EMXC vs. FEM

Last updated Apr 1, 2026

Compare and contrast key facts about iShares MSCI Emerging Markets ex China ETF (EMXC) and First Trust Emerging Markets AlphaDEX Fund (FEM).

EMXC and FEM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMXC is a passively managed fund by iShares that tracks the performance of the MSCI Emerging Markets ex China Index. It was launched on Jul 19, 2017. FEM is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX EM Index. It was launched on Apr 18, 2011. Both EMXC and FEM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EMXC vs. FEM - Performance Comparison

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

EMXC vs. FEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMXC iShares MSCI Emerging Markets ex China ETF	8.23%	35.14%	2.68%	18.96%	-19.56%	8.54%	12.76%	15.80%	-12.96%	7.01%
FEM First Trust Emerging Markets AlphaDEX Fund	9.64%	28.36%	3.01%	10.84%	-14.24%	7.40%	-1.68%	20.55%	-15.51%	11.29%

Returns By Period

In the year-to-date period, EMXC achieves a 8.23% return, which is significantly lower than FEM's 9.64% return.

EMXC

• 1D: 4.13%
• 1M: -10.29%
• YTD: 8.23%
• 6M: 18.73%
• 1Y: 47.21%
• 3Y*: 19.79%
• 5Y*: 8.20%
• 10Y*: —

FEM

• 1D: 1.40%
• 1M: -4.37%
• YTD: 9.64%
• 6M: 11.51%
• 1Y: 35.39%
• 3Y*: 16.74%
• 5Y*: 6.92%
• 10Y*: 8.47%

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

EMXC vs. FEM - Expense Ratio Comparison

EMXC has a 0.49% expense ratio, which is lower than FEM's 0.80% expense ratio.

FEM

First Trust Emerging Markets AlphaDEX Fund

EMXC

iShares MSCI Emerging Markets ex China ETF

Return for Risk

EMXC vs. FEM — Risk / Return Rank

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

EMXC

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

FEM

FEM Risk / Return Rank: 88
FEM Sharpe Ratio Rank: 88
FEM Sortino Ratio Rank: 87
FEM Omega Ratio Rank: 88
FEM Calmar Ratio Rank: 87
FEM Martin Ratio Rank: 92

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. FEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China ETF (EMXC) and First Trust Emerging Markets AlphaDEX Fund (FEM). 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.

	EMXC	FEM	Difference
Sharpe ratio Return per unit of total volatility	2.31	1.85	+0.46
Sortino ratio Return per unit of downside risk	2.98	2.34	+0.63
Omega ratio Gain probability vs. loss probability	1.43	1.36	+0.07
Calmar ratio Return relative to maximum drawdown	3.26	2.66	+0.60
Martin ratio Return relative to average drawdown	13.81	12.54	+1.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMXC vs. FEM - Sharpe Ratio Comparison

The current EMXC Sharpe Ratio is 2.31, which is comparable to the FEM Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of EMXC and FEM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EMXC	FEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	1.85	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.38	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.16	+0.23

Correlation

The correlation between EMXC and FEM is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

EMXC vs. FEM - Dividend Comparison

EMXC's dividend yield for the trailing twelve months is around 2.60%, less than FEM's 2.84% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMXC iShares MSCI Emerging Markets ex China ETF	2.60%	2.82%	2.69%	1.83%	2.85%	1.78%	1.45%	3.25%	2.63%	0.99%	0.00%	0.00%
FEM First Trust Emerging Markets AlphaDEX Fund	2.84%	3.13%	3.66%	4.96%	6.15%	4.15%	2.68%	3.31%	3.52%	2.45%	2.25%	3.61%

Drawdowns

EMXC vs. FEM - Drawdown Comparison

The maximum EMXC drawdown since its inception was -42.81%, smaller than the maximum FEM drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for EMXC and FEM.

Drawdown Indicators

	EMXC	FEM	Difference
Max Drawdown Largest peak-to-trough decline	-42.81%	-46.23%	+3.42%
Max Drawdown (1Y) Largest decline over 1 year	-14.41%	-13.19%	-1.22%
Max Drawdown (5Y) Largest decline over 5 years	-28.91%	-31.72%	+2.81%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.23%	—
Current Drawdown Current decline from peak	-10.88%	-5.40%	-5.48%
Average Drawdown Average peak-to-trough decline	-10.35%	-15.20%	+4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	2.79%	+0.61%

Volatility

EMXC vs. FEM - Volatility Comparison

iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 11.89% compared to First Trust Emerging Markets AlphaDEX Fund (FEM) at 8.51%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than FEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMXC	FEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.89%	8.51%	+3.38%
Volatility (6M) Calculated over the trailing 6-month period	16.14%	13.64%	+2.50%
Volatility (1Y) Calculated over the trailing 1-year period	20.58%	19.24%	+1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.70%	18.21%	-1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.51%	20.95%	-1.44%