UEVM vs. EMSF

Last updated Aug 4, 2026

UEVM (VictoryShares Emerging Markets Value Momentum ETF) and EMSF (Matthews Emerging Markets Sustainable Future Active ETF) are both exchange-traded funds - UEVM is a Momentum fund tracking the Nasdaq Victory Emerging Market Value Momentum Index, while EMSF is a Emerging Markets Equities fund actively managed by Matthews. UEVM is passively managed, while EMSF is actively managed. Over the past year, UEVM returned 18.69% vs 44.16% for EMSF. Their 0.79 correlation means they have sometimes moved together and sometimes differently. UEVM charges 0.45%/yr vs 0.79%/yr for EMSF.

Performance

UEVM vs. EMSF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares Emerging Markets Value Momentum ETF (UEVM) 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, UEVM achieves a 9.19% return, which is significantly lower than EMSF's 32.23% return.

UEVM

• 1D: -0.02%
• 1M: 4.45%
• 6M: 2.40%
• YTD: 9.19%
• 1Y: 18.69%
• 3Y*: 16.40%
• 5Y*: 8.36%
• 10Y*: —
• ALL TIME*: 5.82%

EMSF

• 1D: 1.15%
• 1M: -7.30%
• 6M: 18.36%
• YTD: 32.23%
• 1Y: 44.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.34%

*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)
EMSF Matthews Emerging Markets Sustainable Future Active ETF	$153.53K	$123.94K	$184.31K
UEVM VictoryShares Emerging Markets Value Momentum ETF	$142.75K	$200.41K	$201.25K

UEVM vs. EMSF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UEVM VictoryShares Emerging Markets Value Momentum ETF	9.19%	22.74%	11.92%	8.35%
EMSF Matthews Emerging Markets Sustainable Future Active ETF	32.23%	19.20%	-3.09%	0.98%

Correlation

The correlation between UEVM and EMSF is 0.81, 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.	0.81
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.79

The correlation between UEVM and EMSF has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.

UEVM vs. EMSF - Sectors Allocation Comparison

Sectors	UEVM	EMSF
Financial Services	26.7%	15.0%
Consumer Cyclical	11.6%	6.3%
Consumer Defensive	10.1%	3.6%
Industrials	9.7%	11.0%
Healthcare	8.7%	6.0%
Technology	8.6%	52.8%
Basic Materials	7.4%	-
Energy	5.9%	-
Utilities	5.0%	2.1%
Real Estate	4.2%	1.6%
Communication Services	2.2%	1.7%

Return for Risk

UEVM vs. EMSF — Risk / Return Rank

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

UEVM

UEVM Risk / Return Rank: 46
UEVM Sharpe Ratio Rank: 45
UEVM Sortino Ratio Rank: 43
UEVM Omega Ratio Rank: 44
UEVM Calmar Ratio Rank: 51
UEVM Martin Ratio Rank: 47

EMSF

EMSF Risk / Return Rank: 58
EMSF Sharpe Ratio Rank: 58
EMSF Sortino Ratio Rank: 54
EMSF Omega Ratio Rank: 58
EMSF Calmar Ratio Rank: 61
EMSF Martin Ratio Rank: 60

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.

UEVM vs. EMSF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares Emerging Markets Value Momentum ETF (UEVM) 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.

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.

	UEVM	EMSF	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.48	-0.30
Sortino ratio: Return per unit of downside risk	1.65	1.98	-0.32
Omega ratio: Gain probability vs. loss probability	1.22	1.27	-0.05
Calmar ratio: Return relative to maximum drawdown	1.92	2.28	-0.36
Martin ratio: Return relative to average drawdown	5.56	7.54	-1.99

UEVM vs. EMSF - Sharpe Ratio Comparison

The current UEVM Sharpe Ratio is 1.18, which is comparable to the EMSF Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of UEVM 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.

Drawdowns

UEVM vs. EMSF - Drawdown Comparison

The maximum UEVM drawdown since its inception was -45.44%, which is greater than EMSF's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for UEVM and EMSF.

Drawdown Indicators

	UEVM	EMSF	Difference
Max Drawdown Largest peak-to-trough decline	-45.44%	-24.75%	-20.69%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-19.49%	+9.70%
Max Drawdown (3Y) Largest decline over 3 years	-18.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.55%	—	—
Current Drawdown Current decline from peak	-2.00%	-14.65%	+12.65%
Average Drawdown Average peak-to-trough decline	-11.53%	-5.92%	-5.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	5.87%	-2.50%

Volatility

UEVM vs. EMSF - Volatility Comparison

The current volatility for VictoryShares Emerging Markets Value Momentum ETF (UEVM) is 4.13%, while Matthews Emerging Markets Sustainable Future Active ETF (EMSF) has a volatility of 10.75%. This indicates that UEVM experiences smaller price fluctuations and is considered to be less risky than EMSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UEVM	EMSF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	10.75%	-6.62%
Volatility (6M) Calculated over the trailing 6-month period	13.14%	26.52%	-13.38%
Volatility (1Y) Calculated over the trailing 1-year period	15.94%	30.13%	-14.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	24.39%	-8.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.36%	24.39%	-6.03%

UEVM vs. EMSF - Expense Ratio Comparison

UEVM has a 0.45% expense ratio, which is lower than EMSF's 0.79% expense ratio.

Dividends

UEVM vs. EMSF - Dividend Comparison

UEVM's dividend yield for the trailing twelve months is around 2.66%, more than EMSF's 1.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMSF Matthews Emerging Markets Sustainable Future Active ETF	1.42%	1.88%	3.29%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UEVM VictoryShares Emerging Markets Value Momentum ETF	2.66%	4.02%	5.65%	4.71%	3.46%	4.49%	2.19%	2.79%	2.34%	0.79%

Frequently Asked Questions

Can I hold both UEVM and EMSF in my portfolio?

UEVM and EMSF have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UEVM or EMSF?

EMSF has higher volatility (10.75%) compared to UEVM (4.13%). In terms of maximum drawdown, UEVM dropped -45.44% vs EMSF's -24.75%.

Which ETF is better, UEVM or EMSF?

On 1-year performance, EMSF leads with 44.16% vs 18.69% for UEVM. On fees, UEVM is cheaper at 0.45% per year. On volatility, UEVM has been the lower-risk option at 4.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UEVM or EMSF?

Over the 1-year period, EMSF has performed better with a 44.16% return vs 18.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UEVM or EMSF?

UEVM is cheaper with a 0.45% expense ratio, compared with 0.79% for EMSF.

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

UEVM has the higher dividend yield at 2.66%, compared with 1.42% for EMSF.

What is the main difference between UEVM and EMSF?

UEVM is categorized as Momentum, while EMSF is Emerging Markets Equities. They also come from different issuers: Victory and Matthews. Their fees differ too: 0.45% for UEVM and 0.79% for EMSF.

Which has better risk-adjusted returns?

EMSF currently has the higher Sharpe Ratio (1.48 vs 1.18), 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.