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ESGE vs. EMCS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ESGE vs. EMCS

Last updated Jun 24, 2026

ESGE (iShares ESG Aware MSCI EM ETF) and EMCS (Xtrackers MSCI Emerging Markets Climate Selection ETF) are both Emerging Markets Equities funds - ESGE tracks the MSCI EM Extended ESG Focus Index while EMCS tracks the MSCI Emerging Markets Climate Select Index. Both are passively managed. Over the past 5 years, ESGE returned 6.26%/yr vs 7.51%/yr for EMCS. With a 0.97 correlation, they move nearly in lockstep. ESGE charges 0.25%/yr vs 0.15%/yr for EMCS.

Performance

ESGE vs. EMCS - Performance Comparison

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

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Returns By Period

In the year-to-date period, ESGE achieves a 22.27% return, which is significantly lower than EMCS's 30.08% return.

ESGE

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

EMCS

1D
-6.03%
1M
5.49%
YTD
30.08%
6M
31.16%
1Y
55.24%
3Y*
26.52%
5Y*
7.51%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ESGE vs. EMCS - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
ESGE
iShares ESG Aware MSCI EM ETF		22.27%35.86%6.63%9.51%-22.41%-2.87%18.60%20.37%-3.74%
EMCS
Xtrackers MSCI Emerging Markets Climate Selection ETF		30.08%38.71%10.12%5.68%-23.58%-2.02%19.72%19.54%-1.41%

Correlation

The correlation between ESGE and EMCS is 0.97 - 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

0.97

Correlation (3Y)
Calculated over the trailing 3-year period

0.97

Correlation (5Y)
Calculated over the trailing 5-year period

0.98

Correlation (All Time)
Calculated using the full available price history since Dec 6, 2018

0.97

The correlation between ESGE and EMCS has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

ESGE vs. EMCS - Sectors Allocation Comparison

Sectors
ESGE
EMCS

Technology

43.9%
50.7%

Financial Services

22.0%
26.0%

Consumer Cyclical

7.5%
9.1%

Communication Services

7.4%
7.4%

Industrials

5.7%
1.2%

Basic Materials

5.0%
2.6%

Healthcare

2.2%
0.0%

Consumer Defensive

2.1%
0.0%

Energy

1.9%
1.2%

Utilities

1.3%
0.0%

Real Estate

1.0%
1.8%

Technology

ESGE
43.9%
EMCS
50.7%

Financial Services

ESGE
22.0%
EMCS
26.0%

Consumer Cyclical

ESGE
7.5%
EMCS
9.1%

Communication Services

ESGE
7.4%
EMCS
7.4%

Industrials

ESGE
5.7%
EMCS
1.2%

Basic Materials

ESGE
5.0%
EMCS
2.6%

Healthcare

ESGE
2.2%
EMCS
0.0%

Consumer Defensive

ESGE
2.1%
EMCS
0.0%

Energy

ESGE
1.9%
EMCS
1.2%

Utilities

ESGE
1.3%
EMCS
0.0%

Real Estate

ESGE
1.0%
EMCS
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares ESG Aware MSCI EM ETF

Xtrackers MSCI Emerging Markets Climate Selection ETF

Often compared with ESGE:
ESGE vs. ESGUESGE vs. IEMGESGE vs. SPEMESGE vs. EEMXESGE vs. NUEMESGE vs. SUSLESGE vs. FNDE
Often compared with EMCS:
EMCS vs. SNPDEMCS vs. FEMEMCS vs. TDECEMCS vs. BHYBEMCS vs. EDOGEMCS vs. SCHEEMCS vs. VWO

Return for Risk

ESGE vs. EMCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ESGE
ESGE Risk / Return Rank: 6565
Overall Rank
ESGE Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
ESGE Sortino Ratio Rank: 5757
Sortino Ratio Rank
ESGE Omega Ratio Rank: 6868
Omega Ratio Rank
ESGE Calmar Ratio Rank: 6868
Calmar Ratio Rank
ESGE Martin Ratio Rank: 7070
Martin Ratio Rank
EMCS
EMCS Risk / Return Rank: 7575
Overall Rank
EMCS Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
EMCS Sortino Ratio Rank: 6666
Sortino Ratio Rank
EMCS Omega Ratio Rank: 7676
Omega Ratio Rank
EMCS Calmar Ratio Rank: 8080
Calmar Ratio Rank
EMCS Martin Ratio Rank: 8080
Martin Ratio Rank
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. EMCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware MSCI EM ETF (ESGE) and Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS). 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.

ESGEEMCSDifference
Sharpe ratioReturn per unit of total volatility
1.98
2.19

-0.20

Sortino ratioReturn per unit of downside risk
2.56
2.77

-0.21

Omega ratioGain probability vs. loss probability

1.38

1.41

-0.03

Calmar ratioReturn relative to maximum drawdown

3.25

3.88

-0.63

Martin ratioReturn relative to average drawdown

12.10

14.31

-2.21

ESGE vs. EMCS - Sharpe Ratio Comparison

The current ESGE Sharpe Ratio is 1.98, which is comparable to the EMCS Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of ESGE and EMCS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

ESGE vs. EMCS - Drawdown Comparison

The maximum ESGE drawdown since its inception was -41.07%, smaller than the maximum EMCS drawdown of -44.86%. Use the drawdown chart below to compare losses from any high point for ESGE and EMCS.

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Drawdown Indicators

ESGEEMCSDifference

Max Drawdown

Largest peak-to-trough decline

-41.07%

-44.86%

+3.79%

Max Drawdown (1Y)

Largest decline over 1 year

-13.90%

-14.32%

+0.42%

Max Drawdown (3Y)

Largest decline over 3 years

-16.71%

-16.73%

+0.02%

Max Drawdown (5Y)

Largest decline over 5 years

-39.18%

-42.06%

+2.88%

Current Drawdown

Current decline from peak

-5.62%

-6.03%

+0.41%

Average Drawdown

Average peak-to-trough decline

-14.41%

-16.52%

+2.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.72%

3.87%

-0.15%

Volatility

ESGE vs. EMCS - Volatility Comparison

The current volatility for iShares ESG Aware MSCI EM ETF (ESGE) is 12.44%, while Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS) has a volatility of 14.09%. This indicates that ESGE experiences smaller price fluctuations and is considered to be less risky than EMCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ESGEEMCSDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.44%

14.09%

-1.65%

Volatility (6M)

Calculated over the trailing 6-month period

20.66%

23.01%

-2.35%

Volatility (1Y)

Calculated over the trailing 1-year period

22.76%

25.41%

-2.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.71%

21.33%

-1.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.19%

22.04%

-1.85%

ESGE vs. EMCS - Expense Ratio Comparison

ESGE has a 0.25% expense ratio, which is higher than EMCS's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ESGE vs. EMCS - Dividend Comparison

ESGE's dividend yield for the trailing twelve months is around 2.12%, more than EMCS's 1.46% yield.

PositionTTM2025202420232022202120202019201820172016
EMCS
Xtrackers MSCI Emerging Markets Climate Selection ETF		1.46%1.66%0.67%3.07%2.26%1.46%1.40%3.56%0.00%0.00%0.00%
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

With a correlation of 0.97, ESGE and EMCS 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.

EMCS has higher volatility (14.09%) compared to ESGE (12.44%). In terms of maximum drawdown, ESGE dropped -41.07% vs EMCS's -44.86%.

On 5-year performance, EMCS leads with 7.51% vs 6.26% for ESGE. On fees, EMCS is cheaper at 0.15% 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.

Over the 5-year period, EMCS has performed better with a 7.51% return vs 6.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EMCS is cheaper with a 0.15% expense ratio, compared with 0.25% for ESGE.

ESGE has the higher dividend yield at 2.12%, compared with 1.46% for EMCS.

ESGE tracks MSCI EM Extended ESG Focus Index, while EMCS tracks MSCI Emerging Markets Climate Select Index. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.25% for ESGE and 0.15% for EMCS.

EMCS currently has the higher Sharpe Ratio (2.19 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.

Portfolio Optimizer

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