GREK vs. FRDM

Last updated Jun 13, 2026

GREK (Global X MSCI Greece ETF) and FRDM (Freedom 100 Emerging Markets ETF) are both exchange-traded funds - GREK is a Emerging Markets Equities fund tracking the MSCI All Greece Select 25-50, while FRDM is a Emerging Markets Diversified fund tracking the Life + Liberty Freedom 100 Emerging Markets Index. Both are passively managed. Over the past 5 years, GREK returned 24.30%/yr vs 18.68%/yr for FRDM. A 0.58 correlation means they provide meaningful diversification when combined. GREK charges 0.58%/yr vs 0.49%/yr for FRDM.

Performance

GREK vs. FRDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI Greece ETF (GREK) and Freedom 100 Emerging Markets ETF (FRDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GREK achieves a 15.45% return, which is significantly lower than FRDM's 40.13% return.

GREK

• 1D: 0.87%
• 1M: 5.63%
• YTD: 15.45%
• 6M: 15.54%
• 1Y: 38.63%
• 3Y*: 32.67%
• 5Y*: 24.30%
• 10Y*: 16.01%

FRDM

• 1D: 0.49%
• 1M: 5.45%
• YTD: 40.13%
• 6M: 46.37%
• 1Y: 84.22%
• 3Y*: 34.29%
• 5Y*: 18.68%
• 10Y*: —

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

GREK vs. FRDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GREK Global X MSCI Greece ETF	15.45%	76.11%	9.53%	42.72%	3.64%	6.14%	-13.89%	30.04%
FRDM Freedom 100 Emerging Markets ETF	40.13%	61.27%	1.70%	22.77%	-14.45%	6.13%	16.90%	12.23%

Correlation

The correlation between GREK and FRDM is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since May 23, 2019	0.58

The correlation between GREK and FRDM has been stable across timeframes, ranging from 0.58 to 0.64 - a consistent structural relationship.

GREK vs. FRDM - Sectors Allocation Comparison

Sectors	GREK	FRDM
Financial Services	47.1%	22.1%
Industrials	13.5%	8.6%
Utilities	11.6%	2.6%
Consumer Cyclical	9.6%	7.8%
Energy	8.4%	0.1%
Communication Services	4.6%	3.9%
Basic Materials	3.2%	7.4%
Consumer Defensive	1.1%	2.2%
Real Estate	1.0%	2.5%
Healthcare	-	1.8%
Technology	-	41.1%

Return for Risk

GREK vs. FRDM — Risk / Return Rank

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

GREK

GREK Risk / Return Rank: 49
GREK Sharpe Ratio Rank: 54
GREK Sortino Ratio Rank: 57
GREK Omega Ratio Rank: 51
GREK Calmar Ratio Rank: 41
GREK Martin Ratio Rank: 40

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

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.

GREK vs. FRDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Greece ETF (GREK) and Freedom 100 Emerging Markets ETF (FRDM). 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.

	GREK	FRDM	Difference
Sharpe ratio: Return per unit of total volatility	1.59	3.15	-1.56
Sortino ratio: Return per unit of downside risk	2.38	3.68	-1.29
Omega ratio: Gain probability vs. loss probability	1.28	1.54	-0.26
Calmar ratio: Return relative to maximum drawdown	1.82	5.02	-3.20
Martin ratio: Return relative to average drawdown	5.62	19.36	-13.74

GREK vs. FRDM - Sharpe Ratio Comparison

The current GREK Sharpe Ratio is 1.59, which is lower than the FRDM Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of GREK and FRDM, 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

GREK vs. FRDM - Drawdown Comparison

The maximum GREK drawdown since its inception was -79.50%, which is greater than FRDM's maximum drawdown of -40.49%. Use the drawdown chart below to compare losses from any high point for GREK and FRDM.

Drawdown Indicators

	GREK	FRDM	Difference
Max Drawdown Largest peak-to-trough decline	-79.50%	-40.49%	-39.01%
Max Drawdown (1Y) Largest decline over 1 year	-21.32%	-16.87%	-4.45%
Max Drawdown (3Y) Largest decline over 3 years	-22.63%	-16.87%	-5.76%
Max Drawdown (5Y) Largest decline over 5 years	-30.46%	-29.25%	-1.21%
Max Drawdown (10Y) Largest decline over 10 years	-57.04%	—	—
Current Drawdown Current decline from peak	-1.44%	-4.36%	+2.92%
Average Drawdown Average peak-to-trough decline	-45.25%	-7.09%	-38.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.90%	4.37%	+2.53%

Volatility

GREK vs. FRDM - Volatility Comparison

The current volatility for Global X MSCI Greece ETF (GREK) is 8.69%, while Freedom 100 Emerging Markets ETF (FRDM) has a volatility of 14.27%. This indicates that GREK experiences smaller price fluctuations and is considered to be less risky than FRDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GREK	FRDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.69%	14.27%	-5.58%
Volatility (6M) Calculated over the trailing 6-month period	20.65%	24.39%	-3.74%
Volatility (1Y) Calculated over the trailing 1-year period	24.35%	26.86%	-2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.44%	21.35%	+3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.71%	23.09%	+6.62%

GREK vs. FRDM - Expense Ratio Comparison

GREK has a 0.58% expense ratio, which is higher than FRDM's 0.49% expense ratio.

Dividends

GREK vs. FRDM - Dividend Comparison

GREK's dividend yield for the trailing twelve months is around 3.00%, more than FRDM's 1.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRDM Freedom 100 Emerging Markets ETF	1.56%	2.26%	2.53%	2.66%	2.72%	2.17%	1.11%	1.07%	0.00%	0.00%	0.00%	0.00%
GREK Global X MSCI Greece ETF	3.00%	3.46%	4.63%	2.61%	2.82%	2.16%	2.62%	2.25%	2.41%	2.13%	1.95%	1.52%

Frequently Asked Questions

Can I hold both GREK and FRDM in my portfolio?

GREK and FRDM have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GREK or FRDM?

FRDM has higher volatility (14.27%) compared to GREK (8.69%). In terms of maximum drawdown, GREK dropped -79.50% vs FRDM's -40.49%.

Which ETF is better, GREK or FRDM?

On 5-year performance, GREK leads with 24.30% vs 18.68% for FRDM. On fees, FRDM is cheaper at 0.49% per year. On volatility, GREK has been the lower-risk option at 8.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GREK or FRDM?

Over the 5-year period, GREK has performed better with a 24.30% return vs 18.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GREK or FRDM?

FRDM is cheaper with a 0.49% expense ratio, compared with 0.58% for GREK.

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

GREK has the higher dividend yield at 3.00%, compared with 1.56% for FRDM.

What is the main difference between GREK and FRDM?

GREK is categorized as Emerging Markets Equities, while FRDM is Emerging Markets Diversified. GREK tracks MSCI All Greece Select 25-50, while FRDM tracks Life + Liberty Freedom 100 Emerging Markets Index. They also come from different issuers: Global X and Freedom Funds. Their fees differ too: 0.58% for GREK and 0.49% for FRDM.

Which has better risk-adjusted returns?

FRDM currently has the higher Sharpe Ratio (3.15 vs 1.59), 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.