EEMX vs. MSCI

Last updated Jun 26, 2026

EEMX (SPDR MSCI Emerging Markets Fossil Fuel Free ETF) is Asia Pacific Equities fund tracking the MSCI Emerging Markets ex Fossil Fuels Index, while MSCI (MSCI Inc.) is a stock. Over the past 5 years, EEMX returned 7.67%/yr vs 1.60%/yr for MSCI. At a 0.36 correlation, their price movements are largely independent.

Performance

EEMX vs. MSCI - 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 MSCI Inc. (MSCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EEMX achieves a 26.15% return, which is significantly higher than MSCI's -4.37% return.

EEMX

• 1D: 1.08%
• 1M: 0.20%
• YTD: 26.15%
• 6M: 27.00%
• 1Y: 47.10%
• 3Y*: 24.09%
• 5Y*: 7.67%
• 10Y*: —

MSCI

• 1D: -5.67%
• 1M: -7.47%
• YTD: -4.37%
• 6M: -5.68%
• 1Y: -3.13%
• 3Y*: 6.85%
• 5Y*: 1.60%
• 10Y*: 23.81%

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

EEMX vs. MSCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF	26.15%	35.23%	7.22%	9.80%	-19.75%	-3.57%	19.55%	18.56%	-16.76%	38.46%
MSCI MSCI Inc.	-4.37%	-3.17%	7.31%	22.90%	-23.34%	38.14%	74.38%	77.19%	17.95%	62.63%

Correlation

The correlation between EEMX and MSCI is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (All Time) Calculated using the full available price history since Oct 25, 2016	0.36

Over the past year, the correlation between EEMX and MSCI has dropped to 0.06 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.

Return for Risk

EEMX vs. MSCI — Risk / Return Rank

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

EEMX

EEMX Risk / Return Rank: 73
EEMX Sharpe Ratio Rank: 72
EEMX Sortino Ratio Rank: 64
EEMX Omega Ratio Rank: 75
EEMX Calmar Ratio Rank: 76
EEMX Martin Ratio Rank: 77

MSCI

MSCI Risk / Return Rank: 36
MSCI Sharpe Ratio Rank: 39
MSCI Sortino Ratio Rank: 34
MSCI Omega Ratio Rank: 34
MSCI Calmar Ratio Rank: 38
MSCI Martin Ratio Rank: 36

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. MSCI - 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 MSCI Inc. (MSCI). 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.

	EEMX	MSCI	Difference
Sharpe ratio: Return per unit of total volatility	2.02	-0.11	+2.13
Sortino ratio: Return per unit of downside risk	2.59	0.05	+2.53
Omega ratio: Gain probability vs. loss probability	1.39	1.01	+0.38
Calmar ratio: Return relative to maximum drawdown	3.41	-0.17	+3.58
Martin ratio: Return relative to average drawdown	12.72	-0.44	+13.16

EEMX vs. MSCI - Sharpe Ratio Comparison

The current EEMX Sharpe Ratio is 2.02, which is higher than the MSCI Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of EEMX and MSCI, 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

EEMX vs. MSCI - Drawdown Comparison

The maximum EEMX drawdown since its inception was -39.90%, smaller than the maximum MSCI drawdown of -69.06%. Use the drawdown chart below to compare losses from any high point for EEMX and MSCI.

Drawdown Indicators

	EEMX	MSCI	Difference
Max Drawdown Largest peak-to-trough decline	-39.90%	-69.06%	+29.16%
Max Drawdown (1Y) Largest decline over 1 year	-13.89%	-18.07%	+4.18%
Max Drawdown (3Y) Largest decline over 3 years	-17.64%	-25.99%	+8.35%
Max Drawdown (5Y) Largest decline over 5 years	-36.99%	-43.74%	+6.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.74%	—
Current Drawdown Current decline from peak	-4.58%	-15.42%	+10.84%
Average Drawdown Average peak-to-trough decline	-14.67%	-13.07%	-1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	7.12%	-3.41%

Volatility

EEMX vs. MSCI - Volatility Comparison

SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) has a higher volatility of 12.32% compared to MSCI Inc. (MSCI) at 10.00%. This indicates that EEMX's price experiences larger fluctuations and is considered to be riskier than MSCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEMX	MSCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.32%	10.00%	+2.32%
Volatility (6M) Calculated over the trailing 6-month period	21.50%	21.83%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	23.42%	29.12%	-5.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.81%	30.84%	-11.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.61%	31.22%	-10.61%

Dividends

EEMX vs. MSCI - Dividend Comparison

EEMX's dividend yield for the trailing twelve months is around 1.79%, more than MSCI's 1.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF	1.79%	2.28%	2.26%	2.20%	2.38%	1.72%	1.42%	2.57%	2.41%	2.45%	0.15%	0.00%
MSCI MSCI Inc.	1.41%	1.25%	1.07%	0.98%	0.98%	0.59%	0.65%	0.98%	1.30%	1.04%	1.27%	1.11%

Frequently Asked Questions

Can I hold both EEMX and MSCI in my portfolio?

EEMX and MSCI have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EEMX or MSCI?

EEMX has higher volatility (12.32%) compared to MSCI (10.00%). In terms of maximum drawdown, EEMX dropped -39.90% vs MSCI's -69.06%.

Which has better risk-adjusted returns?

EEMX currently has the higher Sharpe Ratio (2.02 vs -0.11), 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.