ESGE vs. EEMX

Last updated Jun 24, 2026

ESGE (iShares ESG Aware MSCI EM ETF) and EEMX (SPDR MSCI Emerging Markets Fossil Fuel Free ETF) are both exchange-traded funds - ESGE is a Emerging Markets Equities fund tracking the MSCI EM Extended ESG Focus Index, while EEMX is a Asia Pacific Equities fund tracking the MSCI Emerging Markets ex Fossil Fuels Index. Both are passively managed. Over the past 5 years, ESGE returned 6.26%/yr vs 7.56%/yr for EEMX. Their correlation of 0.90 suggests significant overlap in exposure. ESGE charges 0.25%/yr vs 0.30%/yr for EEMX.

Performance

ESGE vs. EEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG Aware MSCI EM ETF (ESGE) and SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESGE achieves a 22.27% return, which is significantly lower than EEMX's 24.65% return.

ESGE

• 1D: -5.62%
• 1M: 2.83%
• YTD: 22.27%
• 6M: 23.13%
• 1Y: 44.92%
• 3Y*: 22.70%
• 5Y*: 6.26%
• 10Y*: —

EEMX

• 1D: -5.71%
• 1M: 2.95%
• YTD: 24.65%
• 6M: 25.60%
• 1Y: 49.39%
• 3Y*: 23.83%
• 5Y*: 7.56%
• 10Y*: —

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

ESGE vs. EEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ESGE iShares ESG Aware MSCI EM ETF	22.27%	35.86%	6.63%	9.51%	-22.41%	-2.87%	18.60%	20.37%	-15.24%	38.86%
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF	24.65%	35.23%	7.22%	9.80%	-19.75%	-3.57%	19.55%	18.56%	-16.76%	38.46%

Correlation

The correlation between ESGE and EEMX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 25, 2016	0.90

The correlation between ESGE and EEMX has been stable across timeframes, ranging from 0.90 to 0.98 - a consistent structural relationship.

ESGE vs. EEMX - Sectors Allocation Comparison

Sectors	ESGE	EEMX
Technology	43.9%	26.8%
Financial Services	22.0%	11.1%
Consumer Cyclical	7.5%	6.5%
Communication Services	7.4%	4.4%
Industrials	5.7%	2.3%
Basic Materials	5.0%	2.6%
Healthcare	2.2%	1.4%
Consumer Defensive	2.1%	1.6%
Energy	1.9%	0.3%
Utilities	1.3%	0.9%
Real Estate	1.0%	0.7%

Return for Risk

ESGE vs. EEMX — Risk / Return Rank

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

ESGE

ESGE Risk / Return Rank: 65
ESGE Sharpe Ratio Rank: 63
ESGE Sortino Ratio Rank: 57
ESGE Omega Ratio Rank: 68
ESGE Calmar Ratio Rank: 68
ESGE Martin Ratio Rank: 70

EEMX

EEMX Risk / Return Rank: 71
EEMX Sharpe Ratio Rank: 70
EEMX Sortino Ratio Rank: 61
EEMX Omega Ratio Rank: 73
EEMX Calmar Ratio Rank: 75
EEMX Martin Ratio Rank: 76

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.

ESGE vs. EEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware MSCI EM ETF (ESGE) and SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX). 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.

	ESGE	EEMX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.11	-0.13
Sortino ratio: Return per unit of downside risk	2.56	2.68	-0.13
Omega ratio: Gain probability vs. loss probability	1.38	1.40	-0.02
Calmar ratio: Return relative to maximum drawdown	3.25	3.57	-0.33
Martin ratio: Return relative to average drawdown	12.10	13.44	-1.34

ESGE vs. EEMX - Sharpe Ratio Comparison

The current ESGE Sharpe Ratio is 1.98, which is comparable to the EEMX Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of ESGE and EEMX, 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

ESGE vs. EEMX - Drawdown Comparison

The maximum ESGE drawdown since its inception was -41.07%, roughly equal to the maximum EEMX drawdown of -39.90%. Use the drawdown chart below to compare losses from any high point for ESGE and EEMX.

Drawdown Indicators

	ESGE	EEMX	Difference
Max Drawdown Largest peak-to-trough decline	-41.07%	-39.90%	-1.17%
Max Drawdown (1Y) Largest decline over 1 year	-13.90%	-13.89%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-16.71%	-17.64%	+0.93%
Max Drawdown (5Y) Largest decline over 5 years	-39.18%	-36.99%	-2.19%
Current Drawdown Current decline from peak	-5.62%	-5.71%	+0.09%
Average Drawdown Average peak-to-trough decline	-14.41%	-14.67%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	3.69%	+0.03%

Volatility

ESGE vs. EEMX - Volatility Comparison

iShares ESG Aware MSCI EM ETF (ESGE) and SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) have volatilities of 12.44% and 12.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESGE	EEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.44%	12.89%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	20.66%	21.50%	-0.84%
Volatility (1Y) Calculated over the trailing 1-year period	22.76%	23.54%	-0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.71%	19.81%	-0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.19%	20.62%	-0.43%

ESGE vs. EEMX - Expense Ratio Comparison

ESGE has a 0.25% expense ratio, which is lower than EEMX's 0.30% expense ratio.

Dividends

ESGE vs. EEMX - Dividend Comparison

ESGE's dividend yield for the trailing twelve months is around 2.12%, more than EEMX's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF	1.81%	2.28%	2.26%	2.20%	2.38%	1.72%	1.42%	2.57%	2.41%	2.45%	0.15%
ESGE iShares ESG Aware MSCI EM ETF	2.12%	2.50%	2.41%	2.64%	2.68%	2.66%	1.31%	2.59%	2.19%	1.86%	0.27%

Frequently Asked Questions

Can I hold both ESGE and EEMX in my portfolio?

With a correlation of 0.98, ESGE and EEMX 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, ESGE or EEMX?

EEMX has higher volatility (12.89%) compared to ESGE (12.44%). In terms of maximum drawdown, ESGE dropped -41.07% vs EEMX's -39.90%.

Which ETF is better, ESGE or EEMX?

On 5-year performance, EEMX leads with 7.56% vs 6.26% for ESGE. On fees, ESGE is cheaper at 0.25% per year. On volatility, ESGE has been the lower-risk option at 12.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ESGE or EEMX?

Over the 5-year period, EEMX has performed better with a 7.56% return vs 6.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ESGE or EEMX?

ESGE is cheaper with a 0.25% expense ratio, compared with 0.30% for EEMX.

Which ETF pays a higher dividend yield, ESGE or EEMX?

ESGE has the higher dividend yield at 2.12%, compared with 1.81% for EEMX.

What is the main difference between ESGE and EEMX?

ESGE is categorized as Emerging Markets Equities, while EEMX is Asia Pacific Equities. ESGE tracks MSCI EM Extended ESG Focus Index, while EEMX tracks MSCI Emerging Markets ex Fossil Fuels Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for ESGE and 0.30% for EEMX.

Which has better risk-adjusted returns?

EEMX currently has the higher Sharpe Ratio (2.11 vs 1.98), 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.