EMFIX vs. EMXC

Last updated Jun 23, 2026

EMFIX (Ashmore Emerging Markets Equity Fund) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both funds - EMFIX is a Emerging Markets Diversified fund managed by Ashmore, while EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index. Over the past 5 years, EMFIX returned 7.94%/yr vs 14.13%/yr for EMXC. A 0.79 correlation means they provide meaningful diversification when combined. EMFIX charges 1.17%/yr vs 0.49%/yr for EMXC.

Performance

EMFIX vs. EMXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ashmore Emerging Markets Equity Fund (EMFIX) and iShares MSCI Emerging Markets ex China ETF (EMXC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMFIX achieves a 32.65% return, which is significantly lower than EMXC's 47.39% return.

EMFIX

• 1D: 2.34%
• 1M: 5.60%
• YTD: 32.65%
• 6M: 35.12%
• 1Y: 62.00%
• 3Y*: 23.78%
• 5Y*: 7.94%
• 10Y*: 14.10%

EMXC

• 1D: 0.70%
• 1M: 12.05%
• YTD: 47.39%
• 6M: 50.85%
• 1Y: 80.79%
• 3Y*: 30.52%
• 5Y*: 14.13%
• 10Y*: —

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

EMFIX vs. EMXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMFIX Ashmore Emerging Markets Equity Fund	32.65%	35.16%	7.08%	9.68%	-26.09%	4.05%	30.00%	30.47%	-16.96%	11.46%
EMXC iShares MSCI Emerging Markets ex China ETF	47.39%	35.14%	2.68%	18.96%	-19.56%	8.54%	12.76%	15.80%	-12.96%	7.16%

Correlation

The correlation between EMFIX and EMXC is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017	0.79

The correlation between EMFIX and EMXC has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.

Return for Risk

EMFIX vs. EMXC — Risk / Return Rank

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

EMFIX

EMFIX Risk / Return Rank: 90
EMFIX Sharpe Ratio Rank: 95
EMFIX Sortino Ratio Rank: 86
EMFIX Omega Ratio Rank: 86
EMFIX Calmar Ratio Rank: 92
EMFIX Martin Ratio Rank: 91

EMXC

EMXC Risk / Return Rank: 92
EMXC Sharpe Ratio Rank: 94
EMXC Sortino Ratio Rank: 89
EMXC Omega Ratio Rank: 93
EMXC Calmar Ratio Rank: 91
EMXC Martin Ratio Rank: 92

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.

EMFIX vs. EMXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ashmore Emerging Markets Equity Fund (EMFIX) and iShares MSCI Emerging Markets ex China ETF (EMXC). 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.

	EMFIX	EMXC	Difference
Sharpe ratio: Return per unit of total volatility	3.07	3.33	-0.26
Sortino ratio: Return per unit of downside risk	3.82	3.94	-0.12
Omega ratio: Gain probability vs. loss probability	1.55	1.60	-0.05
Calmar ratio: Return relative to maximum drawdown	4.64	5.64	-0.99
Martin ratio: Return relative to average drawdown	16.77	21.69	-4.92

EMFIX vs. EMXC - Sharpe Ratio Comparison

The current EMFIX Sharpe Ratio is 3.07, which is comparable to the EMXC Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of EMFIX and EMXC, 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

EMFIX vs. EMXC - Drawdown Comparison

The maximum EMFIX drawdown since its inception was -44.99%, which is greater than EMXC's maximum drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for EMFIX and EMXC.

Drawdown Indicators

	EMFIX	EMXC	Difference
Max Drawdown Largest peak-to-trough decline	-44.99%	-42.81%	-2.18%
Max Drawdown (1Y) Largest decline over 1 year	-13.20%	-14.41%	+1.21%
Max Drawdown (3Y) Largest decline over 3 years	-19.91%	-19.12%	-0.79%
Max Drawdown (5Y) Largest decline over 5 years	-42.41%	-28.91%	-13.50%
Max Drawdown (10Y) Largest decline over 10 years	-43.54%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-16.89%	-10.15%	-6.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.65%	3.74%	-0.09%

Volatility

EMFIX vs. EMXC - Volatility Comparison

The current volatility for Ashmore Emerging Markets Equity Fund (EMFIX) is 9.45%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 12.87%. This indicates that EMFIX experiences smaller price fluctuations and is considered to be less risky than EMXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMFIX	EMXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.45%	12.87%	-3.42%
Volatility (6M) Calculated over the trailing 6-month period	17.36%	22.38%	-5.02%
Volatility (1Y) Calculated over the trailing 1-year period	19.98%	24.42%	-4.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.29%	18.17%	+1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.81%	20.13%	-0.32%

EMFIX vs. EMXC - Expense Ratio Comparison

EMFIX has a 1.17% expense ratio, which is higher than EMXC's 0.49% expense ratio.

Dividends

EMFIX vs. EMXC - Dividend Comparison

EMFIX's dividend yield for the trailing twelve months is around 1.23%, less than EMXC's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EMFIX Ashmore Emerging Markets Equity Fund	1.23%	1.65%	0.61%	1.25%	0.82%	22.32%	2.32%	2.16%	0.82%	2.12%	1.00%
EMXC iShares MSCI Emerging Markets ex China ETF	1.81%	2.82%	2.69%	1.83%	2.85%	1.78%	1.45%	3.25%	2.63%	0.99%	0.00%

Frequently Asked Questions

Can I hold both EMFIX and EMXC in my portfolio?

EMFIX and EMXC have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMFIX or EMXC?

EMXC has higher volatility (12.87%) compared to EMFIX (9.45%). In terms of maximum drawdown, EMFIX dropped -44.99% vs EMXC's -42.81%.

Which has better risk-adjusted returns?

EMXC currently has the higher Sharpe Ratio (3.33 vs 3.07), 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.