EMXF vs. EEM

Last updated Jun 4, 2026

EMXF (iShares ESG Advanced MSCI EM ETF) and EEM (iShares MSCI Emerging Markets ETF) are both exchange-traded funds - EMXF is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index, while EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index. Both are passively managed. Over the past 5 years, EMXF returned 7.15%/yr vs 7.01%/yr for EEM. Their correlation of 0.88 suggests significant overlap in exposure. EMXF charges 0.16%/yr vs 0.72%/yr for EEM.

Performance

EMXF vs. EEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG Advanced MSCI EM ETF (EMXF) and iShares MSCI Emerging Markets ETF (EEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMXF achieves a 24.76% return, which is significantly lower than EEM's 27.80% return.

EMXF

• 1D: -1.30%
• 1M: 8.70%
• YTD: 24.76%
• 6M: 27.57%
• 1Y: 47.21%
• 3Y*: 21.67%
• 5Y*: 7.15%
• 10Y*: —

EEM

• 1D: -1.24%
• 1M: 9.08%
• YTD: 27.80%
• 6M: 30.51%
• 1Y: 55.80%
• 3Y*: 23.95%
• 5Y*: 7.01%
• 10Y*: 9.93%

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

EMXF vs. EEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EMXF iShares ESG Advanced MSCI EM ETF	24.76%	29.40%	8.03%	6.63%	-18.99%	4.45%	15.32%
EEM iShares MSCI Emerging Markets ETF	27.80%	33.98%	6.49%	8.95%	-20.56%	-3.63%	13.39%

Correlation

The correlation between EMXF and EEM is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Oct 14, 2020	0.88

The correlation between EMXF and EEM has been stable across timeframes, ranging from 0.88 to 0.96 - a consistent structural relationship.

EMXF vs. EEM - Sectors Allocation Comparison

Sectors	EMXF	EEM
Technology	35.2%	43.6%
Financial Services	32.2%	17.5%
Communication Services	8.0%	5.7%
Consumer Cyclical	5.7%	8.1%
Industrials	5.5%	6.2%
Healthcare	4.2%	2.5%
Consumer Defensive	2.9%	2.7%
Basic Materials	2.6%	6.1%
Real Estate	1.7%	0.9%
Utilities	0.6%	2.0%
Energy	0.0%	3.3%

Return for Risk

EMXF vs. EEM — Risk / Return Rank

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

EMXF

EMXF Risk / Return Rank: 77
EMXF Sharpe Ratio Rank: 78
EMXF Sortino Ratio Rank: 76
EMXF Omega Ratio Rank: 78
EMXF Calmar Ratio Rank: 75
EMXF Martin Ratio Rank: 76

EEM

EEM Risk / Return Rank: 81
EEM Sharpe Ratio Rank: 84
EEM Sortino Ratio Rank: 79
EEM Omega Ratio Rank: 83
EEM Calmar Ratio Rank: 79
EEM Martin Ratio Rank: 80

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.

EMXF vs. EEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Advanced MSCI EM ETF (EMXF) and iShares MSCI Emerging Markets ETF (EEM). 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.

	EMXF	EEM	Difference
Sharpe ratio Return per unit of total volatility	2.55	2.81	-0.26
Sortino ratio Return per unit of downside risk	3.42	3.62	-0.20
Omega ratio Gain probability vs. loss probability	1.47	1.51	-0.05
Calmar ratio Return relative to maximum drawdown	3.79	4.15	-0.36
Martin ratio Return relative to average drawdown	14.56	15.99	-1.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMXF vs. EEM - Sharpe Ratio Comparison

The current EMXF Sharpe Ratio is 2.55, which is comparable to the EEM Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of EMXF and EEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EMXF	EEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	2.81	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.37	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.38	+0.13

Drawdowns

EMXF vs. EEM - Drawdown Comparison

The maximum EMXF drawdown since its inception was -33.13%, smaller than the maximum EEM drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for EMXF and EEM.

Drawdown Indicators

	EMXF	EEM	Difference
Max Drawdown Largest peak-to-trough decline	-33.13%	-66.43%	+33.30%
Max Drawdown (1Y) Largest decline over 1 year	-12.53%	-13.52%	+0.99%
Max Drawdown (3Y) Largest decline over 3 years	-15.93%	-17.29%	+1.36%
Max Drawdown (5Y) Largest decline over 5 years	-32.89%	-37.71%	+4.82%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.82%	—
Current Drawdown Current decline from peak	-1.30%	-1.24%	-0.06%
Average Drawdown Average peak-to-trough decline	-12.02%	-16.02%	+4.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	3.50%	-0.25%

Volatility

EMXF vs. EEM - Volatility Comparison

iShares ESG Advanced MSCI EM ETF (EMXF) and iShares MSCI Emerging Markets ETF (EEM) have volatilities of 8.10% and 8.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMXF	EEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.10%	8.52%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	16.13%	17.42%	-1.29%
Volatility (1Y) Calculated over the trailing 1-year period	18.60%	19.97%	-1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.15%	18.91%	+3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.77%	20.50%	+1.27%

EMXF vs. EEM - Expense Ratio Comparison

EMXF has a 0.16% expense ratio, which is lower than EEM's 0.72% expense ratio.

Dividends

EMXF vs. EEM - Dividend Comparison

EMXF's dividend yield for the trailing twelve months is around 2.75%, more than EEM's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEM iShares MSCI Emerging Markets ETF	1.74%	2.22%	2.43%	2.63%	2.50%	1.99%	1.45%	2.76%	2.24%	1.89%	1.89%	2.49%
EMXF iShares ESG Advanced MSCI EM ETF	2.75%	3.43%	2.92%	2.25%	2.42%	1.87%	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMXF and EEM in my portfolio?

With a correlation of 0.96, EMXF and EEM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EMXF or EEM?

EEM has higher volatility (8.52%) compared to EMXF (8.10%). In terms of maximum drawdown, EMXF dropped -33.13% vs EEM's -66.43%.

Which ETF is better, EMXF or EEM?

On 5-year performance, EMXF leads with 7.15% vs 7.01% for EEM. On fees, EMXF is cheaper at 0.16% per year. On volatility, EMXF has been the lower-risk option at 8.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMXF or EEM?

Over the 5-year period, EMXF has performed better with a 7.15% return vs 7.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMXF or EEM?

EMXF is cheaper with a 0.16% expense ratio, compared with 0.72% for EEM.

Which ETF pays a higher dividend yield, EMXF or EEM?

EMXF has the higher dividend yield at 2.75%, compared with 1.74% for EEM.

What is the main difference between EMXF and EEM?

EMXF is categorized as Emerging Markets Equities, while EEM is Emerging Markets Diversified. EMXF tracks MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index, while EEM tracks MSCI Emerging Markets Index. Their fees differ too: 0.16% for EMXF and 0.72% for EEM.

Which has better risk-adjusted returns?

EEM currently has the higher Sharpe Ratio (2.81 vs 2.55), 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.