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IEMG vs. EMXC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEMG vs. EMXC

Last updated Jun 24, 2026

IEMG (iShares Core MSCI Emerging Markets ETF) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both exchange-traded funds - IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), 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, IEMG returned 7.05%/yr vs 12.43%/yr for EMXC. Their correlation of 0.88 suggests significant overlap in exposure. IEMG charges 0.09%/yr vs 0.49%/yr for EMXC.

Performance

IEMG vs. EMXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Emerging Markets ETF (IEMG) 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, IEMG achieves a 21.95% return, which is significantly lower than EMXC's 37.89% return.

IEMG

1D
-5.44%
1M
1.74%
YTD
21.95%
6M
22.64%
1Y
43.66%
3Y*
22.14%
5Y*
7.05%
10Y*
10.38%

EMXC

1D
-6.44%
1M
4.83%
YTD
37.89%
6M
39.80%
1Y
67.97%
3Y*
27.65%
5Y*
12.43%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEMG vs. EMXC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEMG
iShares Core MSCI Emerging Markets ETF		21.95%32.56%6.50%11.52%-19.98%-0.64%17.87%17.81%-14.92%10.03%
EMXC
iShares MSCI Emerging Markets ex China ETF		37.89%35.14%2.68%18.96%-19.56%8.54%12.76%15.80%-12.96%7.16%

Correlation

The correlation between IEMG and EMXC is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.96

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 Jul 26, 2017

0.88

The correlation between IEMG and EMXC has been stable across timeframes, ranging from 0.88 to 0.96 - a consistent structural relationship.

IEMG vs. EMXC - Sectors Allocation Comparison

Sectors
IEMG
EMXC

Technology

42.1%
52.4%

Financial Services

16.7%
17.4%

Consumer Cyclical

8.5%
4.1%

Industrials

8.0%
6.9%

Basic Materials

6.3%
6.0%

Communication Services

5.6%
3.0%

Energy

3.3%
3.4%

Healthcare

3.2%
1.8%

Consumer Defensive

2.8%
2.4%

Utilities

1.9%
1.9%

Real Estate

1.6%
0.8%

Technology

IEMG
42.1%
EMXC
52.4%

Financial Services

IEMG
16.7%
EMXC
17.4%

Consumer Cyclical

IEMG
8.5%
EMXC
4.1%

Industrials

IEMG
8.0%
EMXC
6.9%

Basic Materials

IEMG
6.3%
EMXC
6.0%

Communication Services

IEMG
5.6%
EMXC
3.0%

Energy

IEMG
3.3%
EMXC
3.4%

Healthcare

IEMG
3.2%
EMXC
1.8%

Consumer Defensive

IEMG
2.8%
EMXC
2.4%

Utilities

IEMG
1.9%
EMXC
1.9%

Real Estate

IEMG
1.6%
EMXC
0.8%

Compare stocks, funds, or ETFs

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iShares Core MSCI Emerging Markets ETF

iShares MSCI Emerging Markets ex China ETF

Often compared with IEMG:
IEMG vs. VWOIEMG vs. EEMIEMG vs. IEFAIEMG vs. SCHEIEMG vs. IXUSIEMG vs. SPYIEMG vs. EEMV
Often compared with EMXC:
EMXC vs. XCEMEMXC vs. VWOEMXC vs. EEMEMXC vs. SPEMEMXC vs. VEXCEMXC vs. VNMEMXC vs. EMM

Return for Risk

IEMG vs. EMXC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEMG
IEMG Risk / Return Rank: 6464
Overall Rank
IEMG Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
IEMG Sortino Ratio Rank: 5555
Sortino Ratio Rank
IEMG Omega Ratio Rank: 6666
Omega Ratio Rank
IEMG Calmar Ratio Rank: 6969
Calmar Ratio Rank
IEMG Martin Ratio Rank: 6868
Martin Ratio Rank
EMXC
EMXC Risk / Return Rank: 8585
Overall Rank
EMXC Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
EMXC Sortino Ratio Rank: 7777
Sortino Ratio Rank
EMXC Omega Ratio Rank: 8686
Omega Ratio Rank
EMXC Calmar Ratio Rank: 8787
Calmar Ratio Rank
EMXC Martin Ratio Rank: 8787
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.

IEMG vs. EMXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) 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.

IEMGEMXCDifference
Sharpe ratioReturn per unit of total volatility
1.98
2.70

-0.72

Sortino ratioReturn per unit of downside risk
2.56
3.23

-0.67

Omega ratioGain probability vs. loss probability

1.38

1.50

-0.12

Calmar ratioReturn relative to maximum drawdown

3.32

4.74

-1.42

Martin ratioReturn relative to average drawdown

12.15

18.14

-5.99

IEMG vs. EMXC - Sharpe Ratio Comparison

The current IEMG Sharpe Ratio is 1.98, which is comparable to the EMXC Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of IEMG 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

IEMG vs. EMXC - Drawdown Comparison

The maximum IEMG drawdown since its inception was -38.71%, smaller than the maximum EMXC drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for IEMG and EMXC.

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Drawdown Indicators

IEMGEMXCDifference

Max Drawdown

Largest peak-to-trough decline

-38.71%

-42.81%

+4.10%

Max Drawdown (1Y)

Largest decline over 1 year

-13.21%

-14.41%

+1.20%

Max Drawdown (3Y)

Largest decline over 3 years

-17.21%

-19.12%

+1.91%

Max Drawdown (5Y)

Largest decline over 5 years

-35.75%

-28.91%

-6.84%

Max Drawdown (10Y)

Largest decline over 10 years

-38.71%

—

—

Current Drawdown

Current decline from peak

-5.44%

-6.44%

+1.00%

Average Drawdown

Average peak-to-trough decline

-12.93%

-10.15%

-2.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.61%

3.76%

-0.15%

Volatility

IEMG vs. EMXC - Volatility Comparison

The current volatility for iShares Core MSCI Emerging Markets ETF (IEMG) is 12.22%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 14.74%. This indicates that IEMG 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

IEMGEMXCDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.22%

14.74%

-2.52%

Volatility (6M)

Calculated over the trailing 6-month period

20.14%

23.44%

-3.30%

Volatility (1Y)

Calculated over the trailing 1-year period

22.12%

25.27%

-3.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.99%

18.40%

+0.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.20%

20.25%

-0.05%

IEMG vs. EMXC - Expense Ratio Comparison

IEMG has a 0.09% expense ratio, which is lower than EMXC's 0.49% expense ratio.

Dividends

IEMG vs. EMXC - Dividend Comparison

IEMG's dividend yield for the trailing twelve months is around 2.21%, more than EMXC's 1.93% yield.

PositionTTM20252024202320222021202020192018201720162015
EMXC
iShares MSCI Emerging Markets ex China ETF		1.93%2.82%2.69%1.83%2.85%1.78%1.45%3.25%2.63%0.99%0.00%0.00%
IEMG
iShares Core MSCI Emerging Markets ETF		2.21%2.75%3.20%2.89%2.71%3.06%1.87%3.15%2.76%2.35%2.28%2.53%

Frequently Asked Questions

With a correlation of 0.96, IEMG 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.

EMXC has higher volatility (14.74%) compared to IEMG (12.22%). In terms of maximum drawdown, IEMG dropped -38.71% vs EMXC's -42.81%.

On 5-year performance, EMXC leads with 12.43% vs 7.05% for IEMG. On fees, IEMG is cheaper at 0.09% per year. On volatility, IEMG has been the lower-risk option at 12.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EMXC has performed better with a 12.43% return vs 7.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEMG is cheaper with a 0.09% expense ratio, compared with 0.49% for EMXC.

IEMG has the higher dividend yield at 2.21%, compared with 1.93% for EMXC.

IEMG is categorized as Emerging Markets Diversified, while EMXC is Emerging Markets Equities. IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net), while EMXC tracks MSCI Emerging Markets ex China Index. Their fees differ too: 0.09% for IEMG and 0.49% for EMXC.

EMXC currently has the higher Sharpe Ratio (2.70 vs 1.98), 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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