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EEMX vs. EPP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEMX vs. EPP

Last updated Jun 23, 2026

EEMX (SPDR MSCI Emerging Markets Fossil Fuel Free ETF) and EPP (iShares MSCI Pacific ex Japan ETF) are both Asia Pacific Equities funds - EEMX tracks the MSCI Emerging Markets ex Fossil Fuels Index while EPP tracks the MSCI Pacific ex-Japan Index. Both are passively managed. Over the past 5 years, EEMX returned 9.07%/yr vs 5.00%/yr for EPP. A 0.72 correlation means they provide meaningful diversification when combined. EEMX charges 0.30%/yr vs 0.48%/yr for EPP.

Performance

EEMX vs. EPP - 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 Pacific ex Japan ETF (EPP). 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 32.21% return, which is significantly higher than EPP's 8.29% return.

EEMX

1D
0.48%
1M
9.19%
YTD
32.21%
6M
33.98%
1Y
59.90%
3Y*
26.28%
5Y*
9.07%
10Y*
—

EPP

1D
-0.19%
1M
-0.60%
YTD
8.29%
6M
8.03%
1Y
16.65%
3Y*
13.17%
5Y*
5.00%
10Y*
7.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EEMX vs. EPP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EEMX
SPDR MSCI Emerging Markets Fossil Fuel Free ETF		32.21%35.23%7.22%9.80%-19.75%-3.57%19.55%18.56%-16.76%38.46%
EPP
iShares MSCI Pacific ex Japan ETF		8.29%19.70%4.76%5.76%-6.59%4.26%6.04%18.30%-10.78%26.05%

Correlation

The correlation between EEMX and EPP is 0.70, 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

0.70

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

0.77

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

0.78

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

0.72

The correlation between EEMX and EPP has been stable across timeframes, ranging from 0.70 to 0.78 - a consistent structural relationship.

EEMX vs. EPP - Sectors Allocation Comparison

Sectors
EEMX
EPP

Technology

26.8%
1.0%

Financial Services

11.1%
44.9%

Consumer Cyclical

6.5%
6.2%

Communication Services

4.4%
2.6%

Basic Materials

2.6%
17.0%

Industrials

2.3%
8.5%

Consumer Defensive

1.6%
2.9%

Healthcare

1.4%
3.3%

Utilities

0.9%
3.5%

Real Estate

0.7%
7.4%

Energy

0.3%
2.7%

Technology

EEMX
26.8%
EPP
1.0%

Financial Services

EEMX
11.1%
EPP
44.9%

Consumer Cyclical

EEMX
6.5%
EPP
6.2%

Communication Services

EEMX
4.4%
EPP
2.6%

Basic Materials

EEMX
2.6%
EPP
17.0%

Industrials

EEMX
2.3%
EPP
8.5%

Consumer Defensive

EEMX
1.6%
EPP
2.9%

Healthcare

EEMX
1.4%
EPP
3.3%

Utilities

EEMX
0.9%
EPP
3.5%

Real Estate

EEMX
0.7%
EPP
7.4%

Energy

EEMX
0.3%
EPP
2.7%

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 Pacific ex Japan ETF

Often compared with EEMX:
EEMX vs. ESGEEEMX vs. EEMEEMX vs. ^GSPCEEMX vs. SPEMEEMX vs. FSKAXEEMX vs. VOOEEMX vs. VWO
Often compared with EPP:
EPP vs. EWTEPP vs. AAXJEPP vs. BBAXEPP vs. EWHEPP vs. AIAEPP vs. EWYEPP vs. VPL

Return for Risk

EEMX vs. EPP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EEMX
EEMX Risk / Return Rank: 8383
Overall Rank
EEMX Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
EEMX Sortino Ratio Rank: 7878
Sortino Ratio Rank
EEMX Omega Ratio Rank: 8585
Omega Ratio Rank
EEMX Calmar Ratio Rank: 8484
Calmar Ratio Rank
EEMX Martin Ratio Rank: 8383
Martin Ratio Rank
EPP
EPP Risk / Return Rank: 3434
Overall Rank
EPP Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
EPP Sortino Ratio Rank: 3030
Sortino Ratio Rank
EPP Omega Ratio Rank: 3030
Omega Ratio Rank
EPP Calmar Ratio Rank: 4040
Calmar Ratio Rank
EPP Martin Ratio Rank: 3737
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. EPP - 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 Pacific ex Japan ETF (EPP). 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.

EEMXEPPDifference
Sharpe ratioReturn per unit of total volatility
2.64
1.11

+1.54

Sortino ratioReturn per unit of downside risk
3.32
1.60

+1.72

Omega ratioGain probability vs. loss probability

1.49

1.20

+0.28

Calmar ratioReturn relative to maximum drawdown

4.33

1.90

+2.43

Martin ratioReturn relative to average drawdown

16.38

5.62

+10.76

EEMX vs. EPP - Sharpe Ratio Comparison

The current EEMX Sharpe Ratio is 2.64, which is higher than the EPP Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of EEMX and EPP, 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. EPP - Drawdown Comparison

The maximum EEMX drawdown since its inception was -39.90%, smaller than the maximum EPP drawdown of -66.01%. Use the drawdown chart below to compare losses from any high point for EEMX and EPP.

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Drawdown Indicators

EEMXEPPDifference

Max Drawdown

Largest peak-to-trough decline

-39.90%

-66.01%

+26.11%

Max Drawdown (1Y)

Largest decline over 1 year

-13.89%

-8.79%

-5.10%

Max Drawdown (3Y)

Largest decline over 3 years

-17.64%

-19.29%

+1.65%

Max Drawdown (5Y)

Largest decline over 5 years

-36.99%

-24.79%

-12.20%

Max Drawdown (10Y)

Largest decline over 10 years

—

-39.30%

—

Current Drawdown

Current decline from peak

0.00%

-3.93%

+3.93%

Average Drawdown

Average peak-to-trough decline

-14.68%

-10.61%

-4.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.67%

2.97%

+0.70%

Volatility

EEMX vs. EPP - Volatility Comparison

SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) has a higher volatility of 11.25% compared to iShares MSCI Pacific ex Japan ETF (EPP) at 5.22%. This indicates that EEMX's price experiences larger fluctuations and is considered to be riskier than EPP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EEMXEPPDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.25%

5.22%

+6.03%

Volatility (6M)

Calculated over the trailing 6-month period

20.64%

12.75%

+7.89%

Volatility (1Y)

Calculated over the trailing 1-year period

22.84%

15.14%

+7.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.64%

17.51%

+2.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.54%

19.12%

+1.42%

EEMX vs. EPP - Expense Ratio Comparison

EEMX has a 0.30% expense ratio, which is lower than EPP's 0.48% expense ratio.

Dividends

EEMX vs. EPP - Dividend Comparison

EEMX's dividend yield for the trailing twelve months is around 1.71%, less than EPP's 3.47% yield.

PositionTTM20252024202320222021202020192018201720162015
EEMX
SPDR MSCI Emerging Markets Fossil Fuel Free ETF		1.71%2.28%2.26%2.20%2.38%1.72%1.42%2.57%2.41%2.45%0.15%0.00%
EPP
iShares MSCI Pacific ex Japan ETF		3.47%3.77%3.81%4.10%4.37%4.58%2.28%3.89%5.00%4.15%3.96%4.90%

Frequently Asked Questions

EEMX and EPP have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EEMX has higher volatility (11.25%) compared to EPP (5.22%). In terms of maximum drawdown, EEMX dropped -39.90% vs EPP's -66.01%.

On 5-year performance, EEMX leads with 9.07% vs 5.00% for EPP. On fees, EEMX is cheaper at 0.30% per year. On volatility, EPP has been the lower-risk option at 5.22%. 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 9.07% return vs 5.00%. 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 0.48% for EPP.

EPP has the higher dividend yield at 3.47%, compared with 1.71% for EEMX.

EEMX tracks MSCI Emerging Markets ex Fossil Fuels Index, while EPP tracks MSCI Pacific ex-Japan Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for EEMX and 0.48% for EPP.

EEMX currently has the higher Sharpe Ratio (2.64 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.

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