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EMXC vs. XESG.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMXC vs. XESG.TO

Last updated Jun 14, 2026

EMXC (iShares MSCI Emerging Markets ex China ETF) and XESG.TO (iShares ESG Aware MSCI Canada Index ETF) are both exchange-traded funds - EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index, while XESG.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD. Both are passively managed. Over the past 5 years, EMXC returned 12.14%/yr vs 9.28%/yr for XESG.TO. At a 0.47 correlation, their price movements are largely independent. EMXC charges 0.49%/yr vs 0.16%/yr for XESG.TO.

Performance

EMXC vs. XESG.TO - 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 ESG Aware MSCI Canada Index ETF (XESG.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

EMXC is traded in USD, while XESG.TO is traded in CAD. To make them comparable, the XESG.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EMXC achieves a 37.25% return, which is significantly higher than XESG.TO's 8.30% return.

EMXC

1D
0.55%
1M
2.60%
YTD
37.25%
6M
42.23%
1Y
67.80%
3Y*
26.47%
5Y*
12.14%
10Y*
—

XESG.TO

1D
0.62%
1M
-0.17%
YTD
8.30%
6M
6.45%
1Y
25.69%
3Y*
19.26%
5Y*
9.28%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMXC vs. XESG.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
EMXC
iShares MSCI Emerging Markets ex China ETF		37.25%35.14%2.68%18.96%-19.56%8.54%12.76%7.77%
XESG.TO
iShares ESG Aware MSCI Canada Index ETF		8.30%32.39%10.84%12.99%-13.14%23.15%3.60%14.68%

Correlation

The correlation between EMXC and XESG.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.49

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

0.54

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

0.55

Correlation (All Time)
Calculated using the full available price history since Mar 22, 2019

0.47

The correlation between EMXC and XESG.TO has been stable across timeframes, ranging from 0.47 to 0.55 - a consistent structural relationship.

EMXC vs. XESG.TO - Sectors Allocation Comparison

Sectors
EMXC
XESG.TO

Technology

52.4%
8.3%

Financial Services

17.4%
38.5%

Industrials

6.9%
8.9%

Basic Materials

6.0%
17.9%

Consumer Cyclical

4.1%
2.2%

Energy

3.4%
19.3%

Communication Services

3.0%
0.1%

Consumer Defensive

2.4%
1.9%

Utilities

1.9%
2.7%

Healthcare

1.8%
0.1%

Real Estate

0.8%
0.2%

Technology

EMXC
52.4%
XESG.TO
8.3%

Financial Services

EMXC
17.4%
XESG.TO
38.5%

Industrials

EMXC
6.9%
XESG.TO
8.9%

Basic Materials

EMXC
6.0%
XESG.TO
17.9%

Consumer Cyclical

EMXC
4.1%
XESG.TO
2.2%

Energy

EMXC
3.4%
XESG.TO
19.3%

Communication Services

EMXC
3.0%
XESG.TO
0.1%

Consumer Defensive

EMXC
2.4%
XESG.TO
1.9%

Utilities

EMXC
1.9%
XESG.TO
2.7%

Healthcare

EMXC
1.8%
XESG.TO
0.1%

Real Estate

EMXC
0.8%
XESG.TO
0.2%

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

iShares ESG Aware MSCI Canada Index ETF

Often compared with EMXC:
EMXC vs. XCEMEMXC vs. IEMGEMXC vs. VWOEMXC vs. EEMEMXC vs. SPEMEMXC vs. VEXCEMXC vs. VNM
Often compared with XESG.TO:
XESG.TO vs. XCSR.TOXESG.TO vs. XEQT.TOXESG.TO vs. SCHGXESG.TO vs. VFV.TOXESG.TO vs. SPYXESG.TO vs. XIU.TOXESG.TO vs. GEQT.TO

Return for Risk

EMXC vs. XESG.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMXC
EMXC Risk / Return Rank: 8989
Overall Rank
EMXC Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
EMXC Sortino Ratio Rank: 8686
Sortino Ratio Rank
EMXC Omega Ratio Rank: 9090
Omega Ratio Rank
EMXC Calmar Ratio Rank: 8888
Calmar Ratio Rank
EMXC Martin Ratio Rank: 8989
Martin Ratio Rank
XESG.TO
XESG.TO Risk / Return Rank: 7575
Overall Rank
XESG.TO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
XESG.TO Sortino Ratio Rank: 6969
Sortino Ratio Rank
XESG.TO Omega Ratio Rank: 7676
Omega Ratio Rank
XESG.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
XESG.TO Martin Ratio Rank: 8080
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. XESG.TO - 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 ESG Aware MSCI Canada Index ETF (XESG.TO). 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.

EMXCXESG.TODifference
Sharpe ratioReturn per unit of total volatility
2.74
1.82

+0.92

Sortino ratioReturn per unit of downside risk
3.35
2.37

+0.98

Omega ratioGain probability vs. loss probability

1.50

1.33

+0.17

Calmar ratioReturn relative to maximum drawdown

4.55

2.69

+1.86

Martin ratioReturn relative to average drawdown

17.51

10.85

+6.67

EMXC vs. XESG.TO - Sharpe Ratio Comparison

The current EMXC Sharpe Ratio is 2.74, which is higher than the XESG.TO Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of EMXC and XESG.TO, 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. XESG.TO - Drawdown Comparison

The maximum EMXC drawdown since its inception was -42.81%, roughly equal to the maximum XESG.TO drawdown of -44.41%. Use the drawdown chart below to compare losses from any high point for EMXC and XESG.TO.

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Drawdown Indicators

EMXCXESG.TODifference

Max Drawdown

Largest peak-to-trough decline

-42.81%

-44.41%

+1.60%

Max Drawdown (1Y)

Largest decline over 1 year

-14.41%

-9.72%

-4.69%

Max Drawdown (3Y)

Largest decline over 3 years

-19.12%

-15.36%

-3.76%

Max Drawdown (5Y)

Largest decline over 5 years

-28.91%

-25.05%

-3.86%

Current Drawdown

Current decline from peak

-4.12%

-1.74%

-2.38%

Average Drawdown

Average peak-to-trough decline

-10.17%

-7.12%

-3.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.74%

2.40%

+1.34%

Volatility

EMXC vs. XESG.TO - Volatility Comparison

iShares MSCI Emerging Markets ex China ETF (EMXC) has a higher volatility of 12.83% compared to iShares ESG Aware MSCI Canada Index ETF (XESG.TO) at 4.57%. This indicates that EMXC's price experiences larger fluctuations and is considered to be riskier than XESG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMXCXESG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

12.83%

4.57%

+8.26%

Volatility (6M)

Calculated over the trailing 6-month period

21.90%

11.81%

+10.09%

Volatility (1Y)

Calculated over the trailing 1-year period

23.90%

14.33%

+9.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.00%

15.45%

+2.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.07%

23.02%

-2.95%

EMXC vs. XESG.TO - Expense Ratio Comparison

EMXC has a 0.49% expense ratio, which is higher than XESG.TO's 0.16% expense ratio.

Dividends

EMXC vs. XESG.TO - Dividend Comparison

EMXC's dividend yield for the trailing twelve months is around 2.05%, more than XESG.TO's 1.99% yield.

PositionTTM202520242023202220212020201920182017
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%
XESG.TO
iShares ESG Aware MSCI Canada Index ETF		1.99%2.17%2.57%2.89%2.77%2.01%2.30%1.08%0.00%0.00%

Frequently Asked Questions

EMXC and XESG.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XESG.TO is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XESG.TO is cheaper with a 0.16% expense ratio, compared with 0.49% for EMXC.

EMXC is categorized as Emerging Markets Equities, while XESG.TO is Canada Equities. EMXC tracks MSCI Emerging Markets ex China Index, while XESG.TO tracks Morningstar Canada GR CAD. Their fees differ too: 0.49% for EMXC and 0.16% for XESG.TO.

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