EMXC vs. VTWAX

Last updated Jun 13, 2026

EMXC (iShares MSCI Emerging Markets ex China ETF) and VTWAX (Vanguard Total World Stock Index Fund Admiral Shares) are both funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while VTWAX is a Global Equities fund tracking the FTSE Global All Cap Index. Both are passively managed. Over the past 5 years, EMXC returned 12.14%/yr vs 10.51%/yr for VTWAX. Their correlation of 0.81 suggests significant overlap in exposure. EMXC charges 0.49%/yr vs 0.09%/yr for VTWAX.

Performance

EMXC vs. VTWAX - 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 Total World Stock Index Fund Admiral Shares (VTWAX). 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 higher than VTWAX's 10.38% return.

EMXC

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

VTWAX

• 1D: 2.34%
• 1M: -0.02%
• YTD: 10.38%
• 6M: 11.15%
• 1Y: 25.06%
• 3Y*: 19.75%
• 5Y*: 10.51%
• 10Y*: —

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

EMXC vs. VTWAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EMXC iShares MSCI Emerging Markets ex China ETF	37.25%	35.14%	2.68%	18.96%	-19.56%	8.54%	12.76%	7.20%
VTWAX Vanguard Total World Stock Index Fund Admiral Shares	10.38%	22.43%	16.43%	21.85%	-18.02%	18.17%	16.67%	17.53%

Correlation

The correlation between EMXC and VTWAX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.81

The correlation between EMXC and VTWAX has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

EMXC vs. VTWAX - Sectors Allocation Comparison

Sectors	EMXC	VTWAX
Technology	45.0%	27.8%
Financial Services	19.6%	15.9%
Industrials	8.3%	12.0%
Basic Materials	6.8%	4.2%
Consumer Cyclical	4.5%	9.5%
Energy	4.2%	4.3%
Communication Services	3.4%	8.3%
Consumer Defensive	2.9%	4.8%
Utilities	2.3%	2.7%
Healthcare	2.2%	8.1%
Real Estate	1.0%	2.4%

Return for Risk

EMXC vs. VTWAX — 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

VTWAX

VTWAX Risk / Return Rank: 72
VTWAX Sharpe Ratio Rank: 72
VTWAX Sortino Ratio Rank: 68
VTWAX Omega Ratio Rank: 69
VTWAX Calmar Ratio Rank: 71
VTWAX Martin Ratio Rank: 79

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. VTWAX - 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 Total World Stock Index Fund Admiral Shares (VTWAX). 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	VTWAX	Difference
Sharpe ratio: Return per unit of total volatility	2.74	1.97	+0.78
Sortino ratio: Return per unit of downside risk	3.35	2.69	+0.66
Omega ratio: Gain probability vs. loss probability	1.50	1.36	+0.14
Calmar ratio: Return relative to maximum drawdown	4.55	2.66	+1.89
Martin ratio: Return relative to average drawdown	17.51	11.61	+5.90

EMXC vs. VTWAX - Sharpe Ratio Comparison

The current EMXC Sharpe Ratio is 2.74, which is higher than the VTWAX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of EMXC and VTWAX, 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. VTWAX - Drawdown Comparison

The maximum EMXC drawdown since its inception was -42.81%, which is greater than VTWAX's maximum drawdown of -34.20%. Use the drawdown chart below to compare losses from any high point for EMXC and VTWAX.

Drawdown Indicators

	EMXC	VTWAX	Difference
Max Drawdown Largest peak-to-trough decline	-42.81%	-34.20%	-8.61%
Max Drawdown (1Y) Largest decline over 1 year	-14.41%	-9.64%	-4.77%
Max Drawdown (3Y) Largest decline over 3 years	-19.12%	-16.43%	-2.69%
Max Drawdown (5Y) Largest decline over 5 years	-28.91%	-26.40%	-2.51%
Current Drawdown Current decline from peak	-4.12%	-2.45%	-1.67%
Average Drawdown Average peak-to-trough decline	-10.17%	-5.29%	-4.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	2.21%	+1.53%

Volatility

EMXC vs. VTWAX - Volatility Comparison

iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 12.83% compared to Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) at 5.19%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than VTWAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMXC	VTWAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.83%	5.19%	+7.64%
Volatility (6M) Calculated over the trailing 6-month period	21.90%	10.71%	+11.19%
Volatility (1Y) Calculated over the trailing 1-year period	23.90%	13.07%	+10.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.00%	15.82%	+2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.07%	18.23%	+1.84%

EMXC vs. VTWAX - Expense Ratio Comparison

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

Dividends

EMXC vs. VTWAX - Dividend Comparison

EMXC's dividend yield for the trailing twelve months is around 2.05%, more than VTWAX's 1.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VTWAX Vanguard Total World Stock Index Fund Admiral Shares	1.59%	1.80%	1.92%	2.06%	2.17%	1.79%	1.64%	2.28%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMXC and VTWAX in my portfolio?

EMXC and VTWAX have a correlation of 0.83, 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 VTWAX?

EMXC has higher volatility (12.83%) compared to VTWAX (5.19%). In terms of maximum drawdown, EMXC dropped -42.81% vs VTWAX's -34.20%.

Which has better risk-adjusted returns?

EMXC currently has the higher Sharpe Ratio (2.74 vs 1.97), 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.