EMHD.L vs. EXCS.L

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF Dist (EMHD.L) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L).

EMHD.L and EXCS.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMHD.L is a passively managed fund by Invesco that tracks the performance of the FTSE Emerging High Dividend Low Volatility Net Tax Index. It was launched on May 27, 2016. EXCS.L is a passively managed fund by iShares that tracks the performance of the MSCI EM NR USD. It was launched on Apr 27, 2021. Both EMHD.L and EXCS.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EMHD.L vs. EXCS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF Dist (EMHD.L) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L). The values are adjusted to include any dividend payments, if applicable.

EMHD.L vs. EXCS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EMHD.L Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF Dist	7.55%	26.93%	2.28%	10.88%	-17.26%	8.12%
EXCS.L iShares MSCI EM ex-China UCITS ETF USD (Acc)	4.74%	35.65%	3.79%	16.81%	-17.91%	4.27%

Different Trading Currencies

EMHD.L is traded in USD, while EXCS.L is traded in GBP. To make them comparable, the EXCS.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EMHD.L achieves a 7.55% return, which is significantly higher than EXCS.L's 4.74% return.

EMHD.L

• 1D: 0.21%
• 1M: -3.55%
• YTD: 7.55%
• 6M: 13.46%
• 1Y: 30.52%
• 3Y*: 14.90%
• 5Y*: 6.34%
• 10Y*: —

EXCS.L

• 1D: 0.24%
• 1M: -13.20%
• YTD: 4.74%
• 6M: 14.75%
• 1Y: 43.49%
• 3Y*: 19.14%
• 5Y*: —
• 10Y*: —

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

EMHD.L vs. EXCS.L - Expense Ratio Comparison

EMHD.L has a 0.49% expense ratio, which is higher than EXCS.L's 0.18% expense ratio.

EMHD.L

Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF Dist

EXCS.L

iShares MSCI EM ex-China UCITS ETF USD (Acc)

Return for Risk

EMHD.L vs. EXCS.L — Risk / Return Rank

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

EMHD.L

EMHD.L Risk / Return Rank: 93
EMHD.L Sharpe Ratio Rank: 93
EMHD.L Sortino Ratio Rank: 94
EMHD.L Omega Ratio Rank: 92
EMHD.L Calmar Ratio Rank: 92
EMHD.L Martin Ratio Rank: 93

EXCS.L

EXCS.L Risk / Return Rank: 93
EXCS.L Sharpe Ratio Rank: 95
EXCS.L Sortino Ratio Rank: 94
EXCS.L Omega Ratio Rank: 94
EXCS.L Calmar Ratio Rank: 92
EXCS.L Martin Ratio Rank: 90

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.

EMHD.L vs. EXCS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF Dist (EMHD.L) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L). 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.

	EMHD.L	EXCS.L	Difference
Sharpe ratio Return per unit of total volatility	2.24	2.25	-0.01
Sortino ratio Return per unit of downside risk	2.94	2.82	+0.12
Omega ratio Gain probability vs. loss probability	1.41	1.40	+0.01
Calmar ratio Return relative to maximum drawdown	3.36	2.98	+0.38
Martin ratio Return relative to average drawdown	13.72	11.60	+2.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMHD.L vs. EXCS.L - Sharpe Ratio Comparison

The current EMHD.L Sharpe Ratio is 2.24, which is comparable to the EXCS.L Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of EMHD.L and EXCS.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EMHD.L	EXCS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.25	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.55	-0.11

Correlation

The correlation between EMHD.L and EXCS.L is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

EMHD.L vs. EXCS.L - Dividend Comparison

EMHD.L's dividend yield for the trailing twelve months is around 4.92%, while EXCS.L has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EMHD.L Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF Dist	4.92%	5.17%	5.78%	5.99%	9.02%	6.08%	4.02%	5.04%	5.51%	4.92%	2.37%
EXCS.L iShares MSCI EM ex-China UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

EMHD.L vs. EXCS.L - Drawdown Comparison

The maximum EMHD.L drawdown since its inception was -38.32%, which is greater than EXCS.L's maximum drawdown of -28.08%. Use the drawdown chart below to compare losses from any high point for EMHD.L and EXCS.L.

Drawdown Indicators

	EMHD.L	EXCS.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.32%	-17.51%	-20.81%
Max Drawdown (1Y) Largest decline over 1 year	-8.77%	-11.81%	+3.04%
Max Drawdown (5Y) Largest decline over 5 years	-30.43%	—	—
Current Drawdown Current decline from peak	-4.40%	-11.69%	+7.29%
Average Drawdown Average peak-to-trough decline	-9.88%	-4.97%	-4.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	3.27%	-1.12%

Volatility

EMHD.L vs. EXCS.L - Volatility Comparison

The current volatility for Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF Dist (EMHD.L) is 5.05%, while iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a volatility of 9.65%. This indicates that EMHD.L experiences smaller price fluctuations and is considered to be less risky than EXCS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMHD.L	EXCS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	9.65%	-4.60%
Volatility (6M) Calculated over the trailing 6-month period	8.89%	14.52%	-5.63%
Volatility (1Y) Calculated over the trailing 1-year period	13.58%	19.30%	-5.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.99%	16.94%	-1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.90%	16.94%	-0.04%