NUEM vs. EMCR

Last updated Jun 5, 2026

NUEM (Nuveen ESG Emerging Markets Equity ETF) and EMCR (Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF) are both Emerging Markets Equities funds - NUEM tracks the MSCI TIAA ESG Emerging Markets while EMCR tracks the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index - Benchmark TR Net. Both are passively managed. Over the past 5 years, NUEM returned 5.14%/yr vs 8.83%/yr for EMCR. Their correlation of 0.88 suggests significant overlap in exposure. NUEM charges 0.35%/yr vs 0.15%/yr for EMCR.

Performance

NUEM vs. EMCR - Performance Comparison

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

Returns By Period

In the year-to-date period, NUEM achieves a 17.71% return, which is significantly lower than EMCR's 22.13% return.

NUEM

• 1D: -1.20%
• 1M: 0.89%
• YTD: 17.71%
• 6M: 19.16%
• 1Y: 38.91%
• 3Y*: 18.93%
• 5Y*: 5.14%
• 10Y*: —

EMCR

• 1D: -0.87%
• 1M: 5.56%
• YTD: 22.13%
• 6M: 24.53%
• 1Y: 47.15%
• 3Y*: 23.37%
• 5Y*: 8.83%
• 10Y*: —

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

NUEM vs. EMCR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
NUEM Nuveen ESG Emerging Markets Equity ETF	17.71%	27.12%	9.73%	8.57%	-19.74%	-1.08%	24.09%	16.67%	-1.99%
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	22.13%	33.25%	9.69%	10.55%	-18.73%	5.54%	13.49%	22.41%	-1.76%

Correlation

The correlation between NUEM and EMCR is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Dec 7, 2018	0.88

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

NUEM vs. EMCR - Sectors Allocation Comparison

Sectors	NUEM	EMCR
Technology	31.5%	36.2%
Financial Services	18.2%	20.7%
Industrials	11.9%	6.7%
Consumer Cyclical	11.3%	10.6%
Basic Materials	8.5%	3.9%
Communication Services	8.2%	9.9%
Energy	3.3%	0.1%
Healthcare	2.9%	5.6%
Utilities	1.9%	1.5%
Consumer Defensive	1.6%	2.8%
Real Estate	0.7%	1.8%

Return for Risk

NUEM vs. EMCR — Risk / Return Rank

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

NUEM

NUEM Risk / Return Rank: 65
NUEM Sharpe Ratio Rank: 64
NUEM Sortino Ratio Rank: 62
NUEM Omega Ratio Rank: 66
NUEM Calmar Ratio Rank: 69
NUEM Martin Ratio Rank: 65

EMCR

EMCR Risk / Return Rank: 73
EMCR Sharpe Ratio Rank: 76
EMCR Sortino Ratio Rank: 71
EMCR Omega Ratio Rank: 75
EMCR Calmar Ratio Rank: 70
EMCR Martin Ratio Rank: 71

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. EMCR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Emerging Markets Equity ETF (NUEM) and Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR). 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.

	NUEM	EMCR	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.42	-0.33
Sortino ratio: Return per unit of downside risk	2.86	3.17	-0.31
Omega ratio: Gain probability vs. loss probability	1.39	1.44	-0.05
Calmar ratio: Return relative to maximum drawdown	3.38	3.42	-0.04
Martin ratio: Return relative to average drawdown	11.86	13.08	-1.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUEM vs. EMCR - Sharpe Ratio Comparison

The current NUEM Sharpe Ratio is 2.09, which is comparable to the EMCR Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of NUEM and EMCR, 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

	NUEM	EMCR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	2.42	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.46	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.60	-0.20

Drawdowns

NUEM vs. EMCR - Drawdown Comparison

The maximum NUEM drawdown since its inception was -39.48%, which is greater than EMCR's maximum drawdown of -34.28%. Use the drawdown chart below to compare losses from any high point for NUEM and EMCR.

Drawdown Indicators

	NUEM	EMCR	Difference
Max Drawdown Largest peak-to-trough decline	-39.48%	-34.28%	-5.20%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-13.84%	+2.28%
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	-18.38%	+0.80%
Max Drawdown (5Y) Largest decline over 5 years	-38.10%	-34.28%	-3.82%
Current Drawdown Current decline from peak	-2.49%	-2.21%	-0.28%
Average Drawdown Average peak-to-trough decline	-15.02%	-9.33%	-5.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	3.61%	-0.32%

Volatility

NUEM vs. EMCR - Volatility Comparison

The current volatility for Nuveen ESG Emerging Markets Equity ETF (NUEM) is 6.77%, while Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) has a volatility of 8.00%. This indicates that NUEM experiences smaller price fluctuations and is considered to be less risky than EMCR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUEM	EMCR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.77%	8.00%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	15.88%	16.94%	-1.06%
Volatility (1Y) Calculated over the trailing 1-year period	18.72%	19.62%	-0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.72%	19.29%	+0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.18%	19.86%	+0.32%

NUEM vs. EMCR - Expense Ratio Comparison

NUEM has a 0.35% expense ratio, which is higher than EMCR's 0.15% expense ratio.

Dividends

NUEM vs. EMCR - Dividend Comparison

NUEM's dividend yield for the trailing twelve months is around 3.04%, more than EMCR's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	1.99%	2.43%	6.62%	1.95%	3.05%	1.83%	1.75%	3.15%	0.19%	0.00%
NUEM Nuveen ESG Emerging Markets Equity ETF	3.04%	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 EMCR in my portfolio?

With a correlation of 0.92, NUEM and EMCR 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 EMCR?

EMCR has higher volatility (8.00%) compared to NUEM (6.77%). In terms of maximum drawdown, NUEM dropped -39.48% vs EMCR's -34.28%.

Which ETF is better, NUEM or EMCR?

On 5-year performance, EMCR leads with 8.83% vs 5.14% for NUEM. On fees, EMCR is cheaper at 0.15% per year. On volatility, NUEM has been the lower-risk option at 6.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUEM or EMCR?

Over the 5-year period, EMCR has performed better with a 8.83% return vs 5.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUEM or EMCR?

EMCR is cheaper with a 0.15% expense ratio, compared with 0.35% for NUEM.

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

NUEM has the higher dividend yield at 3.04%, compared with 1.99% for EMCR.

What is the main difference between NUEM and EMCR?

NUEM tracks MSCI TIAA ESG Emerging Markets, while EMCR tracks Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index - Benchmark TR Net. They also come from different issuers: Nuveen and Deutsche Bank. Their fees differ too: 0.35% for NUEM and 0.15% for EMCR.

Which has better risk-adjusted returns?

EMCR currently has the higher Sharpe Ratio (2.42 vs 2.09), 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.