EMXC vs. EMM
EMXC (iShares MSCI Emerging Markets ex China ETF) and EMM (Global X Emerging Markets ex-China ETF) are both exchange-traded funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while EMM is a Emerging Markets Diversified fund actively managed by Global X. EMXC is passively managed, while EMM is actively managed. Over the past 3 years, EMXC returned 27.65%/yr vs 21.97%/yr for EMM. Their correlation of 0.92 suggests significant overlap in exposure. EMXC charges 0.49%/yr vs 0.75%/yr for EMM.
Performance
EMXC vs. EMM - Performance Comparison
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Returns By Period
In the year-to-date period, EMXC achieves a 37.89% return, which is significantly higher than EMM's 30.43% return.
EMXC
- 1D
- -6.44%
- 1M
- 4.83%
- YTD
- 37.89%
- 6M
- 39.80%
- 1Y
- 67.97%
- 3Y*
- 27.65%
- 5Y*
- 12.43%
- 10Y*
- —
EMM
- 1D
- -5.60%
- 1M
- 4.22%
- YTD
- 30.43%
- 6M
- 33.87%
- 1Y
- 55.00%
- 3Y*
- 21.97%
- 5Y*
- —
- 10Y*
- —
EMXC vs. EMM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 37.89% | 35.14% | 2.68% | 13.92% |
EMM Global X Emerging Markets ex-China ETF | 30.43% | 30.21% | 2.34% | 2.99% |
Correlation
The correlation between EMXC and EMM is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since May 15, 2023 | 0.92 |
The correlation between EMXC and EMM has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
EMXC vs. EMM — Risk / Return Rank
EMXC
EMM
EMXC vs. EMM - 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 Emerging Markets ex-China ETF (EMM). 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 | EMM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.42 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 4.74 | 3.75 | +0.99 |
| Martin ratioReturn relative to average drawdown | 18.14 | 15.03 | +3.11 |
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Drawdowns
EMXC vs. EMM - Drawdown Comparison
The maximum EMXC drawdown since its inception was -42.81%, which is greater than EMM's maximum drawdown of -21.99%. Use the drawdown chart below to compare losses from any high point for EMXC and EMM.
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Drawdown Indicators
| EMXC | EMM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.81% | -21.99% | -20.82% |
Max Drawdown (1Y)Largest decline over 1 year | -14.41% | -14.75% | +0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -19.12% | -21.99% | +2.87% |
Max Drawdown (5Y)Largest decline over 5 years | -28.91% | — | — |
Current DrawdownCurrent decline from peak | -6.44% | -5.60% | -0.84% |
Average DrawdownAverage peak-to-trough decline | -10.15% | -4.67% | -5.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.76% | 3.67% | +0.09% |
Volatility
EMXC vs. EMM - Volatility Comparison
iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 14.74% compared to Global X Emerging Markets ex-China ETF (EMM) at 13.10%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than EMM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMXC | EMM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.74% | 13.10% | +1.64% |
Volatility (6M)Calculated over the trailing 6-month period | 23.44% | 22.46% | +0.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.27% | 24.51% | +0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.40% | 19.83% | -1.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.25% | 19.83% | +0.42% |
EMXC vs. EMM - Expense Ratio Comparison
EMXC has a 0.49% expense ratio, which is lower than EMM's 0.75% expense ratio.
Dividends
EMXC vs. EMM - Dividend Comparison
EMXC's dividend yield for the trailing twelve months is around 1.93%, more than EMM's 0.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMM Global X Emerging Markets ex-China ETF | 0.69% | 0.90% | 0.80% | 0.66% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EMXC iShares MSCI Emerging Markets ex China ETF | 1.93% | 2.82% | 2.69% | 1.83% | 2.85% | 1.78% | 1.45% | 3.25% | 2.63% | 0.99% |
Frequently Asked Questions
With a correlation of 0.95, EMXC and EMM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
EMXC has higher volatility (14.74%) compared to EMM (13.10%). In terms of maximum drawdown, EMXC dropped -42.81% vs EMM's -21.99%.
On 3-year performance, EMXC leads with 27.65% vs 21.97% for EMM. On fees, EMXC is cheaper at 0.49% per year. On volatility, EMM has been the lower-risk option at 13.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EMXC has performed better with a 27.65% return vs 21.97%. 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 0.75% for EMM.
EMXC has the higher dividend yield at 1.93%, compared with 0.69% for EMM.
EMXC is categorized as Emerging Markets Equities, while EMM is Emerging Markets Diversified. They also come from different issuers: iShares and Global X. Their fees differ too: 0.49% for EMXC and 0.75% for EMM.
EMXC currently has the higher Sharpe Ratio (2.70 vs 2.25), 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.
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