EMXF vs. EMXC

Last updated Jun 4, 2026

EMXF (iShares ESG Advanced MSCI EM ETF) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both Emerging Markets Equities funds from iShares - EMXF tracks the MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index while EMXC tracks the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 5 years, EMXF returned 7.15%/yr vs 12.76%/yr for EMXC. A 0.80 correlation means they provide meaningful diversification when combined. EMXF charges 0.16%/yr vs 0.49%/yr for EMXC.

Performance

EMXF vs. EMXC - 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 ex China ETF (EMXC). 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 EMXC's 41.72% return.

EMXF

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

EMXC

• 1D: -1.00%
• 1M: 12.61%
• YTD: 41.72%
• 6M: 46.94%
• 1Y: 77.94%
• 3Y*: 29.08%
• 5Y*: 12.76%
• 10Y*: —

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

EMXF vs. EMXC - 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%
EMXC iShares MSCI Emerging Markets ex China ETF	41.72%	35.14%	2.68%	18.96%	-19.56%	8.54%	20.24%

Correlation

The correlation between EMXF and EMXC is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 14, 2020	0.80

The correlation between EMXF and EMXC shifts across timeframes, from 0.79 (5 years) to 0.93 (1 year), reflecting how their relationship changes across market environments.

EMXF vs. EMXC - Sectors Allocation Comparison

Sectors	EMXF	EMXC
Technology	35.2%	45.0%
Financial Services	32.2%	19.6%
Communication Services	8.0%	3.4%
Consumer Cyclical	5.7%	4.5%
Industrials	5.5%	8.3%
Healthcare	4.2%	2.2%
Consumer Defensive	2.9%	2.9%
Basic Materials	2.6%	6.8%
Real Estate	1.7%	1.0%
Utilities	0.6%	2.3%
Energy	0.0%	4.2%

Return for Risk

EMXF vs. EMXC — 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

EMXC

EMXC Risk / Return Rank: 91
EMXC Sharpe Ratio Rank: 93
EMXC Sortino Ratio Rank: 91
EMXC Omega Ratio Rank: 92
EMXC Calmar Ratio Rank: 89
EMXC Martin Ratio Rank: 91

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. EMXC - 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 ex China ETF (EMXC). 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	EMXC	Difference
Sharpe ratio: Return per unit of total volatility	2.55	3.61	-1.06
Sortino ratio: Return per unit of downside risk	3.42	4.39	-0.98
Omega ratio: Gain probability vs. loss probability	1.47	1.64	-0.17
Calmar ratio: Return relative to maximum drawdown	3.79	5.44	-1.65
Martin ratio: Return relative to average drawdown	14.56	21.99	-7.43
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. EMXC - Sharpe Ratio Comparison

The current EMXF Sharpe Ratio is 2.55, which is comparable to the EMXC Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of EMXF and EMXC, 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	EMXC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	3.61	-1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.74	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.55	-0.03

Drawdowns

EMXF vs. EMXC - Drawdown Comparison

The maximum EMXF drawdown since its inception was -33.13%, smaller than the maximum EMXC drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for EMXF and EMXC.

Drawdown Indicators

	EMXF	EMXC	Difference
Max Drawdown Largest peak-to-trough decline	-33.13%	-42.81%	+9.68%
Max Drawdown (1Y) Largest decline over 1 year	-12.53%	-14.41%	+1.88%
Max Drawdown (3Y) Largest decline over 3 years	-15.93%	-19.12%	+3.19%
Max Drawdown (5Y) Largest decline over 5 years	-32.89%	-28.91%	-3.98%
Current Drawdown Current decline from peak	-1.30%	-1.00%	-0.30%
Average Drawdown Average peak-to-trough decline	-12.02%	-10.19%	-1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	3.56%	-0.31%

Volatility

EMXF vs. EMXC - Volatility Comparison

The current volatility for iShares ESG Advanced MSCI EM ETF (EMXF) is 8.10%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 9.88%. This indicates that EMXF experiences smaller price fluctuations and is considered to be less risky than EMXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMXF	EMXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.10%	9.88%	-1.78%
Volatility (6M) Calculated over the trailing 6-month period	16.13%	19.34%	-3.21%
Volatility (1Y) Calculated over the trailing 1-year period	18.60%	21.70%	-3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.15%	17.45%	+4.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.77%	19.82%	+1.95%

EMXF vs. EMXC - Expense Ratio Comparison

EMXF has a 0.16% expense ratio, which is lower than EMXC's 0.49% expense ratio.

Dividends

EMXF vs. EMXC - Dividend Comparison

EMXF's dividend yield for the trailing twelve months is around 2.75%, more than EMXC's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMXC iShares MSCI Emerging Markets ex China ETF	1.99%	2.82%	2.69%	1.83%	2.85%	1.78%	1.45%	3.25%	2.63%	0.99%
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%

Frequently Asked Questions

Can I hold both EMXF and EMXC in my portfolio?

With a correlation of 0.93, EMXF and EMXC 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 EMXC?

EMXC has higher volatility (9.88%) compared to EMXF (8.10%). In terms of maximum drawdown, EMXF dropped -33.13% vs EMXC's -42.81%.

Which ETF is better, EMXF or EMXC?

On 5-year performance, EMXC leads with 12.76% vs 7.15% for EMXF. 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 EMXC?

Over the 5-year period, EMXC has performed better with a 12.76% return vs 7.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMXF or EMXC?

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

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

EMXF has the higher dividend yield at 2.75%, compared with 1.99% for EMXC.

What is the main difference between EMXF and EMXC?

EMXF tracks MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index, while EMXC tracks MSCI Emerging Markets ex China Index. Their fees differ too: 0.16% for EMXF and 0.49% for EMXC.

Which has better risk-adjusted returns?

EMXC currently has the higher Sharpe Ratio (3.61 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.