMSF and MINV, 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. MINV - Drawdown Comparison

The maximum EMSF drawdown since its inception was -24.75%, which is greater than MINV's maximum drawdown of -23.49%. Use the drawdown chart below to compare losses from any high point for EMSF and MINV.

Drawdown Indicators

	EMSF	MINV	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-23.49%	-1.26%
Max Drawdown (1Y) Largest decline over 1 year	-14.57%	-12.04%	-2.53%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.82%	—
Current Drawdown Current decline from peak	-7.46%	-10.44%	+2.98%
Average Drawdown Average peak-to-trough decline	-5.74%	-8.03%	+2.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.72%	4.71%	+0.01%

Volatility

EMSF vs. MINV - Volatility Comparison

The current volatility for Matthews Emerging Markets Sustainable Future Active ETF (EMSF) is 13.00%, while Matthews Asia Innovators Active ETF (MINV) has a volatility of 15.82%. This indicates that EMSF experiences smaller price fluctuations and is considered to be less risky than MINV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMSF	MINV	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.00%	15.82%	-2.82%
Volatility (6M) Calculated over the trailing 6-month period	25.06%	27.25%	-2.19%
Volatility (1Y) Calculated over the trailing 1-year period	28.72%	30.28%	-1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.99%	25.04%	-1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.99%	25.04%	-1.05%

EMSF vs. MINV - Expense Ratio Comparison

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

Dividends

EMSF vs. MINV - Dividend Comparison

EMSF's dividend yield for the trailing twelve months is around 1.31%, more than MINV's 1.00% yield.

Position	TTM	2025	2024	2023
EMSF Matthews Emerging Markets Sustainable Future Active ETF	1.31%	1.88%	3.29%	0.02%
MINV Matthews Asia Innovators Active ETF	1.00%	1.51%	0.25%	1.00%

Frequently Asked Questions

Can I hold both EMSF and MINV in my portfolio?

EMSF and MINV 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 MINV?

MINV has higher volatility (15.82%) compared to EMSF (13.00%). In terms of maximum drawdown, EMSF dropped -24.75% vs MINV's -23.49%.

Which ETF is better, EMSF or MINV?

On 1-year performance, MINV leads with 72.70% vs 52.23% for EMSF. Both ETFs have the same 0.79% expense ratio. On volatility, EMSF has been the lower-risk option at 13.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMSF or MINV?

Over the 1-year period, MINV has performed better with a 72.70% return vs 52.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMSF or MINV?

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

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

EMSF has the higher dividend yield at 1.31%, compared with 1.00% for MINV.

What is the main difference between EMSF and MINV?

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

Which has better risk-adjusted returns?

MINV currently has the higher Sharpe Ratio (2.40 vs 1.79), 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.