RFEM vs. EMEQ

Last updated Aug 2, 2026

RFEM (First Trust RiverFront Dynamic Emerging Markets ETF) and EMEQ (Nomura Focused Emerging Markets Equity ETF) are both Emerging Markets Equities funds. Both are actively managed. Over the past year, RFEM returned 33.67% vs 110.88% for EMEQ. Their correlation of 0.82 means they have usually moved in the same direction. RFEM charges 0.95%/yr vs 0.86%/yr for EMEQ.

Performance

RFEM vs. EMEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) and Nomura Focused Emerging Markets Equity ETF (EMEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RFEM achieves a 17.85% return, which is significantly lower than EMEQ's 53.76% return.

RFEM

• 1D: 1.21%
• 1M: -1.00%
• 6M: 9.94%
• YTD: 17.85%
• 1Y: 33.67%
• 3Y*: 21.15%
• 5Y*: 9.66%
• 10Y*: 8.95%
• ALL TIME*: 9.76%

EMEQ

• 1D: 1.33%
• 1M: -8.23%
• 6M: 30.45%
• YTD: 53.76%
• 1Y: 110.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 65.06%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EMEQ Nomura Focused Emerging Markets Equity ETF	$8.75M	$9.16M	$11.52M
RFEM First Trust RiverFront Dynamic Emerging Markets ETF	$175.57K	$273.16K	$280.47K

RFEM vs. EMEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RFEM First Trust RiverFront Dynamic Emerging Markets ETF	17.85%	27.71%	0.11%
EMEQ Nomura Focused Emerging Markets Equity ETF	53.76%	69.78%	-0.73%

Correlation

The correlation between RFEM and EMEQ is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.82

The correlation between RFEM and EMEQ has been stable across timeframes, ranging from 0.82 to 0.82 - a consistent structural relationship.

RFEM vs. EMEQ - Sectors Allocation Comparison

Sectors	RFEM	EMEQ
Technology	36.5%	58.0%
Financial Services	22.3%	11.6%
Consumer Cyclical	10.7%	6.2%
Industrials	8.4%	6.2%
Energy	5.6%	7.2%
Communication Services	5.1%	5.5%
Basic Materials	4.0%	1.6%
Consumer Defensive	2.9%	2.7%
Healthcare	2.4%	1.0%
Utilities	1.3%	0.9%
Real Estate	0.6%	-

Return for Risk

RFEM vs. EMEQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RFEM

RFEM Risk / Return Rank: 76
RFEM Sharpe Ratio Rank: 76
RFEM Sortino Ratio Rank: 74
RFEM Omega Ratio Rank: 75
RFEM Calmar Ratio Rank: 79
RFEM Martin Ratio Rank: 79

EMEQ

EMEQ Risk / Return Rank: 91
EMEQ Sharpe Ratio Rank: 95
EMEQ Sortino Ratio Rank: 88
EMEQ Omega Ratio Rank: 90
EMEQ Calmar Ratio Rank: 92
EMEQ Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RFEM vs. EMEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) and Nomura Focused Emerging Markets Equity ETF (EMEQ). 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.

	RFEM	EMEQ	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.69	-0.94
Sortino ratio: Return per unit of downside risk	2.38	2.99	-0.61
Omega ratio: Gain probability vs. loss probability	1.31	1.43	-0.11
Calmar ratio: Return relative to maximum drawdown	2.86	4.13	-1.28
Martin ratio: Return relative to average drawdown	10.09	15.08	-4.99

RFEM vs. EMEQ - Sharpe Ratio Comparison

The current RFEM Sharpe Ratio is 1.75, which is lower than the EMEQ Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of RFEM and EMEQ, 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

RFEM vs. EMEQ - Drawdown Comparison

The maximum RFEM drawdown since its inception was -42.22%, which is greater than EMEQ's maximum drawdown of -26.25%. Use the drawdown chart below to compare losses from any high point for RFEM and EMEQ.

Drawdown Indicators

	RFEM	EMEQ	Difference
Max Drawdown Largest peak-to-trough decline	-42.22%	-26.25%	-15.97%
Max Drawdown (1Y) Largest decline over 1 year	-11.65%	-26.25%	+14.60%
Max Drawdown (3Y) Largest decline over 3 years	-15.81%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.22%	—	—
Current Drawdown Current decline from peak	-4.48%	-20.86%	+16.38%
Average Drawdown Average peak-to-trough decline	-11.85%	-4.67%	-7.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	7.18%	-3.89%

Volatility

RFEM vs. EMEQ - Volatility Comparison

The current volatility for First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) is 6.31%, while Nomura Focused Emerging Markets Equity ETF (EMEQ) has a volatility of 14.87%. This indicates that RFEM experiences smaller price fluctuations and is considered to be less risky than EMEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFEM	EMEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.31%	14.87%	-8.56%
Volatility (6M) Calculated over the trailing 6-month period	16.90%	37.54%	-20.64%
Volatility (1Y) Calculated over the trailing 1-year period	19.07%	40.39%	-21.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.22%	34.15%	-15.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.71%	34.15%	-14.44%

RFEM vs. EMEQ - Expense Ratio Comparison

RFEM has a 0.95% expense ratio, which is higher than EMEQ's 0.86% expense ratio.

Dividends

RFEM vs. EMEQ - Dividend Comparison

RFEM's dividend yield for the trailing twelve months is around 2.69%, more than EMEQ's 1.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EMEQ Nomura Focused Emerging Markets Equity ETF	1.79%	2.76%	0.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RFEM First Trust RiverFront Dynamic Emerging Markets ETF	2.69%	1.98%	3.64%	3.28%	7.74%	3.21%	1.22%	3.75%	2.37%	1.62%	3.73%

Frequently Asked Questions

Can I hold both RFEM and EMEQ in my portfolio?

RFEM and EMEQ have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFEM or EMEQ?

EMEQ has higher volatility (14.87%) compared to RFEM (6.31%). In terms of maximum drawdown, RFEM dropped -42.22% vs EMEQ's -26.25%.

Which ETF is better, RFEM or EMEQ?

On 1-year performance, EMEQ leads with 110.88% vs 33.67% for RFEM. On fees, EMEQ is cheaper at 0.86% per year. On volatility, RFEM has been the lower-risk option at 6.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFEM or EMEQ?

Over the 1-year period, EMEQ has performed better with a 110.88% return vs 33.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFEM or EMEQ?

EMEQ is cheaper with a 0.86% expense ratio, compared with 0.95% for RFEM.

Which ETF pays a higher dividend yield, RFEM or EMEQ?

RFEM has the higher dividend yield at 2.69%, compared with 1.79% for EMEQ.

What is the main difference between RFEM and EMEQ?

They also come from different issuers: First Trust and Nomura. Their fees differ too: 0.95% for RFEM and 0.86% for EMEQ.

Which has better risk-adjusted returns?

EMEQ currently has the higher Sharpe Ratio (2.69 vs 1.75), 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.