ESGE vs. GSIB

Last updated Jun 19, 2026

ESGE (iShares ESG Aware MSCI EM ETF) and GSIB (Themes Global Systemically Important Banks ETF) are both exchange-traded funds - ESGE is a Emerging Markets Equities fund tracking the MSCI EM Extended ESG Focus Index, while GSIB is a Financials Equities fund actively managed by Themes. ESGE is passively managed, while GSIB is actively managed. Over the past year, ESGE returned 53.45% vs 49.03% for GSIB. A 0.59 correlation means they provide meaningful diversification when combined. ESGE charges 0.25%/yr vs 0.35%/yr for GSIB.

Performance

ESGE vs. GSIB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG Aware MSCI EM ETF (ESGE) and Themes Global Systemically Important Banks ETF (GSIB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESGE achieves a 29.02% return, which is significantly higher than GSIB's 15.97% return.

ESGE

• 1D: 3.08%
• 1M: 10.87%
• YTD: 29.02%
• 6M: 32.41%
• 1Y: 53.45%
• 3Y*: 23.27%
• 5Y*: 7.73%
• 10Y*: —

GSIB

• 1D: 0.20%
• 1M: 10.04%
• YTD: 15.97%
• 6M: 18.23%
• 1Y: 49.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ESGE vs. GSIB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ESGE iShares ESG Aware MSCI EM ETF	29.02%	35.86%	6.63%	2.10%
GSIB Themes Global Systemically Important Banks ETF	15.97%	61.67%	32.86%	1.75%

Correlation

The correlation between ESGE and GSIB is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.59

The correlation between ESGE and GSIB has been stable across timeframes, ranging from 0.59 to 0.59 - a consistent structural relationship.

ESGE vs. GSIB - Sectors Allocation Comparison

Sectors	ESGE	GSIB
Technology	43.9%	-
Financial Services	22.0%	100.0%
Consumer Cyclical	7.5%	-
Communication Services	7.4%	-
Industrials	5.7%	-
Basic Materials	5.0%	-
Healthcare	2.2%	-
Consumer Defensive	2.1%	-
Energy	1.9%	-
Utilities	1.3%	-
Real Estate	1.0%	-

Return for Risk

ESGE vs. GSIB — Risk / Return Rank

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

ESGE

ESGE Risk / Return Rank: 80
ESGE Sharpe Ratio Rank: 82
ESGE Sortino Ratio Rank: 76
ESGE Omega Ratio Rank: 83
ESGE Calmar Ratio Rank: 80
ESGE Martin Ratio Rank: 80

GSIB

GSIB Risk / Return Rank: 82
GSIB Sharpe Ratio Rank: 91
GSIB Sortino Ratio Rank: 90
GSIB Omega Ratio Rank: 85
GSIB Calmar Ratio Rank: 75
GSIB Martin Ratio Rank: 72

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. GSIB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware MSCI EM ETF (ESGE) and Themes Global Systemically Important Banks ETF (GSIB). 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	GSIB	Difference
Sharpe ratio: Return per unit of total volatility	2.44	2.83	-0.40
Sortino ratio: Return per unit of downside risk	3.12	3.89	-0.77
Omega ratio: Gain probability vs. loss probability	1.46	1.47	-0.02
Calmar ratio: Return relative to maximum drawdown	3.86	3.54	+0.32
Martin ratio: Return relative to average drawdown	14.46	12.48	+1.98

ESGE vs. GSIB - Sharpe Ratio Comparison

The current ESGE Sharpe Ratio is 2.44, which is comparable to the GSIB Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of ESGE and GSIB, 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. GSIB - Drawdown Comparison

The maximum ESGE drawdown since its inception was -41.07%, which is greater than GSIB's maximum drawdown of -17.71%. Use the drawdown chart below to compare losses from any high point for ESGE and GSIB.

Drawdown Indicators

	ESGE	GSIB	Difference
Max Drawdown Largest peak-to-trough decline	-41.07%	-17.71%	-23.36%
Max Drawdown (1Y) Largest decline over 1 year	-13.90%	-13.90%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-16.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-39.18%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-14.41%	-2.03%	-12.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	3.94%	-0.23%

Volatility

ESGE vs. GSIB - Volatility Comparison

iShares ESG Aware MSCI EM ETF (ESGE) has a higher volatility of 10.89% compared to Themes Global Systemically Important Banks ETF (GSIB) at 5.27%. This indicates that ESGE's price experiences larger fluctuations and is considered to be riskier than GSIB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESGE	GSIB	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.89%	5.27%	+5.62%
Volatility (6M) Calculated over the trailing 6-month period	19.81%	14.36%	+5.45%
Volatility (1Y) Calculated over the trailing 1-year period	22.02%	17.39%	+4.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.54%	18.47%	+1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.12%	18.47%	+1.65%

ESGE vs. GSIB - Expense Ratio Comparison

ESGE has a 0.25% expense ratio, which is lower than GSIB's 0.35% expense ratio.

Dividends

ESGE vs. GSIB - Dividend Comparison

ESGE's dividend yield for the trailing twelve months is around 2.00%, more than GSIB's 1.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ESGE iShares ESG Aware MSCI EM ETF	2.00%	2.50%	2.41%	2.64%	2.68%	2.66%	1.31%	2.59%	2.19%	1.86%	0.27%
GSIB Themes Global Systemically Important Banks ETF	1.64%	1.91%	1.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ESGE and GSIB in my portfolio?

ESGE and GSIB have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ESGE or GSIB?

ESGE has higher volatility (10.89%) compared to GSIB (5.27%). In terms of maximum drawdown, ESGE dropped -41.07% vs GSIB's -17.71%.

Which ETF is better, ESGE or GSIB?

On 1-year performance, ESGE leads with 53.45% vs 49.03% for GSIB. On fees, ESGE is cheaper at 0.25% per year. On volatility, GSIB has been the lower-risk option at 5.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ESGE or GSIB?

Over the 1-year period, ESGE has performed better with a 53.45% return vs 49.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ESGE or GSIB?

ESGE is cheaper with a 0.25% expense ratio, compared with 0.35% for GSIB.

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

ESGE has the higher dividend yield at 2.00%, compared with 1.64% for GSIB.

What is the main difference between ESGE and GSIB?

ESGE is categorized as Emerging Markets Equities, while GSIB is Financials Equities. They also come from different issuers: iShares and Themes. Their fees differ too: 0.25% for ESGE and 0.35% for GSIB.

Which has better risk-adjusted returns?

GSIB currently has the higher Sharpe Ratio (2.83 vs 2.44), 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.