UPGR vs. EMCS

Last updated Jun 23, 2026

UPGR (Xtrackers US Green Infrastructure Select Equity ETF) and EMCS (Xtrackers MSCI Emerging Markets Climate Selection ETF) are both exchange-traded funds - UPGR is a Energy Equities fund tracking the Solactive United States Green Infrastructure ESG Screened Index - Benchmark TR Gross, while EMCS is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Climate Select Index. Both are passively managed. Over the past year, UPGR returned 60.88% vs 66.57% for EMCS. A 0.57 correlation means they provide meaningful diversification when combined. UPGR charges 0.35%/yr vs 0.15%/yr for EMCS.

Performance

UPGR vs. EMCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers US Green Infrastructure Select Equity ETF (UPGR) and Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPGR achieves a 16.09% return, which is significantly lower than EMCS's 38.43% return.

UPGR

• 1D: 0.00%
• 1M: -0.98%
• YTD: 16.09%
• 6M: 11.12%
• 1Y: 60.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EMCS

• 1D: 0.71%
• 1M: 12.26%
• YTD: 38.43%
• 6M: 40.42%
• 1Y: 66.57%
• 3Y*: 29.17%
• 5Y*: 9.04%
• 10Y*: —

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

UPGR vs. EMCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UPGR Xtrackers US Green Infrastructure Select Equity ETF	16.09%	35.25%	-14.72%	-15.29%
EMCS Xtrackers MSCI Emerging Markets Climate Selection ETF	38.43%	38.71%	10.12%	-1.57%

Correlation

The correlation between UPGR and EMCS is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023	0.57

The correlation between UPGR and EMCS has been stable across timeframes, ranging from 0.57 to 0.59 - a consistent structural relationship.

UPGR vs. EMCS - Sectors Allocation Comparison

Sectors	UPGR	EMCS
Industrials	49.3%	1.2%
Utilities	12.8%	0.0%
Basic Materials	10.7%	2.6%
Consumer Cyclical	10.5%	9.1%
Energy	10.0%	1.2%
Technology	3.9%	50.7%
Consumer Defensive	2.5%	0.0%
Financial Services	0.1%	26.0%
Communication Services	-	7.4%
Healthcare	-	0.0%
Real Estate	-	1.8%

Return for Risk

UPGR vs. EMCS — Risk / Return Rank

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

UPGR

UPGR Risk / Return Rank: 58
UPGR Sharpe Ratio Rank: 60
UPGR Sortino Ratio Rank: 54
UPGR Omega Ratio Rank: 50
UPGR Calmar Ratio Rank: 75
UPGR Martin Ratio Rank: 52

EMCS

EMCS Risk / Return Rank: 85
EMCS Sharpe Ratio Rank: 87
EMCS Sortino Ratio Rank: 80
EMCS Omega Ratio Rank: 85
EMCS Calmar Ratio Rank: 86
EMCS Martin Ratio Rank: 86

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.

UPGR vs. EMCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers US Green Infrastructure Select Equity ETF (UPGR) and Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS). 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.

	UPGR	EMCS	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.72	-0.77
Sortino ratio: Return per unit of downside risk	2.54	3.39	-0.85
Omega ratio: Gain probability vs. loss probability	1.31	1.50	-0.19
Calmar ratio: Return relative to maximum drawdown	3.70	4.67	-0.97
Martin ratio: Return relative to average drawdown	8.65	17.33	-8.68

UPGR vs. EMCS - Sharpe Ratio Comparison

The current UPGR Sharpe Ratio is 1.95, which is comparable to the EMCS Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of UPGR and EMCS, 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

UPGR vs. EMCS - Drawdown Comparison

The maximum UPGR drawdown since its inception was -46.60%, roughly equal to the maximum EMCS drawdown of -44.86%. Use the drawdown chart below to compare losses from any high point for UPGR and EMCS.

Drawdown Indicators

	UPGR	EMCS	Difference
Max Drawdown Largest peak-to-trough decline	-46.60%	-44.86%	-1.74%
Max Drawdown (1Y) Largest decline over 1 year	-16.55%	-14.32%	-2.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.73%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-42.06%	—
Current Drawdown Current decline from peak	-7.32%	0.00%	-7.32%
Average Drawdown Average peak-to-trough decline	-20.32%	-16.52%	-3.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.06%	3.85%	+3.21%

Volatility

UPGR vs. EMCS - Volatility Comparison

Xtrackers US Green Infrastructure Select Equity ETF (UPGR) and Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS) have volatilities of 12.33% and 12.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPGR	EMCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.33%	12.36%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	21.99%	22.11%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	31.47%	24.67%	+6.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.79%	21.16%	+9.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.79%	21.93%	+8.86%

UPGR vs. EMCS - Expense Ratio Comparison

UPGR has a 0.35% expense ratio, which is higher than EMCS's 0.15% expense ratio.

Dividends

UPGR vs. EMCS - Dividend Comparison

UPGR's dividend yield for the trailing twelve months is around 0.28%, less than EMCS's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
EMCS Xtrackers MSCI Emerging Markets Climate Selection ETF	1.37%	1.66%	0.67%	3.07%	2.26%	1.46%	1.40%	3.56%
UPGR Xtrackers US Green Infrastructure Select Equity ETF	0.28%	0.39%	1.16%	0.32%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UPGR and EMCS in my portfolio?

UPGR and EMCS have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPGR or EMCS?

EMCS has higher volatility (12.36%) compared to UPGR (12.33%). In terms of maximum drawdown, UPGR dropped -46.60% vs EMCS's -44.86%.

Which ETF is better, UPGR or EMCS?

On 1-year performance, EMCS leads with 66.57% vs 60.88% for UPGR. On fees, EMCS is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPGR or EMCS?

Over the 1-year period, EMCS has performed better with a 66.57% return vs 60.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPGR or EMCS?

EMCS is cheaper with a 0.15% expense ratio, compared with 0.35% for UPGR.

Which ETF pays a higher dividend yield, UPGR or EMCS?

EMCS has the higher dividend yield at 1.37%, compared with 0.28% for UPGR.

What is the main difference between UPGR and EMCS?

UPGR is categorized as Energy Equities, while EMCS is Emerging Markets Equities. UPGR tracks Solactive United States Green Infrastructure ESG Screened Index - Benchmark TR Gross, while EMCS tracks MSCI Emerging Markets Climate Select Index. Their fees differ too: 0.35% for UPGR and 0.15% for EMCS.

Which has better risk-adjusted returns?

EMCS currently has the higher Sharpe Ratio (2.72 vs 1.95), 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.