NUEM vs. BKEM

Last updated Jul 16, 2026

NUEM (Nuveen ESG Emerging Markets Equity ETF) and BKEM (BNY Mellon Emerging Markets Equity ETF) are both Emerging Markets Equities funds - NUEM tracks the MSCI TIAA ESG Emerging Markets while BKEM tracks the Morningstar Emerging Markets Large Cap Index. Both are passively managed. Over the past 5 years, NUEM returned 5.15%/yr vs 6.81%/yr for BKEM. Their correlation of 0.92 suggests significant overlap in exposure. NUEM charges 0.35%/yr vs 0.11%/yr for BKEM.

Performance

NUEM vs. BKEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Emerging Markets Equity ETF (NUEM) and BNY Mellon Emerging Markets Equity ETF (BKEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUEM achieves a 15.54% return, which is significantly lower than BKEM's 21.78% return.

NUEM

• 1D: 0.66%
• 1M: -4.71%
• 6M: 10.13%
• YTD: 15.54%
• 1Y: 26.89%
• 3Y*: 16.34%
• 5Y*: 5.15%
• 10Y*: —

BKEM

• 1D: -0.30%
• 1M: -6.42%
• 6M: 15.27%
• YTD: 21.78%
• 1Y: 37.30%
• 3Y*: 19.50%
• 5Y*: 6.81%
• 10Y*: —

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

NUEM vs. BKEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
NUEM Nuveen ESG Emerging Markets Equity ETF	15.54%	27.12%	9.73%	8.57%	-19.74%	-1.08%	52.72%
BKEM BNY Mellon Emerging Markets Equity ETF	21.78%	30.55%	7.53%	8.68%	-19.43%	-3.91%	48.44%

Correlation

The correlation between NUEM and BKEM is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Apr 24, 2020	0.92

The correlation between NUEM and BKEM has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

NUEM vs. BKEM - Sectors Allocation Comparison

Sectors	NUEM	BKEM
Technology	36.5%	43.0%
Financial Services	16.8%	16.9%
Consumer Cyclical	11.2%	8.7%
Industrials	11.1%	8.1%
Basic Materials	7.9%	5.7%
Communication Services	7.6%	5.8%
Energy	2.6%	3.4%
Healthcare	2.6%	2.7%
Utilities	1.7%	2.0%
Consumer Defensive	1.5%	2.6%
Real Estate	0.6%	1.1%

Return for Risk

NUEM vs. BKEM — Risk / Return Rank

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

NUEM

NUEM Risk / Return Rank: 48
NUEM Sharpe Ratio Rank: 43
NUEM Sortino Ratio Rank: 41
NUEM Omega Ratio Rank: 46
NUEM Calmar Ratio Rank: 57
NUEM Martin Ratio Rank: 52

BKEM

BKEM Risk / Return Rank: 63
BKEM Sharpe Ratio Rank: 60
BKEM Sortino Ratio Rank: 54
BKEM Omega Ratio Rank: 62
BKEM Calmar Ratio Rank: 71
BKEM Martin Ratio Rank: 67

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.

NUEM vs. BKEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Emerging Markets Equity ETF (NUEM) and BNY Mellon Emerging Markets Equity ETF (BKEM). 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.

	NUEM	BKEM	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.63	-0.37
Sortino ratio: Return per unit of downside risk	1.78	2.15	-0.37
Omega ratio: Gain probability vs. loss probability	1.24	1.30	-0.06
Calmar ratio: Return relative to maximum drawdown	2.34	2.86	-0.52
Martin ratio: Return relative to average drawdown	7.21	9.62	-2.41

NUEM vs. BKEM - Sharpe Ratio Comparison

The current NUEM Sharpe Ratio is 1.26, which is comparable to the BKEM Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of NUEM and BKEM, 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

NUEM vs. BKEM - Drawdown Comparison

The maximum NUEM drawdown since its inception was -39.48%, roughly equal to the maximum BKEM drawdown of -39.48%. Use the drawdown chart below to compare losses from any high point for NUEM and BKEM.

Drawdown Indicators

	NUEM	BKEM	Difference
Max Drawdown Largest peak-to-trough decline	-39.48%	-39.48%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-13.11%	+1.55%
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	-18.38%	+0.80%
Max Drawdown (5Y) Largest decline over 5 years	-36.19%	-33.89%	-2.30%
Current Drawdown Current decline from peak	-6.86%	-7.79%	+0.93%
Average Drawdown Average peak-to-trough decline	-14.89%	-15.80%	+0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	3.89%	-0.15%

Volatility

NUEM vs. BKEM - Volatility Comparison

The current volatility for Nuveen ESG Emerging Markets Equity ETF (NUEM) is 9.69%, while BNY Mellon Emerging Markets Equity ETF (BKEM) has a volatility of 10.21%. This indicates that NUEM experiences smaller price fluctuations and is considered to be less risky than BKEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUEM	BKEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.69%	10.21%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	19.22%	20.96%	-1.74%
Volatility (1Y) Calculated over the trailing 1-year period	21.38%	22.93%	-1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.28%	19.51%	+0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.40%	19.65%	+0.75%

NUEM vs. BKEM - Expense Ratio Comparison

NUEM has a 0.35% expense ratio, which is higher than BKEM's 0.11% expense ratio.

Dividends

NUEM vs. BKEM - Dividend Comparison

NUEM's dividend yield for the trailing twelve months is around 3.10%, more than BKEM's 1.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BKEM BNY Mellon Emerging Markets Equity ETF	1.92%	2.25%	2.76%	3.02%	3.15%	2.22%	1.78%	0.00%	0.00%	0.00%
NUEM Nuveen ESG Emerging Markets Equity ETF	3.10%	3.58%	1.95%	2.37%	1.90%	2.45%	1.26%	1.98%	2.05%	0.62%

Frequently Asked Questions

Can I hold both NUEM and BKEM in my portfolio?

With a correlation of 0.91, NUEM and BKEM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NUEM or BKEM?

BKEM has higher volatility (10.21%) compared to NUEM (9.69%). In terms of maximum drawdown, NUEM dropped -39.48% vs BKEM's -39.48%.

Which ETF is better, NUEM or BKEM?

On 5-year performance, BKEM leads with 6.81% vs 5.15% for NUEM. On fees, BKEM is cheaper at 0.11% per year. On volatility, NUEM has been the lower-risk option at 9.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUEM or BKEM?

Over the 5-year period, BKEM has performed better with a 6.81% return vs 5.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUEM or BKEM?

BKEM is cheaper with a 0.11% expense ratio, compared with 0.35% for NUEM.

Which ETF pays a higher dividend yield, NUEM or BKEM?

NUEM has the higher dividend yield at 3.10%, compared with 1.92% for BKEM.

What is the main difference between NUEM and BKEM?

NUEM tracks MSCI TIAA ESG Emerging Markets, while BKEM tracks Morningstar Emerging Markets Large Cap Index. They also come from different issuers: Nuveen and BNY Mellon. Their fees differ too: 0.35% for NUEM and 0.11% for BKEM.

Which has better risk-adjusted returns?

BKEM currently has the higher Sharpe Ratio (1.63 vs 1.26), 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.