MEMX vs. DFSE

Last updated Jun 4, 2026

MEMX (Matthews Emerging Markets Ex China Active ETF) and DFSE (Dimensional Emerging Markets Sustainability Core 1 ETF) are both Emerging Markets Diversified funds. Both are actively managed. Over the past 3 years, MEMX returned 26.95%/yr vs 21.00%/yr for DFSE. Their correlation of 0.81 suggests significant overlap in exposure. MEMX charges 0.79%/yr vs 0.41%/yr for DFSE.

Performance

MEMX vs. DFSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Ex China Active ETF (MEMX) and Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEMX achieves a 33.07% return, which is significantly higher than DFSE's 21.02% return.

MEMX

• 1D: -0.97%
• 1M: 10.92%
• YTD: 33.07%
• 6M: 42.31%
• 1Y: 70.49%
• 3Y*: 26.95%
• 5Y*: —
• 10Y*: —

DFSE

• 1D: -1.66%
• 1M: 5.84%
• YTD: 21.02%
• 6M: 22.69%
• 1Y: 42.80%
• 3Y*: 21.00%
• 5Y*: —
• 10Y*: —

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

MEMX vs. DFSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MEMX Matthews Emerging Markets Ex China Active ETF	33.07%	35.88%	5.50%	10.52%
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF	21.02%	28.22%	6.90%	7.55%

Correlation

The correlation between MEMX and DFSE is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023	0.81

The correlation between MEMX and DFSE has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

MEMX vs. DFSE - Sectors Allocation Comparison

Sectors	MEMX	DFSE
Technology	39.5%	31.2%
Financial Services	25.1%	13.9%
Industrials	9.6%	12.5%
Consumer Cyclical	7.8%	10.6%
Healthcare	4.5%	4.7%
Communication Services	3.4%	5.8%
Energy	2.8%	1.0%
Basic Materials	2.6%	6.2%
Consumer Defensive	2.1%	3.9%
Real Estate	1.5%	2.2%
Utilities	1.1%	1.8%

Return for Risk

MEMX vs. DFSE — Risk / Return Rank

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

MEMX

MEMX Risk / Return Rank: 89
MEMX Sharpe Ratio Rank: 92
MEMX Sortino Ratio Rank: 89
MEMX Omega Ratio Rank: 89
MEMX Calmar Ratio Rank: 86
MEMX Martin Ratio Rank: 88

DFSE

DFSE Risk / Return Rank: 69
DFSE Sharpe Ratio Rank: 70
DFSE Sortino Ratio Rank: 67
DFSE Omega Ratio Rank: 71
DFSE Calmar Ratio Rank: 68
DFSE Martin Ratio Rank: 68

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.

MEMX vs. DFSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Ex China Active ETF (MEMX) and Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE). 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.

	MEMX	DFSE	Difference
Sharpe ratio: Return per unit of total volatility	3.29	2.30	+0.99
Sortino ratio: Return per unit of downside risk	4.11	3.06	+1.05
Omega ratio: Gain probability vs. loss probability	1.58	1.42	+0.16
Calmar ratio: Return relative to maximum drawdown	4.82	3.34	+1.48
Martin ratio: Return relative to average drawdown	19.20	12.45	+6.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MEMX vs. DFSE - Sharpe Ratio Comparison

The current MEMX Sharpe Ratio is 3.29, which is higher than the DFSE Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of MEMX and DFSE, 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

	MEMX	DFSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.29	2.30	+0.99
Sharpe Ratio (All Time) Calculated using the full available price history	1.45	1.34	+0.11

Drawdowns

MEMX vs. DFSE - Drawdown Comparison

The maximum MEMX drawdown since its inception was -19.27%, roughly equal to the maximum DFSE drawdown of -19.77%. Use the drawdown chart below to compare losses from any high point for MEMX and DFSE.

Drawdown Indicators

	MEMX	DFSE	Difference
Max Drawdown Largest peak-to-trough decline	-19.27%	-19.77%	+0.50%
Max Drawdown (1Y) Largest decline over 1 year	-14.70%	-12.88%	-1.82%
Max Drawdown (3Y) Largest decline over 3 years	-19.27%	-19.77%	+0.50%
Current Drawdown Current decline from peak	-0.97%	-1.66%	+0.69%
Average Drawdown Average peak-to-trough decline	-3.49%	-3.99%	+0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.68%	3.45%	+0.23%

Volatility

MEMX vs. DFSE - Volatility Comparison

Matthews Emerging Markets Ex China Active ETF (MEMX) has a higher volatility of 9.43% compared to Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE) at 7.93%. This indicates that MEMX's price experiences larger fluctuations and is considered to be riskier than DFSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEMX	DFSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.43%	7.93%	+1.50%
Volatility (6M) Calculated over the trailing 6-month period	19.04%	16.13%	+2.91%
Volatility (1Y) Calculated over the trailing 1-year period	21.53%	18.72%	+2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	17.63%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.09%	17.63%	-0.54%

MEMX vs. DFSE - Expense Ratio Comparison

MEMX has a 0.79% expense ratio, which is higher than DFSE's 0.41% expense ratio.

Dividends

MEMX vs. DFSE - Dividend Comparison

MEMX's dividend yield for the trailing twelve months is around 3.67%, more than DFSE's 1.84% yield.

Position	TTM	2025	2024	2023	2022
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF	1.84%	2.26%	2.06%	2.06%	0.36%
MEMX Matthews Emerging Markets Ex China Active ETF	3.67%	4.88%	0.99%	1.13%	0.00%

Frequently Asked Questions

Can I hold both MEMX and DFSE in my portfolio?

MEMX and DFSE have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMX or DFSE?

MEMX has higher volatility (9.43%) compared to DFSE (7.93%). In terms of maximum drawdown, MEMX dropped -19.27% vs DFSE's -19.77%.

Which ETF is better, MEMX or DFSE?

On 3-year performance, MEMX leads with 26.95% vs 21.00% for DFSE. On fees, DFSE is cheaper at 0.41% per year. On volatility, DFSE has been the lower-risk option at 7.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEMX or DFSE?

Over the 3-year period, MEMX has performed better with a 26.95% return vs 21.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEMX or DFSE?

DFSE is cheaper with a 0.41% expense ratio, compared with 0.79% for MEMX.

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

MEMX has the higher dividend yield at 3.67%, compared with 1.84% for DFSE.

What is the main difference between MEMX and DFSE?

They also come from different issuers: Matthews and Dimensional. Their fees differ too: 0.79% for MEMX and 0.41% for DFSE.

Which has better risk-adjusted returns?

MEMX currently has the higher Sharpe Ratio (3.29 vs 2.30), 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.