EEMX vs. VWO

Last updated Aug 4, 2026

EEMX (SPDR MSCI Emerging Markets Fossil Fuel Free ETF) and VWO (Vanguard FTSE Emerging Markets ETF) are both Emerging Markets Equities funds - EEMX tracks the MSCI Emerging Markets ex Fossil Fuels Index while VWO tracks the FTSE Emerging Index. Both are passively managed. Over the past 5 years, EEMX returned 7.78%/yr vs 5.92%/yr for VWO. Their correlation of 0.88 means they have usually moved in the same direction. 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.

Returns By Period

In the year-to-date period, EEMX achieves a 20.14% return, which is significantly higher than VWO's 9.99% return.

EEMX

• 1D: 1.21%
• 1M: -1.32%
• 6M: 10.74%
• YTD: 20.14%
• 1Y: 38.96%
• 3Y*: 20.71%
• 5Y*: 7.78%
• 10Y*: —
• ALL TIME*: 9.42%

VWO

• 1D: 0.53%
• 1M: 0.03%
• 6M: 4.14%
• YTD: 9.99%
• 1Y: 22.33%
• 3Y*: 15.67%
• 5Y*: 5.92%
• 10Y*: 7.69%
• ALL TIME*: 6.83%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF	$788.09K	$493.43K	$407.23K
VWO Vanguard FTSE Emerging Markets ETF	$402.91M	$469.57M	$503.00M

EEMX vs. VWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF	20.14%	35.23%	7.22%	9.80%	-19.75%	-3.57%	19.55%	18.56%	-16.76%	38.46%
VWO Vanguard FTSE Emerging Markets ETF	9.99%	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 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.96
Correlation (5Y) Shows whether the relationship held over a longer 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	47.1%	34.2%
Financial Services	19.2%	19.4%
Consumer Cyclical	7.8%	9.1%
Communication Services	6.3%	6.6%
Industrials	6.3%	7.9%
Basic Materials	5.3%	7.2%
Consumer Defensive	2.7%	3.3%
Healthcare	2.6%	3.7%
Utilities	1.3%	2.8%
Real Estate	1.0%	2.0%
Energy	0.4%	3.8%

Return for Risk

EEMX vs. VWO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EEMX

EEMX Risk / Return Rank: 65
EEMX Sharpe Ratio Rank: 63
EEMX Sortino Ratio Rank: 58
EEMX Omega Ratio Rank: 65
EEMX Calmar Ratio Rank: 74
EEMX Martin Ratio Rank: 66

VWO

VWO Risk / Return Rank: 52
VWO Sharpe Ratio Rank: 51
VWO Sortino Ratio Rank: 50
VWO Omega Ratio Rank: 51
VWO Calmar Ratio Rank: 55
VWO Martin Ratio Rank: 54

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

	EEMX	VWO	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.28	+0.27
Sortino ratio: Return per unit of downside risk	2.07	1.81	+0.26
Omega ratio: Gain probability vs. loss probability	1.29	1.23	+0.05
Calmar ratio: Return relative to maximum drawdown	2.70	2.01	+0.70
Martin ratio: Return relative to average drawdown	8.34	6.52	+1.82

EEMX vs. VWO - Sharpe Ratio Comparison

The current EEMX Sharpe Ratio is 1.54, which is comparable to the VWO Sharpe Ratio of 1.28. 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.

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.

Drawdown Indicators

	EEMX	VWO	Difference
Max Drawdown Largest peak-to-trough decline	-39.90%	-67.68%	+27.78%
Max Drawdown (1Y) Largest decline over 1 year	-14.47%	-11.17%	-3.30%
Max Drawdown (3Y) Largest decline over 3 years	-17.64%	-17.37%	-0.27%
Max Drawdown (5Y) Largest decline over 5 years	-34.31%	-30.88%	-3.43%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.39%	—
Current Drawdown Current decline from peak	-9.12%	-3.56%	-5.56%
Average Drawdown Average peak-to-trough decline	-14.60%	-15.73%	+1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.68%	3.43%	+1.25%

Volatility

EEMX vs. VWO - Volatility Comparison

SPDR MSCI Emerging Markets Fossil Fuel Free ETF (EEMX) has a higher volatility of 9.56% compared to Vanguard FTSE Emerging Markets ETF (VWO) at 5.60%. 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.

Volatility by Period

	EEMX	VWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.56%	5.60%	+3.96%
Volatility (6M) Calculated over the trailing 6-month period	23.24%	15.08%	+8.16%
Volatility (1Y) Calculated over the trailing 1-year period	25.40%	17.60%	+7.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.15%	17.56%	+2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.75%	19.17%	+1.58%

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 1.88%, less than VWO's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF	1.88%	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	2.34%	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

Can I hold both EEMX and VWO in my portfolio?

With a correlation of 0.94, 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.

Which is riskier, EEMX or VWO?

EEMX has higher volatility (9.56%) compared to VWO (5.60%). In terms of maximum drawdown, EEMX dropped -39.90% vs VWO's -67.68%.

Which ETF is better, EEMX or VWO?

On 5-year performance, EEMX leads with 7.78% vs 5.92% for VWO. On fees, VWO is cheaper at 0.08% per year. On volatility, VWO has been the lower-risk option at 5.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEMX or VWO?

Over the 5-year period, EEMX has performed better with a 7.78% return vs 5.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEMX or VWO?

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

Which ETF pays a higher dividend yield, EEMX or VWO?

VWO has the higher dividend yield at 2.34%, compared with 1.88% for EEMX.

What is the main difference between EEMX and VWO?

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.

Which has better risk-adjusted returns?

EEMX currently has the higher Sharpe Ratio (1.54 vs 1.28), 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.