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EXCS.L vs. DEM.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EXCS.L vs. DEM.L

Last updated Jun 4, 2026

EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) and DEM.L (WisdomTree Emerging Markets Equity Income UCITS ETF) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from iShares and WisdomTree respectively. Both are passively managed. Over the past 3 years, EXCS.L returned 26.11%/yr vs 19.15%/yr for DEM.L. A 0.75 correlation means they provide meaningful diversification when combined. EXCS.L charges 0.18%/yr vs 0.46%/yr for DEM.L.

Performance

EXCS.L vs. DEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) and WisdomTree Emerging Markets Equity Income UCITS ETF (DEM.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

EXCS.L is traded in GBP, while DEM.L is traded in GBp. To make them comparable, the DEM.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, EXCS.L achieves a 41.08% return, which is significantly higher than DEM.L's 19.05% return.

EXCS.L

1D
-0.71%
1M
13.86%
YTD
41.08%
6M
45.00%
1Y
77.57%
3Y*
26.11%
5Y*
—
10Y*
—

DEM.L

1D
-0.90%
1M
7.90%
YTD
19.05%
6M
18.88%
1Y
31.57%
3Y*
19.15%
5Y*
12.70%
10Y*
12.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EXCS.L vs. DEM.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021
EXCS.L
iShares MSCI EM ex-China UCITS ETF USD (Acc)		41.08%26.13%5.55%10.95%-8.31%2.81%
DEM.L
WisdomTree Emerging Markets Equity Income UCITS ETF		19.05%12.71%11.70%18.04%-2.59%3.21%

Correlation

The correlation between EXCS.L and DEM.L is 0.67, 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

0.67

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

0.72

Correlation (All Time)
Calculated using the full available price history since Nov 30, 2021

0.75

The correlation between EXCS.L and DEM.L has been stable across timeframes, ranging from 0.67 to 0.75 - a consistent structural relationship.

EXCS.L vs. DEM.L - Sectors Allocation Comparison

Sectors
EXCS.L
DEM.L

Technology

45.1%
16.7%

Financial Services

19.5%
25.5%

Industrials

8.3%
11.7%

Basic Materials

6.8%
6.5%

Consumer Cyclical

4.5%
8.7%

Energy

4.2%
4.8%

Communication Services

3.4%
5.5%

Consumer Defensive

2.9%
8.9%

Utilities

2.3%
4.8%

Healthcare

2.2%
2.0%

Real Estate

1.0%
5.0%

Technology

EXCS.L
45.1%
DEM.L
16.7%

Financial Services

EXCS.L
19.5%
DEM.L
25.5%

Industrials

EXCS.L
8.3%
DEM.L
11.7%

Basic Materials

EXCS.L
6.8%
DEM.L
6.5%

Consumer Cyclical

EXCS.L
4.5%
DEM.L
8.7%

Energy

EXCS.L
4.2%
DEM.L
4.8%

Communication Services

EXCS.L
3.4%
DEM.L
5.5%

Consumer Defensive

EXCS.L
2.9%
DEM.L
8.9%

Utilities

EXCS.L
2.3%
DEM.L
4.8%

Healthcare

EXCS.L
2.2%
DEM.L
2.0%

Real Estate

EXCS.L
1.0%
DEM.L
5.0%

Compare stocks, funds, or ETFs

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iShares MSCI EM ex-China UCITS ETF USD (Acc)

WisdomTree Emerging Markets Equity Income UCITS ETF

Often compared with EXCS.L:
EXCS.L vs. EMIM.LEXCS.L vs. EIMI.LEXCS.L vs. XDEM.LEXCS.L vs. QQQEXCS.L vs. EEMEXCS.L vs. ^GSPCEXCS.L vs. VFEG.L
Often compared with DEM.L:
DEM.L vs. JEPG.LDEM.L vs. IEMGDEM.L vs. IWRD.LDEM.L vs. VEVE.ASDEM.L vs. QQQMDEM.L vs. QGRWDEM.L vs. SSO

Return for Risk

EXCS.L vs. DEM.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EXCS.L
EXCS.L Risk / Return Rank: 9494
Overall Rank
EXCS.L Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
EXCS.L Sortino Ratio Rank: 9494
Sortino Ratio Rank
EXCS.L Omega Ratio Rank: 9595
Omega Ratio Rank
EXCS.L Calmar Ratio Rank: 9393
Calmar Ratio Rank
EXCS.L Martin Ratio Rank: 9292
Martin Ratio Rank
DEM.L
DEM.L Risk / Return Rank: 7777
Overall Rank
DEM.L Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
DEM.L Sortino Ratio Rank: 7373
Sortino Ratio Rank
DEM.L Omega Ratio Rank: 7070
Omega Ratio Rank
DEM.L Calmar Ratio Rank: 8686
Calmar Ratio Rank
DEM.L Martin Ratio Rank: 8282
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.

EXCS.L vs. DEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) and WisdomTree Emerging Markets Equity Income UCITS ETF (DEM.L). 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.

EXCS.LDEM.LDifference
Sharpe ratioReturn per unit of total volatility
4.11
2.40

+1.71

Sortino ratioReturn per unit of downside risk
5.03
3.33

+1.70

Omega ratioGain probability vs. loss probability

1.74

1.42

+0.32

Calmar ratioReturn relative to maximum drawdown

6.54

4.79

+1.74

Martin ratioReturn relative to average drawdown

23.94

16.62

+7.32

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EXCS.L vs. DEM.L - Sharpe Ratio Comparison

The current EXCS.L Sharpe Ratio is 4.11, which is higher than the DEM.L Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of EXCS.L and DEM.L, 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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Sharpe Ratios by Period

EXCS.LDEM.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.11

2.40

+1.71

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.96

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.85

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.06

0.60

+0.46

Drawdowns

EXCS.L vs. DEM.L - Drawdown Comparison

The maximum EXCS.L drawdown since its inception was -17.51%, smaller than the maximum DEM.L drawdown of -35.94%. Use the drawdown chart below to compare losses from any high point for EXCS.L and DEM.L.

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Drawdown Indicators

EXCS.LDEM.LDifference

Max Drawdown

Largest peak-to-trough decline

-17.51%

-35.94%

+18.43%

Max Drawdown (1Y)

Largest decline over 1 year

-11.81%

-6.56%

-5.25%

Max Drawdown (3Y)

Largest decline over 3 years

-17.51%

-12.37%

-5.14%

Max Drawdown (5Y)

Largest decline over 5 years

—

-14.48%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-30.09%

—

Current Drawdown

Current decline from peak

-0.71%

-0.90%

+0.19%

Average Drawdown

Average peak-to-trough decline

-4.85%

-6.55%

+1.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.23%

1.89%

+1.34%

Volatility

EXCS.L vs. DEM.L - Volatility Comparison

iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a higher volatility of 8.68% compared to WisdomTree Emerging Markets Equity Income UCITS ETF (DEM.L) at 4.50%. This indicates that EXCS.L's price experiences larger fluctuations and is considered to be riskier than DEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EXCS.LDEM.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.68%

4.50%

+4.18%

Volatility (6M)

Calculated over the trailing 6-month period

16.44%

9.73%

+6.71%

Volatility (1Y)

Calculated over the trailing 1-year period

18.79%

13.12%

+5.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.35%

13.31%

+2.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.35%

16.47%

-1.12%

EXCS.L vs. DEM.L - Expense Ratio Comparison

EXCS.L has a 0.18% expense ratio, which is lower than DEM.L's 0.46% expense ratio.

Dividends

EXCS.L vs. DEM.L - Dividend Comparison

EXCS.L has not paid dividends to shareholders, while DEM.L's dividend yield for the trailing twelve months is around 3.73%.

PositionTTM20252024202320222021202020192018201720162015
DEM.L
WisdomTree Emerging Markets Equity Income UCITS ETF		3.73%4.47%11.82%9.48%7.05%4.14%9.14%6.10%4.19%3.16%1.48%4.55%
EXCS.L
iShares MSCI EM ex-China UCITS ETF USD (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

EXCS.L and DEM.L have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EXCS.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EXCS.L is cheaper with a 0.18% expense ratio, compared with 0.46% for DEM.L.

Both ETFs track MSCI EM NR USD. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.18% for EXCS.L and 0.46% for DEM.L.

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