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EUM vs. ESGE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EUM vs. ESGE

Last updated Jun 5, 2026

EUM (ProShares Short MSCI Emerging Markets) and ESGE (iShares ESG Aware MSCI EM ETF) are both exchange-traded funds - EUM is a Inverse Equities fund tracking the MSCI Emerging Markets Index (-100%), while ESGE is a Emerging Markets Equities fund tracking the MSCI EM Extended ESG Focus Index. Both are passively managed. Over the past 5 years, EUM returned -5.09%/yr vs 6.59%/yr for ESGE. At a correlation of -0.96, they often move in opposite directions. EUM charges 0.95%/yr vs 0.25%/yr for ESGE.

Performance

EUM vs. ESGE - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, EUM achieves a -21.40% return, which is significantly lower than ESGE's 25.45% return.

EUM

1D
1.09%
1M
-5.64%
YTD
-21.40%
6M
-22.97%
1Y
-32.85%
3Y*
-15.90%
5Y*
-5.09%
10Y*
-10.22%

ESGE

1D
-1.11%
1M
6.07%
YTD
25.45%
6M
27.75%
1Y
51.11%
3Y*
23.69%
5Y*
6.59%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EUM vs. ESGE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EUM
ProShares Short MSCI Emerging Markets		-21.40%-22.61%-0.83%-3.89%21.11%-1.32%-24.37%-15.27%14.60%-28.08%
ESGE
iShares ESG Aware MSCI EM ETF		25.45%35.86%6.63%9.51%-22.41%-2.87%18.60%20.37%-15.24%38.86%

Correlation

The correlation between EUM and ESGE is -0.98, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.99

Correlation (All Time)
Calculated using the full available price history since Jul 21, 2016

-0.96

The correlation between EUM and ESGE has been stable across timeframes, ranging from -0.99 to -0.96 - a consistent structural relationship.

EUM vs. ESGE - Sectors Allocation Comparison

Sectors
EUM
ESGE

Financial Services

47.1%
20.9%

Basic Materials

-

4.1%

Communication Services

-

7.2%

Consumer Cyclical

-

8.3%

Consumer Defensive

-

2.1%

Energy

-

2.2%

Healthcare

-

2.4%

Industrials

-

4.7%

Real Estate

-

1.1%

Technology

-

43.4%

Utilities

-

1.5%

Financial Services

EUM
47.1%
ESGE
20.9%

Basic Materials

EUM

-

ESGE
4.1%

Communication Services

EUM

-

ESGE
7.2%

Consumer Cyclical

EUM

-

ESGE
8.3%

Consumer Defensive

EUM

-

ESGE
2.1%

Energy

EUM

-

ESGE
2.2%

Healthcare

EUM

-

ESGE
2.4%

Industrials

EUM

-

ESGE
4.7%

Real Estate

EUM

-

ESGE
1.1%

Technology

EUM

-

ESGE
43.4%

Utilities

EUM

-

ESGE
1.5%

Compare stocks, funds, or ETFs

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

ProShares Short MSCI Emerging Markets

iShares ESG Aware MSCI EM ETF

Often compared with EUM:
EUM vs. QQQEUM vs. SPYEUM vs. MSFDEUM vs. DOGEUM vs. TQQQEUM vs. CARDEUM vs. MSTZ
Often compared with ESGE:
ESGE vs. ESGUESGE vs. IEMGESGE vs. SPEMESGE vs. EEMXESGE vs. NUEMESGE vs. SUSLESGE vs. FNDE

Return for Risk

EUM vs. ESGE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EUM
EUM Risk / Return Rank: 00
Overall Rank
EUM Sharpe Ratio Rank: 00
Sharpe Ratio Rank
EUM Sortino Ratio Rank: 00
Sortino Ratio Rank
EUM Omega Ratio Rank: 00
Omega Ratio Rank
EUM Calmar Ratio Rank: 11
Calmar Ratio Rank
EUM Martin Ratio Rank: 00
Martin Ratio Rank
ESGE
ESGE Risk / Return Rank: 7777
Overall Rank
ESGE Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
ESGE Sortino Ratio Rank: 7575
Sortino Ratio Rank
ESGE Omega Ratio Rank: 8080
Omega Ratio Rank
ESGE Calmar Ratio Rank: 7575
Calmar Ratio Rank
ESGE Martin Ratio Rank: 7676
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.

EUM vs. ESGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) and iShares ESG Aware MSCI EM ETF (ESGE). 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.

EUMESGEDifference
Sharpe ratioReturn per unit of total volatility
-1.61
2.56

-4.17

Sortino ratioReturn per unit of downside risk
-2.42
3.35

-5.77

Omega ratioGain probability vs. loss probability

0.72

1.47

-0.75

Calmar ratioReturn relative to maximum drawdown

-0.96

3.70

-4.66

Martin ratioReturn relative to average drawdown

-1.91

14.39

-16.30

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EUM vs. ESGE - Sharpe Ratio Comparison

The current EUM Sharpe Ratio is -1.61, which is lower than the ESGE Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of EUM and ESGE, 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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Sharpe Ratios by Period

EUMESGEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.61

2.56

-4.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.27

0.35

-0.61

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.50

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.36

0.49

-0.85

Drawdowns

EUM vs. ESGE - Drawdown Comparison

The maximum EUM drawdown since its inception was -93.07%, which is greater than ESGE's maximum drawdown of -41.07%. Use the drawdown chart below to compare losses from any high point for EUM and ESGE.

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Drawdown Indicators

EUMESGEDifference

Max Drawdown

Largest peak-to-trough decline

-93.07%

-41.07%

-52.00%

Max Drawdown (1Y)

Largest decline over 1 year

-34.25%

-13.90%

-20.35%

Max Drawdown (3Y)

Largest decline over 3 years

-47.06%

-16.71%

-30.35%

Max Drawdown (5Y)

Largest decline over 5 years

-50.02%

-39.23%

-10.79%

Max Drawdown (10Y)

Largest decline over 10 years

-68.27%

—

—

Current Drawdown

Current decline from peak

-92.91%

-2.33%

-90.58%

Average Drawdown

Average peak-to-trough decline

-77.17%

-14.46%

-62.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.41%

3.56%

+13.85%

Volatility

EUM vs. ESGE - Volatility Comparison

ProShares Short MSCI Emerging Markets (EUM) and iShares ESG Aware MSCI EM ETF (ESGE) have volatilities of 8.73% and 8.54%, 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.

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Volatility by Period

EUMESGEDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.73%

8.54%

+0.19%

Volatility (6M)

Calculated over the trailing 6-month period

17.94%

17.50%

+0.44%

Volatility (1Y)

Calculated over the trailing 1-year period

20.45%

20.14%

+0.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.14%

19.11%

+0.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.54%

19.94%

+0.60%

EUM vs. ESGE - Expense Ratio Comparison

EUM has a 0.95% expense ratio, which is higher than ESGE's 0.25% expense ratio.

Dividends

EUM vs. ESGE - Dividend Comparison

EUM's dividend yield for the trailing twelve months is around 4.54%, more than ESGE's 1.99% yield.

PositionTTM2025202420232022202120202019201820172016
ESGE
iShares ESG Aware MSCI EM ETF		1.99%2.50%2.41%2.64%2.68%2.66%1.31%2.59%2.19%1.86%0.27%
EUM
ProShares Short MSCI Emerging Markets		4.54%3.98%4.22%3.86%0.82%0.00%0.15%1.35%0.88%0.00%0.00%

Frequently Asked Questions

EUM and ESGE have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EUM has higher volatility (8.73%) compared to ESGE (8.54%). In terms of maximum drawdown, EUM dropped -93.07% vs ESGE's -41.07%.

On 5-year performance, ESGE leads with 6.59% vs -5.09% for EUM. On fees, ESGE is cheaper at 0.25% per year. On volatility, ESGE has been the lower-risk option at 8.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, ESGE has performed better with a 6.59% return vs -5.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ESGE is cheaper with a 0.25% expense ratio, compared with 0.95% for EUM.

EUM has the higher dividend yield at 4.54%, compared with 1.99% for ESGE.

EUM is categorized as Inverse Equities, while ESGE is Emerging Markets Equities. EUM tracks MSCI Emerging Markets Index (-100%), while ESGE tracks MSCI EM Extended ESG Focus Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for EUM and 0.25% for ESGE.

ESGE currently has the higher Sharpe Ratio (2.56 vs -1.61), 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.

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