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EEMX vs. VWO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEMX vs. VWO

Last updated Jun 24, 2026

EEMX (SPDR MSCI Emerging Markets Fossil Fuel Free ETF) and VWO (Vanguard FTSE 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 VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index. Both are passively managed. Over the past 5 years, EEMX returned 7.56%/yr vs 5.09%/yr for VWO. Their correlation of 0.88 suggests significant overlap in exposure. EEMX charges 0.30%/yr vs 0.08%/yr for VWO.

Performance

EEMX vs. VWO - 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 Vanguard FTSE Emerging Markets ETF (VWO). 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 VWO's 10.55% return.

EEMX

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

VWO

1D
-3.07%
1M
0.76%
YTD
10.55%
6M
10.67%
1Y
27.03%
3Y*
17.42%
5Y*
5.09%
10Y*
8.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EEMX vs. VWO - 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%
VWO
Vanguard FTSE Emerging Markets ETF		10.55%25.60%10.59%9.25%-17.98%1.26%15.17%20.75%-14.76%31.49%

Correlation

The correlation between EEMX and VWO is 0.95, 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

0.95

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

0.96

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

0.97

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

0.88

The correlation between EEMX and VWO has been stable across timeframes, ranging from 0.88 to 0.97 - a consistent structural relationship.

EEMX vs. VWO - Sectors Allocation Comparison

Sectors
EEMX
VWO

Technology

26.8%
31.6%

Financial Services

11.1%
16.8%

Consumer Cyclical

6.5%
8.7%

Communication Services

4.4%
5.8%

Basic Materials

2.6%
7.0%

Industrials

2.3%
6.8%

Consumer Defensive

1.6%
3.1%

Healthcare

1.4%
3.4%

Utilities

0.9%
2.4%

Real Estate

0.7%
1.8%

Energy

0.3%
3.6%

Technology

EEMX
26.8%
VWO
31.6%

Financial Services

EEMX
11.1%
VWO
16.8%

Consumer Cyclical

EEMX
6.5%
VWO
8.7%

Communication Services

EEMX
4.4%
VWO
5.8%

Basic Materials

EEMX
2.6%
VWO
7.0%

Industrials

EEMX
2.3%
VWO
6.8%

Consumer Defensive

EEMX
1.6%
VWO
3.1%

Healthcare

EEMX
1.4%
VWO
3.4%

Utilities

EEMX
0.9%
VWO
2.4%

Real Estate

EEMX
0.7%
VWO
1.8%

Energy

EEMX
0.3%
VWO
3.6%

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

Vanguard FTSE Emerging Markets ETF

Often compared with EEMX:
EEMX vs. ESGEEEMX vs. EEMEEMX vs. ^GSPCEEMX vs. SPEMEEMX vs. FSKAXEEMX vs. VOOEEMX vs. SCHD
Often compared with VWO:
VWO vs. VEAVWO vs. IEMGVWO vs. VXUSVWO vs. EEMVWO vs. VOOVWO vs. VTIVWO vs. VEMAX

Return for Risk

EEMX vs. VWO — 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
VWO
VWO Risk / Return Rank: 4949
Overall Rank
VWO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
VWO Sortino Ratio Rank: 4646
Sortino Ratio Rank
VWO Omega Ratio Rank: 4949
Omega Ratio Rank
VWO Calmar Ratio Rank: 5151
Calmar Ratio Rank
VWO Martin Ratio Rank: 5151
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. VWO - 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 Vanguard FTSE Emerging Markets ETF (VWO). 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.

EEMXVWODifference
Sharpe ratioReturn per unit of total volatility
2.11
1.60

+0.50

Sortino ratioReturn per unit of downside risk
2.68
2.22

+0.46

Omega ratioGain probability vs. loss probability

1.40

1.30

+0.10

Calmar ratioReturn relative to maximum drawdown

3.57

2.43

+1.14

Martin ratioReturn relative to average drawdown

13.44

8.56

+4.88

EEMX vs. VWO - Sharpe Ratio Comparison

The current EEMX Sharpe Ratio is 2.11, which is higher than the VWO Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of EEMX and VWO, 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. VWO - Drawdown Comparison

The maximum EEMX drawdown since its inception was -39.90%, smaller than the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for EEMX and VWO.

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Drawdown Indicators

EEMXVWODifference

Max Drawdown

Largest peak-to-trough decline

-39.90%

-67.68%

+27.78%

Max Drawdown (1Y)

Largest decline over 1 year

-13.89%

-11.17%

-2.72%

Max Drawdown (3Y)

Largest decline over 3 years

-17.64%

-17.37%

-0.27%

Max Drawdown (5Y)

Largest decline over 5 years

-36.99%

-32.60%

-4.39%

Max Drawdown (10Y)

Largest decline over 10 years

—

-36.39%

—

Current Drawdown

Current decline from peak

-5.71%

-3.07%

-2.64%

Average Drawdown

Average peak-to-trough decline

-14.67%

-15.79%

+1.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.69%

3.17%

+0.52%

Volatility

EEMX vs. VWO - Volatility Comparison

SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) has a higher volatility of 12.89% compared to Vanguard FTSE Emerging Markets ETF (VWO) at 7.37%. This indicates that EEMX's price experiences larger fluctuations and is considered to be riskier than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EEMXVWODifference

Volatility (1M)

Calculated over the trailing 1-month period

12.89%

7.37%

+5.52%

Volatility (6M)

Calculated over the trailing 6-month period

21.50%

14.62%

+6.88%

Volatility (1Y)

Calculated over the trailing 1-year period

23.54%

16.94%

+6.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.81%

17.58%

+2.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.62%

19.18%

+1.44%

EEMX vs. VWO - Expense Ratio Comparison

EEMX has a 0.30% expense ratio, which is higher than VWO's 0.08% expense ratio.

Dividends

EEMX vs. VWO - Dividend Comparison

EEMX's dividend yield for the trailing twelve months is around 1.81%, less than VWO's 2.33% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VWO
Vanguard FTSE Emerging Markets ETF		2.33%2.79%3.20%3.52%4.11%2.63%1.91%3.23%2.88%2.30%2.52%3.26%

Frequently Asked Questions

With a correlation of 0.95, EEMX and VWO 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 VWO (7.37%). In terms of maximum drawdown, EEMX dropped -39.90% vs VWO's -67.68%.

On 5-year performance, EEMX leads with 7.56% vs 5.09% for VWO. On fees, VWO is cheaper at 0.08% per year. On volatility, VWO has been the lower-risk option at 7.37%. 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 5.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VWO is cheaper with a 0.08% expense ratio, compared with 0.30% for EEMX.

VWO has the higher dividend yield at 2.33%, compared with 1.81% for EEMX.

EEMX is categorized as Asia Pacific Equities, while VWO is Emerging Markets Equities. EEMX tracks MSCI Emerging Markets ex Fossil Fuels Index, while VWO tracks FTSE Emerging Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.30% for EEMX and 0.08% for VWO.

EEMX currently has the higher Sharpe Ratio (2.11 vs 1.60), 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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