EMXC vs. AVXC

Last updated Jun 4, 2026

EMXC (iShares MSCI Emerging Markets ex China ETF) and AVXC (Avantis Emerging Markets ex-China Equity ETF) are both exchange-traded funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while AVXC is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets IMI. Both are passively managed. Over the past year, EMXC returned 77.94% vs 62.37% for AVXC. With a 0.97 correlation, they move nearly in lockstep. EMXC charges 0.49%/yr vs 0.33%/yr for AVXC.

Performance

EMXC vs. AVXC - Performance Comparison

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

Returns By Period

In the year-to-date period, EMXC achieves a 41.72% return, which is significantly higher than AVXC's 34.06% return.

EMXC

• 1D: -1.00%
• 1M: 12.61%
• YTD: 41.72%
• 6M: 46.94%
• 1Y: 77.94%
• 3Y*: 29.08%
• 5Y*: 12.76%
• 10Y*: —

AVXC

• 1D: -1.44%
• 1M: 10.62%
• YTD: 34.06%
• 6M: 38.17%
• 1Y: 62.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EMXC vs. AVXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMXC iShares MSCI Emerging Markets ex China ETF	41.72%	35.14%	-1.00%
AVXC Avantis Emerging Markets ex-China Equity ETF	34.06%	31.45%	-0.80%

Correlation

The correlation between EMXC and AVXC is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Mar 22, 2024	0.97

The correlation between EMXC and AVXC has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

EMXC vs. AVXC - Sectors Allocation Comparison

Sectors	EMXC	AVXC
Technology	45.0%	38.2%
Financial Services	19.6%	20.2%
Industrials	8.3%	10.0%
Basic Materials	6.8%	8.1%
Consumer Cyclical	4.5%	5.5%
Energy	4.2%	4.9%
Communication Services	3.4%	3.7%
Consumer Defensive	2.9%	2.9%
Utilities	2.3%	2.8%
Healthcare	2.2%	2.3%
Real Estate	1.0%	1.5%

Return for Risk

EMXC vs. AVXC — Risk / Return Rank

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

EMXC

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

AVXC

AVXC Risk / Return Rank: 87
AVXC Sharpe Ratio Rank: 90
AVXC Sortino Ratio Rank: 87
AVXC Omega Ratio Rank: 88
AVXC Calmar Ratio Rank: 83
AVXC Martin Ratio Rank: 85

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. AVXC - Risk-Adjusted Trends Comparison

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

	EMXC	AVXC	Difference
Sharpe ratio: Return per unit of total volatility	3.61	3.12	+0.49
Sortino ratio: Return per unit of downside risk	4.39	4.00	+0.39
Omega ratio: Gain probability vs. loss probability	1.64	1.56	+0.08
Calmar ratio: Return relative to maximum drawdown	5.44	4.47	+0.97
Martin ratio: Return relative to average drawdown	21.99	18.06	+3.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMXC vs. AVXC - Sharpe Ratio Comparison

The current EMXC Sharpe Ratio is 3.61, which is comparable to the AVXC Sharpe Ratio of 3.12. The chart below compares the historical Sharpe Ratios of EMXC and AVXC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EMXC	AVXC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.61	3.12	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	1.58	-1.03

Drawdowns

EMXC vs. AVXC - Drawdown Comparison

The maximum EMXC drawdown since its inception was -42.81%, which is greater than AVXC's maximum drawdown of -20.44%. Use the drawdown chart below to compare losses from any high point for EMXC and AVXC.

Drawdown Indicators

	EMXC	AVXC	Difference
Max Drawdown Largest peak-to-trough decline	-42.81%	-20.44%	-22.37%
Max Drawdown (1Y) Largest decline over 1 year	-14.41%	-14.04%	-0.37%
Max Drawdown (3Y) Largest decline over 3 years	-19.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.91%	—	—
Current Drawdown Current decline from peak	-1.00%	-1.44%	+0.44%
Average Drawdown Average peak-to-trough decline	-10.19%	-3.79%	-6.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	3.46%	+0.10%

Volatility

EMXC vs. AVXC - Volatility Comparison

iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 9.88% compared to Avantis Emerging Markets ex-China Equity ETF (AVXC) at 9.00%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than AVXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMXC	AVXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.88%	9.00%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	19.34%	17.67%	+1.67%
Volatility (1Y) Calculated over the trailing 1-year period	21.70%	20.07%	+1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	18.47%	-1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.82%	18.47%	+1.35%

EMXC vs. AVXC - Expense Ratio Comparison

EMXC has a 0.49% expense ratio, which is higher than AVXC's 0.33% expense ratio.

Dividends

EMXC vs. AVXC - Dividend Comparison

EMXC's dividend yield for the trailing twelve months is around 1.99%, more than AVXC's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVXC Avantis Emerging Markets ex-China Equity ETF	1.49%	1.97%	1.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EMXC iShares MSCI Emerging Markets ex China ETF	1.99%	2.82%	2.69%	1.83%	2.85%	1.78%	1.45%	3.25%	2.63%	0.99%

Frequently Asked Questions

Can I hold both EMXC and AVXC in my portfolio?

With a correlation of 0.97, EMXC and AVXC 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, EMXC or AVXC?

EMXC has higher volatility (9.88%) compared to AVXC (9.00%). In terms of maximum drawdown, EMXC dropped -42.81% vs AVXC's -20.44%.

Which ETF is better, EMXC or AVXC?

On 1-year performance, EMXC leads with 77.94% vs 62.37% for AVXC. On fees, AVXC is cheaper at 0.33% per year. On volatility, AVXC has been the lower-risk option at 9.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMXC or AVXC?

Over the 1-year period, EMXC has performed better with a 77.94% return vs 62.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMXC or AVXC?

AVXC is cheaper with a 0.33% expense ratio, compared with 0.49% for EMXC.

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

EMXC has the higher dividend yield at 1.99%, compared with 1.49% for AVXC.

What is the main difference between EMXC and AVXC?

EMXC is categorized as Emerging Markets Equities, while AVXC is Emerging Markets Diversified. EMXC tracks MSCI Emerging Markets ex China Index, while AVXC tracks MSCI Emerging Markets IMI. They also come from different issuers: iShares and Avantis Investors. Their fees differ too: 0.49% for EMXC and 0.33% for AVXC.

Which has better risk-adjusted returns?

EMXC currently has the higher Sharpe Ratio (3.61 vs 3.12), 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.