ESGM.DE vs. AYEM.DE

Last updated Jun 5, 2026

ESGM.DE (Invesco MSCI Emerging Markets ESG Universal Screened UCITS ETF Acc) and AYEM.DE (iShares MSCI EM IMI ESG Screened UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - ESGM.DE tracks the MSCI Emerging Markets ESG Universal Select Business Screens while AYEM.DE tracks the MSCI Emerging Markets IMI ESG Screened. Both are passively managed. Over the past 3 years, ESGM.DE returned 20.28%/yr vs 20.23%/yr for AYEM.DE. With a 0.96 correlation, they move nearly in lockstep. ESGM.DE charges 0.19%/yr vs 0.18%/yr for AYEM.DE.

Performance

ESGM.DE vs. AYEM.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco MSCI Emerging Markets ESG Universal Screened UCITS ETF Acc (ESGM.DE) and iShares MSCI EM IMI ESG Screened UCITS ETF USD (Acc) (AYEM.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESGM.DE achieves a 29.14% return, which is significantly higher than AYEM.DE's 26.90% return.

ESGM.DE

• 1D: -1.89%
• 1M: 5.25%
• YTD: 29.14%
• 6M: 30.08%
• 1Y: 49.72%
• 3Y*: 20.28%
• 5Y*: —
• 10Y*: —

AYEM.DE

• 1D: -1.29%
• 1M: 4.35%
• YTD: 26.90%
• 6M: 27.17%
• 1Y: 46.15%
• 3Y*: 20.23%
• 5Y*: 8.30%
• 10Y*: —

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

ESGM.DE vs. AYEM.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ESGM.DE Invesco MSCI Emerging Markets ESG Universal Screened UCITS ETF Acc	29.14%	18.22%	12.10%	5.50%	-14.87%	-3.89%
AYEM.DE iShares MSCI EM IMI ESG Screened UCITS ETF USD (Acc)	26.90%	17.51%	14.02%	6.81%	-14.64%	-3.99%

Correlation

The correlation between ESGM.DE and AYEM.DE is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jul 14, 2021	0.96

The correlation between ESGM.DE and AYEM.DE has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

ESGM.DE vs. AYEM.DE — Risk / Return Rank

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

ESGM.DE

ESGM.DE Risk / Return Rank: 85
ESGM.DE Sharpe Ratio Rank: 85
ESGM.DE Sortino Ratio Rank: 82
ESGM.DE Omega Ratio Rank: 85
ESGM.DE Calmar Ratio Rank: 86
ESGM.DE Martin Ratio Rank: 85

AYEM.DE

AYEM.DE Risk / Return Rank: 82
AYEM.DE Sharpe Ratio Rank: 83
AYEM.DE Sortino Ratio Rank: 82
AYEM.DE Omega Ratio Rank: 82
AYEM.DE Calmar Ratio Rank: 82
AYEM.DE 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.

ESGM.DE vs. AYEM.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Emerging Markets ESG Universal Screened UCITS ETF Acc (ESGM.DE) and iShares MSCI EM IMI ESG Screened UCITS ETF USD (Acc) (AYEM.DE). 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.

	ESGM.DE	AYEM.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.75	2.68	+0.07
Sortino ratio: Return per unit of downside risk	3.59	3.62	-0.03
Omega ratio: Gain probability vs. loss probability	1.51	1.48	+0.02
Calmar ratio: Return relative to maximum drawdown	4.69	4.30	+0.39
Martin ratio: Return relative to average drawdown	17.49	15.83	+1.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ESGM.DE vs. AYEM.DE - Sharpe Ratio Comparison

The current ESGM.DE Sharpe Ratio is 2.75, which is comparable to the AYEM.DE Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of ESGM.DE and AYEM.DE, 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

	ESGM.DE	AYEM.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	2.68	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.58	-0.10

Drawdowns

ESGM.DE vs. AYEM.DE - Drawdown Comparison

The maximum ESGM.DE drawdown since its inception was -23.67%, smaller than the maximum AYEM.DE drawdown of -31.19%. Use the drawdown chart below to compare losses from any high point for ESGM.DE and AYEM.DE.

Drawdown Indicators

	ESGM.DE	AYEM.DE	Difference
Max Drawdown Largest peak-to-trough decline	-23.67%	-31.19%	+7.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.81%	-11.01%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-19.03%	-19.14%	+0.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.38%	—
Current Drawdown Current decline from peak	-2.36%	-2.20%	-0.16%
Average Drawdown Average peak-to-trough decline	-9.34%	-8.38%	-0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	3.00%	-0.10%

Volatility

ESGM.DE vs. AYEM.DE - Volatility Comparison

Invesco MSCI Emerging Markets ESG Universal Screened UCITS ETF Acc (ESGM.DE) has a higher volatility of 7.41% compared to iShares MSCI EM IMI ESG Screened UCITS ETF USD (Acc) (AYEM.DE) at 7.02%. This indicates that ESGM.DE's price experiences larger fluctuations and is considered to be riskier than AYEM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESGM.DE	AYEM.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.41%	7.02%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	15.79%	14.89%	+0.90%
Volatility (1Y) Calculated over the trailing 1-year period	18.41%	17.68%	+0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.02%	16.40%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	18.62%	-1.60%

ESGM.DE vs. AYEM.DE - Expense Ratio Comparison

ESGM.DE has a 0.19% expense ratio, which is higher than AYEM.DE's 0.18% 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

ESGM.DE vs. AYEM.DE - Dividend Comparison

Neither ESGM.DE nor AYEM.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ESGM.DE and AYEM.DE in my portfolio?

With a correlation of 0.95, ESGM.DE and AYEM.DE 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 ETF is better, ESGM.DE or AYEM.DE?

On fees, AYEM.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ESGM.DE or AYEM.DE?

AYEM.DE is cheaper with a 0.18% expense ratio, compared with 0.19% for ESGM.DE.

What is the main difference between ESGM.DE and AYEM.DE?

ESGM.DE tracks MSCI Emerging Markets ESG Universal Select Business Screens, while AYEM.DE tracks MSCI Emerging Markets IMI ESG Screened. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for ESGM.DE and 0.18% for AYEM.DE.