FRDM vs. EMXC

Last updated Jun 4, 2026

FRDM (Freedom 100 Emerging Markets ETF) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both exchange-traded funds - FRDM is a Emerging Markets Diversified fund tracking the Life + Liberty Freedom 100 Emerging Markets 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, FRDM returned 19.30%/yr vs 12.76%/yr for EMXC. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.49% expense ratio.

Performance

FRDM vs. EMXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Freedom 100 Emerging Markets ETF (FRDM) 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, FRDM achieves a 44.61% return, which is significantly higher than EMXC's 41.72% return.

FRDM

• 1D: -1.30%
• 1M: 17.06%
• YTD: 44.61%
• 6M: 53.16%
• 1Y: 97.46%
• 3Y*: 37.08%
• 5Y*: 19.30%
• 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)

FRDM vs. EMXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FRDM Freedom 100 Emerging Markets ETF	44.61%	61.27%	1.70%	22.77%	-14.45%	6.13%	16.90%	12.33%
EMXC iShares MSCI Emerging Markets ex China ETF	41.72%	35.14%	2.68%	18.96%	-19.56%	8.54%	12.76%	13.84%

Correlation

The correlation between FRDM and EMXC is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 24, 2019	0.91

The correlation between FRDM and EMXC has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

FRDM vs. EMXC - Sectors Allocation Comparison

Sectors	FRDM	EMXC
Technology	41.1%	45.0%
Financial Services	22.1%	19.6%
Industrials	8.6%	8.3%
Consumer Cyclical	7.8%	4.5%
Basic Materials	7.4%	6.8%
Communication Services	3.9%	3.4%
Utilities	2.6%	2.3%
Real Estate	2.5%	1.0%
Consumer Defensive	2.2%	2.9%
Healthcare	1.8%	2.2%
Energy	0.1%	4.2%

Return for Risk

FRDM vs. EMXC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FRDM

FRDM Risk / Return Rank: 93
FRDM Sharpe Ratio Rank: 95
FRDM Sortino Ratio Rank: 93
FRDM Omega Ratio Rank: 93
FRDM Calmar Ratio Rank: 91
FRDM Martin Ratio Rank: 92

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.

FRDM vs. EMXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Freedom 100 Emerging Markets ETF (FRDM) 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.

	FRDM	EMXC	Difference
Sharpe ratio Return per unit of total volatility	4.00	3.61	+0.39
Sortino ratio Return per unit of downside risk	4.65	4.39	+0.26
Omega ratio Gain probability vs. loss probability	1.67	1.64	+0.03
Calmar ratio Return relative to maximum drawdown	5.81	5.44	+0.37
Martin ratio Return relative to average drawdown	23.37	21.99	+1.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRDM vs. EMXC - Sharpe Ratio Comparison

The current FRDM Sharpe Ratio is 4.00, which is comparable to the EMXC Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of FRDM 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

	FRDM	EMXC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.00	3.61	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	0.74	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.55	+0.31

Drawdowns

FRDM vs. EMXC - Drawdown Comparison

The maximum FRDM drawdown since its inception was -40.49%, smaller than the maximum EMXC drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for FRDM and EMXC.

Drawdown Indicators

	FRDM	EMXC	Difference
Max Drawdown Largest peak-to-trough decline	-40.49%	-42.81%	+2.32%
Max Drawdown (1Y) Largest decline over 1 year	-16.87%	-14.41%	-2.46%
Max Drawdown (3Y) Largest decline over 3 years	-16.87%	-19.12%	+2.25%
Max Drawdown (5Y) Largest decline over 5 years	-29.25%	-28.91%	-0.34%
Current Drawdown Current decline from peak	-1.30%	-1.00%	-0.30%
Average Drawdown Average peak-to-trough decline	-7.09%	-10.19%	+3.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	3.56%	+0.62%

Volatility

FRDM vs. EMXC - Volatility Comparison

Freedom 100 Emerging Markets ETF (FRDM) has a higher volatility of 11.03% compared to iShares MSCI Emerging Markets ex China ETF (EMXC) at 9.88%. This indicates that FRDM's price experiences larger fluctuations and is considered to be riskier than EMXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRDM	EMXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.03%	9.88%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	21.65%	19.34%	+2.31%
Volatility (1Y) Calculated over the trailing 1-year period	24.50%	21.70%	+2.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.80%	17.45%	+3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.77%	19.82%	+2.95%

FRDM vs. EMXC - Expense Ratio Comparison

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

Dividends

FRDM vs. EMXC - Dividend Comparison

FRDM's dividend yield for the trailing twelve months is around 1.51%, less 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%
FRDM Freedom 100 Emerging Markets ETF	1.51%	2.26%	2.53%	2.66%	2.72%	2.17%	1.11%	1.07%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRDM and EMXC in my portfolio?

With a correlation of 0.95, FRDM 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, FRDM or EMXC?

FRDM has higher volatility (11.03%) compared to EMXC (9.88%). In terms of maximum drawdown, FRDM dropped -40.49% vs EMXC's -42.81%.

Which ETF is better, FRDM or EMXC?

On 5-year performance, FRDM leads with 19.30% vs 12.76% for EMXC. Both ETFs have the same 0.49% expense ratio. On volatility, EMXC has been the lower-risk option at 9.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FRDM or EMXC?

Over the 5-year period, FRDM has performed better with a 19.30% return vs 12.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FRDM or EMXC?

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

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

EMXC has the higher dividend yield at 1.99%, compared with 1.51% for FRDM.

What is the main difference between FRDM and EMXC?

FRDM is categorized as Emerging Markets Diversified, while EMXC is Emerging Markets Equities. FRDM tracks Life + Liberty Freedom 100 Emerging Markets Index, while EMXC tracks MSCI Emerging Markets ex China Index. They also come from different issuers: Freedom Funds and iShares.

Which has better risk-adjusted returns?

FRDM currently has the higher Sharpe Ratio (4.00 vs 3.61), 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.