EMXC vs. ECOW

Last updated Jul 17, 2026

EMXC (iShares MSCI Emerging Markets ex China ETF) and ECOW (Pacer Emerging Markets Cash Cows 100 ETF) are both Emerging Markets Equities funds - EMXC tracks the MSCI Emerging Markets ex China Index while ECOW tracks the Pacer Emerging Markets Cash Cows 100 Index. Both are passively managed. Over the past 5 years, EMXC returned 11.26%/yr vs 7.05%/yr for ECOW. A 0.67 correlation means they provide meaningful diversification when combined. EMXC charges 0.49%/yr vs 0.70%/yr for ECOW.

Performance

EMXC vs. ECOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets ex China ETF (EMXC) and Pacer Emerging Markets Cash Cows 100 ETF (ECOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMXC achieves a 28.41% return, which is significantly higher than ECOW's 12.74% return.

EMXC

• 1D: -2.60%
• 1M: -8.51%
• 6M: 20.82%
• YTD: 28.41%
• 1Y: 49.05%
• 3Y*: 22.79%
• 5Y*: 11.26%
• 10Y*: —

ECOW

• 1D: 0.70%
• 1M: 1.60%
• 6M: 8.22%
• YTD: 12.74%
• 1Y: 30.43%
• 3Y*: 17.04%
• 5Y*: 7.05%
• 10Y*: —

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

EMXC vs. ECOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EMXC iShares MSCI Emerging Markets ex China ETF	28.41%	35.14%	2.68%	18.96%	-19.56%	8.54%	12.76%	5.94%
ECOW Pacer Emerging Markets Cash Cows 100 ETF	12.74%	32.50%	3.17%	15.79%	-19.28%	7.47%	-2.51%	10.37%

Correlation

The correlation between EMXC and ECOW is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since May 6, 2019	0.67

The correlation between EMXC and ECOW has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

EMXC vs. ECOW - Sectors Allocation Comparison

Sectors	EMXC	ECOW
Technology	52.4%	6.8%
Financial Services	17.4%	-
Industrials	6.9%	9.3%
Basic Materials	6.0%	11.1%
Consumer Cyclical	4.1%	14.7%
Energy	3.4%	8.6%
Communication Services	3.0%	12.8%
Consumer Defensive	2.4%	13.1%
Utilities	1.9%	7.2%
Healthcare	1.8%	3.6%
Real Estate	0.8%	-

Return for Risk

EMXC vs. ECOW — Risk / Return Rank

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

EMXC

EMXC Risk / Return Rank: 74
EMXC Sharpe Ratio Rank: 72
EMXC Sortino Ratio Rank: 63
EMXC Omega Ratio Rank: 74
EMXC Calmar Ratio Rank: 81
EMXC Martin Ratio Rank: 77

ECOW

ECOW Risk / Return Rank: 78
ECOW Sharpe Ratio Rank: 81
ECOW Sortino Ratio Rank: 78
ECOW Omega Ratio Rank: 79
ECOW Calmar Ratio Rank: 85
ECOW Martin Ratio Rank: 70

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. ECOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China ETF (EMXC) and Pacer Emerging Markets Cash Cows 100 ETF (ECOW). 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	ECOW	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.06	-0.21
Sortino ratio: Return per unit of downside risk	2.35	2.79	-0.44
Omega ratio: Gain probability vs. loss probability	1.35	1.37	-0.02
Calmar ratio: Return relative to maximum drawdown	3.42	3.66	-0.24
Martin ratio: Return relative to average drawdown	11.45	9.98	+1.48

EMXC vs. ECOW - Sharpe Ratio Comparison

The current EMXC Sharpe Ratio is 1.86, which is comparable to the ECOW Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of EMXC and ECOW, 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. ECOW - Drawdown Comparison

The maximum EMXC drawdown since its inception was -42.81%, which is greater than ECOW's maximum drawdown of -40.27%. Use the drawdown chart below to compare losses from any high point for EMXC and ECOW.

Drawdown Indicators

	EMXC	ECOW	Difference
Max Drawdown Largest peak-to-trough decline	-42.81%	-40.27%	-2.54%
Max Drawdown (1Y) Largest decline over 1 year	-14.41%	-8.35%	-6.06%
Max Drawdown (3Y) Largest decline over 3 years	-19.12%	-18.77%	-0.35%
Max Drawdown (5Y) Largest decline over 5 years	-28.91%	-33.30%	+4.39%
Current Drawdown Current decline from peak	-12.87%	-3.83%	-9.04%
Average Drawdown Average peak-to-trough decline	-10.14%	-10.98%	+0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	3.06%	+1.23%

Volatility

EMXC vs. ECOW - Volatility Comparison

iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 11.85% compared to Pacer Emerging Markets Cash Cows 100 ETF (ECOW) at 4.23%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than ECOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMXC	ECOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.85%	4.23%	+7.62%
Volatility (6M) Calculated over the trailing 6-month period	24.92%	12.07%	+12.85%
Volatility (1Y) Calculated over the trailing 1-year period	26.57%	14.85%	+11.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.77%	17.78%	+0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.38%	20.08%	+0.30%

EMXC vs. ECOW - Expense Ratio Comparison

EMXC has a 0.49% expense ratio, which is lower than ECOW's 0.70% expense ratio.

Dividends

EMXC vs. ECOW - Dividend Comparison

EMXC's dividend yield for the trailing twelve months is around 2.07%, less than ECOW's 4.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ECOW Pacer Emerging Markets Cash Cows 100 ETF	4.45%	5.20%	7.35%	5.46%	7.50%	4.39%	3.35%	8.08%	0.00%	0.00%
EMXC iShares MSCI Emerging Markets ex China ETF	2.07%	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 ECOW in my portfolio?

EMXC and ECOW have a correlation of 0.69, 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 ECOW?

EMXC has higher volatility (11.85%) compared to ECOW (4.23%). In terms of maximum drawdown, EMXC dropped -42.81% vs ECOW's -40.27%.

Which ETF is better, EMXC or ECOW?

On 5-year performance, EMXC leads with 11.26% vs 7.05% for ECOW. On fees, EMXC is cheaper at 0.49% per year. On volatility, ECOW has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMXC or ECOW?

Over the 5-year period, EMXC has performed better with a 11.26% return vs 7.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMXC or ECOW?

EMXC is cheaper with a 0.49% expense ratio, compared with 0.70% for ECOW.

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

ECOW has the higher dividend yield at 4.45%, compared with 2.07% for EMXC.

What is the main difference between EMXC and ECOW?

EMXC tracks MSCI Emerging Markets ex China Index, while ECOW tracks Pacer Emerging Markets Cash Cows 100 Index. They also come from different issuers: iShares and Pacer. Their fees differ too: 0.49% for EMXC and 0.70% for ECOW.

Which has better risk-adjusted returns?

ECOW currently has the higher Sharpe Ratio (2.06 vs 1.86), 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.