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EMXC vs. VWO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMXC vs. VWO

Last updated Aug 5, 2026
Documentation

EMXC (iShares MSCI Emerging Markets ex China ETF) and VWO (Vanguard FTSE Emerging Markets ETF) are both Emerging Markets Equities funds - EMXC tracks the MSCI Emerging Markets ex China Index while VWO tracks the FTSE Emerging Index. Both are passively managed. Over the past 5 years, EMXC returned 11.56%/yr vs 6.33%/yr for VWO. Their correlation of 0.85 means they have usually moved in the same direction. EMXC charges 0.49%/yr vs 0.08%/yr for VWO.

Performance

EMXC vs. VWO - 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 FTSE Emerging Markets ETF (VWO). 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 32.14% return, which is significantly higher than VWO's 11.83% return.

EMXC

1D
3.13%
1M
-1.56%
6M
18.15%
YTD
32.14%
1Y
55.27%
3Y*
25.17%
5Y*
11.56%
10Y*
—
ALL TIME*
9.77%

VWO

1D
1.68%
1M
1.71%
6M
5.94%
YTD
11.83%
1Y
23.24%
3Y*
16.32%
5Y*
6.33%
10Y*
7.87%
ALL TIME*
6.92%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EMXC

iShares MSCI Emerging Markets ex China ETF
$260.11M$263.35M$280.14M

VWO

Vanguard FTSE Emerging Markets ETF
$421.47M$474.96M$501.41M

EMXC vs. VWO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EMXC
iShares MSCI Emerging Markets ex China ETF		32.14%35.14%2.68%18.96%-19.56%8.54%12.76%15.80%-12.96%7.16%
VWO
Vanguard FTSE Emerging Markets ETF		11.83%25.60%10.59%9.25%-17.98%1.26%15.17%20.75%-14.76%9.32%

Correlation

The correlation between EMXC and VWO is 0.88, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.88

Correlation (3Y)
Balances recent behavior with more history.

0.86

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.87

Correlation (All Time)
Calculated using the full available price history since Jul 26, 2017

0.85

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

EMXC vs. VWO - Sectors Allocation Comparison

Sectors
EMXC
VWO

Technology

53.4%
34.2%

Financial Services

18.0%
19.4%

Industrials

6.5%
7.9%

Basic Materials

5.5%
7.2%

Consumer Cyclical

3.8%
9.1%

Energy

3.1%
3.8%

Communication Services

2.9%
6.6%

Consumer Defensive

2.4%
3.3%

Healthcare

1.8%
3.7%

Utilities

1.8%
2.8%

Real Estate

0.8%
2.0%

Technology

EMXC
53.4%
VWO
34.2%

Financial Services

EMXC
18.0%
VWO
19.4%

Industrials

EMXC
6.5%
VWO
7.9%

Basic Materials

EMXC
5.5%
VWO
7.2%

Consumer Cyclical

EMXC
3.8%
VWO
9.1%

Energy

EMXC
3.1%
VWO
3.8%

Communication Services

EMXC
2.9%
VWO
6.6%

Consumer Defensive

EMXC
2.4%
VWO
3.3%

Healthcare

EMXC
1.8%
VWO
3.7%

Utilities

EMXC
1.8%
VWO
2.8%

Real Estate

EMXC
0.8%
VWO
2.0%

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

Vanguard FTSE Emerging Markets ETF

Often compared with EMXC:
EMXC vs. XCEMEMXC vs. IEMGEMXC vs. EEMEMXC vs. VEXCEMXC vs. SPEMEMXC vs. VNMEMXC vs. EMM
Often compared with VWO:
VWO vs. VEAVWO vs. IEMGVWO vs. VXUSVWO vs. EEMVWO vs. VOOVWO vs. VTIVWO vs. VEMAX

Return for Risk

EMXC vs. VWO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EMXC
EMXC Risk / Return Rank: 7575
Overall Rank
EMXC Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
EMXC Sortino Ratio Rank: 6969
Sortino Ratio Rank
EMXC Omega Ratio Rank: 7979
Omega Ratio Rank
EMXC Calmar Ratio Rank: 7676
Calmar Ratio Rank
EMXC Martin Ratio Rank: 7575
Martin Ratio Rank
VWO
VWO Risk / Return Rank: 4949
Overall Rank
VWO Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
VWO Sortino Ratio Rank: 4646
Sortino Ratio Rank
VWO Omega Ratio Rank: 4646
Omega Ratio Rank
VWO Calmar Ratio Rank: 5252
Calmar Ratio Rank
VWO Martin Ratio Rank: 5252
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EMXC vs. VWO - 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 FTSE Emerging Markets ETF (VWO). 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.

EMXCVWODifference
Sharpe ratioReturn per unit of total volatility
2.00
1.32

+0.68

Sortino ratioReturn per unit of downside risk
2.52
1.87

+0.66

Omega ratioGain probability vs. loss probability

1.37

1.24

+0.12

Calmar ratioReturn relative to maximum drawdown

3.01

2.09

+0.92

Martin ratioReturn relative to average drawdown

10.51

6.78

+3.73

EMXC vs. VWO - Sharpe Ratio Comparison

The current EMXC Sharpe Ratio is 2.00, which is higher than the VWO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of EMXC and VWO, 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. VWO - Drawdown Comparison

The maximum EMXC drawdown since its inception was -42.81%, smaller than the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for EMXC and VWO.

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Drawdown Indicators

EMXCVWODifference

Max Drawdown

Largest peak-to-trough decline

-42.81%

-67.68%

+24.87%

Max Drawdown (1Y)

Largest decline over 1 year

-18.43%

-11.17%

-7.26%

Max Drawdown (3Y)

Largest decline over 3 years

-19.12%

-17.37%

-1.75%

Max Drawdown (5Y)

Largest decline over 5 years

-28.91%

-30.88%

+1.97%

Max Drawdown (10Y)

Largest decline over 10 years

—

-36.39%

—

Current Drawdown

Current decline from peak

-10.35%

-1.94%

-8.41%

Average Drawdown

Average peak-to-trough decline

-10.15%

-15.72%

+5.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.27%

3.44%

+1.83%

Volatility

EMXC vs. VWO - Volatility Comparison

iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 10.72% compared to Vanguard FTSE Emerging Markets ETF (VWO) at 5.58%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMXCVWODifference

Volatility (1M)

Calculated over the trailing 1-month period

10.72%

5.58%

+5.14%

Volatility (6M)

Calculated over the trailing 6-month period

25.98%

15.16%

+10.82%

Volatility (1Y)

Calculated over the trailing 1-year period

27.75%

17.64%

+10.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.09%

17.58%

+1.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.52%

19.18%

+1.34%

EMXC vs. VWO - Expense Ratio Comparison

EMXC has a 0.49% expense ratio, which is higher than VWO's 0.08% expense ratio.

Dividends

EMXC vs. VWO - Dividend Comparison

EMXC's dividend yield for the trailing twelve months is around 2.02%, less than VWO's 2.30% yield.

PositionTTM20252024202320222021202020192018201720162015
EMXC
iShares MSCI Emerging Markets ex China ETF		2.02%2.82%2.69%1.83%2.85%1.78%1.45%3.25%2.63%0.99%0.00%0.00%
VWO
Vanguard FTSE Emerging Markets ETF		2.30%2.79%3.20%3.52%4.11%2.63%1.91%3.23%2.88%2.30%2.52%3.26%

Frequently Asked Questions

EMXC and VWO 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 (10.72%) compared to VWO (5.58%). In terms of maximum drawdown, EMXC dropped -42.81% vs VWO's -67.68%.

On 5-year performance, EMXC leads with 11.56% vs 6.33% for VWO. On fees, VWO is cheaper at 0.08% per year. On volatility, VWO has been the lower-risk option at 5.58%. 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 11.56% return vs 6.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VWO is cheaper with a 0.08% expense ratio, compared with 0.49% for EMXC.

VWO has the higher dividend yield at 2.30%, compared with 2.02% for EMXC.

EMXC tracks MSCI Emerging Markets ex China Index, while VWO tracks FTSE Emerging Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.49% for EMXC and 0.08% for VWO.

EMXC currently has the higher Sharpe Ratio (2.00 vs 1.32), 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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