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EMXC vs. VUSXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMXC vs. VUSXX

Last updated Jun 16, 2026

EMXC (iShares MSCI Emerging Markets ex China ETF) and VUSXX (Vanguard Treasury Money Market Fund) are both funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while VUSXX is a Money Market fund actively managed by Vanguard. EMXC is passively managed, while VUSXX is actively managed. Over the past 5 years, EMXC returned 13.21%/yr vs 1.56%/yr for VUSXX. At a correlation of -0.04, they often move in opposite directions. EMXC charges 0.49%/yr vs 0.07%/yr for VUSXX.

Performance

EMXC vs. VUSXX - 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 Treasury Money Market Fund (VUSXX). 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 42.50% return, which is significantly higher than VUSXX's 1.51% return.

EMXC

1D
3.83%
1M
10.65%
YTD
42.50%
6M
47.59%
1Y
74.22%
3Y*
27.88%
5Y*
13.21%
10Y*
—

VUSXX

1D
0.00%
1M
0.31%
YTD
1.51%
6M
1.84%
1Y
3.98%
3Y*
2.61%
5Y*
1.56%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMXC vs. VUSXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
EMXC
iShares MSCI Emerging Markets ex China ETF		42.50%35.14%2.68%18.96%-19.56%1.57%
VUSXX
Vanguard Treasury Money Market Fund		1.51%4.25%1.65%0.43%0.00%0.00%

Correlation

The correlation between EMXC and VUSXX is -0.05, 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

-0.05

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

-0.07

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

-0.04

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

-0.04

Compare stocks, funds, or ETFs

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iShares MSCI Emerging Markets ex China ETF

Vanguard Treasury Money Market Fund

Often compared with EMXC:
EMXC vs. XCEMEMXC vs. IEMGEMXC vs. VWOEMXC vs. EEMEMXC vs. SPEMEMXC vs. VEXCEMXC vs. VNM
Often compared with VUSXX:
VUSXX vs. VMFXXVUSXX vs. SGOVVUSXX vs. VMRXXVUSXX vs. VBILVUSXX vs. VGSHVUSXX vs. USFRVUSXX vs. VOO

Return for Risk

EMXC vs. VUSXX — 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: 8989
Sortino Ratio Rank
EMXC Omega Ratio Rank: 9292
Omega Ratio Rank
EMXC Calmar Ratio Rank: 9191
Calmar Ratio Rank
EMXC Martin Ratio Rank: 9292
Martin Ratio Rank
VUSXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. VUSXX - 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 Treasury Money Market Fund (VUSXX). 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.

EMXCVUSXXDifference
Sharpe ratioReturn per unit of total volatility
3.09
3.68

-0.58

Sortino ratioReturn per unit of downside risk
3.70

—

—

Omega ratioGain probability vs. loss probability

1.56

—

—

Calmar ratioReturn relative to maximum drawdown

5.18

—

—

Martin ratioReturn relative to average drawdown

19.92

—

—

EMXC vs. VUSXX - Sharpe Ratio Comparison

The current EMXC Sharpe Ratio is 3.09, which is comparable to the VUSXX Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of EMXC and VUSXX, 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. VUSXX - Drawdown Comparison

The maximum EMXC drawdown since its inception was -42.81%, which is greater than VUSXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for EMXC and VUSXX.

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Drawdown Indicators

EMXCVUSXXDifference

Max Drawdown

Largest peak-to-trough decline

-42.81%

0.00%

-42.81%

Max Drawdown (1Y)

Largest decline over 1 year

-14.41%

0.00%

-14.41%

Max Drawdown (3Y)

Largest decline over 3 years

-19.12%

0.00%

-19.12%

Max Drawdown (5Y)

Largest decline over 5 years

-28.91%

0.00%

-28.91%

Current Drawdown

Current decline from peak

-0.45%

0.00%

-0.45%

Average Drawdown

Average peak-to-trough decline

-10.17%

0.00%

-10.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.74%

0.00%

+3.74%

Volatility

EMXC vs. VUSXX - Volatility Comparison

iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 13.30% compared to Vanguard Treasury Money Market Fund (VUSXX) at 0.31%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than VUSXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMXCVUSXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.30%

0.31%

+12.99%

Volatility (6M)

Calculated over the trailing 6-month period

22.16%

0.73%

+21.43%

Volatility (1Y)

Calculated over the trailing 1-year period

24.16%

1.12%

+23.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.08%

0.75%

+17.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.10%

0.74%

+19.36%

EMXC vs. VUSXX - Expense Ratio Comparison

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

Dividends

EMXC vs. VUSXX - Dividend Comparison

EMXC's dividend yield for the trailing twelve months is around 2.56%, less than VUSXX's 3.89% yield.

PositionTTM202520242023202220212020201920182017
EMXC
iShares MSCI Emerging Markets ex China ETF		2.56%2.82%2.69%1.83%2.85%1.78%1.45%3.25%2.63%0.99%
VUSXX
Vanguard Treasury Money Market Fund		3.89%4.15%1.63%0.43%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

EMXC and VUSXX have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EMXC has higher volatility (13.30%) compared to VUSXX (0.31%). In terms of maximum drawdown, EMXC dropped -42.81% vs VUSXX's 0.00%.

VUSXX currently has the higher Sharpe Ratio (3.68 vs 3.09), 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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