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EMXC vs. EWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMXC vs. EWM

Last updated Jun 13, 2026

EMXC (iShares MSCI Emerging Markets ex China ETF) and EWM (iShares MSCI Malaysia ETF) are both exchange-traded funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while EWM is a Asia Pacific Equities fund tracking the MSCI Malaysia Index. Both are passively managed. Over the past 5 years, EMXC returned 12.14%/yr vs 4.69%/yr for EWM. A 0.58 correlation means they provide meaningful diversification when combined. Both charge a 0.49% expense ratio.

Performance

EMXC vs. EWM - Performance Comparison

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

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Returns By Period

In the year-to-date period, EMXC achieves a 37.25% return, which is significantly higher than EWM's 2.89% return.

EMXC

1D
0.55%
1M
3.75%
YTD
37.25%
6M
42.23%
1Y
65.26%
3Y*
26.47%
5Y*
12.14%
10Y*
—

EWM

1D
0.25%
1M
-6.82%
YTD
2.89%
6M
6.00%
1Y
19.03%
3Y*
14.97%
5Y*
4.69%
10Y*
2.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMXC vs. EWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EWM
iShares MSCI Malaysia ETF		2.89%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%8.47%

Correlation

The correlation between EMXC and EWM is 0.56, 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

0.56

Correlation (3Y)
Calculated over the trailing 3-year period

0.55

Correlation (5Y)
Calculated over the trailing 5-year period

0.56

Correlation (All Time)
Calculated using the full available price history since Jul 26, 2017

0.58

The correlation between EMXC and EWM has been stable across timeframes, ranging from 0.55 to 0.58 - a consistent structural relationship.

EMXC vs. EWM - Sectors Allocation Comparison

Sectors
EMXC
EWM

Technology

45.0%

-

Financial Services

19.6%
46.6%

Industrials

8.3%
11.1%

Basic Materials

6.8%
8.9%

Consumer Cyclical

4.5%
1.1%

Energy

4.2%
3.9%

Communication Services

3.4%
6.6%

Consumer Defensive

2.9%
7.3%

Utilities

2.3%
10.8%

Healthcare

2.2%
3.8%

Real Estate

1.0%

-

Technology

EMXC
45.0%
EWM

-

Financial Services

EMXC
19.6%
EWM
46.6%

Industrials

EMXC
8.3%
EWM
11.1%

Basic Materials

EMXC
6.8%
EWM
8.9%

Consumer Cyclical

EMXC
4.5%
EWM
1.1%

Energy

EMXC
4.2%
EWM
3.9%

Communication Services

EMXC
3.4%
EWM
6.6%

Consumer Defensive

EMXC
2.9%
EWM
7.3%

Utilities

EMXC
2.3%
EWM
10.8%

Healthcare

EMXC
2.2%
EWM
3.8%

Real Estate

EMXC
1.0%
EWM

-

Compare stocks, funds, or ETFs

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iShares MSCI Emerging Markets ex China ETF

iShares MSCI Malaysia ETF

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Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. AAXJEWM vs. VOOEWM vs. SCHD

Return for Risk

EMXC vs. EWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMXC
EMXC Risk / Return Rank: 8989
Overall Rank
EMXC Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
EMXC Sortino Ratio Rank: 8686
Sortino Ratio Rank
EMXC Omega Ratio Rank: 9090
Omega Ratio Rank
EMXC Calmar Ratio Rank: 8888
Calmar Ratio Rank
EMXC Martin Ratio Rank: 8989
Martin Ratio Rank
EWM
EWM Risk / Return Rank: 4444
Overall Rank
EWM Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 4343
Sortino Ratio Rank
EWM Omega Ratio Rank: 4141
Omega Ratio Rank
EWM Calmar Ratio Rank: 4848
Calmar Ratio Rank
EWM Martin Ratio Rank: 4646
Martin Ratio Rank
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. EWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China ETF (EMXC) and iShares MSCI Malaysia ETF (EWM). 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.

EMXCEWMDifference
Sharpe ratioReturn per unit of total volatility
2.74
1.36

+1.39

Sortino ratioReturn per unit of downside risk
3.35
1.92

+1.42

Omega ratioGain probability vs. loss probability

1.50

1.24

+0.26

Calmar ratioReturn relative to maximum drawdown

4.55

2.09

+2.46

Martin ratioReturn relative to average drawdown

17.51

6.65

+10.86

EMXC vs. EWM - Sharpe Ratio Comparison

The current EMXC Sharpe Ratio is 2.74, which is higher than the EWM Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of EMXC and EWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EMXC vs. EWM - Drawdown Comparison

The maximum EMXC drawdown since its inception was -42.81%, smaller than the maximum EWM drawdown of -89.19%. Use the drawdown chart below to compare losses from any high point for EMXC and EWM.

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Drawdown Indicators

EMXCEWMDifference

Max Drawdown

Largest peak-to-trough decline

-42.81%

-89.19%

+46.38%

Max Drawdown (1Y)

Largest decline over 1 year

-14.41%

-9.14%

-5.27%

Max Drawdown (3Y)

Largest decline over 3 years

-19.12%

-21.31%

+2.19%

Max Drawdown (5Y)

Largest decline over 5 years

-28.91%

-22.76%

-6.15%

Max Drawdown (10Y)

Largest decline over 10 years

—

-43.81%

—

Current Drawdown

Current decline from peak

-4.12%

-9.08%

+4.96%

Average Drawdown

Average peak-to-trough decline

-10.17%

-31.80%

+21.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.74%

2.87%

+0.87%

Volatility

EMXC vs. EWM - Volatility Comparison

iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 12.83% compared to iShares MSCI Malaysia ETF (EWM) at 3.97%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than EWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMXCEWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.83%

3.97%

+8.86%

Volatility (6M)

Calculated over the trailing 6-month period

21.90%

10.95%

+10.95%

Volatility (1Y)

Calculated over the trailing 1-year period

23.90%

14.10%

+9.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.00%

13.72%

+4.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.07%

16.27%

+3.80%

EMXC vs. EWM - Expense Ratio Comparison

Both EMXC and EWM have an expense ratio of 0.49%.

Dividends

EMXC vs. EWM - Dividend Comparison

EMXC's dividend yield for the trailing twelve months is around 2.05%, less than EWM's 3.32% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
EWM
iShares MSCI Malaysia ETF		3.32%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%

Frequently Asked Questions

EMXC and EWM have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EMXC has higher volatility (12.83%) compared to EWM (3.97%). In terms of maximum drawdown, EMXC dropped -42.81% vs EWM's -89.19%.

On 5-year performance, EMXC leads with 12.14% vs 4.69% for EWM. Both ETFs have the same 0.49% expense ratio. On volatility, EWM has been the lower-risk option at 3.97%. 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 12.14% return vs 4.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EMXC and EWM have the same expense ratio: 0.49% per year.

EWM has the higher dividend yield at 3.32%, compared with 2.05% for EMXC.

EMXC is categorized as Emerging Markets Equities, while EWM is Asia Pacific Equities. EMXC tracks MSCI Emerging Markets ex China Index, while EWM tracks MSCI Malaysia Index.

EMXC currently has the higher Sharpe Ratio (2.74 vs 1.36), 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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