EXCS.L vs. FEM.L

Last updated Jun 25, 2026

EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) and FEM.L (First Trust Emerging Markets AlphaDEX UCITS ETF Acc) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from iShares and First Trust respectively. Both are passively managed. Over the past 3 years, EXCS.L returned 26.64%/yr vs 17.38%/yr for FEM.L. A 0.65 correlation means they provide meaningful diversification when combined. EXCS.L charges 0.18%/yr vs 0.80%/yr for FEM.L.

Performance

EXCS.L vs. FEM.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 First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EXCS.L is traded in GBP, while FEM.L is traded in GBp. To make them comparable, the FEM.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 40.78% return, which is significantly higher than FEM.L's 18.10% return.

EXCS.L

• 1D: 0.00%
• 1M: 6.93%
• YTD: 40.78%
• 6M: 42.72%
• 1Y: 69.00%
• 3Y*: 26.64%
• 5Y*: —
• 10Y*: —

FEM.L

• 1D: -0.49%
• 1M: -0.06%
• YTD: 18.10%
• 6M: 18.24%
• 1Y: 37.35%
• 3Y*: 17.38%
• 5Y*: 7.83%
• 10Y*: 9.52%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
EXCS.L iShares MSCI EM ex-China UCITS ETF USD (Acc)	40.78%	26.23%	5.43%	11.04%	-8.40%	-25.31%
FEM.L First Trust Emerging Markets AlphaDEX UCITS ETF Acc	18.10%	18.46%	5.12%	4.21%	-3.80%	3.11%

Correlation

The correlation between EXCS.L and FEM.L is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Nov 22, 2021	0.65

The correlation between EXCS.L and FEM.L has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.

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

Sectors	EXCS.L	FEM.L
Technology	52.7%	29.0%
Financial Services	18.0%	7.0%
Industrials	6.8%	19.6%
Basic Materials	5.7%	7.6%
Consumer Cyclical	4.0%	5.5%
Energy	3.1%	12.3%
Communication Services	2.9%	4.8%
Consumer Defensive	2.4%	3.0%
Utilities	1.8%	6.0%
Healthcare	1.8%	2.6%
Real Estate	0.8%	2.5%

Return for Risk

EXCS.L vs. FEM.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: 93
EXCS.L Sharpe Ratio Rank: 95
EXCS.L Sortino Ratio Rank: 92
EXCS.L Omega Ratio Rank: 94
EXCS.L Calmar Ratio Rank: 93
EXCS.L Martin Ratio Rank: 92

FEM.L

FEM.L Risk / Return Rank: 84
FEM.L Sharpe Ratio Rank: 83
FEM.L Sortino Ratio Rank: 77
FEM.L Omega Ratio Rank: 79
FEM.L Calmar Ratio Rank: 92
FEM.L Martin Ratio Rank: 87

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. FEM.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 First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.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.

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.

	EXCS.L	FEM.L	Difference
Sharpe ratio: Return per unit of total volatility	3.28	2.31	+0.97
Sortino ratio: Return per unit of downside risk	3.96	3.01	+0.95
Omega ratio: Gain probability vs. loss probability	1.60	1.41	+0.19
Calmar ratio: Return relative to maximum drawdown	5.84	5.34	+0.50
Martin ratio: Return relative to average drawdown	20.17	16.23	+3.94

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

The current EXCS.L Sharpe Ratio is 3.28, which is higher than the FEM.L Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of EXCS.L and FEM.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.

Drawdowns

EXCS.L vs. FEM.L - Drawdown Comparison

The maximum EXCS.L drawdown since its inception was -35.01%, smaller than the maximum FEM.L drawdown of -54.05%. Use the drawdown chart below to compare losses from any high point for EXCS.L and FEM.L.

Drawdown Indicators

	EXCS.L	FEM.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.01%	-54.05%	+19.04%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-6.96%	-4.80%
Max Drawdown (3Y) Largest decline over 3 years	-21.79%	-17.83%	-3.96%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.83%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.42%	—
Current Drawdown Current decline from peak	-5.23%	-3.26%	-1.97%
Average Drawdown Average peak-to-trough decline	-20.83%	-17.79%	-3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	2.29%	+1.12%

Volatility

EXCS.L vs. FEM.L - Volatility Comparison

iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a higher volatility of 10.33% compared to First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L) at 6.08%. This indicates that EXCS.L's price experiences larger fluctuations and is considered to be riskier than FEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EXCS.L	FEM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.33%	6.08%	+4.25%
Volatility (6M) Calculated over the trailing 6-month period	18.85%	12.96%	+5.89%
Volatility (1Y) Calculated over the trailing 1-year period	21.01%	16.11%	+4.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.38%	16.13%	+8.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.38%	18.67%	+5.71%

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

EXCS.L has a 0.18% expense ratio, which is lower than FEM.L's 0.80% expense ratio.

Dividends

EXCS.L vs. FEM.L - Dividend Comparison

Neither EXCS.L nor FEM.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EXCS.L and FEM.L in my portfolio?

EXCS.L and FEM.L have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EXCS.L or FEM.L?

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.

Which ETF is cheaper, EXCS.L or FEM.L?

EXCS.L is cheaper with a 0.18% expense ratio, compared with 0.80% for FEM.L.

What is the main difference between EXCS.L and FEM.L?

Both ETFs track MSCI EM NR USD. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.18% for EXCS.L and 0.80% for FEM.L.