EMXC vs. CPER
EMXC (iShares MSCI Emerging Markets ex China ETF) and CPER (United States Copper Index Fund) are both exchange-traded funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while CPER is a Copper fund tracking the SummerHaven Copper Index Total Return. Both are passively managed. Over the past 5 years, EMXC returned 13.21%/yr vs 8.39%/yr for CPER. At a 0.46 correlation, their price movements are largely independent. EMXC charges 0.49%/yr vs 1.06%/yr for CPER.
Performance
EMXC vs. CPER - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EMXC achieves a 42.50% return, which is significantly higher than CPER's 13.42% return.
EMXC
- 1D
- 3.83%
- 1M
- 10.65%
- YTD
- 42.50%
- 6M
- 47.59%
- 1Y
- 74.22%
- 3Y*
- 27.88%
- 5Y*
- 13.21%
- 10Y*
- —
CPER
- 1D
- 0.25%
- 1M
- 3.96%
- YTD
- 13.42%
- 6M
- 19.61%
- 1Y
- 33.19%
- 3Y*
- 18.43%
- 5Y*
- 8.39%
- 10Y*
- 11.25%
EMXC vs. CPER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 42.50% | 35.14% | 2.68% | 18.96% | -19.56% | 8.54% | 12.76% | 15.80% | -12.96% | 7.16% |
CPER United States Copper Index Fund | 13.42% | 38.95% | 4.23% | 4.55% | -15.14% | 25.21% | 23.90% | 6.66% | -21.91% | 15.27% |
Correlation
The correlation between EMXC and CPER is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017 | 0.46 |
The correlation between EMXC and CPER has been stable across timeframes, ranging from 0.46 to 0.54 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EMXC vs. CPER — Risk / Return Rank
EMXC
CPER
EMXC vs. CPER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China ETF (EMXC) and United States Copper Index Fund (CPER). 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 | CPER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.14 | ||
| Sortino ratioReturn per unit of downside risk | +2.39 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.22 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 5.18 | 1.35 | +3.83 |
| Martin ratioReturn relative to average drawdown | 19.92 | 2.78 | +17.14 |
Loading charts...
Drawdowns
EMXC vs. CPER - Drawdown Comparison
The maximum EMXC drawdown since its inception was -42.81%, smaller than the maximum CPER drawdown of -54.04%. Use the drawdown chart below to compare losses from any high point for EMXC and CPER.
Loading charts...
Drawdown Indicators
| EMXC | CPER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.81% | -54.04% | +11.23% |
Max Drawdown (1Y)Largest decline over 1 year | -14.41% | -24.77% | +10.36% |
Max Drawdown (3Y)Largest decline over 3 years | -19.12% | -24.77% | +5.65% |
Max Drawdown (5Y)Largest decline over 5 years | -28.91% | -34.75% | +5.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.42% | — |
Current DrawdownCurrent decline from peak | -0.45% | -2.34% | +1.89% |
Average DrawdownAverage peak-to-trough decline | -10.17% | -25.35% | +15.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.74% | 11.95% | -8.21% |
Volatility
EMXC vs. CPER - Volatility Comparison
iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 13.30% compared to United States Copper Index Fund (CPER) at 10.05%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than CPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EMXC | CPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.30% | 10.05% | +3.25% |
Volatility (6M)Calculated over the trailing 6-month period | 22.16% | 23.31% | -1.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.16% | 34.88% | -10.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.08% | 27.03% | -8.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.10% | 24.09% | -3.99% |
EMXC vs. CPER - Expense Ratio Comparison
EMXC has a 0.49% expense ratio, which is lower than CPER's 1.06% expense ratio.
Dividends
EMXC vs. CPER - Dividend Comparison
EMXC's dividend yield for the trailing twelve months is around 2.56%, while CPER has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CPER United States Copper Index Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EMXC iShares MSCI Emerging Markets ex China ETF | 2.56% | 2.82% | 2.69% | 1.83% | 2.85% | 1.78% | 1.45% | 3.25% | 2.63% | 0.99% |
Frequently Asked Questions
EMXC and CPER have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMXC has higher volatility (13.30%) compared to CPER (10.05%). In terms of maximum drawdown, EMXC dropped -42.81% vs CPER's -54.04%.
On 5-year performance, EMXC leads with 13.21% vs 8.39% for CPER. On fees, EMXC is cheaper at 0.49% per year. On volatility, CPER has been the lower-risk option at 10.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EMXC has performed better with a 13.21% return vs 8.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMXC is cheaper with a 0.49% expense ratio, compared with 1.06% for CPER.
EMXC has the higher dividend yield at 2.56%, compared with 0.00% for CPER.
EMXC is categorized as Emerging Markets Equities, while CPER is Copper. EMXC tracks MSCI Emerging Markets ex China Index, while CPER tracks SummerHaven Copper Index Total Return. They also come from different issuers: iShares and USCF. Their fees differ too: 0.49% for EMXC and 1.06% for CPER.
EMXC currently has the higher Sharpe Ratio (3.09 vs 0.96), 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.
Find the right allocation for EMXC and CPER
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer