EMXC vs. FRDM

Last updated Jun 4, 2026

EMXC (iShares MSCI Emerging Markets ex China ETF) and FRDM (Freedom 100 Emerging Markets ETF) are both exchange-traded funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while FRDM is a Emerging Markets Diversified fund tracking the Life + Liberty Freedom 100 Emerging Markets Index. Both are passively managed. Over the past 5 years, EMXC returned 12.76%/yr vs 19.30%/yr for FRDM. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.49% expense ratio.

Performance

EMXC vs. FRDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets ex China ETF (EMXC) and Freedom 100 Emerging Markets ETF (FRDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMXC achieves a 41.72% return, which is significantly lower than FRDM's 44.61% return.

EMXC

• 1D: -1.00%
• 1M: 12.61%
• YTD: 41.72%
• 6M: 46.94%
• 1Y: 77.94%
• 3Y*: 29.08%
• 5Y*: 12.76%
• 10Y*: —

FRDM

• 1D: -1.30%
• 1M: 17.06%
• YTD: 44.61%
• 6M: 53.16%
• 1Y: 97.46%
• 3Y*: 37.08%
• 5Y*: 19.30%
• 10Y*: —

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

EMXC vs. FRDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EMXC iShares MSCI Emerging Markets ex China ETF	41.72%	35.14%	2.68%	18.96%	-19.56%	8.54%	12.76%	13.84%
FRDM Freedom 100 Emerging Markets ETF	44.61%	61.27%	1.70%	22.77%	-14.45%	6.13%	16.90%	12.33%

Correlation

The correlation between EMXC and FRDM is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 24, 2019	0.91

The correlation between EMXC and FRDM has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

EMXC vs. FRDM - Sectors Allocation Comparison

Sectors	EMXC	FRDM
Technology	45.0%	41.1%
Financial Services	19.6%	22.1%
Industrials	8.3%	8.6%
Basic Materials	6.8%	7.4%
Consumer Cyclical	4.5%	7.8%
Energy	4.2%	0.1%
Communication Services	3.4%	3.9%
Consumer Defensive	2.9%	2.2%
Utilities	2.3%	2.6%
Healthcare	2.2%	1.8%
Real Estate	1.0%	2.5%

Return for Risk

EMXC vs. FRDM — Risk / Return Rank

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

EMXC

EMXC Risk / Return Rank: 91
EMXC Sharpe Ratio Rank: 93
EMXC Sortino Ratio Rank: 91
EMXC Omega Ratio Rank: 92
EMXC Calmar Ratio Rank: 89
EMXC Martin Ratio Rank: 91

FRDM

FRDM Risk / Return Rank: 93
FRDM Sharpe Ratio Rank: 95
FRDM Sortino Ratio Rank: 93
FRDM Omega Ratio Rank: 93
FRDM Calmar Ratio Rank: 91
FRDM 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. FRDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China ETF (EMXC) and Freedom 100 Emerging Markets ETF (FRDM). 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	FRDM	Difference
Sharpe ratio: Return per unit of total volatility	3.61	4.00	-0.39
Sortino ratio: Return per unit of downside risk	4.39	4.65	-0.26
Omega ratio: Gain probability vs. loss probability	1.64	1.67	-0.03
Calmar ratio: Return relative to maximum drawdown	5.44	5.81	-0.37
Martin ratio: Return relative to average drawdown	21.99	23.37	-1.38
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. FRDM - Sharpe Ratio Comparison

The current EMXC Sharpe Ratio is 3.61, which is comparable to the FRDM Sharpe Ratio of 4.00. The chart below compares the historical Sharpe Ratios of EMXC and FRDM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EMXC	FRDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.61	4.00	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.93	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.85	-0.31

Drawdowns

EMXC vs. FRDM - Drawdown Comparison

The maximum EMXC drawdown since its inception was -42.81%, which is greater than FRDM's maximum drawdown of -40.49%. Use the drawdown chart below to compare losses from any high point for EMXC and FRDM.

Drawdown Indicators

	EMXC	FRDM	Difference
Max Drawdown Largest peak-to-trough decline	-42.81%	-40.49%	-2.32%
Max Drawdown (1Y) Largest decline over 1 year	-14.41%	-16.87%	+2.46%
Max Drawdown (3Y) Largest decline over 3 years	-19.12%	-16.87%	-2.25%
Max Drawdown (5Y) Largest decline over 5 years	-28.91%	-29.25%	+0.34%
Current Drawdown Current decline from peak	-1.00%	-1.30%	+0.30%
Average Drawdown Average peak-to-trough decline	-10.19%	-7.09%	-3.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	4.18%	-0.62%

Volatility

EMXC vs. FRDM - Volatility Comparison

The current volatility for iShares MSCI Emerging Markets ex China ETF (EMXC) is 9.88%, while Freedom 100 Emerging Markets ETF (FRDM) has a volatility of 11.03%. This indicates that EMXC experiences smaller price fluctuations and is considered to be less risky than FRDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMXC	FRDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.88%	11.03%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	19.34%	21.65%	-2.31%
Volatility (1Y) Calculated over the trailing 1-year period	21.70%	24.50%	-2.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	20.80%	-3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.82%	22.77%	-2.95%

EMXC vs. FRDM - Expense Ratio Comparison

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

Dividends

EMXC vs. FRDM - Dividend Comparison

EMXC's dividend yield for the trailing twelve months is around 1.99%, more than FRDM's 1.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMXC iShares MSCI Emerging Markets ex China ETF	1.99%	2.82%	2.69%	1.83%	2.85%	1.78%	1.45%	3.25%	2.63%	0.99%
FRDM Freedom 100 Emerging Markets ETF	1.51%	2.26%	2.53%	2.66%	2.72%	2.17%	1.11%	1.07%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMXC and FRDM in my portfolio?

With a correlation of 0.95, EMXC and FRDM 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 FRDM?

FRDM has higher volatility (11.03%) compared to EMXC (9.88%). In terms of maximum drawdown, EMXC dropped -42.81% vs FRDM's -40.49%.

Which ETF is better, EMXC or FRDM?

On 5-year performance, FRDM leads with 19.30% vs 12.76% for EMXC. Both ETFs have the same 0.49% expense ratio. On volatility, EMXC has been the lower-risk option at 9.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMXC or FRDM?

Over the 5-year period, FRDM has performed better with a 19.30% return vs 12.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMXC or FRDM?

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

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

EMXC has the higher dividend yield at 1.99%, compared with 1.51% for FRDM.

What is the main difference between EMXC and FRDM?

EMXC is categorized as Emerging Markets Equities, while FRDM is Emerging Markets Diversified. EMXC tracks MSCI Emerging Markets ex China Index, while FRDM tracks Life + Liberty Freedom 100 Emerging Markets Index. They also come from different issuers: iShares and Freedom Funds.

Which has better risk-adjusted returns?

FRDM currently has the higher Sharpe Ratio (4.00 vs 3.61), 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.