MFEM vs. MFDX

Last updated Apr 1, 2026

Compare and contrast key facts about PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM) and PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX).

MFEM and MFDX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MFEM is a passively managed fund by PIMCO that tracks the performance of the RAFI Dynamic Multi-Factor Emerging Market Index. It was launched on Aug 31, 2017. MFDX is a passively managed fund by PIMCO that tracks the performance of the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index. It was launched on Aug 31, 2017. Both MFEM and MFDX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

MFEM vs. MFDX - 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 PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX). The values are adjusted to include any dividend payments, if applicable.

MFEM vs. MFDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	8.20%	25.33%	4.73%	15.14%	-19.50%	10.77%	11.33%	15.26%	-14.64%	4.82%
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF	3.63%	34.27%	4.40%	17.54%	-10.27%	11.07%	6.90%	19.88%	-14.88%	7.02%

Returns By Period

In the year-to-date period, MFEM achieves a 8.20% return, which is significantly higher than MFDX's 3.63% return.

MFEM

• 1D: 2.92%
• 1M: -9.87%
• YTD: 8.20%
• 6M: 12.54%
• 1Y: 35.23%
• 3Y*: 16.17%
• 5Y*: 6.37%
• 10Y*: —

MFDX

• 1D: 3.05%
• 1M: -7.22%
• YTD: 3.63%
• 6M: 8.66%
• 1Y: 28.57%
• 3Y*: 16.66%
• 5Y*: 10.03%
• 10Y*: —

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

MFEM vs. MFDX - Expense Ratio Comparison

MFEM has a 0.49% expense ratio, which is higher than MFDX's 0.39% expense ratio.

MFEM

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

MFDX

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

Return for Risk

MFEM vs. MFDX — Risk / Return Rank

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

MFEM

MFEM Risk / Return Rank: 88
MFEM Sharpe Ratio Rank: 89
MFEM Sortino Ratio Rank: 89
MFEM Omega Ratio Rank: 89
MFEM Calmar Ratio Rank: 87
MFEM Martin Ratio Rank: 87

MFDX

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

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. MFDX - 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 PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX). 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.

	MFEM	MFDX	Difference
Sharpe ratio Return per unit of total volatility	1.89	1.84	+0.05
Sortino ratio Return per unit of downside risk	2.47	2.47	-0.01
Omega ratio Gain probability vs. loss probability	1.37	1.37	0.00
Calmar ratio Return relative to maximum drawdown	2.71	2.60	+0.12
Martin ratio Return relative to average drawdown	10.38	10.63	-0.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MFEM vs. MFDX - Sharpe Ratio Comparison

The current MFEM Sharpe Ratio is 1.89, which is comparable to the MFDX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of MFEM and MFDX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MFEM	MFDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	1.84	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.67	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.51	-0.19

Correlation

The correlation between MFEM and MFDX is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MFEM vs. MFDX - Dividend Comparison

MFEM's dividend yield for the trailing twelve months is around 2.56%, less than MFDX's 2.86% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	2.56%	2.77%	5.89%	4.01%	7.01%	29.96%	1.70%	2.37%	1.18%	0.21%
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF	2.86%	2.97%	3.16%	3.12%	2.85%	2.99%	1.58%	2.88%	2.13%	0.71%

Drawdowns

MFEM vs. MFDX - Drawdown Comparison

The maximum MFEM drawdown since its inception was -43.32%, which is greater than MFDX's maximum drawdown of -36.05%. Use the drawdown chart below to compare losses from any high point for MFEM and MFDX.

Drawdown Indicators

	MFEM	MFDX	Difference
Max Drawdown Largest peak-to-trough decline	-43.32%	-36.05%	-7.27%
Max Drawdown (1Y) Largest decline over 1 year	-12.86%	-10.66%	-2.20%
Max Drawdown (5Y) Largest decline over 5 years	-31.39%	-25.58%	-5.81%
Current Drawdown Current decline from peak	-10.31%	-7.30%	-3.01%
Average Drawdown Average peak-to-trough decline	-11.67%	-6.58%	-5.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	2.61%	+0.75%

Volatility

MFEM vs. MFDX - Volatility Comparison

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM) has a higher volatility of 10.30% compared to PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) at 7.29%. This indicates that MFEM's price experiences larger fluctuations and is considered to be riskier than MFDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFEM	MFDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.30%	7.29%	+3.01%
Volatility (6M) Calculated over the trailing 6-month period	14.44%	10.27%	+4.17%
Volatility (1Y) Calculated over the trailing 1-year period	18.72%	15.63%	+3.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.12%	14.95%	+1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.22%	16.42%	+2.80%