EMM vs. VWO
EMM (Global X Emerging Markets ex-China ETF) and VWO (Vanguard FTSE Emerging Markets ETF) are both Emerging Markets Equities funds. EMM is actively managed, while VWO is passively managed. Over the past 3 years, EMM returned 16.45%/yr vs 14.84%/yr for VWO. Their correlation of 0.85 means they have usually moved in the same direction. EMM charges 0.75%/yr vs 0.08%/yr for VWO.
Performance
EMM vs. VWO - Performance Comparison
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Returns By Period
In the year-to-date period, EMM achieves a 20.39% return, which is significantly higher than VWO's 9.41% return.
EMM
- 1D
- 0.69%
- 1M
- -5.50%
- 6M
- 12.37%
- YTD
- 20.39%
- 1Y
- 39.26%
- 3Y*
- 16.45%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 16.93%
VWO
- 1D
- 0.96%
- 1M
- -0.49%
- 6M
- 4.16%
- YTD
- 9.41%
- 1Y
- 21.69%
- 3Y*
- 14.84%
- 5Y*
- 6.08%
- 10Y*
- 7.86%
- ALL TIME*
- 6.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $252.31K | $295.99K | $449.48K | |
| $386.61M | $469.40M | $499.89M |
EMM vs. VWO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
EMM Global X Emerging Markets ex-China ETF | 20.39% | 30.21% | 2.34% | 2.99% |
VWO Vanguard FTSE Emerging Markets ETF | 9.41% | 25.60% | 10.59% | 7.44% |
Correlation
The correlation between EMM and VWO is 0.86, 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. | 0.86 |
Correlation (3Y) Balances recent behavior with more history. | 0.84 |
Correlation (All Time) Calculated using the full available price history since May 15, 2023 | 0.85 |
The correlation between EMM and VWO has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.
EMM vs. VWO - Sectors Allocation Comparison
Sectors
EMM
VWO
Technology
Financial Services
Industrials
Energy
Consumer Defensive
Basic Materials
Consumer Cyclical
Communication Services
Real Estate
Healthcare
Utilities
Technology
EMM
VWO
Financial Services
EMM
VWO
Industrials
EMM
VWO
Energy
EMM
VWO
Consumer Defensive
EMM
VWO
Basic Materials
EMM
VWO
Consumer Cyclical
EMM
VWO
Communication Services
EMM
VWO
Real Estate
EMM
VWO
Healthcare
EMM
VWO
Utilities
EMM
VWO
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Return for Risk
EMM vs. VWO — Risk / Return Rank
EMM
VWO
EMM vs. VWO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Emerging Markets ex-China ETF (EMM) 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.
| EMM | VWO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.22 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 1.89 | +0.29 |
| Martin ratioReturn relative to average drawdown | 7.68 | 6.16 | +1.52 |
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Drawdowns
EMM vs. VWO - Drawdown Comparison
The maximum EMM drawdown since its inception was -21.99%, smaller than the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for EMM and VWO.
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Drawdown Indicators
| EMM | VWO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.99% | -67.68% | +45.69% |
Max Drawdown (1Y)Largest decline over 1 year | -17.62% | -11.17% | -6.45% |
Max Drawdown (3Y)Largest decline over 3 years | -21.99% | -17.37% | -4.62% |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.88% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.39% | — |
Current DrawdownCurrent decline from peak | -12.87% | -4.07% | -8.80% |
Average DrawdownAverage peak-to-trough decline | -4.84% | -15.73% | +10.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.00% | 3.43% | +1.57% |
Volatility
EMM vs. VWO - Volatility Comparison
Global X Emerging Markets ex-China ETF (EMM) has a higher volatility of 10.56% compared to Vanguard FTSE Emerging Markets ETF (VWO) at 5.58%. This indicates that EMM'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
| EMM | VWO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.56% | 5.58% | +4.98% |
Volatility (6M)Calculated over the trailing 6-month period | 24.68% | 15.22% | +9.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.65% | 17.58% | +9.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.48% | 17.56% | +2.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.48% | 19.17% | +1.31% |
EMM vs. VWO - Expense Ratio Comparison
EMM has a 0.75% expense ratio, which is higher than VWO's 0.08% expense ratio.
Dividends
EMM vs. VWO - Dividend Comparison
EMM's dividend yield for the trailing twelve months is around 0.79%, less than VWO's 2.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMM Global X Emerging Markets ex-China ETF | 0.79% | 0.90% | 0.80% | 0.66% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VWO Vanguard FTSE Emerging Markets ETF | 2.35% | 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
EMM and VWO have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMM has higher volatility (10.56%) compared to VWO (5.58%). In terms of maximum drawdown, EMM dropped -21.99% vs VWO's -67.68%.
On 3-year performance, EMM leads with 16.45% vs 14.84% for VWO. On fees, VWO is cheaper at 0.08% per year. On volatility, VWO has been the lower-risk option at 5.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EMM has performed better with a 16.45% return vs 14.84%. 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 0.75% for EMM.
VWO has the higher dividend yield at 2.35%, compared with 0.79% for EMM.
They also come from different issuers: Global X and Vanguard. Their fees differ too: 0.75% for EMM and 0.08% for VWO.
EMM currently has the higher Sharpe Ratio (1.44 vs 1.20), 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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