EMXC vs. AOR

Last updated Jun 13, 2026

EMXC (iShares MSCI Emerging Markets ex China ETF) and AOR (iShares Core 60/40 Balanced Allocation ETF) are both exchange-traded funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while AOR is a Diversified Portfolio fund tracking the S&P Target Risk Growth Index. Both are passively managed. Over the past 5 years, EMXC returned 12.14%/yr vs 6.78%/yr for AOR. A 0.76 correlation means they provide meaningful diversification when combined. EMXC charges 0.49%/yr vs 0.15%/yr for AOR.

Performance

EMXC vs. AOR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets ex China ETF (EMXC) and iShares Core 60/40 Balanced Allocation ETF (AOR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMXC achieves a 37.25% return, which is significantly higher than AOR's 6.83% return.

EMXC

• 1D: 0.55%
• 1M: 3.75%
• YTD: 37.25%
• 6M: 42.23%
• 1Y: 65.26%
• 3Y*: 26.47%
• 5Y*: 12.14%
• 10Y*: —

AOR

• 1D: 0.26%
• 1M: 0.49%
• YTD: 6.83%
• 6M: 7.42%
• 1Y: 17.08%
• 3Y*: 13.55%
• 5Y*: 6.78%
• 10Y*: 8.52%

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

EMXC vs. AOR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMXC iShares MSCI Emerging Markets ex China ETF	37.25%	35.14%	2.68%	18.96%	-19.56%	8.54%	12.76%	15.80%	-12.96%	7.16%
AOR iShares Core 60/40 Balanced Allocation ETF	6.83%	16.44%	10.68%	15.75%	-15.64%	11.19%	11.42%	18.91%	-5.82%	5.47%

Correlation

The correlation between EMXC and AOR is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017	0.76

The correlation between EMXC and AOR has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

EMXC vs. AOR - Sectors Allocation Comparison

Sectors	EMXC	AOR
Technology	45.0%	27.8%
Financial Services	19.6%	16.2%
Industrials	8.3%	11.9%
Basic Materials	6.8%	4.2%
Consumer Cyclical	4.5%	9.5%
Energy	4.2%	4.3%
Communication Services	3.4%	8.1%
Consumer Defensive	2.9%	5.0%
Utilities	2.3%	2.7%
Healthcare	2.2%	8.0%
Real Estate	1.0%	2.4%

Return for Risk

EMXC vs. AOR — Risk / Return Rank

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

EMXC

EMXC Risk / Return Rank: 89
EMXC Sharpe Ratio Rank: 91
EMXC Sortino Ratio Rank: 86
EMXC Omega Ratio Rank: 90
EMXC Calmar Ratio Rank: 88
EMXC Martin Ratio Rank: 89

AOR

AOR Risk / Return Rank: 68
AOR Sharpe Ratio Rank: 69
AOR Sortino Ratio Rank: 71
AOR Omega Ratio Rank: 72
AOR Calmar Ratio Rank: 59
AOR Martin Ratio Rank: 69

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.

EMXC vs. AOR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China ETF (EMXC) and iShares Core 60/40 Balanced Allocation ETF (AOR). 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.

	EMXC	AOR	Difference
Sharpe ratio: Return per unit of total volatility	2.74	1.94	+0.80
Sortino ratio: Return per unit of downside risk	3.35	2.75	+0.60
Omega ratio: Gain probability vs. loss probability	1.50	1.36	+0.14
Calmar ratio: Return relative to maximum drawdown	4.55	2.58	+1.97
Martin ratio: Return relative to average drawdown	17.51	11.10	+6.41

EMXC vs. AOR - Sharpe Ratio Comparison

The current EMXC Sharpe Ratio is 2.74, which is higher than the AOR Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of EMXC and AOR, 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

EMXC vs. AOR - Drawdown Comparison

The maximum EMXC drawdown since its inception was -42.81%, which is greater than AOR's maximum drawdown of -24.44%. Use the drawdown chart below to compare losses from any high point for EMXC and AOR.

Drawdown Indicators

	EMXC	AOR	Difference
Max Drawdown Largest peak-to-trough decline	-42.81%	-24.44%	-18.37%
Max Drawdown (1Y) Largest decline over 1 year	-14.41%	-6.64%	-7.77%
Max Drawdown (3Y) Largest decline over 3 years	-19.12%	-9.77%	-9.35%
Max Drawdown (5Y) Largest decline over 5 years	-28.91%	-21.72%	-7.19%
Max Drawdown (10Y) Largest decline over 10 years	—	-22.95%	—
Current Drawdown Current decline from peak	-4.12%	-1.05%	-3.07%
Average Drawdown Average peak-to-trough decline	-10.17%	-3.47%	-6.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	1.55%	+2.19%

Volatility

EMXC vs. AOR - Volatility Comparison

iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 12.83% compared to iShares Core 60/40 Balanced Allocation ETF (AOR) at 3.50%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than AOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMXC	AOR	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.83%	3.50%	+9.33%
Volatility (6M) Calculated over the trailing 6-month period	21.90%	7.32%	+14.58%
Volatility (1Y) Calculated over the trailing 1-year period	23.90%	8.85%	+15.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.00%	10.61%	+7.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.07%	10.70%	+9.37%

EMXC vs. AOR - Expense Ratio Comparison

EMXC has a 0.49% expense ratio, which is higher than AOR's 0.15% expense ratio.

Dividends

EMXC vs. AOR - Dividend Comparison

EMXC's dividend yield for the trailing twelve months is around 2.05%, less than AOR's 2.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOR iShares Core 60/40 Balanced Allocation ETF	2.48%	2.55%	2.66%	2.50%	2.12%	1.64%	1.89%	2.56%	2.49%	4.51%	2.16%	2.12%
EMXC iShares MSCI Emerging Markets ex China ETF	2.05%	2.82%	2.69%	1.83%	2.85%	1.78%	1.45%	3.25%	2.63%	0.99%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMXC and AOR in my portfolio?

EMXC and AOR have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMXC or AOR?

EMXC has higher volatility (12.83%) compared to AOR (3.50%). In terms of maximum drawdown, EMXC dropped -42.81% vs AOR's -24.44%.

Which ETF is better, EMXC or AOR?

On 5-year performance, EMXC leads with 12.14% vs 6.78% for AOR. On fees, AOR is cheaper at 0.15% per year. On volatility, AOR has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMXC or AOR?

Over the 5-year period, EMXC has performed better with a 12.14% return vs 6.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMXC or AOR?

AOR is cheaper with a 0.15% expense ratio, compared with 0.49% for EMXC.

Which ETF pays a higher dividend yield, EMXC or AOR?

AOR has the higher dividend yield at 2.48%, compared with 2.05% for EMXC.

What is the main difference between EMXC and AOR?

EMXC is categorized as Emerging Markets Equities, while AOR is Diversified Portfolio. EMXC tracks MSCI Emerging Markets ex China Index, while AOR tracks S&P Target Risk Growth Index. Their fees differ too: 0.49% for EMXC and 0.15% for AOR.

Which has better risk-adjusted returns?

EMXC currently has the higher Sharpe Ratio (2.74 vs 1.94), 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.