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EMXC vs. IEMG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMXC vs. IEMG

Last updated Jun 24, 2026

EMXC (iShares MSCI Emerging Markets ex China ETF) and IEMG (iShares Core MSCI Emerging Markets ETF) are both exchange-traded funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). Both are passively managed. Over the past 5 years, EMXC returned 12.43%/yr vs 7.05%/yr for IEMG. Their correlation of 0.88 suggests significant overlap in exposure. EMXC charges 0.49%/yr vs 0.09%/yr for IEMG.

Performance

EMXC vs. IEMG - 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 Core MSCI Emerging Markets ETF (IEMG). 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 37.89% return, which is significantly higher than IEMG's 21.95% return.

EMXC

1D
-6.44%
1M
4.83%
YTD
37.89%
6M
39.80%
1Y
67.97%
3Y*
27.65%
5Y*
12.43%
10Y*
—

IEMG

1D
-5.44%
1M
1.74%
YTD
21.95%
6M
22.64%
1Y
43.66%
3Y*
22.14%
5Y*
7.05%
10Y*
10.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMXC vs. IEMG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EMXC
iShares MSCI Emerging Markets ex China ETF		37.89%35.14%2.68%18.96%-19.56%8.54%12.76%15.80%-12.96%7.16%
IEMG
iShares Core MSCI Emerging Markets ETF		21.95%32.56%6.50%11.52%-19.98%-0.64%17.87%17.81%-14.92%10.03%

Correlation

The correlation between EMXC and IEMG is 0.96 - 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

0.96

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 Jul 26, 2017

0.88

The correlation between EMXC and IEMG has been stable across timeframes, ranging from 0.88 to 0.96 - a consistent structural relationship.

EMXC vs. IEMG - Sectors Allocation Comparison

Sectors
EMXC
IEMG

Technology

52.4%
42.1%

Financial Services

17.4%
16.7%

Industrials

6.9%
8.0%

Basic Materials

6.0%
6.3%

Consumer Cyclical

4.1%
8.5%

Energy

3.4%
3.3%

Communication Services

3.0%
5.6%

Consumer Defensive

2.4%
2.8%

Utilities

1.9%
1.9%

Healthcare

1.8%
3.2%

Real Estate

0.8%
1.6%

Technology

EMXC
52.4%
IEMG
42.1%

Financial Services

EMXC
17.4%
IEMG
16.7%

Industrials

EMXC
6.9%
IEMG
8.0%

Basic Materials

EMXC
6.0%
IEMG
6.3%

Consumer Cyclical

EMXC
4.1%
IEMG
8.5%

Energy

EMXC
3.4%
IEMG
3.3%

Communication Services

EMXC
3.0%
IEMG
5.6%

Consumer Defensive

EMXC
2.4%
IEMG
2.8%

Utilities

EMXC
1.9%
IEMG
1.9%

Healthcare

EMXC
1.8%
IEMG
3.2%

Real Estate

EMXC
0.8%
IEMG
1.6%

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iShares MSCI Emerging Markets ex China ETF

iShares Core MSCI Emerging Markets ETF

Often compared with EMXC:
EMXC vs. XCEMEMXC vs. VWOEMXC vs. EEMEMXC vs. SPEMEMXC vs. VEXCEMXC vs. VNMEMXC vs. EMM
Often compared with IEMG:
IEMG vs. VWOIEMG vs. EEMIEMG vs. IEFAIEMG vs. SCHEIEMG vs. IXUSIEMG vs. SPYIEMG vs. EEMV

Return for Risk

EMXC vs. IEMG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMXC
EMXC Risk / Return Rank: 8585
Overall Rank
EMXC Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
EMXC Sortino Ratio Rank: 7777
Sortino Ratio Rank
EMXC Omega Ratio Rank: 8686
Omega Ratio Rank
EMXC Calmar Ratio Rank: 8787
Calmar Ratio Rank
EMXC Martin Ratio Rank: 8787
Martin Ratio Rank
IEMG
IEMG Risk / Return Rank: 6464
Overall Rank
IEMG Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
IEMG Sortino Ratio Rank: 5555
Sortino Ratio Rank
IEMG Omega Ratio Rank: 6666
Omega Ratio Rank
IEMG Calmar Ratio Rank: 6969
Calmar Ratio Rank
IEMG Martin Ratio Rank: 6868
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. IEMG - 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 Core MSCI Emerging Markets ETF (IEMG). 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.

EMXCIEMGDifference
Sharpe ratioReturn per unit of total volatility
2.70
1.98

+0.72

Sortino ratioReturn per unit of downside risk
3.23
2.56

+0.67

Omega ratioGain probability vs. loss probability

1.50

1.38

+0.12

Calmar ratioReturn relative to maximum drawdown

4.74

3.32

+1.42

Martin ratioReturn relative to average drawdown

18.14

12.15

+5.99

EMXC vs. IEMG - Sharpe Ratio Comparison

The current EMXC Sharpe Ratio is 2.70, which is higher than the IEMG Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of EMXC and IEMG, 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. IEMG - Drawdown Comparison

The maximum EMXC drawdown since its inception was -42.81%, which is greater than IEMG's maximum drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for EMXC and IEMG.

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Drawdown Indicators

EMXCIEMGDifference

Max Drawdown

Largest peak-to-trough decline

-42.81%

-38.71%

-4.10%

Max Drawdown (1Y)

Largest decline over 1 year

-14.41%

-13.21%

-1.20%

Max Drawdown (3Y)

Largest decline over 3 years

-19.12%

-17.21%

-1.91%

Max Drawdown (5Y)

Largest decline over 5 years

-28.91%

-35.75%

+6.84%

Max Drawdown (10Y)

Largest decline over 10 years

—

-38.71%

—

Current Drawdown

Current decline from peak

-6.44%

-5.44%

-1.00%

Average Drawdown

Average peak-to-trough decline

-10.15%

-12.93%

+2.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.76%

3.61%

+0.15%

Volatility

EMXC vs. IEMG - Volatility Comparison

iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 14.74% compared to iShares Core MSCI Emerging Markets ETF (IEMG) at 12.22%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMXCIEMGDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.74%

12.22%

+2.52%

Volatility (6M)

Calculated over the trailing 6-month period

23.44%

20.14%

+3.30%

Volatility (1Y)

Calculated over the trailing 1-year period

25.27%

22.12%

+3.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.40%

18.99%

-0.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.25%

20.20%

+0.05%

EMXC vs. IEMG - Expense Ratio Comparison

EMXC has a 0.49% expense ratio, which is higher than IEMG's 0.09% expense ratio.

Dividends

EMXC vs. IEMG - Dividend Comparison

EMXC's dividend yield for the trailing twelve months is around 1.93%, less than IEMG's 2.21% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
IEMG
iShares Core MSCI Emerging Markets ETF		2.21%2.75%3.20%2.89%2.71%3.06%1.87%3.15%2.76%2.35%2.28%2.53%

Frequently Asked Questions

With a correlation of 0.96, EMXC and IEMG 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 IEMG (12.22%). In terms of maximum drawdown, EMXC dropped -42.81% vs IEMG's -38.71%.

On 5-year performance, EMXC leads with 12.43% vs 7.05% for IEMG. On fees, IEMG is cheaper at 0.09% per year. On volatility, IEMG has been the lower-risk option at 12.22%. 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 12.43% return vs 7.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEMG is cheaper with a 0.09% expense ratio, compared with 0.49% for EMXC.

IEMG has the higher dividend yield at 2.21%, compared with 1.93% for EMXC.

EMXC is categorized as Emerging Markets Equities, while IEMG is Emerging Markets Diversified. EMXC tracks MSCI Emerging Markets ex China Index, while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). Their fees differ too: 0.49% for EMXC and 0.09% for IEMG.

EMXC currently has the higher Sharpe Ratio (2.70 vs 1.98), 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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