AIA vs. EMXC

Last updated Jun 13, 2026

AIA (iShares Asia 50 ETF) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both exchange-traded funds - AIA is a Asia Pacific Equities fund tracking the S&P Asia 50, while EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 5 years, AIA returned 11.52%/yr vs 12.14%/yr for EMXC. Their correlation of 0.80 suggests significant overlap in exposure. AIA charges 0.50%/yr vs 0.49%/yr for EMXC.

Performance

AIA vs. EMXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Asia 50 ETF (AIA) and iShares MSCI Emerging Markets ex China ETF (EMXC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIA achieves a 44.56% return, which is significantly higher than EMXC's 37.25% return.

AIA

• 1D: 0.54%
• 1M: 3.01%
• YTD: 44.56%
• 6M: 50.54%
• 1Y: 80.18%
• 3Y*: 34.57%
• 5Y*: 11.52%
• 10Y*: 15.05%

EMXC

• 1D: 0.55%
• 1M: 3.75%
• YTD: 37.25%
• 6M: 42.23%
• 1Y: 65.26%
• 3Y*: 26.47%
• 5Y*: 12.14%
• 10Y*: —

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

AIA vs. EMXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIA iShares Asia 50 ETF	44.56%	47.79%	20.26%	4.32%	-24.08%	-10.91%	33.73%	22.21%	-14.22%	11.14%
EMXC iShares MSCI Emerging Markets ex China ETF	37.25%	35.14%	2.68%	18.96%	-19.56%	8.54%	12.76%	15.80%	-12.96%	7.16%

Correlation

The correlation between AIA and EMXC is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017	0.80

The correlation between AIA and EMXC shifts across timeframes, from 0.80 (all time) to 0.90 (1 year), reflecting how their relationship changes across market environments.

AIA vs. EMXC - Sectors Allocation Comparison

Sectors	AIA	EMXC
Technology	56.8%	45.0%
Financial Services	19.3%	19.6%
Consumer Cyclical	10.1%	4.5%
Communication Services	8.9%	3.4%
Industrials	2.6%	8.3%
Healthcare	0.9%	2.2%
Energy	0.7%	4.2%
Real Estate	0.6%	1.0%
Basic Materials	-	6.8%
Consumer Defensive	-	2.9%
Utilities	-	2.3%

Return for Risk

AIA vs. EMXC — Risk / Return Rank

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

AIA

AIA Risk / Return Rank: 91
AIA Sharpe Ratio Rank: 92
AIA Sortino Ratio Rank: 87
AIA Omega Ratio Rank: 89
AIA Calmar Ratio Rank: 93
AIA Martin Ratio Rank: 92

EMXC

EMXC Risk / Return Rank: 89
EMXC Sharpe Ratio Rank: 91
EMXC Sortino Ratio Rank: 86
EMXC Omega Ratio Rank: 90
EMXC Calmar Ratio Rank: 88
EMXC Martin Ratio Rank: 89

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.

AIA vs. EMXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Asia 50 ETF (AIA) and iShares MSCI Emerging Markets ex China ETF (EMXC). 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.

	AIA	EMXC	Difference
Sharpe ratio: Return per unit of total volatility	2.89	2.74	+0.14
Sortino ratio: Return per unit of downside risk	3.41	3.35	+0.06
Omega ratio: Gain probability vs. loss probability	1.49	1.50	-0.01
Calmar ratio: Return relative to maximum drawdown	5.70	4.55	+1.15
Martin ratio: Return relative to average drawdown	19.76	17.51	+2.24

AIA vs. EMXC - Sharpe Ratio Comparison

The current AIA Sharpe Ratio is 2.89, which is comparable to the EMXC Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of AIA and EMXC, 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

AIA vs. EMXC - Drawdown Comparison

The maximum AIA drawdown since its inception was -60.89%, which is greater than EMXC's maximum drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for AIA and EMXC.

Drawdown Indicators

	AIA	EMXC	Difference
Max Drawdown Largest peak-to-trough decline	-60.89%	-42.81%	-18.08%
Max Drawdown (1Y) Largest decline over 1 year	-14.15%	-14.41%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	-21.64%	-19.12%	-2.52%
Max Drawdown (5Y) Largest decline over 5 years	-50.11%	-28.91%	-21.20%
Max Drawdown (10Y) Largest decline over 10 years	-54.64%	—	—
Current Drawdown Current decline from peak	-6.44%	-4.12%	-2.32%
Average Drawdown Average peak-to-trough decline	-16.66%	-10.17%	-6.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	3.74%	+0.34%

Volatility

AIA vs. EMXC - Volatility Comparison

iShares Asia 50 ETF (AIA) has a higher volatility of 14.34% compared to iShares MSCI Emerging Markets ex China ETF (EMXC) at 12.83%. This indicates that AIA's price experiences larger fluctuations and is considered to be riskier than EMXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIA	EMXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.34%	12.83%	+1.51%
Volatility (6M) Calculated over the trailing 6-month period	24.49%	21.90%	+2.59%
Volatility (1Y) Calculated over the trailing 1-year period	27.93%	23.90%	+4.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.96%	18.00%	+7.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.78%	20.07%	+3.71%

AIA vs. EMXC - Expense Ratio Comparison

AIA has a 0.50% expense ratio, which is higher than EMXC's 0.49% expense ratio.

Dividends

AIA vs. EMXC - Dividend Comparison

AIA's dividend yield for the trailing twelve months is around 1.73%, less than EMXC's 2.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIA iShares Asia 50 ETF	1.73%	2.50%	2.78%	2.07%	2.59%	1.54%	1.11%	2.24%	2.49%	1.45%	2.29%	2.88%
EMXC iShares MSCI Emerging Markets ex China ETF	2.05%	2.82%	2.69%	1.83%	2.85%	1.78%	1.45%	3.25%	2.63%	0.99%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AIA and EMXC in my portfolio?

With a correlation of 0.90, AIA and EMXC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AIA or EMXC?

AIA has higher volatility (14.34%) compared to EMXC (12.83%). In terms of maximum drawdown, AIA dropped -60.89% vs EMXC's -42.81%.

Which ETF is better, AIA or EMXC?

On 5-year performance, EMXC leads with 12.14% vs 11.52% for AIA. On fees, EMXC is cheaper at 0.49% per year. On volatility, EMXC has been the lower-risk option at 12.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIA or EMXC?

Over the 5-year period, EMXC has performed better with a 12.14% return vs 11.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIA or EMXC?

EMXC is cheaper with a 0.49% expense ratio, compared with 0.50% for AIA.

Which ETF pays a higher dividend yield, AIA or EMXC?

EMXC has the higher dividend yield at 2.05%, compared with 1.73% for AIA.

What is the main difference between AIA and EMXC?

AIA is categorized as Asia Pacific Equities, while EMXC is Emerging Markets Equities. AIA tracks S&P Asia 50, while EMXC tracks MSCI Emerging Markets ex China Index. Their fees differ too: 0.50% for AIA and 0.49% for EMXC.

Which has better risk-adjusted returns?

AIA currently has the higher Sharpe Ratio (2.89 vs 2.74), 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.