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EMXC vs. SPEM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMXC vs. SPEM

Last updated Jun 26, 2026

EMXC (iShares MSCI Emerging Markets ex China ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both Emerging Markets Equities funds - EMXC tracks the MSCI Emerging Markets ex China Index while SPEM tracks the S&P Emerging BMI Index. Both are passively managed. Over the past 5 years, EMXC returned 12.83%/yr vs 5.34%/yr for SPEM. Their correlation of 0.85 suggests significant overlap in exposure. EMXC charges 0.49%/yr vs 0.07%/yr for SPEM.

Performance

EMXC vs. SPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets ex China ETF (EMXC) and SPDR Portfolio Emerging Markets ETF (SPEM). 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 40.62% return, which is significantly higher than SPEM's 10.11% return.

EMXC

1D
1.67%
1M
2.21%
YTD
40.62%
6M
42.05%
1Y
66.74%
3Y*
28.32%
5Y*
12.83%
10Y*
—

SPEM

1D
-0.27%
1M
-1.79%
YTD
10.11%
6M
10.30%
1Y
23.82%
3Y*
17.66%
5Y*
5.34%
10Y*
9.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMXC vs. SPEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EMXC
iShares MSCI Emerging Markets ex China ETF		40.62%35.14%2.68%18.96%-19.56%8.54%12.76%15.80%-12.96%7.16%
SPEM
SPDR Portfolio Emerging Markets ETF		10.11%25.63%11.40%10.51%-17.90%1.51%14.55%19.69%-13.26%9.75%

Correlation

The correlation between EMXC and SPEM is 0.88, 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

0.88

Correlation (3Y)
Calculated over the trailing 3-year period

0.87

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

0.85

The correlation between EMXC and SPEM has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

EMXC vs. SPEM - Sectors Allocation Comparison

Sectors
EMXC
SPEM

Technology

52.4%
32.1%

Financial Services

17.4%
19.2%

Industrials

6.9%
8.3%

Basic Materials

6.0%
8.0%

Consumer Cyclical

4.1%
9.6%

Energy

3.4%
4.2%

Communication Services

3.0%
6.7%

Consumer Defensive

2.4%
3.6%

Utilities

1.9%
2.8%

Healthcare

1.8%
3.7%

Real Estate

0.8%
1.8%

Technology

EMXC
52.4%
SPEM
32.1%

Financial Services

EMXC
17.4%
SPEM
19.2%

Industrials

EMXC
6.9%
SPEM
8.3%

Basic Materials

EMXC
6.0%
SPEM
8.0%

Consumer Cyclical

EMXC
4.1%
SPEM
9.6%

Energy

EMXC
3.4%
SPEM
4.2%

Communication Services

EMXC
3.0%
SPEM
6.7%

Consumer Defensive

EMXC
2.4%
SPEM
3.6%

Utilities

EMXC
1.9%
SPEM
2.8%

Healthcare

EMXC
1.8%
SPEM
3.7%

Real Estate

EMXC
0.8%
SPEM
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Emerging Markets ex China ETF

SPDR Portfolio Emerging Markets ETF

Often compared with EMXC:
EMXC vs. XCEMEMXC vs. IEMGEMXC vs. VWOEMXC vs. EEMEMXC vs. VEXCEMXC vs. VNMEMXC vs. EMM
Often compared with SPEM:
SPEM vs. VWOSPEM vs. EEMSPEM vs. ESGESPEM vs. EMGFSPEM vs. BKEMSPEM vs. EMCRSPEM vs. XSOE

Return for Risk

EMXC vs. SPEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMXC
EMXC Risk / Return Rank: 8888
Overall Rank
EMXC Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
EMXC Sortino Ratio Rank: 8383
Sortino Ratio Rank
EMXC Omega Ratio Rank: 9090
Omega Ratio Rank
EMXC Calmar Ratio Rank: 8989
Calmar Ratio Rank
EMXC Martin Ratio Rank: 9090
Martin Ratio Rank
SPEM
SPEM Risk / Return Rank: 4747
Overall Rank
SPEM Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
SPEM Sortino Ratio Rank: 4444
Sortino Ratio Rank
SPEM Omega Ratio Rank: 4848
Omega Ratio Rank
SPEM Calmar Ratio Rank: 4848
Calmar Ratio Rank
SPEM Martin Ratio Rank: 5050
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. SPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China ETF (EMXC) and SPDR Portfolio Emerging Markets ETF (SPEM). 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.

EMXCSPEMDifference
Sharpe ratioReturn per unit of total volatility
2.66
1.42

+1.25

Sortino ratioReturn per unit of downside risk
3.19
1.97

+1.22

Omega ratioGain probability vs. loss probability

1.49

1.27

+0.23

Calmar ratioReturn relative to maximum drawdown

4.65

2.11

+2.55

Martin ratioReturn relative to average drawdown

17.66

7.49

+10.17

EMXC vs. SPEM - Sharpe Ratio Comparison

The current EMXC Sharpe Ratio is 2.66, which is higher than the SPEM Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of EMXC and SPEM, 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. SPEM - Drawdown Comparison

The maximum EMXC drawdown since its inception was -42.81%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for EMXC and SPEM.

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Drawdown Indicators

EMXCSPEMDifference

Max Drawdown

Largest peak-to-trough decline

-42.81%

-64.41%

+21.60%

Max Drawdown (1Y)

Largest decline over 1 year

-14.41%

-11.36%

-3.05%

Max Drawdown (3Y)

Largest decline over 3 years

-19.12%

-17.62%

-1.50%

Max Drawdown (5Y)

Largest decline over 5 years

-28.91%

-31.75%

+2.84%

Max Drawdown (10Y)

Largest decline over 10 years

—

-36.06%

—

Current Drawdown

Current decline from peak

-4.59%

-3.95%

-0.64%

Average Drawdown

Average peak-to-trough decline

-10.15%

-14.71%

+4.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.79%

3.19%

+0.60%

Volatility

EMXC vs. SPEM - Volatility Comparison

iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 14.14% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 7.21%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMXCSPEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.14%

7.21%

+6.93%

Volatility (6M)

Calculated over the trailing 6-month period

23.46%

14.75%

+8.71%

Volatility (1Y)

Calculated over the trailing 1-year period

25.21%

16.90%

+8.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.41%

17.35%

+1.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.25%

18.79%

+1.46%

EMXC vs. SPEM - Expense Ratio Comparison

EMXC has a 0.49% expense ratio, which is higher than SPEM's 0.07% expense ratio.

Dividends

EMXC vs. SPEM - Dividend Comparison

EMXC's dividend yield for the trailing twelve months is around 1.89%, less than SPEM's 2.55% yield.

PositionTTM20252024202320222021202020192018201720162015
EMXC
iShares MSCI Emerging Markets ex China ETF		1.89%2.82%2.69%1.83%2.85%1.78%1.45%3.25%2.63%0.99%0.00%0.00%
SPEM
SPDR Portfolio Emerging Markets ETF		2.55%2.77%2.78%2.80%3.38%3.14%1.92%2.94%2.34%1.12%1.51%2.40%

Frequently Asked Questions

EMXC and SPEM have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EMXC has higher volatility (14.14%) compared to SPEM (7.21%). In terms of maximum drawdown, EMXC dropped -42.81% vs SPEM's -64.41%.

On 5-year performance, EMXC leads with 12.83% vs 5.34% for SPEM. On fees, SPEM is cheaper at 0.07% per year. On volatility, SPEM has been the lower-risk option at 7.21%. 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 12.83% return vs 5.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPEM is cheaper with a 0.07% expense ratio, compared with 0.49% for EMXC.

SPEM has the higher dividend yield at 2.55%, compared with 1.89% for EMXC.

EMXC tracks MSCI Emerging Markets ex China Index, while SPEM tracks S&P Emerging BMI Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.49% for EMXC and 0.07% for SPEM.

EMXC currently has the higher Sharpe Ratio (2.66 vs 1.42), 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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