EMXF vs. GSEE

Last updated Jun 4, 2026

EMXF (iShares ESG Advanced MSCI EM ETF) and GSEE (Goldman Sachs MarketBeta Emerging Markets Equity ETF) are both exchange-traded funds - EMXF is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index, while GSEE is a Asia Pacific Equities fund tracking the Solactive GBS Emerging Markets Large & Mid Cap Index. Both are passively managed. Over the past 5 years, EMXF returned 7.15%/yr vs 7.49%/yr for GSEE. Their correlation of 0.87 suggests significant overlap in exposure. EMXF charges 0.16%/yr vs 0.36%/yr for GSEE.

Performance

EMXF vs. GSEE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG Advanced MSCI EM ETF (EMXF) and Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMXF achieves a 24.76% return, which is significantly lower than GSEE's 27.44% return.

EMXF

• 1D: -1.30%
• 1M: 8.70%
• YTD: 24.76%
• 6M: 27.57%
• 1Y: 47.21%
• 3Y*: 21.67%
• 5Y*: 7.15%
• 10Y*: —

GSEE

• 1D: -1.36%
• 1M: 8.70%
• YTD: 27.44%
• 6M: 30.18%
• 1Y: 54.30%
• 3Y*: 23.60%
• 5Y*: 7.49%
• 10Y*: —

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

EMXF vs. GSEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EMXF iShares ESG Advanced MSCI EM ETF	24.76%	29.40%	8.03%	6.63%	-18.99%	4.45%	15.32%
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	27.44%	33.38%	4.94%	11.03%	-19.57%	-2.61%	12.26%

Correlation

The correlation between EMXF and GSEE is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Oct 14, 2020	0.87

The correlation between EMXF and GSEE has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

EMXF vs. GSEE - Sectors Allocation Comparison

Sectors	EMXF	GSEE
Technology	35.2%	36.0%
Financial Services	32.2%	18.8%
Communication Services	8.0%	6.6%
Consumer Cyclical	5.7%	9.7%
Industrials	5.5%	9.0%
Healthcare	4.2%	3.1%
Consumer Defensive	2.9%	3.0%
Basic Materials	2.6%	6.3%
Real Estate	1.7%	1.2%
Utilities	0.6%	2.3%
Energy	0.0%	4.0%

Return for Risk

EMXF vs. GSEE — Risk / Return Rank

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

EMXF

EMXF Risk / Return Rank: 77
EMXF Sharpe Ratio Rank: 78
EMXF Sortino Ratio Rank: 76
EMXF Omega Ratio Rank: 78
EMXF Calmar Ratio Rank: 75
EMXF Martin Ratio Rank: 76

GSEE

GSEE Risk / Return Rank: 82
GSEE Sharpe Ratio Rank: 84
GSEE Sortino Ratio Rank: 81
GSEE Omega Ratio Rank: 83
GSEE Calmar Ratio Rank: 80
GSEE Martin Ratio Rank: 81

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.

EMXF vs. GSEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Advanced MSCI EM ETF (EMXF) and Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE). 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.

	EMXF	GSEE	Difference
Sharpe ratio: Return per unit of total volatility	2.55	2.80	-0.24
Sortino ratio: Return per unit of downside risk	3.42	3.63	-0.22
Omega ratio: Gain probability vs. loss probability	1.47	1.50	-0.04
Calmar ratio: Return relative to maximum drawdown	3.79	4.18	-0.39
Martin ratio: Return relative to average drawdown	14.56	16.02	-1.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMXF vs. GSEE - Sharpe Ratio Comparison

The current EMXF Sharpe Ratio is 2.55, which is comparable to the GSEE Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of EMXF and GSEE, 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

	EMXF	GSEE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	2.80	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.41	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.77	-0.26

Drawdowns

EMXF vs. GSEE - Drawdown Comparison

The maximum EMXF drawdown since its inception was -33.13%, smaller than the maximum GSEE drawdown of -37.51%. Use the drawdown chart below to compare losses from any high point for EMXF and GSEE.

Drawdown Indicators

	EMXF	GSEE	Difference
Max Drawdown Largest peak-to-trough decline	-33.13%	-37.51%	+4.38%
Max Drawdown (1Y) Largest decline over 1 year	-12.53%	-13.05%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	-15.93%	-17.39%	+1.46%
Max Drawdown (5Y) Largest decline over 5 years	-32.89%	-34.97%	+2.08%
Current Drawdown Current decline from peak	-1.30%	-1.36%	+0.06%
Average Drawdown Average peak-to-trough decline	-12.02%	-14.73%	+2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	3.40%	-0.15%

Volatility

EMXF vs. GSEE - Volatility Comparison

The current volatility for iShares ESG Advanced MSCI EM ETF (EMXF) is 8.10%, while Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) has a volatility of 8.68%. This indicates that EMXF experiences smaller price fluctuations and is considered to be less risky than GSEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMXF	GSEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.10%	8.68%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	16.13%	16.80%	-0.67%
Volatility (1Y) Calculated over the trailing 1-year period	18.60%	19.52%	-0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.15%	18.24%	+3.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.77%	18.39%	+3.38%

EMXF vs. GSEE - Expense Ratio Comparison

EMXF has a 0.16% expense ratio, which is lower than GSEE's 0.36% expense ratio.

Dividends

EMXF vs. GSEE - Dividend Comparison

EMXF's dividend yield for the trailing twelve months is around 2.75%, more than GSEE's 1.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
EMXF iShares ESG Advanced MSCI EM ETF	2.75%	3.43%	2.92%	2.25%	2.42%	1.87%	0.41%
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.98%	2.53%	2.79%	3.07%	3.05%	6.10%	2.41%

Frequently Asked Questions

Can I hold both EMXF and GSEE in my portfolio?

With a correlation of 0.94, EMXF and GSEE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EMXF or GSEE?

GSEE has higher volatility (8.68%) compared to EMXF (8.10%). In terms of maximum drawdown, EMXF dropped -33.13% vs GSEE's -37.51%.

Which ETF is better, EMXF or GSEE?

On 5-year performance, GSEE leads with 7.49% vs 7.15% for EMXF. On fees, EMXF is cheaper at 0.16% per year. On volatility, EMXF has been the lower-risk option at 8.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMXF or GSEE?

Over the 5-year period, GSEE has performed better with a 7.49% return vs 7.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMXF or GSEE?

EMXF is cheaper with a 0.16% expense ratio, compared with 0.36% for GSEE.

Which ETF pays a higher dividend yield, EMXF or GSEE?

EMXF has the higher dividend yield at 2.75%, compared with 1.98% for GSEE.

What is the main difference between EMXF and GSEE?

EMXF is categorized as Emerging Markets Equities, while GSEE is Asia Pacific Equities. EMXF tracks MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index, while GSEE tracks Solactive GBS Emerging Markets Large & Mid Cap Index. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.16% for EMXF and 0.36% for GSEE.

Which has better risk-adjusted returns?

GSEE currently has the higher Sharpe Ratio (2.80 vs 2.55), 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.