RAFE vs. EMNT

Last updated Jun 3, 2026

RAFE (PIMCO RAFI ESG U.S. ETF) and EMNT (PIMCO Enhanced Short Maturity Active ESG ETF) are both exchange-traded funds - RAFE is a Large Cap Blend Equities fund tracking the RAFI ESG US Index, while EMNT is a Ultrashort Bond fund actively managed by PIMCO. RAFE is passively managed, while EMNT is actively managed. Over the past 5 years, RAFE returned 10.92%/yr vs 3.43%/yr for EMNT. At a 0.03 correlation, their price movements are largely independent. RAFE charges 0.30%/yr vs 0.24%/yr for EMNT.

Performance

RAFE vs. EMNT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAFI ESG U.S. ETF (RAFE) and PIMCO Enhanced Short Maturity Active ESG ETF (EMNT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RAFE achieves a 13.86% return, which is significantly higher than EMNT's 1.64% return.

RAFE

• 1D: 0.94%
• 1M: 6.78%
• YTD: 13.86%
• 6M: 15.30%
• 1Y: 33.02%
• 3Y*: 19.71%
• 5Y*: 10.92%
• 10Y*: —

EMNT

• 1D: -0.02%
• 1M: 0.39%
• YTD: 1.64%
• 6M: 1.97%
• 1Y: 4.38%
• 3Y*: 5.24%
• 5Y*: 3.43%
• 10Y*: —

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

RAFE vs. EMNT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
RAFE PIMCO RAFI ESG U.S. ETF	13.86%	17.60%	13.81%	18.80%	-13.76%	30.16%	5.29%	0.55%
EMNT PIMCO Enhanced Short Maturity Active ESG ETF	1.64%	4.74%	5.79%	5.84%	-0.57%	0.11%	2.08%	-0.01%

Correlation

The correlation between RAFE and EMNT is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Dec 20, 2019	0.03

Over the past year, RAFE and EMNT have become more correlated (0.25) than their long-term average of 0.03, meaning their price movements have been converging.

Return for Risk

RAFE vs. EMNT — Risk / Return Rank

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

RAFE

RAFE Risk / Return Rank: 85
RAFE Sharpe Ratio Rank: 87
RAFE Sortino Ratio Rank: 88
RAFE Omega Ratio Rank: 84
RAFE Calmar Ratio Rank: 82
RAFE Martin Ratio Rank: 83

EMNT

EMNT Risk / Return Rank: 99
EMNT Sharpe Ratio Rank: 99
EMNT Sortino Ratio Rank: 99
EMNT Omega Ratio Rank: 99
EMNT Calmar Ratio Rank: 99
EMNT Martin Ratio Rank: 99

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.

RAFE vs. EMNT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAFI ESG U.S. ETF (RAFE) and PIMCO Enhanced Short Maturity Active ESG ETF (EMNT). 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.

	RAFE	EMNT	Difference
Sharpe ratio Return per unit of total volatility	2.93	10.63	-7.70
Sortino ratio Return per unit of downside risk	4.06	21.17	-17.10
Omega ratio Gain probability vs. loss probability	1.52	5.63	-4.11
Calmar ratio Return relative to maximum drawdown	4.42	33.45	-29.03
Martin ratio Return relative to average drawdown	17.30	235.99	-218.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RAFE vs. EMNT - Sharpe Ratio Comparison

The current RAFE Sharpe Ratio is 2.93, which is lower than the EMNT Sharpe Ratio of 10.63. The chart below compares the historical Sharpe Ratios of RAFE and EMNT, 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

	RAFE	EMNT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.93	10.63	-7.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	4.18	-3.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	3.51	-2.86

Drawdowns

RAFE vs. EMNT - Drawdown Comparison

The maximum RAFE drawdown since its inception was -35.74%, which is greater than EMNT's maximum drawdown of -2.28%. Use the drawdown chart below to compare losses from any high point for RAFE and EMNT.

Drawdown Indicators

	RAFE	EMNT	Difference
Max Drawdown Largest peak-to-trough decline	-35.74%	-2.28%	-33.46%
Max Drawdown (1Y) Largest decline over 1 year	-7.46%	-0.13%	-7.33%
Max Drawdown (3Y) Largest decline over 3 years	-16.36%	-0.73%	-15.63%
Max Drawdown (5Y) Largest decline over 5 years	-24.28%	-1.70%	-22.58%
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-6.22%	-0.23%	-5.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	0.02%	+1.89%

Volatility

RAFE vs. EMNT - Volatility Comparison

PIMCO RAFI ESG U.S. ETF (RAFE) has a higher volatility of 3.01% compared to PIMCO Enhanced Short Maturity Active ESG ETF (EMNT) at 0.14%. This indicates that RAFE's price experiences larger fluctuations and is considered to be riskier than EMNT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RAFE	EMNT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	0.14%	+2.87%
Volatility (6M) Calculated over the trailing 6-month period	8.27%	0.34%	+7.93%
Volatility (1Y) Calculated over the trailing 1-year period	11.33%	0.41%	+10.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.08%	0.83%	+14.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.44%	0.86%	+18.58%

RAFE vs. EMNT - Expense Ratio Comparison

RAFE has a 0.30% expense ratio, which is higher than EMNT's 0.24% expense ratio.

Dividends

RAFE vs. EMNT - Dividend Comparison

RAFE's dividend yield for the trailing twelve months is around 1.49%, less than EMNT's 4.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
EMNT PIMCO Enhanced Short Maturity Active ESG ETF	4.00%	4.46%	5.14%	4.62%	2.79%	0.66%	1.44%
RAFE PIMCO RAFI ESG U.S. ETF	1.49%	1.67%	1.79%	1.81%	2.22%	1.42%	2.36%

Frequently Asked Questions

Can I hold both RAFE and EMNT in my portfolio?

RAFE and EMNT have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RAFE or EMNT?

RAFE has higher volatility (3.01%) compared to EMNT (0.14%). In terms of maximum drawdown, RAFE dropped -35.74% vs EMNT's -2.28%.

Which ETF is better, RAFE or EMNT?

On 5-year performance, RAFE leads with 10.92% vs 3.43% for EMNT. On fees, EMNT is cheaper at 0.24% per year. On volatility, EMNT has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RAFE or EMNT?

Over the 5-year period, RAFE has performed better with a 10.92% return vs 3.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RAFE or EMNT?

EMNT is cheaper with a 0.24% expense ratio, compared with 0.30% for RAFE.

Which ETF pays a higher dividend yield, RAFE or EMNT?

EMNT has the higher dividend yield at 4.00%, compared with 1.49% for RAFE.

What is the main difference between RAFE and EMNT?

RAFE is categorized as Large Cap Blend Equities, while EMNT is Ultrashort Bond. Their fees differ too: 0.30% for RAFE and 0.24% for EMNT.

Which has better risk-adjusted returns?

EMNT currently has the higher Sharpe Ratio (10.63 vs 2.93), 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.