EMXC vs. SHV
EMXC (iShares MSCI Emerging Markets ex China ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both exchange-traded funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index. Both are passively managed. Over the past 5 years, EMXC returned 12.14%/yr vs 3.34%/yr for SHV. At a 0.01 correlation, their price movements are largely independent. EMXC charges 0.49%/yr vs 0.15%/yr for SHV.
Performance
EMXC vs. SHV - Performance Comparison
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Returns By Period
In the year-to-date period, EMXC achieves a 37.25% return, which is significantly higher than SHV's 1.53% return.
EMXC
- 1D
- 0.55%
- 1M
- 6.57%
- YTD
- 37.25%
- 6M
- 42.23%
- 1Y
- 67.80%
- 3Y*
- 26.47%
- 5Y*
- 12.14%
- 10Y*
- —
SHV
- 1D
- 0.03%
- 1M
- 0.26%
- YTD
- 1.53%
- 6M
- 1.73%
- 1Y
- 3.86%
- 3Y*
- 4.63%
- 5Y*
- 3.34%
- 10Y*
- 2.23%
EMXC vs. SHV - 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% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.53% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.41% |
Correlation
The correlation between EMXC and SHV is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017 | 0.01 |
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Return for Risk
EMXC vs. SHV — Risk / Return Rank
EMXC
SHV
EMXC vs. SHV - 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 0-1 Year Treasury Bond ETF (SHV). 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 | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -16.75 | ||
| Sortino ratioReturn per unit of downside risk | -146.19 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 53.77 | -52.26 |
| Calmar ratioReturn relative to maximum drawdown | 4.55 | 431.38 | -426.83 |
| Martin ratioReturn relative to average drawdown | 17.51 | 2,419.80 | -2,402.28 |
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Drawdowns
EMXC vs. SHV - Drawdown Comparison
The maximum EMXC drawdown since its inception was -42.81%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for EMXC and SHV.
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Drawdown Indicators
| EMXC | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.81% | -0.45% | -42.36% |
Max Drawdown (1Y)Largest decline over 1 year | -14.41% | -0.01% | -14.40% |
Max Drawdown (3Y)Largest decline over 3 years | -19.12% | -0.03% | -19.09% |
Max Drawdown (5Y)Largest decline over 5 years | -28.91% | -0.39% | -28.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.45% | — |
Current DrawdownCurrent decline from peak | -4.12% | 0.00% | -4.12% |
Average DrawdownAverage peak-to-trough decline | -10.17% | -0.03% | -10.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.74% | 0.00% | +3.74% |
Volatility
EMXC vs. SHV - Volatility Comparison
iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 12.83% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.04%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMXC | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.83% | 0.04% | +12.79% |
Volatility (6M)Calculated over the trailing 6-month period | 21.90% | 0.12% | +21.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.90% | 0.20% | +23.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.00% | 0.29% | +17.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.07% | 0.28% | +19.79% |
EMXC vs. SHV - Expense Ratio Comparison
EMXC has a 0.49% expense ratio, which is higher than SHV's 0.15% expense ratio.
Dividends
EMXC vs. SHV - Dividend Comparison
EMXC's dividend yield for the trailing twelve months is around 2.05%, less than SHV's 3.83% 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% |
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
Frequently Asked Questions
EMXC and SHV have a correlation of 0.00, 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 SHV (0.04%). In terms of maximum drawdown, EMXC dropped -42.81% vs SHV's -0.45%.
On 5-year performance, EMXC leads with 12.14% vs 3.34% for SHV. On fees, SHV is cheaper at 0.15% per year. On volatility, SHV has been the lower-risk option at 0.04%. 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 3.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHV is cheaper with a 0.15% expense ratio, compared with 0.49% for EMXC.
SHV has the higher dividend yield at 3.83%, compared with 2.05% for EMXC.
EMXC is categorized as Emerging Markets Equities, while SHV is Government Bonds. EMXC tracks MSCI Emerging Markets ex China Index, while SHV tracks ICE Short US Treasury Securities Index. Their fees differ too: 0.49% for EMXC and 0.15% for SHV.
SHV currently has the higher Sharpe Ratio (19.49 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.
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