MKOR vs. EMDM

Last updated Jun 14, 2026

MKOR (Matthews Korea Active ETF) and EMDM (First Trust Bloomberg Emerging Market Democracies ETF) are both exchange-traded funds - MKOR is a Asia Pacific Equities fund actively managed by Matthews, while EMDM is a Emerging Markets Diversified fund tracking the Bloomberg Emerging Market Democracies Index - Benchmark TR Net. MKOR is actively managed, while EMDM is passively managed. Over the past year, MKOR returned 166.41% vs 83.08% for EMDM. A 0.76 correlation means they provide meaningful diversification when combined. MKOR charges 0.79%/yr vs 0.75%/yr for EMDM.

Performance

MKOR vs. EMDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Korea Active ETF (MKOR) 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, MKOR achieves a 94.74% return, which is significantly higher than EMDM's 36.28% return.

MKOR

• 1D: 1.84%
• 1M: 12.24%
• YTD: 94.74%
• 6M: 106.59%
• 1Y: 166.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EMDM

• 1D: 0.70%
• 1M: 6.11%
• YTD: 36.28%
• 6M: 42.03%
• 1Y: 83.08%
• 3Y*: 30.34%
• 5Y*: —
• 10Y*: —

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

MKOR vs. EMDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MKOR Matthews Korea Active ETF	94.74%	70.33%	-15.76%	-2.52%
EMDM First Trust Bloomberg Emerging Market Democracies ETF	36.28%	59.68%	-4.93%	4.39%

Correlation

The correlation between MKOR and EMDM is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Jul 17, 2023	0.76

The correlation between MKOR and EMDM has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

Return for Risk

MKOR vs. EMDM — Risk / Return Rank

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

MKOR

MKOR Risk / Return Rank: 95
MKOR Sharpe Ratio Rank: 97
MKOR Sortino Ratio Rank: 93
MKOR Omega Ratio Rank: 94
MKOR Calmar Ratio Rank: 96
MKOR Martin Ratio Rank: 96

EMDM

EMDM Risk / Return Rank: 92
EMDM Sharpe Ratio Rank: 94
EMDM Sortino Ratio Rank: 91
EMDM Omega Ratio Rank: 92
EMDM Calmar Ratio Rank: 91
EMDM Martin Ratio Rank: 92

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.

MKOR vs. EMDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Korea Active ETF (MKOR) 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.

	MKOR	EMDM	Difference
Sharpe ratio: Return per unit of total volatility	4.08	3.21	+0.86
Sortino ratio: Return per unit of downside risk	4.11	3.78	+0.34
Omega ratio: Gain probability vs. loss probability	1.59	1.55	+0.04
Calmar ratio: Return relative to maximum drawdown	7.91	5.18	+2.74
Martin ratio: Return relative to average drawdown	29.09	20.59	+8.50

MKOR vs. EMDM - Sharpe Ratio Comparison

The current MKOR Sharpe Ratio is 4.08, which is comparable to the EMDM Sharpe Ratio of 3.21. The chart below compares the historical Sharpe Ratios of MKOR 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

MKOR vs. EMDM - Drawdown Comparison

The maximum MKOR drawdown since its inception was -22.09%, which is greater than EMDM's maximum drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for MKOR and EMDM.

Drawdown Indicators

	MKOR	EMDM	Difference
Max Drawdown Largest peak-to-trough decline	-22.09%	-18.81%	-3.28%
Max Drawdown (1Y) Largest decline over 1 year	-20.62%	-15.65%	-4.97%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.81%	—
Current Drawdown Current decline from peak	-3.32%	-3.27%	-0.05%
Average Drawdown Average peak-to-trough decline	-6.30%	-4.08%	-2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.60%	3.93%	+1.67%

Volatility

MKOR vs. EMDM - Volatility Comparison

Matthews Korea Active ETF (MKOR) has a higher volatility of 20.42% compared to First Trust Bloomberg Emerging Market Democracies ETF (EMDM) at 12.16%. This indicates that MKOR's price experiences larger fluctuations and is considered to be riskier than EMDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MKOR	EMDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.42%	12.16%	+8.26%
Volatility (6M) Calculated over the trailing 6-month period	36.74%	22.86%	+13.88%
Volatility (1Y) Calculated over the trailing 1-year period	40.06%	25.23%	+14.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.39%	20.36%	+8.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.39%	20.36%	+8.03%

MKOR vs. EMDM - Expense Ratio Comparison

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

Dividends

MKOR vs. EMDM - Dividend Comparison

MKOR's dividend yield for the trailing twelve months is around 1.35%, less than EMDM's 2.62% yield.

Position	TTM	2025	2024	2023
EMDM First Trust Bloomberg Emerging Market Democracies ETF	2.62%	3.57%	5.87%	2.16%
MKOR Matthews Korea Active ETF	1.35%	2.62%	5.28%	0.00%

Frequently Asked Questions

Can I hold both MKOR and EMDM in my portfolio?

MKOR and EMDM have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MKOR or EMDM?

MKOR has higher volatility (20.42%) compared to EMDM (12.16%). In terms of maximum drawdown, MKOR dropped -22.09% vs EMDM's -18.81%.

Which ETF is better, MKOR or EMDM?

On 1-year performance, MKOR leads with 166.41% vs 83.08% for EMDM. On fees, EMDM is cheaper at 0.75% per year. On volatility, EMDM has been the lower-risk option at 12.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MKOR or EMDM?

Over the 1-year period, MKOR has performed better with a 166.41% return vs 83.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MKOR or EMDM?

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

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

EMDM has the higher dividend yield at 2.62%, compared with 1.35% for MKOR.

What is the main difference between MKOR and EMDM?

MKOR is categorized as Asia Pacific Equities, while EMDM is Emerging Markets Diversified. They also come from different issuers: Matthews and First Trust. Their fees differ too: 0.79% for MKOR and 0.75% for EMDM.

Which has better risk-adjusted returns?

MKOR currently has the higher Sharpe Ratio (4.08 vs 3.21), 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.