EMXC vs. EGRIX

Last updated Jun 14, 2026

EMXC (iShares MSCI Emerging Markets ex China ETF) and EGRIX (Eaton Vance Global Macro Absolute Return Advantage Fund) are both funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while EGRIX is a Nontraditional Bonds fund managed by Eaton Vance. Over the past 5 years, EMXC returned 12.14%/yr vs 8.64%/yr for EGRIX. At a 0.22 correlation, their price movements are largely independent. EMXC charges 0.49%/yr vs 1.05%/yr for EGRIX.

Performance

EMXC vs. EGRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets ex China ETF (EMXC) and Eaton Vance Global Macro Absolute Return Advantage Fund (EGRIX). 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 EGRIX's 6.76% return.

EMXC

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

EGRIX

• 1D: 0.32%
• 1M: 0.89%
• YTD: 6.76%
• 6M: 8.31%
• 1Y: 18.75%
• 3Y*: 13.23%
• 5Y*: 8.64%
• 10Y*: 6.53%

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

EMXC vs. EGRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMXC iShares MSCI Emerging Markets ex China ETF	37.25%	35.14%	2.68%	18.96%	-19.56%	8.54%	12.76%	15.80%	-12.96%	7.16%
EGRIX Eaton Vance Global Macro Absolute Return Advantage Fund	6.76%	20.36%	9.50%	8.37%	-1.94%	3.66%	4.71%	14.80%	-8.34%	1.75%

Correlation

The correlation between EMXC and EGRIX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017	0.22

The correlation between EMXC and EGRIX shifts across timeframes, from 0.22 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EMXC vs. EGRIX — 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

EGRIX

EGRIX Risk / Return Rank: 98
EGRIX Sharpe Ratio Rank: 100
EGRIX Sortino Ratio Rank: 99
EGRIX Omega Ratio Rank: 98
EGRIX Calmar Ratio Rank: 96
EGRIX Martin Ratio Rank: 96

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. EGRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China ETF (EMXC) and Eaton Vance Global Macro Absolute Return Advantage Fund (EGRIX). 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	EGRIX	Difference
Sharpe ratio: Return per unit of total volatility	2.74	5.36	-2.62
Sortino ratio: Return per unit of downside risk	3.35	7.64	-4.29
Omega ratio: Gain probability vs. loss probability	1.50	2.42	-0.92
Calmar ratio: Return relative to maximum drawdown	4.55	5.66	-1.11
Martin ratio: Return relative to average drawdown	17.51	20.46	-2.94

EMXC vs. EGRIX - Sharpe Ratio Comparison

The current EMXC Sharpe Ratio is 2.74, which is lower than the EGRIX Sharpe Ratio of 5.36. The chart below compares the historical Sharpe Ratios of EMXC and EGRIX, 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. EGRIX - Drawdown Comparison

The maximum EMXC drawdown since its inception was -42.81%, which is greater than EGRIX's maximum drawdown of -14.17%. Use the drawdown chart below to compare losses from any high point for EMXC and EGRIX.

Drawdown Indicators

	EMXC	EGRIX	Difference
Max Drawdown Largest peak-to-trough decline	-42.81%	-14.17%	-28.64%
Max Drawdown (1Y) Largest decline over 1 year	-14.41%	-3.37%	-11.04%
Max Drawdown (3Y) Largest decline over 3 years	-19.12%	-3.37%	-15.75%
Max Drawdown (5Y) Largest decline over 5 years	-28.91%	-10.18%	-18.73%
Max Drawdown (10Y) Largest decline over 10 years	—	-14.17%	—
Current Drawdown Current decline from peak	-4.12%	-0.08%	-4.04%
Average Drawdown Average peak-to-trough decline	-10.17%	-1.84%	-8.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	0.93%	+2.81%

Volatility

EMXC vs. EGRIX - Volatility Comparison

iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 12.83% compared to Eaton Vance Global Macro Absolute Return Advantage Fund (EGRIX) at 0.86%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than EGRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMXC	EGRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.83%	0.86%	+11.97%
Volatility (6M) Calculated over the trailing 6-month period	21.90%	3.20%	+18.70%
Volatility (1Y) Calculated over the trailing 1-year period	23.90%	3.55%	+20.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.00%	4.03%	+13.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.07%	3.97%	+16.10%

EMXC vs. EGRIX - Expense Ratio Comparison

EMXC has a 0.49% expense ratio, which is lower than EGRIX's 1.05% expense ratio.

Dividends

EMXC vs. EGRIX - Dividend Comparison

EMXC's dividend yield for the trailing twelve months is around 2.05%, less than EGRIX's 6.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EGRIX Eaton Vance Global Macro Absolute Return Advantage Fund	6.23%	6.65%	6.00%	3.40%	4.82%	4.89%	5.82%	4.15%	0.06%	3.22%	1.78%	6.67%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMXC and EGRIX in my portfolio?

EMXC and EGRIX have a correlation of 0.35, 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 EGRIX?

EMXC has higher volatility (12.83%) compared to EGRIX (0.86%). In terms of maximum drawdown, EMXC dropped -42.81% vs EGRIX's -14.17%.

Which has better risk-adjusted returns?

EGRIX currently has the higher Sharpe Ratio (5.36 vs 2.74), 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.