MKOR vs. EMSF

Last updated Jun 4, 2026

MKOR (Matthews Korea Active ETF) and EMSF (Matthews Emerging Markets Sustainable Future Active ETF) are both exchange-traded funds - MKOR is a Asia Pacific Equities fund actively managed by Matthews, while EMSF is a Emerging Markets Diversified fund actively managed by Matthews. Both are actively managed. Over the past year, MKOR returned 187.66% vs 63.33% for EMSF. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

MKOR vs. EMSF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Korea Active ETF (MKOR) and Matthews Emerging Markets Sustainable Future Active ETF (EMSF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MKOR achieves a 96.84% return, which is significantly higher than EMSF's 45.34% return.

MKOR

• 1D: -0.99%
• 1M: 16.82%
• YTD: 96.84%
• 6M: 107.34%
• 1Y: 187.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EMSF

• 1D: -1.10%
• 1M: 8.61%
• YTD: 45.34%
• 6M: 40.08%
• 1Y: 63.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MKOR vs. EMSF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MKOR Matthews Korea Active ETF	96.84%	70.33%	-15.76%	7.97%
EMSF Matthews Emerging Markets Sustainable Future Active ETF	45.34%	19.20%	-3.09%	1.88%

Correlation

The correlation between MKOR and EMSF is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Sep 25, 2023	0.71

The correlation between MKOR and EMSF has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.

MKOR vs. EMSF - Sectors Allocation Comparison

Sectors	MKOR	EMSF
Technology	56.1%	43.6%
Industrials	15.0%	15.0%
Financial Services	8.0%	16.6%
Consumer Cyclical	7.0%	7.7%
Communication Services	2.1%	2.0%
Consumer Defensive	1.7%	3.9%
Healthcare	1.5%	6.8%
Basic Materials	0.8%	-
Energy	0.6%	-
Utilities	0.6%	2.8%
Real Estate	-	1.6%

Return for Risk

MKOR vs. EMSF — Risk / Return Rank

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

MKOR

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

EMSF

EMSF Risk / Return Rank: 76
EMSF Sharpe Ratio Rank: 77
EMSF Sortino Ratio Rank: 69
EMSF Omega Ratio Rank: 72
EMSF Calmar Ratio Rank: 83
EMSF Martin Ratio Rank: 76

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. EMSF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Korea Active ETF (MKOR) and Matthews Emerging Markets Sustainable Future Active ETF (EMSF). 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.

	MKOR	EMSF	Difference
Sharpe ratio: Return per unit of total volatility	5.08	2.51	+2.57
Sortino ratio: Return per unit of downside risk	4.94	3.14	+1.80
Omega ratio: Gain probability vs. loss probability	1.70	1.43	+0.27
Calmar ratio: Return relative to maximum drawdown	9.16	4.37	+4.79
Martin ratio: Return relative to average drawdown	35.31	14.61	+20.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MKOR vs. EMSF - Sharpe Ratio Comparison

The current MKOR Sharpe Ratio is 5.08, which is higher than the EMSF Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of MKOR and EMSF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MKOR	EMSF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.08	2.51	+2.57
Sharpe Ratio (All Time) Calculated using the full available price history	1.57	0.98	+0.60

Drawdowns

MKOR vs. EMSF - Drawdown Comparison

The maximum MKOR drawdown since its inception was -22.09%, smaller than the maximum EMSF drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for MKOR and EMSF.

Drawdown Indicators

	MKOR	EMSF	Difference
Max Drawdown Largest peak-to-trough decline	-22.09%	-24.75%	+2.66%
Max Drawdown (1Y) Largest decline over 1 year	-20.62%	-14.57%	-6.05%
Current Drawdown Current decline from peak	-2.27%	-1.10%	-1.17%
Average Drawdown Average peak-to-trough decline	-6.22%	-5.72%	-0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.34%	4.35%	+0.99%

Volatility

MKOR vs. EMSF - Volatility Comparison

Matthews Korea Active ETF (MKOR) has a higher volatility of 17.87% compared to Matthews Emerging Markets Sustainable Future Active ETF (EMSF) at 9.96%. This indicates that MKOR's price experiences larger fluctuations and is considered to be riskier than EMSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MKOR	EMSF	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.87%	9.96%	+7.91%
Volatility (6M) Calculated over the trailing 6-month period	33.29%	21.98%	+11.31%
Volatility (1Y) Calculated over the trailing 1-year period	37.15%	25.35%	+11.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.06%	22.75%	+4.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.06%	22.75%	+4.31%

MKOR vs. EMSF - Expense Ratio Comparison

Both MKOR and EMSF have an expense ratio of 0.79%.

Dividends

MKOR vs. EMSF - Dividend Comparison

MKOR's dividend yield for the trailing twelve months is around 1.33%, more than EMSF's 1.30% yield.

Position	TTM	2025	2024	2023
EMSF Matthews Emerging Markets Sustainable Future Active ETF	1.30%	1.88%	3.29%	0.02%
MKOR Matthews Korea Active ETF	1.33%	2.62%	5.28%	0.00%

Frequently Asked Questions

Can I hold both MKOR and EMSF in my portfolio?

MKOR and EMSF have a correlation of 0.80, 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 EMSF?

MKOR has higher volatility (17.87%) compared to EMSF (9.96%). In terms of maximum drawdown, MKOR dropped -22.09% vs EMSF's -24.75%.

Which ETF is better, MKOR or EMSF?

On 1-year performance, MKOR leads with 187.66% vs 63.33% for EMSF. Both ETFs have the same 0.79% expense ratio. On volatility, EMSF has been the lower-risk option at 9.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MKOR or EMSF?

Over the 1-year period, MKOR has performed better with a 187.66% return vs 63.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MKOR or EMSF?

MKOR and EMSF have the same expense ratio: 0.79% per year.

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

MKOR has the higher dividend yield at 1.33%, compared with 1.30% for EMSF.

What is the main difference between MKOR and EMSF?

MKOR is categorized as Asia Pacific Equities, while EMSF is Emerging Markets Diversified.

Which has better risk-adjusted returns?

MKOR currently has the higher Sharpe Ratio (5.08 vs 2.51), 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.