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EEMX vs. EEM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEMX vs. EEM

Last updated Jun 24, 2026

EEMX (SPDR MSCI Emerging Markets Fossil Fuel Free ETF) and EEM (iShares MSCI Emerging Markets ETF) are both exchange-traded funds - EEMX is a Asia Pacific Equities fund tracking the MSCI Emerging Markets ex Fossil Fuels Index, while EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net). Both are passively managed. Over the past 5 years, EEMX returned 7.56%/yr vs 6.54%/yr for EEM. Their correlation of 0.90 suggests significant overlap in exposure. EEMX charges 0.30%/yr vs 0.72%/yr for EEM.

Performance

EEMX vs. EEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) and iShares MSCI Emerging Markets ETF (EEM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EEMX achieves a 24.65% return, which is significantly higher than EEM's 23.41% return.

EEMX

1D
-5.71%
1M
2.95%
YTD
24.65%
6M
25.60%
1Y
49.39%
3Y*
23.83%
5Y*
7.56%
10Y*
—

EEM

1D
-5.67%
1M
2.49%
YTD
23.41%
6M
24.32%
1Y
46.62%
3Y*
22.58%
5Y*
6.54%
10Y*
9.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EEMX vs. EEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EEMX
SPDR MSCI Emerging Markets Fossil Fuel Free ETF		24.65%35.23%7.22%9.80%-19.75%-3.57%19.55%18.56%-16.76%38.46%
EEM
iShares MSCI Emerging Markets ETF		23.41%33.98%6.49%8.95%-20.56%-3.63%17.02%18.22%-15.31%37.26%

Correlation

The correlation between EEMX and EEM is 0.99 - 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

0.99

Correlation (3Y)
Calculated over the trailing 3-year period

0.99

Correlation (5Y)
Calculated over the trailing 5-year period

0.99

Correlation (All Time)
Calculated using the full available price history since Oct 25, 2016

0.90

The correlation between EEMX and EEM has been stable across timeframes, ranging from 0.90 to 0.99 - a consistent structural relationship.

EEMX vs. EEM - Sectors Allocation Comparison

Sectors
EEMX
EEM

Technology

26.8%
46.4%

Financial Services

11.1%
17.8%

Consumer Cyclical

6.5%
7.2%

Communication Services

4.4%
5.6%

Basic Materials

2.6%
5.7%

Industrials

2.3%
5.9%

Consumer Defensive

1.6%
2.4%

Healthcare

1.4%
2.3%

Utilities

0.9%
1.8%

Real Estate

0.7%
0.9%

Energy

0.3%
3.0%

Technology

EEMX
26.8%
EEM
46.4%

Financial Services

EEMX
11.1%
EEM
17.8%

Consumer Cyclical

EEMX
6.5%
EEM
7.2%

Communication Services

EEMX
4.4%
EEM
5.6%

Basic Materials

EEMX
2.6%
EEM
5.7%

Industrials

EEMX
2.3%
EEM
5.9%

Consumer Defensive

EEMX
1.6%
EEM
2.4%

Healthcare

EEMX
1.4%
EEM
2.3%

Utilities

EEMX
0.9%
EEM
1.8%

Real Estate

EEMX
0.7%
EEM
0.9%

Energy

EEMX
0.3%
EEM
3.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR MSCI Emerging Markets Fossil Fuel Free ETF

iShares MSCI Emerging Markets ETF

Often compared with EEMX:
EEMX vs. ESGEEEMX vs. ^GSPCEEMX vs. SPEMEEMX vs. FSKAXEEMX vs. VOOEEMX vs. VWOEEMX vs. SCHD
Often compared with EEM:
EEM vs. VWOEEM vs. SPYEEM vs. IEMGEEM vs. IS3N.DEEEM vs. VXUSEEM vs. EEMSEEM vs. SPEM

Return for Risk

EEMX vs. EEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EEMX
EEMX Risk / Return Rank: 7171
Overall Rank
EEMX Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
EEMX Sortino Ratio Rank: 6161
Sortino Ratio Rank
EEMX Omega Ratio Rank: 7373
Omega Ratio Rank
EEMX Calmar Ratio Rank: 7575
Calmar Ratio Rank
EEMX Martin Ratio Rank: 7676
Martin Ratio Rank
EEM
EEM Risk / Return Rank: 6767
Overall Rank
EEM Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
EEM Sortino Ratio Rank: 5757
Sortino Ratio Rank
EEM Omega Ratio Rank: 6969
Omega Ratio Rank
EEM Calmar Ratio Rank: 7171
Calmar Ratio Rank
EEM Martin Ratio Rank: 7070
Martin Ratio Rank
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.

EEMX vs. EEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) and iShares MSCI Emerging Markets ETF (EEM). 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.

EEMXEEMDifference
Sharpe ratioReturn per unit of total volatility
2.11
2.06

+0.05

Sortino ratioReturn per unit of downside risk
2.68
2.63

+0.05

Omega ratioGain probability vs. loss probability

1.40

1.39

+0.01

Calmar ratioReturn relative to maximum drawdown

3.57

3.46

+0.11

Martin ratioReturn relative to average drawdown

13.44

12.70

+0.75

EEMX vs. EEM - Sharpe Ratio Comparison

The current EEMX Sharpe Ratio is 2.11, which is comparable to the EEM Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of EEMX and EEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EEMX vs. EEM - Drawdown Comparison

The maximum EEMX drawdown since its inception was -39.90%, smaller than the maximum EEM drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for EEMX and EEM.

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Drawdown Indicators

EEMXEEMDifference

Max Drawdown

Largest peak-to-trough decline

-39.90%

-66.43%

+26.53%

Max Drawdown (1Y)

Largest decline over 1 year

-13.89%

-13.52%

-0.37%

Max Drawdown (3Y)

Largest decline over 3 years

-17.64%

-17.29%

-0.35%

Max Drawdown (5Y)

Largest decline over 5 years

-36.99%

-37.49%

+0.50%

Max Drawdown (10Y)

Largest decline over 10 years

—

-39.82%

—

Current Drawdown

Current decline from peak

-5.71%

-5.67%

-0.04%

Average Drawdown

Average peak-to-trough decline

-14.67%

-15.99%

+1.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.69%

3.68%

+0.01%

Volatility

EEMX vs. EEM - Volatility Comparison

SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) and iShares MSCI Emerging Markets ETF (EEM) have volatilities of 12.89% and 12.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EEMXEEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.89%

12.59%

+0.30%

Volatility (6M)

Calculated over the trailing 6-month period

21.50%

20.73%

+0.77%

Volatility (1Y)

Calculated over the trailing 1-year period

23.54%

22.77%

+0.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.81%

19.55%

+0.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.62%

20.67%

-0.05%

EEMX vs. EEM - Expense Ratio Comparison

EEMX has a 0.30% expense ratio, which is lower than EEM's 0.72% expense ratio.

Dividends

EEMX vs. EEM - Dividend Comparison

EEMX's dividend yield for the trailing twelve months is around 1.81%, more than EEM's 1.66% yield.

PositionTTM20252024202320222021202020192018201720162015
EEM
iShares MSCI Emerging Markets ETF		1.66%2.22%2.43%2.63%2.50%1.99%1.45%2.76%2.24%1.89%1.89%2.49%
EEMX
SPDR MSCI Emerging Markets Fossil Fuel Free ETF		1.81%2.28%2.26%2.20%2.38%1.72%1.42%2.57%2.41%2.45%0.15%0.00%

Frequently Asked Questions

With a correlation of 0.99, EEMX and EEM 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.

EEMX has higher volatility (12.89%) compared to EEM (12.59%). In terms of maximum drawdown, EEMX dropped -39.90% vs EEM's -66.43%.

On 5-year performance, EEMX leads with 7.56% vs 6.54% for EEM. On fees, EEMX is cheaper at 0.30% per year. On volatility, EEM has been the lower-risk option at 12.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EEMX has performed better with a 7.56% return vs 6.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EEMX is cheaper with a 0.30% expense ratio, compared with 0.72% for EEM.

EEMX has the higher dividend yield at 1.81%, compared with 1.66% for EEM.

EEMX is categorized as Asia Pacific Equities, while EEM is Emerging Markets Diversified. EEMX tracks MSCI Emerging Markets ex Fossil Fuels Index, while EEM tracks MSCI Emerging Markets Index (Net). They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for EEMX and 0.72% for EEM.

EEMX currently has the higher Sharpe Ratio (2.11 vs 2.06), 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.

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