EMXF vs. XCEM

Last updated Jun 4, 2026

EMXF (iShares ESG Advanced MSCI EM ETF) and XCEM (Columbia EM Core ex-China ETF) are both Emerging Markets Equities funds - EMXF tracks the MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index while XCEM tracks the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 5 years, EMXF returned 7.15%/yr vs 11.95%/yr for XCEM. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.16% expense ratio.

Performance

EMXF vs. XCEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG Advanced MSCI EM ETF (EMXF) and Columbia EM Core ex-China ETF (XCEM). 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 XCEM's 38.32% return.

EMXF

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

XCEM

• 1D: -1.25%
• 1M: 12.13%
• YTD: 38.32%
• 6M: 44.13%
• 1Y: 71.14%
• 3Y*: 26.37%
• 5Y*: 11.95%
• 10Y*: 12.99%

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

EMXF vs. XCEM - 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%
XCEM Columbia EM Core ex-China ETF	38.32%	34.05%	0.42%	19.96%	-17.59%	7.87%	21.87%

Correlation

The correlation between EMXF and XCEM is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Oct 14, 2020	0.78

The correlation between EMXF and XCEM shifts across timeframes, from 0.78 (5 years) to 0.92 (1 year), reflecting how their relationship changes across market environments.

EMXF vs. XCEM - Sectors Allocation Comparison

Sectors	EMXF	XCEM
Technology	35.2%	1.1%
Financial Services	32.2%	7.7%
Communication Services	8.0%	4.2%
Consumer Cyclical	5.7%	1.1%
Industrials	5.5%	0.4%
Healthcare	4.2%	0.1%
Consumer Defensive	2.9%	0.3%
Basic Materials	2.6%	0.7%
Real Estate	1.7%	0.0%
Utilities	0.6%	1.9%
Energy	0.0%	0.2%

Return for Risk

EMXF vs. XCEM — 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

XCEM

XCEM Risk / Return Rank: 90
XCEM Sharpe Ratio Rank: 92
XCEM Sortino Ratio Rank: 90
XCEM Omega Ratio Rank: 91
XCEM Calmar Ratio Rank: 87
XCEM Martin Ratio Rank: 89

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. XCEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Advanced MSCI EM ETF (EMXF) and Columbia EM Core ex-China ETF (XCEM). 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	XCEM	Difference
Sharpe ratio: Return per unit of total volatility	2.55	3.42	-0.87
Sortino ratio: Return per unit of downside risk	3.42	4.27	-0.86
Omega ratio: Gain probability vs. loss probability	1.47	1.61	-0.14
Calmar ratio: Return relative to maximum drawdown	3.79	4.95	-1.16
Martin ratio: Return relative to average drawdown	14.56	19.98	-5.43
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. XCEM - Sharpe Ratio Comparison

The current EMXF Sharpe Ratio is 2.55, which is comparable to the XCEM Sharpe Ratio of 3.42. The chart below compares the historical Sharpe Ratios of EMXF and XCEM, 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	XCEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	3.42	-0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.68	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.63	-0.12

Drawdowns

EMXF vs. XCEM - Drawdown Comparison

The maximum EMXF drawdown since its inception was -33.13%, smaller than the maximum XCEM drawdown of -41.24%. Use the drawdown chart below to compare losses from any high point for EMXF and XCEM.

Drawdown Indicators

	EMXF	XCEM	Difference
Max Drawdown Largest peak-to-trough decline	-33.13%	-41.24%	+8.11%
Max Drawdown (1Y) Largest decline over 1 year	-12.53%	-14.46%	+1.93%
Max Drawdown (3Y) Largest decline over 3 years	-15.93%	-18.92%	+2.99%
Max Drawdown (5Y) Largest decline over 5 years	-32.89%	-29.67%	-3.22%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.24%	—
Current Drawdown Current decline from peak	-1.30%	-1.25%	-0.05%
Average Drawdown Average peak-to-trough decline	-12.02%	-8.59%	-3.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	3.57%	-0.32%

Volatility

EMXF vs. XCEM - Volatility Comparison

The current volatility for iShares ESG Advanced MSCI EM ETF (EMXF) is 8.10%, while Columbia EM Core ex-China ETF (XCEM) has a volatility of 9.43%. This indicates that EMXF experiences smaller price fluctuations and is considered to be less risky than XCEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMXF	XCEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.10%	9.43%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	16.13%	18.72%	-2.59%
Volatility (1Y) Calculated over the trailing 1-year period	18.60%	20.89%	-2.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.15%	17.75%	+4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.77%	19.72%	+2.05%

EMXF vs. XCEM - Expense Ratio Comparison

Both EMXF and XCEM have an expense ratio of 0.16%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

EMXF vs. XCEM - Dividend Comparison

EMXF's dividend yield for the trailing twelve months is around 2.75%, more than XCEM's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XCEM Columbia EM Core ex-China ETF	2.35%	3.25%	2.76%	1.22%	2.42%	1.94%	1.63%	2.11%	2.70%	9.56%	1.24%	2.63%

Frequently Asked Questions

Can I hold both EMXF and XCEM in my portfolio?

With a correlation of 0.92, EMXF and XCEM 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 XCEM?

XCEM has higher volatility (9.43%) compared to EMXF (8.10%). In terms of maximum drawdown, EMXF dropped -33.13% vs XCEM's -41.24%.

Which ETF is better, EMXF or XCEM?

On 5-year performance, XCEM leads with 11.95% vs 7.15% for EMXF. Both ETFs have the same 0.16% expense ratio. 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 XCEM?

Over the 5-year period, XCEM has performed better with a 11.95% 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 XCEM?

EMXF and XCEM have the same expense ratio: 0.16% per year.

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

EMXF has the higher dividend yield at 2.75%, compared with 2.35% for XCEM.

What is the main difference between EMXF and XCEM?

EMXF tracks MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index, while XCEM tracks MSCI Emerging Markets ex China Index. They also come from different issuers: iShares and Ameriprise Financial.

Which has better risk-adjusted returns?

XCEM currently has the higher Sharpe Ratio (3.42 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.