EMSF vs. UEVM

Last updated Jun 4, 2026

EMSF (Matthews Emerging Markets Sustainable Future Active ETF) and UEVM (VictoryShares Emerging Markets Value Momentum ETF) are both exchange-traded funds - EMSF is a Emerging Markets Diversified fund actively managed by Matthews, while UEVM is a Momentum fund tracking the Nasdaq Victory Emerging Market Value Momentum Index. EMSF is actively managed, while UEVM is passively managed. Over the past year, EMSF returned 63.33% vs 24.92% for UEVM. Their correlation of 0.80 suggests significant overlap in exposure. EMSF charges 0.79%/yr vs 0.45%/yr for UEVM.

Performance

EMSF vs. UEVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Sustainable Future Active ETF (EMSF) and VictoryShares Emerging Markets Value Momentum ETF (UEVM). 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 UEVM's 8.99% return.

EMSF

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

UEVM

• 1D: -1.86%
• 1M: 0.77%
• YTD: 8.99%
• 6M: 8.31%
• 1Y: 24.92%
• 3Y*: 18.34%
• 5Y*: 7.55%
• 10Y*: —

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

EMSF vs. UEVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EMSF Matthews Emerging Markets Sustainable Future Active ETF	45.34%	19.20%	-3.09%	1.88%
UEVM VictoryShares Emerging Markets Value Momentum ETF	8.99%	22.74%	11.92%	7.52%

Correlation

The correlation between EMSF and UEVM is 0.82, 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	0.82
Correlation (All Time) Calculated using the full available price history since Sep 25, 2023	0.80

The correlation between EMSF and UEVM has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

EMSF vs. UEVM - Sectors Allocation Comparison

Sectors	EMSF	UEVM
Technology	43.6%	15.5%
Financial Services	16.6%	17.7%
Industrials	15.0%	8.7%
Consumer Cyclical	7.7%	5.0%
Healthcare	6.8%	4.4%
Consumer Defensive	3.9%	5.5%
Utilities	2.8%	4.1%
Communication Services	2.0%	2.0%
Real Estate	1.6%	2.8%
Basic Materials	-	4.6%
Energy	-	5.2%

Return for Risk

EMSF vs. UEVM — 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

UEVM

UEVM Risk / Return Rank: 49
UEVM Sharpe Ratio Rank: 48
UEVM Sortino Ratio Rank: 45
UEVM Omega Ratio Rank: 47
UEVM Calmar Ratio Rank: 52
UEVM Martin Ratio Rank: 51

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. UEVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Sustainable Future Active ETF (EMSF) and VictoryShares Emerging Markets Value Momentum ETF (UEVM). 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	UEVM	Difference
Sharpe ratio: Return per unit of total volatility	2.51	1.65	+0.86
Sortino ratio: Return per unit of downside risk	3.14	2.26	+0.88
Omega ratio: Gain probability vs. loss probability	1.43	1.30	+0.13
Calmar ratio: Return relative to maximum drawdown	4.37	2.56	+1.81
Martin ratio: Return relative to average drawdown	14.61	8.65	+5.96
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. UEVM - Sharpe Ratio Comparison

The current EMSF Sharpe Ratio is 2.51, which is higher than the UEVM Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of EMSF and UEVM, 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	UEVM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	1.65	+0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.33	+0.65

Drawdowns

EMSF vs. UEVM - Drawdown Comparison

The maximum EMSF drawdown since its inception was -24.75%, smaller than the maximum UEVM drawdown of -45.44%. Use the drawdown chart below to compare losses from any high point for EMSF and UEVM.

Drawdown Indicators

	EMSF	UEVM	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-45.44%	+20.69%
Max Drawdown (1Y) Largest decline over 1 year	-14.57%	-9.79%	-4.78%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.98%	—
Current Drawdown Current decline from peak	-1.10%	-2.18%	+1.08%
Average Drawdown Average peak-to-trough decline	-5.72%	-11.67%	+5.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	2.89%	+1.46%

Volatility

EMSF vs. UEVM - Volatility Comparison

Matthews Emerging Markets Sustainable Future Active ETF (EMSF) has a higher volatility of 9.96% compared to VictoryShares Emerging Markets Value Momentum ETF (UEVM) at 5.15%. This indicates that EMSF's price experiences larger fluctuations and is considered to be riskier than UEVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMSF	UEVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.96%	5.15%	+4.81%
Volatility (6M) Calculated over the trailing 6-month period	21.98%	12.13%	+9.85%
Volatility (1Y) Calculated over the trailing 1-year period	25.35%	15.18%	+10.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.75%	15.90%	+6.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.75%	18.39%	+4.36%

EMSF vs. UEVM - Expense Ratio Comparison

EMSF has a 0.79% expense ratio, which is higher than UEVM's 0.45% expense ratio.

Dividends

EMSF vs. UEVM - Dividend Comparison

EMSF's dividend yield for the trailing twelve months is around 1.30%, less than UEVM's 3.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
UEVM VictoryShares Emerging Markets Value Momentum ETF	3.05%	4.02%	5.65%	4.71%	3.46%	4.49%	2.19%	2.79%	2.34%	0.79%

Frequently Asked Questions

Can I hold both EMSF and UEVM in my portfolio?

EMSF and UEVM have a correlation of 0.82, 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 UEVM?

EMSF has higher volatility (9.96%) compared to UEVM (5.15%). In terms of maximum drawdown, EMSF dropped -24.75% vs UEVM's -45.44%.

Which ETF is better, EMSF or UEVM?

On 1-year performance, EMSF leads with 63.33% vs 24.92% for UEVM. On fees, UEVM is cheaper at 0.45% per year. On volatility, UEVM has been the lower-risk option at 5.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMSF or UEVM?

Over the 1-year period, EMSF has performed better with a 63.33% return vs 24.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMSF or UEVM?

UEVM is cheaper with a 0.45% expense ratio, compared with 0.79% for EMSF.

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

UEVM has the higher dividend yield at 3.05%, compared with 1.30% for EMSF.

What is the main difference between EMSF and UEVM?

EMSF is categorized as Emerging Markets Diversified, while UEVM is Momentum. They also come from different issuers: Matthews and Victory Capital. Their fees differ too: 0.79% for EMSF and 0.45% for UEVM.

Which has better risk-adjusted returns?

EMSF currently has the higher Sharpe Ratio (2.51 vs 1.65), 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.