Matthews Emerging Markets Sustainable Future… (EMSF) Performance
EMSF total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +24.9% since Dec 31, 2025
- 1 year
- +19.0% total return
- 3 years
- +15.7% a year
- Since first price
- +13.3% a year since 2023
EMSF trailing returns vs SPY, QQQ, AGG
| Period | EMSF total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −11.1% | −11.1% | −1.0% | −5.0% | +0.9% |
| 3 months | −6.3% | −6.3% | +3.2% | +1.9% | −0.4% |
| 6 months | −1.0% | −1.0% | +7.8% | +8.4% | −1.5% |
| YTD | +24.9% | +24.9% | +12.3% | +15.1% | −1.0% |
| 1 year | +19.0% | +16.9% | +14.4% | +15.9% | −1.1% |
| 3 years | +54.9%+15.7%/yr | +47.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionSep 22, 2023 | +47.0%+13.3%/yr | +39.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: EMSF vs SPY
From Sep 22, 2023: EMSF grew to $14,704, SPY to $18,308.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
EMSF returns by calendar year
1 of 2 full years positive. Best 2025 (+19.2%), worst 2024 (−3.1%). 2026 is year to date.
EMSF annual returns table
| Year | EMSF | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +24.9% | −19.5% | +12.3% | +15.1% | −1.0% |
| 2025 | +19.2% | −16.7% | +17.7% | +20.8% | +7.2% |
| 2024 | −3.1% | −15.5% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
EMSF largest drawdowns
Now 19.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Oct 7, 2024 | −24.8% | Apr 8, 2025 | Sep 11, 2025 | 6 months | 11 months |
| Jun 22, 2026 | −19.5% | Jul 29, 2026 | not yet | 37 days | 4 months so far |
| Feb 25, 2026 | −14.6% | Mar 30, 2026 | Apr 14, 2026 | 33 days | 48 days |
| Nov 3, 2025 | −13.2% | Dec 17, 2025 | Jan 27, 2026 | 44 days | 3 months |
| May 17, 2024 | −11.1% | Aug 6, 2024 | Sep 26, 2024 | 3 months | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
EMSF risk statistics
| Statistic | 3 years |
|---|---|
| Annualized return | +17.8% |
| Volatility (annualized) | 22.4% |
| Sharpe ratio | 0.65 |
| Sortino ratio | 1.15 |
| Best month | +20.9% |
| Worst month | −12.8% |
| Best 12 months | +61.3% |
| Worst 12 months | −3.8% |
| Positive months | 61% |
| Beta vs S&P 500 | 1.00 |
| Correlation with S&P 500 | 0.56 |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
EMSF rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 26 | −3.8% | +15.2% | +61.3% | 85% |
| 3-year (a year) | 2 | +16.3% | +17.1% | +17.8% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
EMSF performance overview
Matthews Emerging Markets Sustainable Future… (EMSF) returned +19.0% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +13.3% a year, turning $10,000 into about $14,704. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −24.8%, from Oct 7, 2024 to Apr 8, 2025, and it took 5 months to get back to the old high. Volatility has been 22.4% a year.
Related: EMSF chart, EMSF holdings, EMSF dividends. See the EMSF overview for the latest quote and fund facts.
EMSF performance FAQ
What is the EMSF return over the past year?
EMSF returned +19.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 16.9%.
How much would $10,000 invested in EMSF be worth?
$10,000 invested in EMSF at its first recorded close on September 22, 2023 would be worth about $14,704 on October 23, 2026 with distributions reinvested.
What was the worst year for EMSF?
The worst calendar year was 2024, with a total return of −3.1%. The best was 2025 at +19.2%.
What is the biggest drawdown of EMSF?
The largest peak-to-trough decline was −24.8% between October 7, 2024 and April 8, 2025. It recovered to the old high on September 11, 2025, 5 months after the bottom.
How volatile is EMSF?
Over the past 3 years EMSF had an annualized volatility of 22.4% and a Sharpe ratio of 0.65 (excess return over 1–3 month T-bills per unit of risk).