EEMA vs. GXC

Last updated Jun 3, 2026

EEMA (iShares MSCI Emerging Markets Asia ETF) and GXC (SPDR S&P China ETF) are both exchange-traded funds - EEMA is a Asia Pacific Equities fund tracking the MSCI Emerging Markets Asia Index, while GXC is a China Equities fund tracking the S&P China BMI Index. Both are passively managed. Over the past 10 years, EEMA returned 10.93%/yr vs 5.25%/yr for GXC. Their correlation of 0.84 suggests significant overlap in exposure. EEMA charges 0.50%/yr vs 0.59%/yr for GXC.

Performance

EEMA vs. GXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Asia ETF (EEMA) and SPDR S&P China ETF (GXC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EEMA achieves a 29.29% return, which is significantly higher than GXC's -3.93% return. Over the past 10 years, EEMA has outperformed GXC with an annualized return of 10.93%, while GXC has yielded a comparatively lower 5.25% annualized return.

EEMA

• 1D: 0.93%
• 1M: 10.46%
• YTD: 29.29%
• 6M: 32.57%
• 1Y: 59.07%
• 3Y*: 24.56%
• 5Y*: 7.50%
• 10Y*: 10.93%

GXC

• 1D: -2.27%
• 1M: -2.82%
• YTD: -3.93%
• 6M: -5.13%
• 1Y: 12.26%
• 3Y*: 10.65%
• 5Y*: -4.55%
• 10Y*: 5.25%

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

EEMA vs. GXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEMA iShares MSCI Emerging Markets Asia ETF	29.29%	33.27%	10.23%	6.57%	-21.49%	-4.22%	25.17%	18.60%	-15.76%	43.41%
GXC SPDR S&P China ETF	-3.93%	30.84%	14.60%	-9.93%	-22.12%	-19.70%	28.31%	23.07%	-19.39%	51.66%

Correlation

The correlation between EEMA and GXC is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 10, 2012	0.84

The correlation between EEMA and GXC shifts across timeframes, from 0.73 (1 year) to 0.86 (10 years), reflecting how their relationship changes across market environments.

EEMA vs. GXC - Sectors Allocation Comparison

Sectors	EEMA	GXC
Technology	41.2%	11.9%
Financial Services	15.9%	17.1%
Consumer Cyclical	11.3%	22.9%
Industrials	8.8%	9.1%
Communication Services	6.0%	14.3%
Basic Materials	4.5%	7.0%
Healthcare	3.7%	6.7%
Energy	3.2%	3.5%
Consumer Defensive	2.8%	3.7%
Utilities	1.8%	1.8%
Real Estate	0.8%	1.9%

Return for Risk

EEMA vs. GXC — Risk / Return Rank

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

EEMA

EEMA Risk / Return Rank: 83
EEMA Sharpe Ratio Rank: 87
EEMA Sortino Ratio Rank: 83
EEMA Omega Ratio Rank: 85
EEMA Calmar Ratio Rank: 81
EEMA Martin Ratio Rank: 80

GXC

GXC Risk / Return Rank: 19
GXC Sharpe Ratio Rank: 19
GXC Sortino Ratio Rank: 19
GXC Omega Ratio Rank: 19
GXC Calmar Ratio Rank: 20
GXC Martin Ratio Rank: 18

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.

EEMA vs. GXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Asia ETF (EEMA) and SPDR S&P China ETF (GXC). 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.

	EEMA	GXC	Difference
Sharpe ratio Return per unit of total volatility	2.92	0.65	+2.27
Sortino ratio Return per unit of downside risk	3.77	1.03	+2.74
Omega ratio Gain probability vs. loss probability	1.53	1.13	+0.40
Calmar ratio Return relative to maximum drawdown	4.25	0.90	+3.35
Martin ratio Return relative to average drawdown	16.04	2.02	+14.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EEMA vs. GXC - Sharpe Ratio Comparison

The current EEMA Sharpe Ratio is 2.92, which is higher than the GXC Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of EEMA and GXC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EEMA	GXC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	0.65	+2.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	-0.16	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.20	+0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.16	+0.22

Drawdowns

EEMA vs. GXC - Drawdown Comparison

The maximum EEMA drawdown since its inception was -44.18%, smaller than the maximum GXC drawdown of -71.96%. Use the drawdown chart below to compare losses from any high point for EEMA and GXC.

Drawdown Indicators

	EEMA	GXC	Difference
Max Drawdown Largest peak-to-trough decline	-44.18%	-71.96%	+27.78%
Max Drawdown (1Y) Largest decline over 1 year	-14.30%	-13.73%	-0.57%
Max Drawdown (3Y) Largest decline over 3 years	-20.23%	-25.54%	+5.31%
Max Drawdown (5Y) Largest decline over 5 years	-40.67%	-53.99%	+13.32%
Max Drawdown (10Y) Largest decline over 10 years	-44.18%	-60.23%	+16.05%
Current Drawdown Current decline from peak	0.00%	-32.10%	+32.10%
Average Drawdown Average peak-to-trough decline	-13.98%	-28.82%	+14.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	6.09%	-2.30%

Volatility

EEMA vs. GXC - Volatility Comparison

iShares MSCI Emerging Markets Asia ETF (EEMA) has a higher volatility of 8.37% compared to SPDR S&P China ETF (GXC) at 6.64%. This indicates that EEMA's price experiences larger fluctuations and is considered to be riskier than GXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEMA	GXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.37%	6.64%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	17.35%	13.59%	+3.76%
Volatility (1Y) Calculated over the trailing 1-year period	20.37%	18.88%	+1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.40%	28.97%	-8.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.87%	26.09%	-5.22%

EEMA vs. GXC - Expense Ratio Comparison

EEMA has a 0.50% expense ratio, which is lower than GXC's 0.59% expense ratio.

Dividends

EEMA vs. GXC - Dividend Comparison

EEMA's dividend yield for the trailing twelve months is around 1.14%, less than GXC's 2.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMA iShares MSCI Emerging Markets Asia ETF	1.14%	1.48%	1.74%	2.02%	1.78%	2.19%	1.15%	1.86%	2.17%	1.74%	1.74%	2.44%
GXC SPDR S&P China ETF	2.50%	2.40%	2.81%	3.70%	2.67%	1.35%	1.04%	1.60%	2.03%	1.84%	2.05%	2.85%

Frequently Asked Questions

Can I hold both EEMA and GXC in my portfolio?

EEMA and GXC have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EEMA or GXC?

EEMA has higher volatility (8.37%) compared to GXC (6.64%). In terms of maximum drawdown, EEMA dropped -44.18% vs GXC's -71.96%.

Which ETF is better, EEMA or GXC?

On 10-year performance, EEMA leads with 10.93% vs 5.25% for GXC. On fees, EEMA is cheaper at 0.50% per year. On volatility, GXC has been the lower-risk option at 6.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEMA or GXC?

Over the 10-year period, EEMA has performed better with a 10.93% return vs 5.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEMA or GXC?

EEMA is cheaper with a 0.50% expense ratio, compared with 0.59% for GXC.

Which ETF pays a higher dividend yield, EEMA or GXC?

GXC has the higher dividend yield at 2.50%, compared with 1.14% for EEMA.

What is the main difference between EEMA and GXC?

EEMA is categorized as Asia Pacific Equities, while GXC is China Equities. EEMA tracks MSCI Emerging Markets Asia Index, while GXC tracks S&P China BMI Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for EEMA and 0.59% for GXC.

Which has better risk-adjusted returns?

EEMA currently has the higher Sharpe Ratio (2.92 vs 0.65), 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.