EMXC vs. VLUE

Last updated Jun 13, 2026

EMXC (iShares MSCI Emerging Markets ex China ETF) and VLUE (iShares MSCI USA Value Factor ETF) are both exchange-traded funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while VLUE is a Large Cap Value Equities fund tracking the MSCI USA Enhanced Value Index. Both are passively managed. Over the past 5 years, EMXC returned 12.14%/yr vs 16.01%/yr for VLUE. A 0.64 correlation means they provide meaningful diversification when combined. EMXC charges 0.49%/yr vs 0.15%/yr for VLUE.

Performance

EMXC vs. VLUE - 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 MSCI USA Value Factor ETF (VLUE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMXC achieves a 37.25% return, which is significantly lower than VLUE's 45.72% return.

EMXC

• 1D: 0.55%
• 1M: 3.75%
• YTD: 37.25%
• 6M: 42.23%
• 1Y: 65.26%
• 3Y*: 26.47%
• 5Y*: 12.14%
• 10Y*: —

VLUE

• 1D: 0.40%
• 1M: 7.90%
• YTD: 45.72%
• 6M: 46.53%
• 1Y: 83.16%
• 3Y*: 31.47%
• 5Y*: 16.01%
• 10Y*: 15.38%

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

EMXC vs. VLUE - 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%
VLUE iShares MSCI USA Value Factor ETF	45.72%	32.67%	7.25%	14.26%	-14.17%	28.93%	-0.23%	27.20%	-11.13%	12.36%

Correlation

The correlation between EMXC and VLUE is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017	0.64

The correlation between EMXC and VLUE has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.

EMXC vs. VLUE - Sectors Allocation Comparison

Sectors	EMXC	VLUE
Technology	45.0%	44.5%
Financial Services	19.6%	10.4%
Industrials	8.3%	7.4%
Basic Materials	6.8%	1.6%
Consumer Cyclical	4.5%	8.3%
Energy	4.2%	3.2%
Communication Services	3.4%	8.3%
Consumer Defensive	2.9%	4.0%
Utilities	2.3%	2.0%
Healthcare	2.2%	8.5%
Real Estate	1.0%	1.8%

Return for Risk

EMXC vs. VLUE — Risk / Return Rank

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

EMXC

EMXC Risk / Return Rank: 89
EMXC Sharpe Ratio Rank: 91
EMXC Sortino Ratio Rank: 86
EMXC Omega Ratio Rank: 90
EMXC Calmar Ratio Rank: 88
EMXC Martin Ratio Rank: 89

VLUE

VLUE Risk / Return Rank: 97
VLUE Sharpe Ratio Rank: 98
VLUE Sortino Ratio Rank: 97
VLUE Omega Ratio Rank: 96
VLUE Calmar Ratio Rank: 97
VLUE Martin Ratio Rank: 97

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. VLUE - 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 MSCI USA Value Factor ETF (VLUE). 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	VLUE	Difference
Sharpe ratio: Return per unit of total volatility	2.74	4.55	-1.80
Sortino ratio: Return per unit of downside risk	3.35	5.75	-2.40
Omega ratio: Gain probability vs. loss probability	1.50	1.77	-0.27
Calmar ratio: Return relative to maximum drawdown	4.55	9.25	-4.70
Martin ratio: Return relative to average drawdown	17.51	39.16	-21.65

EMXC vs. VLUE - Sharpe Ratio Comparison

The current EMXC Sharpe Ratio is 2.74, which is lower than the VLUE Sharpe Ratio of 4.55. The chart below compares the historical Sharpe Ratios of EMXC and VLUE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EMXC vs. VLUE - Drawdown Comparison

The maximum EMXC drawdown since its inception was -42.81%, which is greater than VLUE's maximum drawdown of -39.47%. Use the drawdown chart below to compare losses from any high point for EMXC and VLUE.

Drawdown Indicators

	EMXC	VLUE	Difference
Max Drawdown Largest peak-to-trough decline	-42.81%	-39.47%	-3.34%
Max Drawdown (1Y) Largest decline over 1 year	-14.41%	-9.04%	-5.37%
Max Drawdown (3Y) Largest decline over 3 years	-19.12%	-17.89%	-1.23%
Max Drawdown (5Y) Largest decline over 5 years	-28.91%	-27.12%	-1.79%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.47%	—
Current Drawdown Current decline from peak	-4.12%	-2.61%	-1.51%
Average Drawdown Average peak-to-trough decline	-10.17%	-6.01%	-4.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	2.13%	+1.61%

Volatility

EMXC vs. VLUE - Volatility Comparison

iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 12.83% compared to iShares MSCI USA Value Factor ETF (VLUE) at 8.83%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than VLUE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMXC	VLUE	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.83%	8.83%	+4.00%
Volatility (6M) Calculated over the trailing 6-month period	21.90%	15.31%	+6.59%
Volatility (1Y) Calculated over the trailing 1-year period	23.90%	18.38%	+5.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.00%	18.00%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.07%	19.91%	+0.16%

EMXC vs. VLUE - Expense Ratio Comparison

EMXC has a 0.49% expense ratio, which is higher than VLUE's 0.15% expense ratio.

Dividends

EMXC vs. VLUE - Dividend Comparison

EMXC's dividend yield for the trailing twelve months is around 2.05%, more than VLUE's 1.43% 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%
VLUE iShares MSCI USA Value Factor ETF	1.43%	2.11%	2.73%	2.66%	3.18%	2.22%	2.42%	2.61%	2.70%	2.14%	2.07%	2.39%

Frequently Asked Questions

Can I hold both EMXC and VLUE in my portfolio?

EMXC and VLUE have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMXC or VLUE?

EMXC has higher volatility (12.83%) compared to VLUE (8.83%). In terms of maximum drawdown, EMXC dropped -42.81% vs VLUE's -39.47%.

Which ETF is better, EMXC or VLUE?

On 5-year performance, VLUE leads with 16.01% vs 12.14% for EMXC. On fees, VLUE is cheaper at 0.15% per year. On volatility, VLUE has been the lower-risk option at 8.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMXC or VLUE?

Over the 5-year period, VLUE has performed better with a 16.01% return vs 12.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMXC or VLUE?

VLUE is cheaper with a 0.15% expense ratio, compared with 0.49% for EMXC.

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

EMXC has the higher dividend yield at 2.05%, compared with 1.43% for VLUE.

What is the main difference between EMXC and VLUE?

EMXC is categorized as Emerging Markets Equities, while VLUE is Large Cap Value Equities. EMXC tracks MSCI Emerging Markets ex China Index, while VLUE tracks MSCI USA Enhanced Value Index. Their fees differ too: 0.49% for EMXC and 0.15% for VLUE.

Which has better risk-adjusted returns?

VLUE currently has the higher Sharpe Ratio (4.55 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.