FRDM vs. MEMX

Last updated Jun 15, 2026

FRDM (Freedom 100 Emerging Markets ETF) and MEMX (Matthews Emerging Markets Ex China Active ETF) are both Emerging Markets Diversified funds. FRDM is passively managed, while MEMX is actively managed. Over the past 3 years, FRDM returned 34.29%/yr vs 24.90%/yr for MEMX. Their correlation of 0.90 suggests significant overlap in exposure. FRDM charges 0.49%/yr vs 0.79%/yr for MEMX.

Performance

FRDM vs. MEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Freedom 100 Emerging Markets ETF (FRDM) and Matthews Emerging Markets Ex China Active ETF (MEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRDM achieves a 40.13% return, which is significantly higher than MEMX's 29.81% return.

FRDM

• 1D: 0.49%
• 1M: 9.04%
• YTD: 40.13%
• 6M: 46.37%
• 1Y: 87.32%
• 3Y*: 34.29%
• 5Y*: 18.68%
• 10Y*: —

MEMX

• 1D: 0.55%
• 1M: 5.01%
• YTD: 29.81%
• 6M: 38.48%
• 1Y: 63.43%
• 3Y*: 24.90%
• 5Y*: —
• 10Y*: —

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

FRDM vs. MEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FRDM Freedom 100 Emerging Markets ETF	40.13%	61.27%	1.70%	16.14%
MEMX Matthews Emerging Markets Ex China Active ETF	29.81%	35.88%	5.50%	11.33%

Correlation

The correlation between FRDM and MEMX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 11, 2023	0.90

The correlation between FRDM and MEMX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

FRDM vs. MEMX — Risk / Return Rank

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

FRDM

FRDM Risk / Return Rank: 92
FRDM Sharpe Ratio Rank: 94
FRDM Sortino Ratio Rank: 90
FRDM Omega Ratio Rank: 92
FRDM Calmar Ratio Rank: 91
FRDM Martin Ratio Rank: 91

MEMX

MEMX Risk / Return Rank: 86
MEMX Sharpe Ratio Rank: 89
MEMX Sortino Ratio Rank: 83
MEMX Omega Ratio Rank: 87
MEMX Calmar Ratio Rank: 85
MEMX Martin Ratio Rank: 86

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.

FRDM vs. MEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Freedom 100 Emerging Markets ETF (FRDM) and Matthews Emerging Markets Ex China Active ETF (MEMX). 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.

	FRDM	MEMX	Difference
Sharpe ratio: Return per unit of total volatility	3.15	2.61	+0.54
Sortino ratio: Return per unit of downside risk	3.68	3.26	+0.41
Omega ratio: Gain probability vs. loss probability	1.54	1.47	+0.07
Calmar ratio: Return relative to maximum drawdown	5.02	4.16	+0.85
Martin ratio: Return relative to average drawdown	19.36	15.97	+3.39

FRDM vs. MEMX - Sharpe Ratio Comparison

The current FRDM Sharpe Ratio is 3.15, which is comparable to the MEMX Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of FRDM and MEMX, 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

FRDM vs. MEMX - Drawdown Comparison

The maximum FRDM drawdown since its inception was -40.49%, which is greater than MEMX's maximum drawdown of -19.27%. Use the drawdown chart below to compare losses from any high point for FRDM and MEMX.

Drawdown Indicators

	FRDM	MEMX	Difference
Max Drawdown Largest peak-to-trough decline	-40.49%	-19.27%	-21.22%
Max Drawdown (1Y) Largest decline over 1 year	-16.87%	-14.70%	-2.17%
Max Drawdown (3Y) Largest decline over 3 years	-16.87%	-19.27%	+2.40%
Max Drawdown (5Y) Largest decline over 5 years	-29.25%	—	—
Current Drawdown Current decline from peak	-4.36%	-3.40%	-0.96%
Average Drawdown Average peak-to-trough decline	-7.09%	-3.50%	-3.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	3.83%	+0.54%

Volatility

FRDM vs. MEMX - Volatility Comparison

Freedom 100 Emerging Markets ETF (FRDM) has a higher volatility of 14.27% compared to Matthews Emerging Markets Ex China Active ETF (MEMX) at 11.94%. This indicates that FRDM's price experiences larger fluctuations and is considered to be riskier than MEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRDM	MEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.27%	11.94%	+2.33%
Volatility (6M) Calculated over the trailing 6-month period	24.39%	21.24%	+3.15%
Volatility (1Y) Calculated over the trailing 1-year period	26.86%	23.42%	+3.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.35%	17.73%	+3.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.09%	17.73%	+5.36%

FRDM vs. MEMX - Expense Ratio Comparison

FRDM has a 0.49% expense ratio, which is lower than MEMX's 0.79% expense ratio.

Dividends

FRDM vs. MEMX - Dividend Comparison

FRDM's dividend yield for the trailing twelve months is around 1.56%, less than MEMX's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FRDM Freedom 100 Emerging Markets ETF	1.56%	2.26%	2.53%	2.66%	2.72%	2.17%	1.11%	1.07%
MEMX Matthews Emerging Markets Ex China Active ETF	3.76%	4.88%	0.99%	1.13%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRDM and MEMX in my portfolio?

With a correlation of 0.93, FRDM and MEMX 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, FRDM or MEMX?

FRDM has higher volatility (14.27%) compared to MEMX (11.94%). In terms of maximum drawdown, FRDM dropped -40.49% vs MEMX's -19.27%.

Which ETF is better, FRDM or MEMX?

On 3-year performance, FRDM leads with 34.29% vs 24.90% for MEMX. On fees, FRDM is cheaper at 0.49% per year. On volatility, MEMX has been the lower-risk option at 11.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FRDM or MEMX?

Over the 3-year period, FRDM has performed better with a 34.29% return vs 24.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FRDM or MEMX?

FRDM is cheaper with a 0.49% expense ratio, compared with 0.79% for MEMX.

Which ETF pays a higher dividend yield, FRDM or MEMX?

MEMX has the higher dividend yield at 3.76%, compared with 1.56% for FRDM.

What is the main difference between FRDM and MEMX?

They also come from different issuers: Freedom Funds and Matthews. Their fees differ too: 0.49% for FRDM and 0.79% for MEMX.

Which has better risk-adjusted returns?

FRDM currently has the higher Sharpe Ratio (3.15 vs 2.61), 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.