EMXC vs. DFAI

Last updated Jun 14, 2026

EMXC (iShares MSCI Emerging Markets ex China ETF) and DFAI (Dimensional International Core Equity Market ETF) are both exchange-traded funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while DFAI is a Foreign Large Cap Equities fund actively managed by Dimensional. EMXC is passively managed, while DFAI is actively managed. Over the past 5 years, EMXC returned 12.14%/yr vs 9.46%/yr for DFAI. A 0.79 correlation means they provide meaningful diversification when combined. EMXC charges 0.49%/yr vs 0.18%/yr for DFAI.

Performance

EMXC vs. DFAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets ex China ETF (EMXC) and Dimensional International Core Equity Market ETF (DFAI). 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 DFAI's 10.05% return.

EMXC

• 1D: 0.55%
• 1M: 6.57%
• YTD: 37.25%
• 6M: 42.23%
• 1Y: 67.80%
• 3Y*: 26.47%
• 5Y*: 12.14%
• 10Y*: —

DFAI

• 1D: 0.43%
• 1M: 2.45%
• YTD: 10.05%
• 6M: 11.52%
• 1Y: 25.01%
• 3Y*: 17.84%
• 5Y*: 9.46%
• 10Y*: —

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

EMXC vs. DFAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EMXC iShares MSCI Emerging Markets ex China ETF	37.25%	35.14%	2.68%	18.96%	-19.56%	8.54%	10.30%
DFAI Dimensional International Core Equity Market ETF	10.05%	34.04%	4.68%	17.60%	-12.95%	13.86%	5.34%

Correlation

The correlation between EMXC and DFAI is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Nov 18, 2020	0.79

The correlation between EMXC and DFAI has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.

EMXC vs. DFAI - Sectors Allocation Comparison

Sectors	EMXC	DFAI
Technology	52.4%	7.7%
Financial Services	17.4%	23.5%
Industrials	6.9%	18.4%
Basic Materials	6.0%	10.0%
Consumer Cyclical	4.1%	9.0%
Energy	3.4%	7.2%
Communication Services	3.0%	3.5%
Consumer Defensive	2.4%	6.4%
Utilities	1.9%	4.0%
Healthcare	1.8%	8.5%
Real Estate	0.8%	1.4%

Return for Risk

EMXC vs. DFAI — 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

DFAI

DFAI Risk / Return Rank: 54
DFAI Sharpe Ratio Rank: 55
DFAI Sortino Ratio Rank: 55
DFAI Omega Ratio Rank: 54
DFAI Calmar Ratio Rank: 49
DFAI Martin Ratio Rank: 55

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. DFAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China ETF (EMXC) and Dimensional International Core Equity Market ETF (DFAI). 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	DFAI	Difference
Sharpe ratio: Return per unit of total volatility	2.74	1.63	+1.11
Sortino ratio: Return per unit of downside risk	3.35	2.32	+1.03
Omega ratio: Gain probability vs. loss probability	1.50	1.29	+0.21
Calmar ratio: Return relative to maximum drawdown	4.55	2.18	+2.38
Martin ratio: Return relative to average drawdown	17.51	8.47	+9.04

EMXC vs. DFAI - Sharpe Ratio Comparison

The current EMXC Sharpe Ratio is 2.74, which is higher than the DFAI Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of EMXC and DFAI, 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. DFAI - Drawdown Comparison

The maximum EMXC drawdown since its inception was -42.81%, which is greater than DFAI's maximum drawdown of -27.44%. Use the drawdown chart below to compare losses from any high point for EMXC and DFAI.

Drawdown Indicators

	EMXC	DFAI	Difference
Max Drawdown Largest peak-to-trough decline	-42.81%	-27.44%	-15.37%
Max Drawdown (1Y) Largest decline over 1 year	-14.41%	-10.95%	-3.46%
Max Drawdown (3Y) Largest decline over 3 years	-19.12%	-13.25%	-5.87%
Max Drawdown (5Y) Largest decline over 5 years	-28.91%	-27.44%	-1.47%
Current Drawdown Current decline from peak	-4.12%	-0.80%	-3.32%
Average Drawdown Average peak-to-trough decline	-10.17%	-5.11%	-5.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	2.82%	+0.92%

Volatility

EMXC vs. DFAI - Volatility Comparison

iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 12.83% compared to Dimensional International Core Equity Market ETF (DFAI) at 5.12%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than DFAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMXC	DFAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.83%	5.12%	+7.71%
Volatility (6M) Calculated over the trailing 6-month period	21.90%	12.29%	+9.61%
Volatility (1Y) Calculated over the trailing 1-year period	23.90%	14.60%	+9.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.00%	16.01%	+1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.07%	15.75%	+4.32%

EMXC vs. DFAI - Expense Ratio Comparison

EMXC has a 0.49% expense ratio, which is higher than DFAI's 0.18% expense ratio.

Dividends

EMXC vs. DFAI - Dividend Comparison

EMXC's dividend yield for the trailing twelve months is around 2.05%, less than DFAI's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFAI Dimensional International Core Equity Market ETF	2.24%	2.45%	2.72%	2.64%	2.72%	2.06%	0.09%	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

Can I hold both EMXC and DFAI in my portfolio?

EMXC and DFAI have a correlation of 0.74, 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 DFAI?

EMXC has higher volatility (12.83%) compared to DFAI (5.12%). In terms of maximum drawdown, EMXC dropped -42.81% vs DFAI's -27.44%.

Which ETF is better, EMXC or DFAI?

On 5-year performance, EMXC leads with 12.14% vs 9.46% for DFAI. On fees, DFAI is cheaper at 0.18% per year. On volatility, DFAI has been the lower-risk option at 5.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMXC or DFAI?

Over the 5-year period, EMXC has performed better with a 12.14% return vs 9.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMXC or DFAI?

DFAI is cheaper with a 0.18% expense ratio, compared with 0.49% for EMXC.

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

DFAI has the higher dividend yield at 2.24%, compared with 2.05% for EMXC.

What is the main difference between EMXC and DFAI?

EMXC is categorized as Emerging Markets Equities, while DFAI is Foreign Large Cap Equities. They also come from different issuers: iShares and Dimensional. Their fees differ too: 0.49% for EMXC and 0.18% for DFAI.

Which has better risk-adjusted returns?

EMXC currently has the higher Sharpe Ratio (2.74 vs 1.63), 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.