MFEM vs. MFUS

Last updated Aug 2, 2026

MFEM (PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF) and MFUS (PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF) are both exchange-traded funds - MFEM is a Emerging Markets Equities fund tracking the RAFI Dynamic Multi-Factor Emerging Market Index, while MFUS is a Large Cap Growth Equities fund tracking the RAFI Dynamic Multi-Factor U.S. Index​. Both are passively managed. Over the past 5 years, MFEM returned 7.21%/yr vs 12.82%/yr for MFUS. Their 0.65 correlation means they have sometimes moved together and sometimes differently. MFEM charges 0.49%/yr vs 0.30%/yr for MFUS.

Performance

MFEM vs. MFUS - 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 U.S. Equity ETF (MFUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MFEM having a 16.47% return and MFUS slightly lower at 16.05%.

MFEM

• 1D: -0.21%
• 1M: -2.90%
• 6M: 6.30%
• YTD: 16.47%
• 1Y: 30.01%
• 3Y*: 15.79%
• 5Y*: 7.21%
• 10Y*: —
• ALL TIME*: 6.85%

MFUS

• 1D: 0.02%
• 1M: -0.78%
• 6M: 11.41%
• YTD: 16.05%
• 1Y: 25.38%
• 3Y*: 19.23%
• 5Y*: 12.82%
• 10Y*: —
• ALL TIME*: 13.36%

*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)
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$581.34K	$458.22K	$623.99K
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	$1.61M	$1.05M	$936.81K

MFEM vs. MFUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	16.47%	25.33%	4.73%	15.14%	-19.50%	10.77%	11.33%	15.26%	-14.64%	4.86%
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	16.05%	16.02%	20.17%	12.19%	-5.82%	24.10%	10.64%	26.17%	-7.30%	11.20%

Correlation

The correlation between MFEM and MFUS is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.59
Correlation (5Y) Shows whether the relationship held over a longer period.	0.62
Correlation (All Time) Calculated using the full available price history since Sep 6, 2017	0.65

The correlation between MFEM and MFUS has been stable across timeframes, ranging from 0.59 to 0.65 - a consistent structural relationship.

MFEM vs. MFUS - Sectors Allocation Comparison

Sectors	MFEM	MFUS
Technology	34.0%	25.8%
Financial Services	14.4%	11.3%
Basic Materials	13.1%	2.5%
Industrials	10.1%	12.5%
Energy	7.7%	6.6%
Consumer Cyclical	7.0%	9.3%
Communication Services	4.4%	4.6%
Consumer Defensive	3.4%	9.3%
Utilities	3.3%	1.3%
Healthcare	1.4%	14.7%
Real Estate	1.0%	2.0%

Return for Risk

MFEM vs. MFUS — Risk / Return Rank

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

MFEM

MFEM Risk / Return Rank: 53
MFEM Sharpe Ratio Rank: 54
MFEM Sortino Ratio Rank: 51
MFEM Omega Ratio Rank: 56
MFEM Calmar Ratio Rank: 55
MFEM Martin Ratio Rank: 50

MFUS

MFUS Risk / Return Rank: 89
MFUS Sharpe Ratio Rank: 89
MFUS Sortino Ratio Rank: 89
MFUS Omega Ratio Rank: 88
MFUS Calmar Ratio Rank: 90
MFUS Martin Ratio Rank: 90

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.

MFEM vs. MFUS - 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 U.S. Equity ETF (MFUS). 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	MFUS	Difference
Sharpe ratio: Return per unit of total volatility	1.31	2.16	-0.85
Sortino ratio: Return per unit of downside risk	1.82	3.11	-1.30
Omega ratio: Gain probability vs. loss probability	1.25	1.39	-0.14
Calmar ratio: Return relative to maximum drawdown	1.97	3.86	-1.90
Martin ratio: Return relative to average drawdown	5.82	14.64	-8.82

MFEM vs. MFUS - Sharpe Ratio Comparison

The current MFEM Sharpe Ratio is 1.31, which is lower than the MFUS Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of MFEM and MFUS, 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. MFUS - Drawdown Comparison

The maximum MFEM drawdown since its inception was -43.32%, which is greater than MFUS's maximum drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for MFEM and MFUS.

Drawdown Indicators

	MFEM	MFUS	Difference
Max Drawdown Largest peak-to-trough decline	-43.32%	-35.21%	-8.11%
Max Drawdown (1Y) Largest decline over 1 year	-15.05%	-6.39%	-8.66%
Max Drawdown (3Y) Largest decline over 3 years	-19.22%	-15.39%	-3.83%
Max Drawdown (5Y) Largest decline over 5 years	-30.78%	-18.22%	-12.56%
Current Drawdown Current decline from peak	-12.43%	-2.61%	-9.82%
Average Drawdown Average peak-to-trough decline	-11.43%	-3.95%	-7.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.08%	1.68%	+3.40%

Volatility

MFEM vs. MFUS - Volatility Comparison

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM) has a higher volatility of 7.50% compared to PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) at 2.93%. This indicates that MFEM's price experiences larger fluctuations and is considered to be riskier than MFUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFEM	MFUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.50%	2.93%	+4.57%
Volatility (6M) Calculated over the trailing 6-month period	20.84%	9.11%	+11.73%
Volatility (1Y) Calculated over the trailing 1-year period	22.65%	11.43%	+11.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.42%	15.02%	+2.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.70%	17.28%	+2.42%

MFEM vs. MFUS - Expense Ratio Comparison

MFEM has a 0.49% expense ratio, which is higher than MFUS's 0.30% expense ratio.

Dividends

MFEM vs. MFUS - Dividend Comparison

MFEM's dividend yield for the trailing twelve months is around 2.37%, more than MFUS's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	2.37%	2.77%	5.89%	4.01%	7.01%	29.96%	1.70%	2.37%	1.18%	0.21%
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	1.38%	1.54%	1.45%	1.96%	2.07%	1.35%	1.72%	1.89%	1.69%	1.01%

Frequently Asked Questions

Can I hold both MFEM and MFUS in my portfolio?

MFEM and MFUS have a correlation of 0.65, 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 MFUS?

MFEM has higher volatility (7.50%) compared to MFUS (2.93%). In terms of maximum drawdown, MFEM dropped -43.32% vs MFUS's -35.21%.

Which ETF is better, MFEM or MFUS?

On 5-year performance, MFUS leads with 12.82% vs 7.21% for MFEM. On fees, MFUS is cheaper at 0.30% per year. On volatility, MFUS has been the lower-risk option at 2.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MFEM or MFUS?

Over the 5-year period, MFUS has performed better with a 12.82% return vs 7.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MFEM or MFUS?

MFUS is cheaper with a 0.30% expense ratio, compared with 0.49% for MFEM.

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

MFEM has the higher dividend yield at 2.37%, compared with 1.38% for MFUS.

What is the main difference between MFEM and MFUS?

MFEM is categorized as Emerging Markets Equities, while MFUS is Large Cap Growth Equities. MFEM tracks RAFI Dynamic Multi-Factor Emerging Market Index, while MFUS tracks RAFI Dynamic Multi-Factor U.S. Index​. Their fees differ too: 0.49% for MFEM and 0.30% for MFUS.

Which has better risk-adjusted returns?

MFUS currently has the higher Sharpe Ratio (2.16 vs 1.31), 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.