EMXC vs. EWT

Last updated Jun 13, 2026

EMXC (iShares MSCI Emerging Markets ex China ETF) and EWT (iShares MSCI Taiwan ETF) are both exchange-traded funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while EWT is a Asia Pacific Equities fund tracking the MSCI Taiwan Index. Both are passively managed. Over the past 5 years, EMXC returned 12.14%/yr vs 17.48%/yr for EWT. Their correlation of 0.83 suggests significant overlap in exposure. EMXC charges 0.49%/yr vs 0.59%/yr for EWT.

Performance

EMXC vs. EWT - 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 Taiwan ETF (EWT). 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 lower than EWT's 61.53% return.

EMXC

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

EWT

• 1D: 0.17%
• 1M: 8.18%
• YTD: 61.53%
• 6M: 67.45%
• 1Y: 89.17%
• 3Y*: 34.98%
• 5Y*: 17.48%
• 10Y*: 19.56%

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

EMXC vs. EWT - 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%
EWT iShares MSCI Taiwan ETF	61.53%	28.38%	16.11%	23.97%	-28.90%	26.18%	31.50%	33.36%	-9.90%	1.48%

Correlation

The correlation between EMXC and EWT is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017	0.83

The correlation between EMXC and EWT has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

EMXC vs. EWT - Sectors Allocation Comparison

Sectors	EMXC	EWT
Technology	45.0%	72.9%
Financial Services	19.6%	13.0%
Industrials	8.3%	4.9%
Basic Materials	6.8%	3.5%
Consumer Cyclical	4.5%	1.9%
Energy	4.2%	-
Communication Services	3.4%	1.9%
Consumer Defensive	2.9%	1.1%
Utilities	2.3%	-
Healthcare	2.2%	0.8%
Real Estate	1.0%	-

Return for Risk

EMXC vs. EWT — 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

EWT

EWT Risk / Return Rank: 94
EWT Sharpe Ratio Rank: 95
EWT Sortino Ratio Rank: 92
EWT Omega Ratio Rank: 92
EWT Calmar Ratio Rank: 96
EWT Martin Ratio Rank: 95

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. EWT - 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 Taiwan ETF (EWT). 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	EWT	Difference
Sharpe ratio: Return per unit of total volatility	2.74	3.36	-0.61
Sortino ratio: Return per unit of downside risk	3.35	3.88	-0.53
Omega ratio: Gain probability vs. loss probability	1.50	1.55	-0.05
Calmar ratio: Return relative to maximum drawdown	4.55	8.53	-3.98
Martin ratio: Return relative to average drawdown	17.51	25.15	-7.63

EMXC vs. EWT - Sharpe Ratio Comparison

The current EMXC Sharpe Ratio is 2.74, which is comparable to the EWT Sharpe Ratio of 3.36. The chart below compares the historical Sharpe Ratios of EMXC and EWT, 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. EWT - Drawdown Comparison

The maximum EMXC drawdown since its inception was -42.81%, smaller than the maximum EWT drawdown of -64.37%. Use the drawdown chart below to compare losses from any high point for EMXC and EWT.

Drawdown Indicators

	EMXC	EWT	Difference
Max Drawdown Largest peak-to-trough decline	-42.81%	-64.37%	+21.56%
Max Drawdown (1Y) Largest decline over 1 year	-14.41%	-10.51%	-3.90%
Max Drawdown (3Y) Largest decline over 3 years	-19.12%	-25.66%	+6.54%
Max Drawdown (5Y) Largest decline over 5 years	-28.91%	-38.88%	+9.97%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.88%	—
Current Drawdown Current decline from peak	-4.12%	-4.19%	+0.07%
Average Drawdown Average peak-to-trough decline	-10.17%	-19.21%	+9.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	3.56%	+0.18%

Volatility

EMXC vs. EWT - Volatility Comparison

The current volatility for iShares MSCI Emerging Markets ex China ETF (EMXC) is 12.83%, while iShares MSCI Taiwan ETF (EWT) has a volatility of 13.55%. This indicates that EMXC experiences smaller price fluctuations and is considered to be less risky than EWT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMXC	EWT	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.83%	13.55%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	21.90%	22.68%	-0.78%
Volatility (1Y) Calculated over the trailing 1-year period	23.90%	26.75%	-2.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.00%	22.95%	-4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.07%	21.78%	-1.71%

EMXC vs. EWT - Expense Ratio Comparison

EMXC has a 0.49% expense ratio, which is lower than EWT's 0.59% expense ratio.

Dividends

EMXC vs. EWT - Dividend Comparison

EMXC's dividend yield for the trailing twelve months is around 2.05%, less than EWT's 2.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
EWT iShares MSCI Taiwan ETF	2.74%	4.43%	3.32%	8.12%	18.82%	0.55%	1.83%	2.49%	3.16%	2.81%	2.39%	3.12%

Frequently Asked Questions

Can I hold both EMXC and EWT in my portfolio?

With a correlation of 0.90, EMXC and EWT 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.

Which is riskier, EMXC or EWT?

EWT has higher volatility (13.55%) compared to EMXC (12.83%). In terms of maximum drawdown, EMXC dropped -42.81% vs EWT's -64.37%.

Which ETF is better, EMXC or EWT?

On 5-year performance, EWT leads with 17.48% vs 12.14% for EMXC. On fees, EMXC is cheaper at 0.49% per year. On volatility, EMXC has been the lower-risk option at 12.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMXC or EWT?

Over the 5-year period, EWT has performed better with a 17.48% return vs 12.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMXC or EWT?

EMXC is cheaper with a 0.49% expense ratio, compared with 0.59% for EWT.

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

EWT has the higher dividend yield at 2.74%, compared with 2.05% for EMXC.

What is the main difference between EMXC and EWT?

EMXC is categorized as Emerging Markets Equities, while EWT is Asia Pacific Equities. EMXC tracks MSCI Emerging Markets ex China Index, while EWT tracks MSCI Taiwan Index. Their fees differ too: 0.49% for EMXC and 0.59% for EWT.

Which has better risk-adjusted returns?

EWT currently has the higher Sharpe Ratio (3.36 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.