EMCR vs ESGE: Grades, Fees and Holdings Compared

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

EMCRANYSE Arca

iShares ESG Aware MSCI EM ETF

ESGEANasdaq

Overlap

51.7%by weight

Expense ratio

EMCR −0.10pt a year

EMCR0.15%ESGE0.25%

Avg volume · 30D

ESGE 226.1×the volume

EMCR2.93KESGE663K

5Y return · a year

EMCR +0.6pt

EMCR+6.7%ESGE+6.1%

EMCR vs ESGE Performance

Oct 29, 2021 – Oct 30, 2026

+38.0%EMCR+34.6%ESGE

Expense ratio: EMCR 0.15%, better; ESGE 0.25%
Fund size: EMCR $56M; ESGE $6.25B
1Y total return: EMCR +7.1%; ESGE +13.3%, better
Yield (12M): EMCR 1.62%; ESGE 2.29%, better
Holdings: EMCR 1525; ESGE 318
Avg volume (30D): EMCR 2.93K sh; ESGE 663K sh, better
NAV per share: EMCR $39.92; ESGE $49.38
52W range

ETF.net Grade

Pillar letters and Scores for EMCR, ESGE, with each pillar’s weight
Pillar	EMCR	ESGE
Cost30% weight	A84Higher	B63
Mission25% weight	A100	A100
Risk15% weight	C47	C53Higher
Tradability15% weight	D32	A92Higher
Holdings10% weight	B69Higher	B61
Durability5% weight	C52	A95Higher

Rank among Emerging Markets ESG & Values Index funds

How we build Categories ›

Same Category. EMCR and ESGE are both graded against the same 12 Emerging Markets ESG & Values Index funds, so their Grades compare head to head.

Emerging Markets ESG & Values Index⁠

Category · 12 funds

See all 12 ›

ESGE ranks 2nd and EMCR 5th of 12 funds in the Emerging Markets ESG & Values Index Category.

Rank 1AEMXFiShares ESG Advanced MSCI EM ETFScore 79
Rank 2AESGEiShares ESG Aware MSCI EM ETFScore 76
Rank 3AEMCSXtrackers MSCI Emerging Markets Climate Selection ETFScore 74
Rank 4ALDEMiShares ESG MSCI EM Leaders ETFScore 72
Rank 5AEMCRXtrackers Emerging Markets Carbon Reduction and Climate Improvers ETFScore 71
Rank 6BDFSEDimensional Emerging Markets Sustainability Core 1 ETFScore 64

Our read on each fund

ETF.net Research

EMCRAXtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

ESGEAiShares ESG Aware MSCI EM ETF

In short

EMCR A carbon-tilted way to own emerging markets wholesale: roughly 1,400 stocks screened for climate commitments, at 0.15% a year when the typical EM fund in its group charges more than triple that.

ESGE The ESG emerging-markets fund built to not feel different: it screens MSCI's EM universe for environmental, social and governance traits while keeping risk and return close to the parent index, for 0.25% a year.

Stated mandate

EMCR The fund seeks to track the performance of the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR before fees and expenses.

ESGE The fund seeks to track large- and mid-capitalization emerging-market equities with positive environmental, social, and governance characteristics, while maintaining risk and return characteristics similar to its parent index.

Why people hold it

EMCR Charges 0.15% a year against a 0.49% median for its emerging-market peer group, one of the cheapest tickets in the category.
Roughly 1,400 names spread across emerging markets, so no single stock or country call carries the portfolio.
The mandate is explicit: passive tracking of the Solactive ISS EM Carbon Reduction & Climate Improvers index, with the climate and ESG rules written into the prospectus.
Undercuts the cohort's better-known tilts on fee: FNDE at 0.39% and XSOE at 0.32%, with EMCR priced under both.

ESGE 0.25% a year, below the typical fee among ESG emerging-market ETFs.
"Aware" is the whole design: the index tilts toward better ESG-rated companies while targeting risk and return characteristics similar to the standard MSCI EM parent.ishares.com
Trading since 2016 and now a multi-billion-dollar, actively traded fund, which is a rare combination in a corner full of small, thinly used products.
Does exactly what its name says: full-time exposure to large- and mid-cap emerging-market stocks via the MSCI Emerging Markets Extended ESG Focus Index, one of the cleanest mandate fits in its peer group.ishares.com

Worth knowing

EMCR Thinly traded next to the category's giants, so bid-ask spreads can run wider than the headline fee suggests.
The screen reweights the book away from a plain EM index, so its sector and country mix departs from the standard benchmark.
Pays on an annual or semiannual schedule, not monthly.

ESGE It is a tilt, not a purge. Because the index chases parent-like risk and return, the lineup stays close to mainstream EM rather than a deep-green portfolio.ishares.com
Screening narrows the field to roughly 300 stocks, so holdings and country weights drift from a plain emerging-markets index fund.
Not the cheapest badge in the aisle: sibling LDEM runs 0.16%, though it takes a stricter ESG-leaders approach.

Full EMCR profile⁠

Full ESGE profile⁠

EMCR vs ESGE Holdings

How EMCR and ESGE differ

Overlap by weight

51.7%

Shared holdings make up 81.9% of ESGE and 58.1% of EMCR.

Level by level

Holdings212 in both51.7%
Countryby domicile87.3%
Sector11 Sectors89.8%
Asset classEquity100%

Sector

Sector weights in EMCR and ESGE, widest gap first
Sector	More in EMCRMore in ESGE	EMCR	ESGE
Technology	ESGE +3.9 points	38.8%	42.7%
Financials	ESGE +3.9 points	21.0%	24.9%
Health Care	EMCR +3.3 points	5.5%	2.2%
Communication	EMCR +2.3 points	9.2%	6.9%
Consumer Discretionary	EMCR +2.0 points	9.1%	7.1%
Energy	ESGE +1.9 points	0.2%	2.1%
Industrials	EMCR +1.8 points	6.3%	4.6%
Real Estate	EMCR +0.6 points	1.6%	1.1%
Materials	ESGE +0.5 points	4.3%	4.8%
Utilities	EMCR +0.2 points	1.4%	1.3%
Consumer Staples	EMCR +0.2 points	2.6%	2.4%

Country, concentration and asset class

Country by domicile

Country weights in EMCR and ESGE, widest gap first
Country	More in EMCRMore in ESGE	EMCR	ESGE
China	EMCR +7.0 points	27.4%	20.4%
South Korea	ESGE +3.8 points	17.4%	21.2%
South Africa	ESGE +3.3 points	4.1%	7.4%
Taiwan	ESGE +3.2 points	28.0%	31.2%
India	EMCR +1.4 points	12.0%	10.6%
Poland	ESGE +1.2 points	0.0%	1.2%
United States	EMCR +0.8 points	0.8%	0.0%
Malaysia	ESGE +0.8 points	1.2%	2.0%
Other countries (9)	EMCR +3.0 points	9.0%	6.0%

Outside the US: EMCR 0% developed, 100% emerging. ESGE 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

EMCR31.1%
ESGE38.4%

Securities held

EMCR1,524
ESGE297

Asset class

EMCR: Equity
ESGE: Equity

Holdings

Only in EMCR1,312
In both212
Only in ESGE85

Only in EMCR

1,312 securities, 40.5% of EMCR by weight

Pinduoduo Inc (N Shares)0.67%
Bharti Airtel Ltd0.66%
Hdfc Bank Ltd0.56%
ICICI Bank Ltd0.53%
Infosys Ltd0.52%
International Holdings Company PJSC0.36%
Tata Consultancy Svcs Ltd0.31%
Bajaj Finance Ltd Npv0.30%
Quanta Computer Inc0.28%
Itau Unibanco Holding SA0.26%
Celltrion Inc0.26%
Jentech Precision Industrial C0.25%
Xtrackers MSCI EAFE Emerging Markets ESG Leaders Equity ETF0.24%
Emirates Telecommunications Group Company PJSC0.23%
Mega Financial Holding Co Ltd0.23%
America Movil B0.23%
Sun Pharmaceutical Industries0.22%
BYD Co Ltd-H0.21%
Zomato Ltd0.20%
Kuwait Finance House0.20%
Hcl Technologies Ltd0.20%
National Commercial Bank SJSC0.20%
Titan Co Ltd0.19%
OTP Bank PLC0.19%
Kotak Mahindra Bank Ltd Inr 1.00.19%
FirstRand Ltd0.18%
Axis Bank Ltd0.18%
Hyundai Mobis Co Ltd0.17%
Hindustan Unilever Ltd0.17%
Capitec Bank Holdings Ltd0.17%
BOC Hong Kong Holdings Ltd0.17%
National Bank of Kuwait0.16%
Samsung Biologics Co Ltd0.16%
Itausa - Investimentos Itau SA-PR0.16%
KT&G Corp0.16%
First Abu Dhabi Bank PJSC0.16%
National Bank of Greece SA0.16%
Information Technology0.16%
Hua Nan Financial Holdings Co0.16%
LG Energy Solution Ltd0.15%
Weg SA0.15%
ANTA Sports Products Ltd0.14%
Axia Energia0.14%
Shriram Finance Ltd Inr 2.00.14%
Divi's Laboratories0.14%
Zijin Mining Group Co Ltd-H0.14%
Adani Ports & Special Economic Zone Ltd0.14%
WuXi AppTec Co Ltd - H0.13%
State Bank Of India0.13%
Hon Precision Inc Twd 10.00.13%

Only in ESGE

85 securities, 17.9% of ESGE by weight

Hdfc Bank0.86%
Axis Bank0.82%
Petroleo Brasileiro SA Petrobras0.63%
Icici Bank0.61%
Nepi Rockcastle0.56%
Allegro SA0.51%
Bajaj Finance Ltd0.50%
Kotak Mahindra Bank Ltd0.50%
Hdfc Life Insurance Company Ltd0.44%
Reliance Industries Ltd0.43%
Byd H0.41%
Abu Dhabi Commercial Bank0.37%
Moneta Money Bnk0.35%
Anglogold Ashanti PLC0.34%
Credicorp Ltd0.33%
Asian Paints0.33%
Infosys0.33%
Hcl Technologies Ltd0.32%
Marico0.31%
Shriram Finance Ltd0.30%
Tvs Motor Company0.30%
Ptt Non-Voting Dr0.29%
Gek Terna0.29%
Hindustan Unilever Ltd0.27%
Enn Energy Holdings Ltd0.26%
Upl0.24%
First Abu Dhabi Bank0.23%
Bosideng International0.22%
Vibra Energia SA0.22%
Dabur India0.21%
Icici Life Insurance Ltd0.21%
Voltas Ltd0.21%
Mol Hungarian Oil and Gas0.20%
Yum China Holdings Inc0.19%
Au Small Finance Bank0.18%
Orlen0.18%
Kghm Polska Miedz SA0.18%
Persistent Systems Ltd0.17%
Erste Bank Polska SA0.17%
Idfc First Bank Ltd0.16%
Info Edge India Ltd0.15%
Zabka Group Societe Anonyme SA0.15%
Gmr Airports Ltd0.15%
Sasol0.15%
China Mengniu Dairy Ltd0.15%
Eternal0.15%
State Bank of India0.14%
Petrochina H0.14%
Oracle Financial Services Software0.14%
Sunny Optical Technology Ltd0.14%

Weight gaps

The 100 widest of 212 Holdings in both funds.

Holding weights in EMCR and ESGE, widest gap first
Holding	More in EMCRMore in ESGE	EMCR	ESGE
Taiwan Semiconductor Manufacturing	ESGE +5.85 points	10.09%	15.94%
Samsung Electronics Co Ltd	ESGE +1.85 points	5.21%	7.06%
Tencent Holdings Ltd (CN)	EMCR +1.67 points	4.04%	2.37%
SK Hynix Inc	ESGE +1.38 points	3.97%	5.35%
Chunghwa Telecom Co Ltd	ESGE +1.02 points	0.21%	1.23%
Alibaba Group Holding Ltd	EMCR +0.87 points	2.50%	1.63%
Al Rajhi Banking & Investment Corp SJSC	ESGE +0.57 points	0.22%	0.79%
China Construction Bank Corp-H	ESGE +0.56 points	0.83%	1.39%
Vodacom Group Ltd	ESGE +0.44 points	0.07%	0.51%
Yuanta Financial Holding Co Ltd	ESGE +0.41 points	0.31%	0.72%
MediaTek Inc	ESGE +0.38 points	1.18%	1.56%
Fubon Financial Holding Co Ltd	EMCR +0.38 points	0.51%	0.13%
Motiva Infraestrutura De Mobilidade SA	ESGE +0.37 points	0.04%	0.41%
First Financial Holding Co Ltd	ESGE +0.36 points	0.18%	0.54%
Samsung Electronics Co Ltd-PFD	ESGE +0.33 points	0.70%	1.03%
Press Metal Aluminium Holdings Bhd	ESGE +0.32 points	0.05%	0.37%
Cemex SAB de CV-CPO	ESGE +0.32 points	0.10%	0.42%
Sunway Bhd	ESGE +0.32 points	0.02%	0.34%
Enel Chile SA	ESGE +0.31 points	0.03%	0.34%
Far EasTone Telecommunications	ESGE +0.32 points	0.09%	0.41%
Nedbank Group Ltd	ESGE +0.31 points	0.05%	0.36%
China Merchants Bank-A	ESGE +0.30 points	0.07%	0.37%
Qatar National Bank QPSC	ESGE +0.30 points	0.13%	0.43%
Industrial Bank Co Ltd -A	ESGE +0.30 points	0.04%	0.34%
Hon Hai Precision Industry Co	EMCR +0.30 points	1.02%	0.72%
Malayan Banking Bhd	ESGE +0.30 points	0.11%	0.41%
Nu Holdings LtdNU	EMCR +0.30 points	0.50%	0.20%
Naspers Ltd Npv	EMCR +0.28 points	0.41%	0.13%
Elite Material Co Ltd TWD 10.0	EMCR +0.28 points	0.47%	0.19%
United Microelectronics Corp	ESGE +0.28 points	0.27%	0.55%
Industrial & Commercial Bank-H	ESGE +0.27 points	0.46%	0.73%
CIMB Group Holdings Bhd	ESGE +0.26 points	0.16%	0.42%
Engie Brasil Energia SA	ESGE +0.26 points	0.02%	0.28%
B3 SA - Brasil Bolsa Balcao	ESGE +0.25 points	0.15%	0.40%
Woori Financial Group Inc	ESGE +0.24 points	0.10%	0.34%
Samsung Electro-Mechanics Co Ltd	ESGE +0.24 points	0.34%	0.58%
Anglo American Platinum Ltd	ESGE +0.24 points	0.12%	0.36%
Saudi Telecom Co SJSC	ESGE +0.24 points	0.24%	0.48%
WuXi AppTec Co Ltd - A	ESGE +0.24 points	0.05%	0.29%
Cia Paranaense de Energia	ESGE +0.24 points	0.06%	0.30%
Grupo Financiero Banorte SAB de CV	ESGE +0.24 points	0.21%	0.45%
SK Innovation Co Ltd	ESGE +0.23 points	0.04%	0.27%
Sanlam Ltd	ESGE +0.23 points	0.10%	0.33%
Etihad Etisalat Co SJSC	ESGE +0.23 points	0.07%	0.30%
SK Holdings Co Ltd	ESGE +0.21 points	0.10%	0.31%
China CITIC Bank Corp Ltd-H	ESGE +0.21 points	0.07%	0.28%
Kasikornbank PCL	ESGE +0.20 points	0.01%	0.21%
Sime Darby Plantation Bhd	ESGE +0.20 points	0.01%	0.21%
Eva Airways Corp	ESGE +0.20 points	0.02%	0.22%
Cathay Financial Holding Co Ltd	ESGE +0.20 points	0.37%	0.57%
AMMB Holdings Bhd	ESGE +0.19 points	0.03%	0.22%
Mahindra & Mahindra Ltd	ESGE +0.19 points	0.17%	0.36%
ASE Industrial Holding Co Ltd	EMCR +0.19 points	0.86%	0.67%
China Minsheng Banking Corp Ltd-A	ESGE +0.18 points	0.02%	0.20%
Abu Dhabi Islamic Bank	ESGE +0.18 points	<0.01%	0.18%
Huatai Securities Co Ltd-A	ESGE +0.18 points	0.02%	0.20%
Piraeus Bank SA Eur 1.0	ESGE +0.17 points	0.09%	0.26%
Trip.Com Group Ltd	EMCR +0.17 points	0.26%	0.09%
Li Auto Class A Inc	ESGE +0.16 points	0.08%	0.24%
Beigene Ltd	EMCR +0.17 points	0.32%	0.15%
Lenovo Group Ltd	ESGE +0.16 points	0.15%	0.31%
Delta Electronics Thailand PCL	EMCR +0.16 points	0.31%	0.15%
Clicks Group Ltd	ESGE +0.15 points	0.04%	0.19%
China Merchants Bank Co Ltd-H	ESGE +0.14 points	0.19%	0.33%
Delta Electronics Inc	EMCR +0.15 points	0.97%	0.82%
Haci Omer Sabanci Holding	ESGE +0.14 points	0.02%	0.16%
China Molybdenum Co Ltd-H	ESGE +0.14 points	0.03%	0.17%
KakaoBank Corp	ESGE +0.14 points	0.03%	0.17%
Asustek Computer Inc	EMCR +0.14 points	0.27%	0.13%
Meituan Dianping	EMCR +0.13 points	0.56%	0.43%
Accton Technology Corp	EMCR +0.13 points	0.29%	0.16%
Ping An Insurance Group Co-A	ESGE +0.12 points	0.07%	0.19%
Dr Sulaiman Al-Habib Medical Services Group Co	ESGE +0.12 points	0.07%	0.19%
Gold Fields Ltd	ESGE +0.13 points	0.33%	0.46%
MTN Group Ltd	EMCR +0.13 points	0.23%	0.10%
People's Insurance Co-H	ESGE +0.12 points	0.04%	0.16%
Hana Financial Group Inc	ESGE +0.12 points	0.32%	0.44%
Banco Bradesco SA	ESGE +0.12 points	0.03%	0.15%
Shinhan Financial Group Co Ltd	ESGE +0.11 points	0.34%	0.45%
Samsung C&T Corp	ESGE +0.11 points	0.14%	0.25%
China Minsheng Banking Corp Ltd-H	ESGE +0.10 points	0.03%	0.13%
Siam Cement PCL	ESGE +0.11 points	0.02%	0.13%
Grupo Mexico SAB de CV-Ser B	EMCR +0.10 points	0.26%	0.16%
China Construction Bank-A	ESGE +0.10 points	0.03%	0.13%
Eurobank SA	ESGE +0.10 points	0.08%	0.18%
Ping An Insurance Group Co of-H	ESGE +0.11 points	0.46%	0.57%
Shenzhen Inovance Technology Co Ltd-A	ESGE +0.10 points	0.02%	0.12%
Guotai Junan Securities Co Ltd A	ESGE +0.10 points	0.03%	0.13%
XP IncXP	ESGE +0.11 points	0.05%	0.16%
Hyundai Motor Co	EMCR +0.10 points	0.20%	0.10%
KB Financial Group Inc	ESGE +0.09 points	0.46%	0.55%
Chongqing Sokon Industry Group Co Ltd-A	ESGE +0.10 points	0.01%	0.11%
Yadea Group Holdings Ltd	ESGE +0.09 points	0.02%	0.11%
Shenzhen Mindray Bio-Medical Electronics Co Ltd	ESGE +0.09 points	0.04%	0.13%
Samsung SDI Co Ltd	ESGE +0.09 points	0.29%	0.38%
Tongcheng-Elong Holdings Ltd	ESGE +0.10 points	0.02%	0.12%
Ambev SA	ESGE +0.09 points	0.14%	0.23%
China Development Financial	EMCR +0.09 points	0.22%	0.13%
China Pacific Insurance Gr-A	ESGE +0.09 points	0.02%	0.11%
Sungrow Power Supply Co Ltd-A	ESGE +0.09 points	0.02%	0.11%

All 1,537 EMCR holdings⁠All 295 ESGE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EMCR vs ESGE Cost

Overpaying ESGE vs EMCR

$2,022

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EMCR 0.15%
$3,137
ESGE 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

EMCR 0.15%
ESGE 0.25%
Overpaying

Year by year

Year	EMCR	ESGE	Overpaying
10	$274	$455	$181
20	$1,071	$1,769	$698
30	$3,137	$5,159	$2,022

Expense ratio

0.15%EMCR, cheaper
0.25%ESGE

EMCR0.15%ESGE0.25%

0.15%1.25%

Middle half of Emerging Markets ESG & Values Index funds
Median 0.33%

EMCR cheapest of 12 funds

ESGE 5th cheapest of 12 funds

EMCR vs ESGE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EMCR 1.62%; ESGE 2.29%, better
Payout (12M): EMCR $0.64; ESGE $1.13
Last payment: EMCR $0.32; ESGE $0.40
Ex-dividend: EMCR Jun 18, 2026; ESGE Jun 15, 2026
Paid on: EMCR Jun 26, 2026; ESGE Jun 18, 2026
Frequency: EMCR Twice a year; ESGE Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

EMCRTwice a year · 15 paymentsAll EMCR payments⁠

ESGETwice a year · 20 paymentsAll ESGE payments⁠

EMCR vs ESGE Risk

Fall from peak · 5 years

EMCR
ESGE

Risk facts

VolatilityStd dev, 3 years: EMCR 16.1%ESGE 16.1%
Return per unit of riskSharpe ratio, 3 years: EMCR 0.98ESGE 1.05, better
Worst fallMax drawdown, 5 years: EMCR −32.2%, betterESGE −35.1%
Market sensitivityBeta, 5 years: EMCR 1.10ESGE 0.99; Market = 1

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