EMXC vs. CASH.TO
EMXC (iShares MSCI Emerging Markets ex China ETF) and CASH.TO (Global X High Interest Savings ETF) are both exchange-traded funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while CASH.TO is a Money Market fund actively managed by Global X. EMXC is passively managed, while CASH.TO is actively managed. Over the past 3 years, EMXC returned 26.47%/yr vs 2.07%/yr for CASH.TO. At a correlation of -0.01, they often move in opposite directions. EMXC charges 0.49%/yr vs 0.11%/yr for CASH.TO.
Performance
EMXC vs. CASH.TO - Performance Comparison
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Different Trading Currencies
EMXC is traded in USD, while CASH.TO is traded in CAD. To make them comparable, the CASH.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMXC achieves a 37.25% return, which is significantly higher than CASH.TO's -1.09% return.
EMXC
- 1D
- 0.55%
- 1M
- 2.60%
- YTD
- 37.25%
- 6M
- 42.23%
- 1Y
- 67.80%
- 3Y*
- 26.47%
- 5Y*
- 12.14%
- 10Y*
- —
CASH.TO
- 1D
- -0.16%
- 1M
- -1.73%
- YTD
- -1.09%
- 6M
- -0.39%
- 1Y
- -0.52%
- 3Y*
- 2.07%
- 5Y*
- —
- 10Y*
- —
EMXC vs. CASH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 37.25% | 35.14% | 2.68% | 18.96% | -19.56% | 0.40% |
CASH.TO Global X High Interest Savings ETF | -1.09% | 7.36% | -3.63% | 7.67% | -3.72% | -2.56% |
Correlation
The correlation between EMXC and CASH.TO is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2021 | -0.01 |
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Return for Risk
EMXC vs. CASH.TO — Risk / Return Rank
EMXC
CASH.TO
EMXC vs. CASH.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China ETF (EMXC) and Global X High Interest Savings ETF (CASH.TO). 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 | CASH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.74 | ||
| Sortino ratioReturn per unit of downside risk | +3.31 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.00 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 4.55 | 0.00 | +4.55 |
| Martin ratioReturn relative to average drawdown | 17.51 | 0.01 | +17.51 |
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Drawdowns
EMXC vs. CASH.TO - Drawdown Comparison
The maximum EMXC drawdown since its inception was -42.81%, which is greater than CASH.TO's maximum drawdown of -9.29%. Use the drawdown chart below to compare losses from any high point for EMXC and CASH.TO.
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Drawdown Indicators
| EMXC | CASH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.81% | -9.29% | -33.52% |
Max Drawdown (1Y)Largest decline over 1 year | -14.41% | -3.03% | -11.38% |
Max Drawdown (3Y)Largest decline over 3 years | -19.12% | -7.69% | -11.43% |
Max Drawdown (5Y)Largest decline over 5 years | -28.91% | — | — |
Current DrawdownCurrent decline from peak | -4.12% | -2.71% | -1.41% |
Average DrawdownAverage peak-to-trough decline | -10.17% | -2.80% | -7.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.74% | 1.57% | +2.17% |
Volatility
EMXC vs. CASH.TO - Volatility Comparison
iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 12.83% compared to Global X High Interest Savings ETF (CASH.TO) at 0.76%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than CASH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMXC | CASH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.83% | 0.76% | +12.07% |
Volatility (6M)Calculated over the trailing 6-month period | 21.90% | 3.22% | +18.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.90% | 4.41% | +19.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.00% | 6.24% | +11.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.07% | 6.24% | +13.83% |
EMXC vs. CASH.TO - Expense Ratio Comparison
EMXC has a 0.49% expense ratio, which is higher than CASH.TO's 0.11% expense ratio.
Dividends
EMXC vs. CASH.TO - Dividend Comparison
EMXC's dividend yield for the trailing twelve months is around 2.05%, less than CASH.TO's 2.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CASH.TO Global X High Interest Savings ETF | 2.19% | 2.53% | 4.37% | 5.05% | 2.30% | 0.10% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
EMXC and CASH.TO have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CASH.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CASH.TO is cheaper with a 0.11% expense ratio, compared with 0.49% for EMXC.
EMXC is categorized as Emerging Markets Equities, while CASH.TO is Money Market. They also come from different issuers: iShares and Global X. Their fees differ too: 0.49% for EMXC and 0.11% for CASH.TO.
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