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EWW vs. EMXC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWW vs. EMXC

Last updated Jun 14, 2026

EWW (iShares MSCI Mexico ETF) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both exchange-traded funds - EWW is a Latin America Equities fund tracking the MSCI Mexico IMI 25/50 Index, while EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 5 years, EWW returned 13.02%/yr vs 12.14%/yr for EMXC. A 0.62 correlation means they provide meaningful diversification when combined. Both charge a 0.49% expense ratio.

Performance

EWW vs. EMXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Mexico ETF (EWW) and iShares MSCI Emerging Markets ex China ETF (EMXC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EWW achieves a 13.18% return, which is significantly lower than EMXC's 37.25% return.

EWW

1D
1.46%
1M
1.63%
YTD
13.18%
6M
13.14%
1Y
33.34%
3Y*
10.87%
5Y*
13.02%
10Y*
7.89%

EMXC

1D
0.55%
1M
6.57%
YTD
37.25%
6M
42.23%
1Y
67.80%
3Y*
26.47%
5Y*
12.14%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWW vs. EMXC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWW
iShares MSCI Mexico ETF		13.18%53.65%-28.22%40.32%1.24%20.27%-3.06%12.64%-14.58%-12.70%
EMXC
iShares MSCI Emerging Markets ex China ETF		37.25%35.14%2.68%18.96%-19.56%8.54%12.76%15.80%-12.96%7.16%

Correlation

The correlation between EWW and EMXC is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.58

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

0.57

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

0.62

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

0.62

The correlation between EWW and EMXC has been stable across timeframes, ranging from 0.57 to 0.62 - a consistent structural relationship.

EWW vs. EMXC - Sectors Allocation Comparison

Sectors
EWW
EMXC

Basic Materials

26.2%
6.0%

Consumer Defensive

23.9%
2.4%

Financial Services

17.8%
17.4%

Industrials

12.7%
6.9%

Communication Services

9.8%
3.0%

Real Estate

7.7%
0.8%

Consumer Cyclical

1.4%
4.1%

Healthcare

0.5%
1.8%

Energy

-

3.4%

Technology

-

52.4%

Utilities

-

1.9%

Basic Materials

EWW
26.2%
EMXC
6.0%

Consumer Defensive

EWW
23.9%
EMXC
2.4%

Financial Services

EWW
17.8%
EMXC
17.4%

Industrials

EWW
12.7%
EMXC
6.9%

Communication Services

EWW
9.8%
EMXC
3.0%

Real Estate

EWW
7.7%
EMXC
0.8%

Consumer Cyclical

EWW
1.4%
EMXC
4.1%

Healthcare

EWW
0.5%
EMXC
1.8%

Energy

EWW

-

EMXC
3.4%

Technology

EWW

-

EMXC
52.4%

Utilities

EWW

-

EMXC
1.9%

Compare stocks, funds, or ETFs

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iShares MSCI Mexico ETF

iShares MSCI Emerging Markets ex China ETF

Often compared with EWW:
EWW vs. EWZEWW vs. FLMXEWW vs. ILFEWW vs. SPYEWW vs. VOOEWW vs. MEXXEWW vs. ECH
Often compared with EMXC:
EMXC vs. XCEMEMXC vs. IEMGEMXC vs. VWOEMXC vs. EEMEMXC vs. SPEMEMXC vs. VEXCEMXC vs. VNM

Return for Risk

EWW vs. EMXC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWW
EWW Risk / Return Rank: 5050
Overall Rank
EWW Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
EWW Sortino Ratio Rank: 4949
Sortino Ratio Rank
EWW Omega Ratio Rank: 4848
Omega Ratio Rank
EWW Calmar Ratio Rank: 5353
Calmar Ratio Rank
EWW Martin Ratio Rank: 5454
Martin Ratio Rank
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
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.

EWW vs. EMXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Mexico ETF (EWW) 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.

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.

EWWEMXCDifference
Sharpe ratioReturn per unit of total volatility
1.49
2.74

-1.26

Sortino ratioReturn per unit of downside risk
2.12
3.35

-1.22

Omega ratioGain probability vs. loss probability

1.27

1.50

-0.24

Calmar ratioReturn relative to maximum drawdown

2.32

4.55

-2.24

Martin ratioReturn relative to average drawdown

8.25

17.51

-9.27

EWW vs. EMXC - Sharpe Ratio Comparison

The current EWW Sharpe Ratio is 1.49, which is lower than the EMXC Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of EWW 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.

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Drawdowns

EWW vs. EMXC - Drawdown Comparison

The maximum EWW drawdown since its inception was -64.94%, which is greater than EMXC's maximum drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for EWW and EMXC.

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Drawdown Indicators

EWWEMXCDifference

Max Drawdown

Largest peak-to-trough decline

-64.94%

-42.81%

-22.13%

Max Drawdown (1Y)

Largest decline over 1 year

-13.98%

-14.41%

+0.43%

Max Drawdown (3Y)

Largest decline over 3 years

-31.17%

-19.12%

-12.05%

Max Drawdown (5Y)

Largest decline over 5 years

-31.17%

-28.91%

-2.26%

Max Drawdown (10Y)

Largest decline over 10 years

-53.62%

—

—

Current Drawdown

Current decline from peak

-3.40%

-4.12%

+0.72%

Average Drawdown

Average peak-to-trough decline

-18.51%

-10.17%

-8.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.93%

3.74%

+0.19%

Volatility

EWW vs. EMXC - Volatility Comparison

The current volatility for iShares MSCI Mexico ETF (EWW) is 6.96%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 12.83%. This indicates that EWW 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.

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Volatility by Period

EWWEMXCDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.96%

12.83%

-5.87%

Volatility (6M)

Calculated over the trailing 6-month period

18.46%

21.90%

-3.44%

Volatility (1Y)

Calculated over the trailing 1-year period

21.76%

23.90%

-2.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.58%

18.00%

+4.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.39%

20.07%

+5.32%

EWW vs. EMXC - Expense Ratio Comparison

Both EWW and EMXC have an expense ratio of 0.49%.

Dividends

EWW vs. EMXC - Dividend Comparison

EWW's dividend yield for the trailing twelve months is around 3.07%, more than EMXC's 2.05% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
EWW
iShares MSCI Mexico ETF		3.07%3.48%4.39%2.19%3.64%2.06%1.43%2.92%2.30%2.22%1.77%2.34%

Frequently Asked Questions

EWW and EMXC have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EMXC has higher volatility (12.83%) compared to EWW (6.96%). In terms of maximum drawdown, EWW dropped -64.94% vs EMXC's -42.81%.

On 5-year performance, EWW leads with 13.02% vs 12.14% for EMXC. Both ETFs have the same 0.49% expense ratio. On volatility, EWW has been the lower-risk option at 6.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EWW has performed better with a 13.02% return vs 12.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWW and EMXC have the same expense ratio: 0.49% per year.

EWW has the higher dividend yield at 3.07%, compared with 2.05% for EMXC.

EWW is categorized as Latin America Equities, while EMXC is Emerging Markets Equities. EWW tracks MSCI Mexico IMI 25/50 Index, while EMXC tracks MSCI Emerging Markets ex China Index.

EMXC currently has the higher Sharpe Ratio (2.74 vs 1.49), 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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