ESGE vs. EMSF

Last updated Aug 2, 2026

ESGE (iShares ESG Aware MSCI EM ETF) and EMSF (Matthews Emerging Markets Sustainable Future Active ETF) are both Emerging Markets Equities funds. ESGE is passively managed, while EMSF is actively managed. Over the past year, ESGE returned 34.75% vs 42.52% for EMSF. Their correlation of 0.91 means they have usually moved in the same direction. ESGE charges 0.25%/yr vs 0.79%/yr for EMSF.

Performance

ESGE vs. EMSF - Performance Comparison

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

Returns By Period

In the year-to-date period, ESGE achieves a 17.50% return, which is significantly lower than EMSF's 30.73% return.

ESGE

• 1D: 0.92%
• 1M: -1.79%
• 6M: 9.17%
• YTD: 17.50%
• 1Y: 34.75%
• 3Y*: 18.81%
• 5Y*: 6.80%
• 10Y*: 8.88%
• ALL TIME*: 8.86%

EMSF

• 1D: 0.83%
• 1M: -8.36%
• 6M: 17.49%
• YTD: 30.73%
• 1Y: 42.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.92%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EMSF Matthews Emerging Markets Sustainable Future Active ETF	$80.02K	$93.23K	$184.42K
ESGE iShares ESG Aware MSCI EM ETF	$53.52M	$39.94M	$58.74M

ESGE vs. EMSF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ESGE iShares ESG Aware MSCI EM ETF	17.50%	35.86%	6.63%	7.76%
EMSF Matthews Emerging Markets Sustainable Future Active ETF	30.73%	19.20%	-3.09%	0.98%

Correlation

The correlation between ESGE and EMSF is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.91

The correlation between ESGE and EMSF has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

ESGE vs. EMSF - Sectors Allocation Comparison

Sectors	ESGE	EMSF
Technology	45.4%	52.8%
Financial Services	23.0%	15.0%
Communication Services	7.2%	1.7%
Consumer Cyclical	6.8%	6.3%
Industrials	4.9%	11.0%
Basic Materials	4.2%	-
Healthcare	2.5%	6.0%
Consumer Defensive	2.1%	3.6%
Energy	1.7%	-
Utilities	1.3%	2.1%
Real Estate	1.0%	1.6%

Return for Risk

ESGE vs. EMSF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ESGE

ESGE Risk / Return Rank: 61
ESGE Sharpe Ratio Rank: 59
ESGE Sortino Ratio Rank: 55
ESGE Omega Ratio Rank: 62
ESGE Calmar Ratio Rank: 70
ESGE Martin Ratio Rank: 61

EMSF

EMSF Risk / Return Rank: 57
EMSF Sharpe Ratio Rank: 57
EMSF Sortino Ratio Rank: 52
EMSF Omega Ratio Rank: 58
EMSF Calmar Ratio Rank: 60
EMSF Martin Ratio Rank: 59

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ESGE vs. EMSF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware MSCI EM ETF (ESGE) and Matthews Emerging Markets Sustainable Future Active ETF (EMSF). 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	EMSF	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.36	+0.03
Sortino ratio: Return per unit of downside risk	1.90	1.86	+0.04
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.01
Calmar ratio: Return relative to maximum drawdown	2.44	2.10	+0.34
Martin ratio: Return relative to average drawdown	7.40	7.05	+0.35

ESGE vs. EMSF - Sharpe Ratio Comparison

The current ESGE Sharpe Ratio is 1.39, which is comparable to the EMSF Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of ESGE and EMSF, 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. EMSF - Drawdown Comparison

The maximum ESGE drawdown since its inception was -41.07%, which is greater than EMSF's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for ESGE and EMSF.

Drawdown Indicators

	ESGE	EMSF	Difference
Max Drawdown Largest peak-to-trough decline	-41.07%	-24.75%	-16.32%
Max Drawdown (1Y) Largest decline over 1 year	-13.90%	-19.49%	+5.59%
Max Drawdown (3Y) Largest decline over 3 years	-16.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.07%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.07%	—	—
Current Drawdown Current decline from peak	-9.30%	-15.62%	+6.32%
Average Drawdown Average peak-to-trough decline	-14.34%	-5.91%	-8.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.58%	5.80%	-1.22%

Volatility

ESGE vs. EMSF - Volatility Comparison

The current volatility for iShares ESG Aware MSCI EM ETF (ESGE) is 9.09%, while Matthews Emerging Markets Sustainable Future Active ETF (EMSF) has a volatility of 10.79%. This indicates that ESGE experiences smaller price fluctuations and is considered to be less risky than EMSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESGE	EMSF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.09%	10.79%	-1.70%
Volatility (6M) Calculated over the trailing 6-month period	22.33%	26.54%	-4.21%
Volatility (1Y) Calculated over the trailing 1-year period	24.45%	30.10%	-5.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.98%	24.40%	-4.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.35%	24.40%	-4.05%

ESGE vs. EMSF - Expense Ratio Comparison

ESGE has a 0.25% expense ratio, which is lower than EMSF's 0.79% expense ratio.

Dividends

ESGE vs. EMSF - Dividend Comparison

ESGE's dividend yield for the trailing twelve months is around 2.20%, more than EMSF's 1.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EMSF Matthews Emerging Markets Sustainable Future Active ETF	1.44%	1.88%	3.29%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ESGE iShares ESG Aware MSCI EM ETF	2.20%	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 EMSF in my portfolio?

With a correlation of 0.95, ESGE and EMSF 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 EMSF?

EMSF has higher volatility (10.79%) compared to ESGE (9.09%). In terms of maximum drawdown, ESGE dropped -41.07% vs EMSF's -24.75%.

Which ETF is better, ESGE or EMSF?

On 1-year performance, EMSF leads with 42.52% vs 34.75% for ESGE. On fees, ESGE is cheaper at 0.25% per year. On volatility, ESGE has been the lower-risk option at 9.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ESGE or EMSF?

Over the 1-year period, EMSF has performed better with a 42.52% return vs 34.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ESGE or EMSF?

ESGE is cheaper with a 0.25% expense ratio, compared with 0.79% for EMSF.

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

ESGE has the higher dividend yield at 2.20%, compared with 1.44% for EMSF.

What is the main difference between ESGE and EMSF?

They also come from different issuers: iShares and Matthews. Their fees differ too: 0.25% for ESGE and 0.79% for EMSF.

Which has better risk-adjusted returns?

ESGE currently has the higher Sharpe Ratio (1.39 vs 1.36), 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.