EEMV vs. XCEM

Last updated Jul 14, 2026

EEMV (iShares MSCI Emerging Markets Min Vol Factor ETF) and XCEM (Columbia EM Core ex-China ETF) are both Emerging Markets Equities funds - EEMV tracks the MSCI Emerging Markets Minimum Volatility Index while XCEM tracks the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 10 years, EEMV returned 5.83%/yr vs 11.12%/yr for XCEM. A 0.77 correlation means they provide meaningful diversification when combined. EEMV charges 0.25%/yr vs 0.16%/yr for XCEM.

Performance

EEMV vs. XCEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) and Columbia EM Core ex-China ETF (XCEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EEMV achieves a 13.53% return, which is significantly lower than XCEM's 27.89% return. Over the past 10 years, EEMV has underperformed XCEM with an annualized return of 5.83%, while XCEM has yielded a comparatively higher 11.12% annualized return.

EEMV

• 1D: -2.96%
• 1M: -3.04%
• 6M: 9.81%
• YTD: 13.53%
• 1Y: 17.56%
• 3Y*: 11.90%
• 5Y*: 5.30%
• 10Y*: 5.83%

XCEM

• 1D: -3.63%
• 1M: -5.14%
• 6M: 21.86%
• YTD: 27.89%
• 1Y: 48.38%
• 3Y*: 21.66%
• 5Y*: 10.56%
• 10Y*: 11.12%

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

EEMV vs. XCEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF	13.53%	13.45%	7.98%	7.75%	-13.94%	5.05%	6.90%	7.83%	-5.81%	27.28%
XCEM Columbia EM Core ex-China ETF	27.89%	34.05%	0.42%	19.96%	-17.59%	7.87%	9.47%	19.74%	-11.75%	34.78%

Correlation

The correlation between EEMV and XCEM 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	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Sep 2, 2015	0.77

The correlation between EEMV and XCEM shifts across timeframes, from 0.77 (all time) to 0.90 (1 year), reflecting how their relationship changes across market environments.

EEMV vs. XCEM - Sectors Allocation Comparison

Sectors	EEMV	XCEM
Technology	36.5%	49.5%
Financial Services	18.0%	17.6%
Communication Services	10.1%	3.0%
Industrials	6.6%	9.3%
Consumer Cyclical	6.2%	4.8%
Consumer Defensive	5.6%	2.4%
Healthcare	5.4%	2.3%
Utilities	4.4%	1.7%
Energy	3.6%	3.0%
Basic Materials	2.9%	5.3%
Real Estate	0.6%	1.3%

Return for Risk

EEMV vs. XCEM — Risk / Return Rank

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

EEMV

EEMV Risk / Return Rank: 43
EEMV Sharpe Ratio Rank: 39
EEMV Sortino Ratio Rank: 36
EEMV Omega Ratio Rank: 43
EEMV Calmar Ratio Rank: 47
EEMV Martin Ratio Rank: 49

XCEM

XCEM Risk / Return Rank: 76
XCEM Sharpe Ratio Rank: 76
XCEM Sortino Ratio Rank: 67
XCEM Omega Ratio Rank: 78
XCEM Calmar Ratio Rank: 80
XCEM Martin Ratio Rank: 79

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.

EEMV vs. XCEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) and Columbia EM Core ex-China ETF (XCEM). 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.

	EEMV	XCEM	Difference
Sharpe ratio: Return per unit of total volatility	1.11	1.93	-0.82
Sortino ratio: Return per unit of downside risk	1.57	2.46	-0.89
Omega ratio: Gain probability vs. loss probability	1.23	1.36	-0.14
Calmar ratio: Return relative to maximum drawdown	1.91	3.36	-1.45
Martin ratio: Return relative to average drawdown	6.48	11.89	-5.41

EEMV vs. XCEM - Sharpe Ratio Comparison

The current EEMV Sharpe Ratio is 1.11, which is lower than the XCEM Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of EEMV and XCEM, 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

EEMV vs. XCEM - Drawdown Comparison

The maximum EEMV drawdown since its inception was -31.56%, smaller than the maximum XCEM drawdown of -41.24%. Use the drawdown chart below to compare losses from any high point for EEMV and XCEM.

Drawdown Indicators

	EEMV	XCEM	Difference
Max Drawdown Largest peak-to-trough decline	-31.56%	-41.24%	+9.68%
Max Drawdown (1Y) Largest decline over 1 year	-9.22%	-14.46%	+5.24%
Max Drawdown (3Y) Largest decline over 3 years	-12.47%	-18.92%	+6.45%
Max Drawdown (5Y) Largest decline over 5 years	-21.90%	-29.57%	+7.67%
Max Drawdown (10Y) Largest decline over 10 years	-31.56%	-41.24%	+9.68%
Current Drawdown Current decline from peak	-6.32%	-10.74%	+4.42%
Average Drawdown Average peak-to-trough decline	-7.94%	-8.56%	+0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	4.08%	-1.36%

Volatility

EEMV vs. XCEM - Volatility Comparison

The current volatility for iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) is 7.90%, while Columbia EM Core ex-China ETF (XCEM) has a volatility of 12.65%. This indicates that EEMV experiences smaller price fluctuations and is considered to be less risky than XCEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEMV	XCEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.90%	12.65%	-4.75%
Volatility (6M) Calculated over the trailing 6-month period	14.84%	23.58%	-8.74%
Volatility (1Y) Calculated over the trailing 1-year period	15.86%	25.21%	-9.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.49%	18.84%	-6.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.99%	19.95%	-5.96%

EEMV vs. XCEM - Expense Ratio Comparison

EEMV has a 0.25% expense ratio, which is higher than XCEM's 0.16% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EEMV vs. XCEM - Dividend Comparison

EEMV's dividend yield for the trailing twelve months is around 2.25%, less than XCEM's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF	2.25%	2.65%	3.50%	2.75%	1.93%	2.14%	2.45%	2.63%	2.46%	2.34%	2.79%	2.55%
XCEM Columbia EM Core ex-China ETF	2.54%	3.25%	2.76%	1.22%	2.42%	1.94%	1.63%	2.11%	2.70%	9.56%	1.24%	2.63%

Frequently Asked Questions

Can I hold both EEMV and XCEM in my portfolio?

With a correlation of 0.90, EEMV and XCEM 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, EEMV or XCEM?

XCEM has higher volatility (12.65%) compared to EEMV (7.90%). In terms of maximum drawdown, EEMV dropped -31.56% vs XCEM's -41.24%.

Which ETF is better, EEMV or XCEM?

On 10-year performance, XCEM leads with 11.12% vs 5.83% for EEMV. On fees, XCEM is cheaper at 0.16% per year. On volatility, EEMV has been the lower-risk option at 7.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEMV or XCEM?

Over the 10-year period, XCEM has performed better with a 11.12% return vs 5.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEMV or XCEM?

XCEM is cheaper with a 0.16% expense ratio, compared with 0.25% for EEMV.

Which ETF pays a higher dividend yield, EEMV or XCEM?

XCEM has the higher dividend yield at 2.54%, compared with 2.25% for EEMV.

What is the main difference between EEMV and XCEM?

EEMV tracks MSCI Emerging Markets Minimum Volatility Index, while XCEM tracks MSCI Emerging Markets ex China Index. They also come from different issuers: iShares and Ameriprise Financial. Their fees differ too: 0.25% for EEMV and 0.16% for XCEM.

Which has better risk-adjusted returns?

XCEM currently has the higher Sharpe Ratio (1.93 vs 1.11), 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.