MEMX vs. EMDM

Last updated Aug 4, 2026

MEMX (Matthews Emerging Markets Ex China Active ETF) and EMDM (First Trust Bloomberg Emerging Market Democracies ETF) are both Emerging Markets Equities funds. MEMX is actively managed, while EMDM is passively managed. Over the past 3 years, MEMX returned 22.14%/yr vs 28.08%/yr for EMDM. Their correlation of 0.90 means they have usually moved in the same direction. MEMX charges 0.79%/yr vs 0.75%/yr for EMDM.

Performance

MEMX vs. EMDM - Performance Comparison

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

Returns By Period

In the year-to-date period, MEMX achieves a 21.74% return, which is significantly lower than EMDM's 28.39% return.

MEMX

• 1D: 1.23%
• 1M: -4.65%
• 6M: 10.24%
• YTD: 21.74%
• 1Y: 47.38%
• 3Y*: 22.14%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.51%

EMDM

• 1D: 0.42%
• 1M: -3.12%
• 6M: 12.42%
• YTD: 28.39%
• 1Y: 66.69%
• 3Y*: 28.08%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.54%

*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)
EMDM First Trust Bloomberg Emerging Market Democracies ETF	$370.33K	$752.09K	$541.22K
MEMX Matthews Emerging Markets Ex China Active ETF	$131.78K	$155.67K	$152.87K

MEMX vs. EMDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MEMX Matthews Emerging Markets Ex China Active ETF	21.74%	35.88%	5.50%	11.54%
EMDM First Trust Bloomberg Emerging Market Democracies ETF	28.39%	59.68%	-4.93%	14.75%

Correlation

The correlation between MEMX and EMDM is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (All Time) Calculated using the full available price history since Mar 3, 2023	0.90

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

MEMX vs. EMDM - Sectors Allocation Comparison

Sectors	MEMX	EMDM
Technology	52.1%	39.9%
Financial Services	21.4%	25.6%
Consumer Cyclical	7.2%	5.3%
Industrials	7.1%	2.6%
Basic Materials	2.9%	12.7%
Healthcare	2.6%	0.5%
Energy	2.0%	4.8%
Communication Services	1.7%	4.0%
Consumer Defensive	1.3%	3.1%
Real Estate	0.9%	-
Utilities	0.9%	1.5%

Return for Risk

MEMX vs. EMDM — Risk / Return Rank

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

MEMX

MEMX Risk / Return Rank: 73
MEMX Sharpe Ratio Rank: 74
MEMX Sortino Ratio Rank: 69
MEMX Omega Ratio Rank: 75
MEMX Calmar Ratio Rank: 76
MEMX Martin Ratio Rank: 72

EMDM

EMDM Risk / Return Rank: 89
EMDM Sharpe Ratio Rank: 91
EMDM Sortino Ratio Rank: 85
EMDM Omega Ratio Rank: 89
EMDM Calmar Ratio Rank: 92
EMDM Martin Ratio Rank: 88

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.

MEMX vs. EMDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Ex China Active ETF (MEMX) and First Trust Bloomberg Emerging Market Democracies ETF (EMDM). 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.

	MEMX	EMDM	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.41	-0.61
Sortino ratio: Return per unit of downside risk	2.35	2.94	-0.58
Omega ratio: Gain probability vs. loss probability	1.33	1.42	-0.09
Calmar ratio: Return relative to maximum drawdown	2.83	4.28	-1.45
Martin ratio: Return relative to average drawdown	9.42	13.58	-4.17

MEMX vs. EMDM - Sharpe Ratio Comparison

The current MEMX Sharpe Ratio is 1.80, which is comparable to the EMDM Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of MEMX and EMDM, 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

MEMX vs. EMDM - Drawdown Comparison

The maximum MEMX drawdown since its inception was -19.27%, roughly equal to the maximum EMDM drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for MEMX and EMDM.

Drawdown Indicators

	MEMX	EMDM	Difference
Max Drawdown Largest peak-to-trough decline	-19.27%	-18.81%	-0.46%
Max Drawdown (1Y) Largest decline over 1 year	-16.84%	-15.65%	-1.19%
Max Drawdown (3Y) Largest decline over 3 years	-19.27%	-18.81%	-0.46%
Current Drawdown Current decline from peak	-11.49%	-10.51%	-0.98%
Average Drawdown Average peak-to-trough decline	-3.67%	-4.21%	+0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.05%	4.93%	+0.12%

Volatility

MEMX vs. EMDM - Volatility Comparison

Matthews Emerging Markets Ex China Active ETF (MEMX) and First Trust Bloomberg Emerging Market Democracies ETF (EMDM) have volatilities of 9.92% and 9.92%, 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.

Volatility by Period

	MEMX	EMDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.92%	9.92%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	24.45%	25.36%	-0.91%
Volatility (1Y) Calculated over the trailing 1-year period	26.55%	27.91%	-1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.76%	21.15%	-2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.76%	21.15%	-2.39%

MEMX vs. EMDM - Expense Ratio Comparison

MEMX has a 0.79% expense ratio, which is higher than EMDM's 0.75% expense ratio.

Dividends

MEMX vs. EMDM - Dividend Comparison

MEMX's dividend yield for the trailing twelve months is around 4.01%, more than EMDM's 2.95% yield.

Position	TTM	2025	2024	2023
EMDM First Trust Bloomberg Emerging Market Democracies ETF	2.95%	3.57%	5.87%	2.16%
MEMX Matthews Emerging Markets Ex China Active ETF	4.01%	4.88%	0.99%	1.13%

Frequently Asked Questions

Can I hold both MEMX and EMDM in my portfolio?

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

EMDM has higher volatility (9.92%) compared to MEMX (9.92%). In terms of maximum drawdown, MEMX dropped -19.27% vs EMDM's -18.81%.

Which ETF is better, MEMX or EMDM?

On 3-year performance, EMDM leads with 28.08% vs 22.14% for MEMX. On fees, EMDM is cheaper at 0.75% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEMX or EMDM?

Over the 3-year period, EMDM has performed better with a 28.08% return vs 22.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEMX or EMDM?

EMDM is cheaper with a 0.75% expense ratio, compared with 0.79% for MEMX.

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

MEMX has the higher dividend yield at 4.01%, compared with 2.95% for EMDM.

What is the main difference between MEMX and EMDM?

They also come from different issuers: Matthews and First Trust. Their fees differ too: 0.79% for MEMX and 0.75% for EMDM.

Which has better risk-adjusted returns?

EMDM currently has the higher Sharpe Ratio (2.41 vs 1.80), 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.