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EMXC vs. VEMAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMXC vs. VEMAX

Last updated Jun 4, 2026

EMXC (iShares MSCI Emerging Markets ex China ETF) and VEMAX (Vanguard Emerging Markets Stock Index Fund Admiral Shares) are both Emerging Markets Equities funds. Over the past 5 years, EMXC returned 12.76%/yr vs 5.62%/yr for VEMAX. Their correlation of 0.83 suggests significant overlap in exposure. EMXC charges 0.49%/yr vs 0.14%/yr for VEMAX.

Performance

EMXC vs. VEMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets ex China ETF (EMXC) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX). 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 41.72% return, which is significantly higher than VEMAX's 13.97% return.

EMXC

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

VEMAX

1D
1.58%
1M
4.22%
YTD
13.97%
6M
15.57%
1Y
32.68%
3Y*
18.62%
5Y*
5.62%
10Y*
9.04%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMXC vs. VEMAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EMXC
iShares MSCI Emerging Markets ex China ETF		41.72%35.14%2.68%18.96%-19.56%8.54%12.76%15.80%-12.96%7.01%
VEMAX
Vanguard Emerging Markets Stock Index Fund Admiral Shares		13.97%24.76%11.34%8.82%-17.79%0.85%15.24%20.29%-14.59%9.11%

Correlation

The correlation between EMXC and VEMAX is 0.85, 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

0.85

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

0.84

Correlation (5Y)
Calculated over the trailing 5-year period

0.84

Correlation (All Time)
Calculated using the full available price history since Jul 27, 2017

0.83

The correlation between EMXC and VEMAX has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

EMXC vs. VEMAX - Sectors Allocation Comparison

Sectors
EMXC
VEMAX

Technology

45.0%
29.6%

Financial Services

19.6%
19.5%

Industrials

8.3%
8.0%

Basic Materials

6.8%
8.0%

Consumer Cyclical

4.5%
10.7%

Energy

4.2%
4.6%

Communication Services

3.4%
7.1%

Consumer Defensive

2.9%
3.7%

Utilities

2.3%
2.9%

Healthcare

2.2%
3.9%

Real Estate

1.0%
2.2%

Technology

EMXC
45.0%
VEMAX
29.6%

Financial Services

EMXC
19.6%
VEMAX
19.5%

Industrials

EMXC
8.3%
VEMAX
8.0%

Basic Materials

EMXC
6.8%
VEMAX
8.0%

Consumer Cyclical

EMXC
4.5%
VEMAX
10.7%

Energy

EMXC
4.2%
VEMAX
4.6%

Communication Services

EMXC
3.4%
VEMAX
7.1%

Consumer Defensive

EMXC
2.9%
VEMAX
3.7%

Utilities

EMXC
2.3%
VEMAX
2.9%

Healthcare

EMXC
2.2%
VEMAX
3.9%

Real Estate

EMXC
1.0%
VEMAX
2.2%

Compare stocks, funds, or ETFs

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iShares MSCI Emerging Markets ex China ETF

Vanguard Emerging Markets Stock Index Fund Admiral Shares

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Return for Risk

EMXC vs. VEMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMXC
EMXC Risk / Return Rank: 9191
Overall Rank
EMXC Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
EMXC Sortino Ratio Rank: 9191
Sortino Ratio Rank
EMXC Omega Ratio Rank: 9292
Omega Ratio Rank
EMXC Calmar Ratio Rank: 8989
Calmar Ratio Rank
EMXC Martin Ratio Rank: 9191
Martin Ratio Rank
VEMAX
VEMAX Risk / Return Rank: 5959
Overall Rank
VEMAX Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
VEMAX Sortino Ratio Rank: 5757
Sortino Ratio Rank
VEMAX Omega Ratio Rank: 5858
Omega Ratio Rank
VEMAX Calmar Ratio Rank: 6161
Calmar Ratio Rank
VEMAX Martin Ratio Rank: 5656
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. VEMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China ETF (EMXC) and Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX). 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.

EMXCVEMAXDifference
Sharpe ratioReturn per unit of total volatility
3.61
2.31

+1.30

Sortino ratioReturn per unit of downside risk
4.39
3.18

+1.21

Omega ratioGain probability vs. loss probability

1.64

1.42

+0.21

Calmar ratioReturn relative to maximum drawdown

5.44

3.00

+2.44

Martin ratioReturn relative to average drawdown

21.99

11.18

+10.81

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. VEMAX - Sharpe Ratio Comparison

The current EMXC Sharpe Ratio is 3.61, which is higher than the VEMAX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of EMXC and VEMAX, 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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Sharpe Ratios by Period

EMXCVEMAXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.61

2.31

+1.30

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

0.37

+0.37

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.55

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.55

0.30

+0.25

Drawdowns

EMXC vs. VEMAX - Drawdown Comparison

The maximum EMXC drawdown since its inception was -42.81%, smaller than the maximum VEMAX drawdown of -66.45%. Use the drawdown chart below to compare losses from any high point for EMXC and VEMAX.

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Drawdown Indicators

EMXCVEMAXDifference

Max Drawdown

Largest peak-to-trough decline

-42.81%

-66.45%

+23.64%

Max Drawdown (1Y)

Largest decline over 1 year

-14.41%

-11.05%

-3.36%

Max Drawdown (3Y)

Largest decline over 3 years

-19.12%

-15.78%

-3.34%

Max Drawdown (5Y)

Largest decline over 5 years

-28.91%

-32.55%

+3.64%

Max Drawdown (10Y)

Largest decline over 10 years

—

-36.11%

—

Current Drawdown

Current decline from peak

-1.00%

0.00%

-1.00%

Average Drawdown

Average peak-to-trough decline

-10.19%

-16.12%

+5.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.56%

2.96%

+0.60%

Volatility

EMXC vs. VEMAX - Volatility Comparison

iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 9.88% compared to Vanguard Emerging Markets Stock Index Fund Admiral Shares (VEMAX) at 5.01%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than VEMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMXCVEMAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.88%

5.01%

+4.87%

Volatility (6M)

Calculated over the trailing 6-month period

19.34%

11.80%

+7.54%

Volatility (1Y)

Calculated over the trailing 1-year period

21.70%

14.31%

+7.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.45%

15.38%

+2.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.82%

16.46%

+3.36%

EMXC vs. VEMAX - Expense Ratio Comparison

EMXC has a 0.49% expense ratio, which is higher than VEMAX's 0.14% expense ratio.

Dividends

EMXC vs. VEMAX - Dividend Comparison

EMXC's dividend yield for the trailing twelve months is around 1.99%, less than VEMAX's 2.34% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
VEMAX
Vanguard Emerging Markets Stock Index Fund Admiral Shares		2.34%2.74%3.13%3.47%4.05%2.57%1.87%3.20%2.85%2.31%2.51%3.25%

Frequently Asked Questions

EMXC and VEMAX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EMXC has higher volatility (9.88%) compared to VEMAX (5.01%). In terms of maximum drawdown, EMXC dropped -42.81% vs VEMAX's -66.45%.

EMXC currently has the higher Sharpe Ratio (3.61 vs 2.31), 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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