MFEM vs. EMDV

Last updated Jun 24, 2026

MFEM (PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF) and EMDV (ProShares MSCI Emerging Markets Dividend Growers ETF) are both Emerging Markets Equities funds - MFEM tracks the RAFI Dynamic Multi-Factor Emerging Market Index while EMDV tracks the MSCI Emerging Markets Dividend Masters Index. Both are passively managed. Over the past 5 years, MFEM returned 7.53%/yr vs -3.40%/yr for EMDV. Their correlation of 0.83 suggests significant overlap in exposure. MFEM charges 0.49%/yr vs 0.60%/yr for EMDV.

Performance

MFEM vs. EMDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM) and ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MFEM achieves a 22.43% return, which is significantly higher than EMDV's -1.87% return.

MFEM

• 1D: -4.55%
• 1M: -0.67%
• YTD: 22.43%
• 6M: 23.23%
• 1Y: 40.87%
• 3Y*: 20.13%
• 5Y*: 7.53%
• 10Y*: —

EMDV

• 1D: -1.32%
• 1M: -2.39%
• YTD: -1.87%
• 6M: -2.68%
• 1Y: 4.25%
• 3Y*: 2.28%
• 5Y*: -3.40%
• 10Y*: 2.45%

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

MFEM vs. EMDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	22.43%	25.33%	4.73%	15.14%	-19.50%	10.77%	11.33%	15.26%	-14.64%	4.86%
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	-1.87%	11.90%	0.06%	-1.03%	-18.19%	1.11%	-0.09%	14.93%	-7.52%	7.47%

Correlation

The correlation between MFEM and EMDV is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Sep 6, 2017	0.83

The correlation between MFEM and EMDV has been stable across timeframes, ranging from 0.76 to 0.83 - a consistent structural relationship.

MFEM vs. EMDV - Sectors Allocation Comparison

Sectors	MFEM	EMDV
Technology	29.1%	24.7%
Financial Services	16.0%	23.4%
Basic Materials	13.8%	2.1%
Industrials	11.3%	5.9%
Consumer Cyclical	9.1%	6.5%
Energy	7.5%	-
Communication Services	4.5%	5.7%
Utilities	3.4%	8.2%
Consumer Defensive	3.1%	15.8%
Healthcare	1.4%	7.7%
Real Estate	1.0%	-

Return for Risk

MFEM vs. EMDV — Risk / Return Rank

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

MFEM

MFEM Risk / Return Rank: 63
MFEM Sharpe Ratio Rank: 62
MFEM Sortino Ratio Rank: 57
MFEM Omega Ratio Rank: 66
MFEM Calmar Ratio Rank: 68
MFEM Martin Ratio Rank: 65

EMDV

EMDV Risk / Return Rank: 15
EMDV Sharpe Ratio Rank: 14
EMDV Sortino Ratio Rank: 13
EMDV Omega Ratio Rank: 13
EMDV Calmar Ratio Rank: 16
EMDV Martin Ratio Rank: 17

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.

MFEM vs. EMDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM) and ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV). 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.

	MFEM	EMDV	Difference
Sharpe ratio: Return per unit of total volatility	1.92	0.37	+1.55
Sortino ratio: Return per unit of downside risk	2.51	0.60	+1.91
Omega ratio: Gain probability vs. loss probability	1.37	1.07	+0.29
Calmar ratio: Return relative to maximum drawdown	3.19	0.59	+2.60
Martin ratio: Return relative to average drawdown	10.95	1.67	+9.28

MFEM vs. EMDV - Sharpe Ratio Comparison

The current MFEM Sharpe Ratio is 1.92, which is higher than the EMDV Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of MFEM and EMDV, 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

MFEM vs. EMDV - Drawdown Comparison

The maximum MFEM drawdown since its inception was -43.32%, which is greater than EMDV's maximum drawdown of -39.20%. Use the drawdown chart below to compare losses from any high point for MFEM and EMDV.

Drawdown Indicators

	MFEM	EMDV	Difference
Max Drawdown Largest peak-to-trough decline	-43.32%	-39.20%	-4.12%
Max Drawdown (1Y) Largest decline over 1 year	-12.86%	-7.24%	-5.62%
Max Drawdown (3Y) Largest decline over 3 years	-19.22%	-20.71%	+1.49%
Max Drawdown (5Y) Largest decline over 5 years	-30.84%	-34.13%	+3.29%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.20%	—
Current Drawdown Current decline from peak	-7.95%	-17.36%	+9.41%
Average Drawdown Average peak-to-trough decline	-11.45%	-13.55%	+2.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	2.54%	+1.20%

Volatility

MFEM vs. EMDV - Volatility Comparison

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM) has a higher volatility of 11.67% compared to ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) at 4.26%. This indicates that MFEM's price experiences larger fluctuations and is considered to be riskier than EMDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFEM	EMDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.67%	4.26%	+7.41%
Volatility (6M) Calculated over the trailing 6-month period	19.63%	9.72%	+9.91%
Volatility (1Y) Calculated over the trailing 1-year period	21.40%	11.54%	+9.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.16%	15.45%	+1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.63%	18.17%	+1.46%

MFEM vs. EMDV - Expense Ratio Comparison

MFEM has a 0.49% expense ratio, which is lower than EMDV's 0.60% expense ratio.

Dividends

MFEM vs. EMDV - Dividend Comparison

MFEM's dividend yield for the trailing twelve months is around 2.27%, less than EMDV's 2.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	2.48%	2.46%	2.79%	1.88%	3.68%	2.12%	3.12%	2.38%	1.27%	2.09%	2.87%
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	2.27%	2.77%	5.89%	4.01%	7.01%	29.96%	1.70%	2.37%	1.18%	0.21%	0.00%

Frequently Asked Questions

Can I hold both MFEM and EMDV in my portfolio?

MFEM and EMDV have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MFEM or EMDV?

MFEM has higher volatility (11.67%) compared to EMDV (4.26%). In terms of maximum drawdown, MFEM dropped -43.32% vs EMDV's -39.20%.

Which ETF is better, MFEM or EMDV?

On 5-year performance, MFEM leads with 7.53% vs -3.40% for EMDV. On fees, MFEM is cheaper at 0.49% per year. On volatility, EMDV has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MFEM or EMDV?

Over the 5-year period, MFEM has performed better with a 7.53% return vs -3.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MFEM or EMDV?

MFEM is cheaper with a 0.49% expense ratio, compared with 0.60% for EMDV.

Which ETF pays a higher dividend yield, MFEM or EMDV?

EMDV has the higher dividend yield at 2.48%, compared with 2.27% for MFEM.

What is the main difference between MFEM and EMDV?

MFEM tracks RAFI Dynamic Multi-Factor Emerging Market Index, while EMDV tracks MSCI Emerging Markets Dividend Masters Index. They also come from different issuers: PIMCO and ProShares. Their fees differ too: 0.49% for MFEM and 0.60% for EMDV.

Which has better risk-adjusted returns?

MFEM currently has the higher Sharpe Ratio (1.92 vs 0.37), 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.