IMVP vs. EMSF

Last updated Aug 4, 2026

IMVP (Invesco India ETF) and EMSF (Matthews Emerging Markets Sustainable Future Active ETF) are both Emerging Markets Equities funds. IMVP is passively managed, while EMSF is actively managed. Over the past year, IMVP returned -11.95% vs 44.16% for EMSF. Their 0.48 correlation means their historical movements had little consistent relationship. IMVP charges 0.78%/yr vs 0.79%/yr for EMSF.

Performance

IMVP vs. EMSF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco India ETF (IMVP) and Matthews Emerging Markets Sustainable Future Active ETF (EMSF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMVP achieves a -13.59% return, which is significantly lower than EMSF's 32.23% return.

IMVP

• 1D: 1.09%
• 1M: 1.29%
• 6M: -12.62%
• YTD: -13.59%
• 1Y: -11.95%
• 3Y*: 2.31%
• 5Y*: 2.53%
• 10Y*: 7.75%
• ALL TIME*: 3.41%

EMSF

• 1D: 1.15%
• 1M: -7.30%
• 6M: 18.36%
• YTD: 32.23%
• 1Y: 44.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.34%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EMSF Matthews Emerging Markets Sustainable Future Active ETF	$153.53K	$123.94K	$184.31K
IMVP Invesco India ETF	$2.34M	$1.44M	$1.19M

IMVP vs. EMSF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IMVP Invesco India ETF	-13.59%	1.30%	9.07%	10.13%
EMSF Matthews Emerging Markets Sustainable Future Active ETF	32.23%	19.20%	-3.09%	0.98%

Correlation

The correlation between IMVP and EMSF is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.48

Return for Risk

IMVP vs. EMSF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IMVP

IMVP Risk / Return Rank: 4
IMVP Sharpe Ratio Rank: 3
IMVP Sortino Ratio Rank: 3
IMVP Omega Ratio Rank: 3
IMVP Calmar Ratio Rank: 4
IMVP Martin Ratio Rank: 3

EMSF

EMSF Risk / Return Rank: 58
EMSF Sharpe Ratio Rank: 58
EMSF Sortino Ratio Rank: 54
EMSF Omega Ratio Rank: 58
EMSF Calmar Ratio Rank: 61
EMSF Martin Ratio Rank: 60

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IMVP vs. EMSF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco India ETF (IMVP) and Matthews Emerging Markets Sustainable Future Active ETF (EMSF). 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.

	IMVP	EMSF	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	1.48	-2.20
Sortino ratio: Return per unit of downside risk	-0.96	1.98	-2.94
Omega ratio: Gain probability vs. loss probability	0.89	1.27	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.60	2.28	-2.88
Martin ratio: Return relative to average drawdown	-1.16	7.54	-8.71

IMVP vs. EMSF - Sharpe Ratio Comparison

The current IMVP Sharpe Ratio is -0.73, which is lower than the EMSF Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of IMVP and EMSF, 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

IMVP vs. EMSF - Drawdown Comparison

The maximum IMVP drawdown since its inception was -64.54%, which is greater than EMSF's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for IMVP and EMSF.

Drawdown Indicators

	IMVP	EMSF	Difference
Max Drawdown Largest peak-to-trough decline	-64.54%	-24.75%	-39.79%
Max Drawdown (1Y) Largest decline over 1 year	-20.00%	-19.49%	-0.51%
Max Drawdown (3Y) Largest decline over 3 years	-25.80%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.69%	—	—
Current Drawdown Current decline from peak	-21.44%	-14.65%	-6.79%
Average Drawdown Average peak-to-trough decline	-16.75%	-5.92%	-10.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.28%	5.87%	+4.41%

Volatility

IMVP vs. EMSF - Volatility Comparison

The current volatility for Invesco India ETF (IMVP) is 3.39%, while Matthews Emerging Markets Sustainable Future Active ETF (EMSF) has a volatility of 10.75%. This indicates that IMVP experiences smaller price fluctuations and is considered to be less risky than EMSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMVP	EMSF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	10.75%	-7.36%
Volatility (6M) Calculated over the trailing 6-month period	14.44%	26.52%	-12.08%
Volatility (1Y) Calculated over the trailing 1-year period	16.54%	30.13%	-13.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.17%	24.39%	-8.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.51%	24.39%	-4.88%

IMVP vs. EMSF - Expense Ratio Comparison

IMVP has a 0.78% expense ratio, which is lower than EMSF's 0.79% expense ratio.

Dividends

IMVP vs. EMSF - Dividend Comparison

IMVP's dividend yield for the trailing twelve months is around 11.66%, more than EMSF's 1.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMSF Matthews Emerging Markets Sustainable Future Active ETF	1.42%	1.88%	3.29%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IMVP Invesco India ETF	11.66%	7.39%	8.48%	2.08%	14.07%	6.95%	0.72%	36.35%	0.96%	1.01%	1.18%	0.61%

Frequently Asked Questions

Can I hold both IMVP and EMSF in my portfolio?

IMVP and EMSF have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMVP or EMSF?

EMSF has higher volatility (10.75%) compared to IMVP (3.39%). In terms of maximum drawdown, IMVP dropped -64.54% vs EMSF's -24.75%.

Which ETF is better, IMVP or EMSF?

On 1-year performance, EMSF leads with 44.16% vs -11.95% for IMVP. On fees, IMVP is cheaper at 0.78% per year. On volatility, IMVP has been the lower-risk option at 3.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMVP or EMSF?

Over the 1-year period, EMSF has performed better with a 44.16% return vs -11.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMVP or EMSF?

IMVP is cheaper with a 0.78% expense ratio, compared with 0.79% for EMSF.

Which ETF pays a higher dividend yield, IMVP or EMSF?

IMVP has the higher dividend yield at 11.66%, compared with 1.42% for EMSF.

What is the main difference between IMVP and EMSF?

They also come from different issuers: Invesco and Matthews. Their fees differ too: 0.78% for IMVP and 0.79% for EMSF.

Which has better risk-adjusted returns?

EMSF currently has the higher Sharpe Ratio (1.48 vs -0.73), 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.