AVXC vs. EMXC

Last updated Jun 23, 2026

AVXC (Avantis Emerging Markets ex-China Equity ETF) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both exchange-traded funds - AVXC is a Emerging Markets Diversified fund actively managed by Avantis, while EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index. AVXC is actively managed, while EMXC is passively managed. Over the past year, AVXC returned 66.36% vs 80.79% for EMXC. With a 0.97 correlation, they move nearly in lockstep. AVXC charges 0.33%/yr vs 0.49%/yr for EMXC.

Performance

AVXC vs. EMXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets ex-China Equity ETF (AVXC) 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, AVXC achieves a 39.43% return, which is significantly lower than EMXC's 47.39% return.

AVXC

• 1D: 0.29%
• 1M: 10.05%
• YTD: 39.43%
• 6M: 41.85%
• 1Y: 66.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EMXC

• 1D: 0.70%
• 1M: 12.05%
• YTD: 47.39%
• 6M: 50.85%
• 1Y: 80.79%
• 3Y*: 30.52%
• 5Y*: 14.13%
• 10Y*: —

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

AVXC vs. EMXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVXC Avantis Emerging Markets ex-China Equity ETF	39.43%	31.45%	-1.26%
EMXC iShares MSCI Emerging Markets ex China ETF	47.39%	35.14%	-0.60%

Correlation

The correlation between AVXC and EMXC is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Mar 21, 2024	0.97

The correlation between AVXC and EMXC has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

AVXC vs. EMXC - Sectors Allocation Comparison

Sectors	AVXC	EMXC
Technology	34.2%	52.4%
Financial Services	18.9%	17.4%
Industrials	8.7%	6.9%
Basic Materials	7.3%	6.0%
Consumer Cyclical	5.4%	4.1%
Energy	3.7%	3.4%
Communication Services	3.5%	3.0%
Consumer Defensive	2.7%	2.4%
Utilities	2.4%	1.9%
Healthcare	2.1%	1.8%
Real Estate	1.3%	0.8%

Return for Risk

AVXC vs. EMXC — Risk / Return Rank

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

AVXC

AVXC Risk / Return Rank: 89
AVXC Sharpe Ratio Rank: 91
AVXC Sortino Ratio Rank: 87
AVXC Omega Ratio Rank: 90
AVXC Calmar Ratio Rank: 87
AVXC Martin Ratio Rank: 88

EMXC

EMXC Risk / Return Rank: 92
EMXC Sharpe Ratio Rank: 94
EMXC Sortino Ratio Rank: 89
EMXC Omega Ratio Rank: 93
EMXC Calmar Ratio Rank: 91
EMXC Martin Ratio Rank: 92

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.

AVXC vs. EMXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets ex-China Equity ETF (AVXC) 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.

	AVXC	EMXC	Difference
Sharpe ratio: Return per unit of total volatility	3.00	3.33	-0.34
Sortino ratio: Return per unit of downside risk	3.73	3.94	-0.21
Omega ratio: Gain probability vs. loss probability	1.55	1.60	-0.05
Calmar ratio: Return relative to maximum drawdown	4.75	5.64	-0.88
Martin ratio: Return relative to average drawdown	18.46	21.69	-3.22

AVXC vs. EMXC - Sharpe Ratio Comparison

The current AVXC Sharpe Ratio is 3.00, which is comparable to the EMXC Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of AVXC 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

AVXC vs. EMXC - Drawdown Comparison

The maximum AVXC drawdown since its inception was -20.44%, smaller than the maximum EMXC drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for AVXC and EMXC.

Drawdown Indicators

	AVXC	EMXC	Difference
Max Drawdown Largest peak-to-trough decline	-20.44%	-42.81%	+22.37%
Max Drawdown (1Y) Largest decline over 1 year	-14.04%	-14.41%	+0.37%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.91%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.78%	-10.15%	+6.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	3.74%	-0.13%

Volatility

AVXC vs. EMXC - Volatility Comparison

The current volatility for Avantis Emerging Markets ex-China Equity ETF (AVXC) is 11.54%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 12.87%. This indicates that AVXC 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

	AVXC	EMXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.54%	12.87%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	20.26%	22.38%	-2.12%
Volatility (1Y) Calculated over the trailing 1-year period	22.31%	24.42%	-2.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.47%	18.17%	+1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.47%	20.13%	-0.66%

AVXC vs. EMXC - Expense Ratio Comparison

AVXC has a 0.33% expense ratio, which is lower than EMXC's 0.49% expense ratio.

Dividends

AVXC vs. EMXC - Dividend Comparison

AVXC's dividend yield for the trailing twelve months is around 1.94%, more than EMXC's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVXC Avantis Emerging Markets ex-China Equity ETF	1.94%	1.97%	1.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EMXC iShares MSCI Emerging Markets ex China ETF	1.81%	2.82%	2.69%	1.83%	2.85%	1.78%	1.45%	3.25%	2.63%	0.99%

Frequently Asked Questions

Can I hold both AVXC and EMXC in my portfolio?

With a correlation of 0.97, AVXC 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, AVXC or EMXC?

EMXC has higher volatility (12.87%) compared to AVXC (11.54%). In terms of maximum drawdown, AVXC dropped -20.44% vs EMXC's -42.81%.

Which ETF is better, AVXC or EMXC?

On 1-year performance, EMXC leads with 80.79% vs 66.36% for AVXC. On fees, AVXC is cheaper at 0.33% per year. On volatility, AVXC has been the lower-risk option at 11.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVXC or EMXC?

Over the 1-year period, EMXC has performed better with a 80.79% return vs 66.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVXC or EMXC?

AVXC is cheaper with a 0.33% expense ratio, compared with 0.49% for EMXC.

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

AVXC has the higher dividend yield at 1.94%, compared with 1.81% for EMXC.

What is the main difference between AVXC and EMXC?

AVXC is categorized as Emerging Markets Diversified, while EMXC is Emerging Markets Equities. They also come from different issuers: Avantis and iShares. Their fees differ too: 0.33% for AVXC and 0.49% for EMXC.

Which has better risk-adjusted returns?

EMXC currently has the higher Sharpe Ratio (3.33 vs 3.00), 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.