AOR vs. EMXC

Last updated Jun 13, 2026

AOR (iShares Core 60/40 Balanced Allocation ETF) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both exchange-traded funds - AOR is a Diversified Portfolio fund tracking the S&P Target Risk Growth Index, 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, AOR returned 6.78%/yr vs 12.14%/yr for EMXC. A 0.76 correlation means they provide meaningful diversification when combined. AOR charges 0.15%/yr vs 0.49%/yr for EMXC.

Performance

AOR vs. EMXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core 60/40 Balanced Allocation ETF (AOR) 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, AOR achieves a 6.83% return, which is significantly lower than EMXC's 37.25% return.

AOR

• 1D: 0.26%
• 1M: 0.49%
• YTD: 6.83%
• 6M: 7.42%
• 1Y: 17.08%
• 3Y*: 13.55%
• 5Y*: 6.78%
• 10Y*: 8.52%

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)

AOR vs. EMXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AOR iShares Core 60/40 Balanced Allocation ETF	6.83%	16.44%	10.68%	15.75%	-15.64%	11.19%	11.42%	18.91%	-5.82%	5.47%
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 AOR and EMXC is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017	0.76

The correlation between AOR and EMXC has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

AOR vs. EMXC - Sectors Allocation Comparison

Sectors	AOR	EMXC
Technology	27.8%	45.0%
Financial Services	16.2%	19.6%
Industrials	11.9%	8.3%
Consumer Cyclical	9.5%	4.5%
Communication Services	8.1%	3.4%
Healthcare	8.0%	2.2%
Consumer Defensive	5.0%	2.9%
Energy	4.3%	4.2%
Basic Materials	4.2%	6.8%
Utilities	2.7%	2.3%
Real Estate	2.4%	1.0%

Return for Risk

AOR vs. EMXC — Risk / Return Rank

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

AOR

AOR Risk / Return Rank: 68
AOR Sharpe Ratio Rank: 69
AOR Sortino Ratio Rank: 71
AOR Omega Ratio Rank: 72
AOR Calmar Ratio Rank: 59
AOR Martin Ratio Rank: 69

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.

AOR vs. EMXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core 60/40 Balanced Allocation ETF (AOR) 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.

	AOR	EMXC	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.74	-0.80
Sortino ratio: Return per unit of downside risk	2.75	3.35	-0.60
Omega ratio: Gain probability vs. loss probability	1.36	1.50	-0.14
Calmar ratio: Return relative to maximum drawdown	2.58	4.55	-1.97
Martin ratio: Return relative to average drawdown	11.10	17.51	-6.41

AOR vs. EMXC - Sharpe Ratio Comparison

The current AOR Sharpe Ratio is 1.94, which is comparable to the EMXC Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of AOR 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

AOR vs. EMXC - Drawdown Comparison

The maximum AOR drawdown since its inception was -24.44%, smaller than the maximum EMXC drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for AOR and EMXC.

Drawdown Indicators

	AOR	EMXC	Difference
Max Drawdown Largest peak-to-trough decline	-24.44%	-42.81%	+18.37%
Max Drawdown (1Y) Largest decline over 1 year	-6.64%	-14.41%	+7.77%
Max Drawdown (3Y) Largest decline over 3 years	-9.77%	-19.12%	+9.35%
Max Drawdown (5Y) Largest decline over 5 years	-21.72%	-28.91%	+7.19%
Max Drawdown (10Y) Largest decline over 10 years	-22.95%	—	—
Current Drawdown Current decline from peak	-1.05%	-4.12%	+3.07%
Average Drawdown Average peak-to-trough decline	-3.47%	-10.17%	+6.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	3.74%	-2.19%

Volatility

AOR vs. EMXC - Volatility Comparison

The current volatility for iShares Core 60/40 Balanced Allocation ETF (AOR) is 3.50%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 12.83%. This indicates that AOR experiences smaller price fluctuations and is considered to be less risky than EMXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AOR	EMXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	12.83%	-9.33%
Volatility (6M) Calculated over the trailing 6-month period	7.32%	21.90%	-14.58%
Volatility (1Y) Calculated over the trailing 1-year period	8.85%	23.90%	-15.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.61%	18.00%	-7.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.70%	20.07%	-9.37%

AOR vs. EMXC - Expense Ratio Comparison

AOR has a 0.15% expense ratio, which is lower than EMXC's 0.49% expense ratio.

Dividends

AOR vs. EMXC - Dividend Comparison

AOR's dividend yield for the trailing twelve months is around 2.48%, more than EMXC's 2.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOR iShares Core 60/40 Balanced Allocation ETF	2.48%	2.55%	2.66%	2.50%	2.12%	1.64%	1.89%	2.56%	2.49%	4.51%	2.16%	2.12%
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 AOR and EMXC in my portfolio?

AOR and EMXC have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AOR or EMXC?

EMXC has higher volatility (12.83%) compared to AOR (3.50%). In terms of maximum drawdown, AOR dropped -24.44% vs EMXC's -42.81%.

Which ETF is better, AOR or EMXC?

On 5-year performance, EMXC leads with 12.14% vs 6.78% for AOR. On fees, AOR is cheaper at 0.15% per year. On volatility, AOR has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AOR or EMXC?

Over the 5-year period, EMXC has performed better with a 12.14% return vs 6.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AOR or EMXC?

AOR is cheaper with a 0.15% expense ratio, compared with 0.49% for EMXC.

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

AOR has the higher dividend yield at 2.48%, compared with 2.05% for EMXC.

What is the main difference between AOR and EMXC?

AOR is categorized as Diversified Portfolio, while EMXC is Emerging Markets Equities. AOR tracks S&P Target Risk Growth Index, while EMXC tracks MSCI Emerging Markets ex China Index. Their fees differ too: 0.15% for AOR and 0.49% for EMXC.

Which has better risk-adjusted returns?

EMXC currently has the higher Sharpe Ratio (2.74 vs 1.94), 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.