Update: All ETFs aren't created Equal..................
In 2011 when I first wrote about this idea 5 full years of data weren't yet available on all the components. Here's the data as of MorningStar's review today:
By "score" the lowest should be the "best" overall. That puts them in 2011 as 1-DEM, 2-EEM &VWO (tie), 3-PXH. Today they are ranked 1-VWO, 2-DEM, 3-PXH, 4-EEM.
I like to look at 1)Price appreciation over time, 2) Dividend capture over time and 3) Profitable Volatility Capture over time. It appears that price amplitude is about the same for all four funds, so for volatility capture they're all about equal. On dividend capture, DEM stands out. On a 5 year Total Return basis, DEM wins again with the best price appreciation.
The Up/Down capture ratio at one, three and five years shows one clear standout with the other three trailing. This is what has helped the overall price appreciation of DEM. Capturing a better upside and lesser downside put them in the overall lead.