IEMG vs. VEXC

Last updated Aug 4, 2026

IEMG (iShares Core MSCI Emerging Markets ETF) and VEXC (Vanguard Emerging Markets Ex-China ETF) are both Emerging Markets Equities funds - IEMG tracks the MSCI Emerging Markets Investable Market Index (USD) (Net) while VEXC tracks the FTSE Emerging ex China Index. Both are passively managed. Their correlation of 0.92 means they have usually moved in the same direction. IEMG charges 0.09%/yr vs 0.07%/yr for VEXC.

Performance

IEMG vs. VEXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Emerging Markets ETF (IEMG) and Vanguard Emerging Markets Ex-China ETF (VEXC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IEMG having a 17.13% return and VEXC slightly higher at 17.98%.

IEMG

• 1D: 0.64%
• 1M: -2.17%
• 6M: 8.11%
• YTD: 17.13%
• 1Y: 33.73%
• 3Y*: 19.02%
• 5Y*: 7.08%
• 10Y*: 8.70%
• ALL TIME*: 6.15%

VEXC

• 1D: 0.60%
• 1M: -1.95%
• 6M: 10.20%
• YTD: 17.98%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IEMG iShares Core MSCI Emerging Markets ETF	$832.99M	$964.62M	$1.10B
VEXC Vanguard Emerging Markets Ex-China ETF	$2.18M	$2.18M	$2.89M

IEMG vs. VEXC - Yearly Performance Comparison

	2026 (YTD)	2025
IEMG iShares Core MSCI Emerging Markets ETF	17.13%	2.93%
VEXC Vanguard Emerging Markets Ex-China ETF	17.98%	4.50%

Correlation

The correlation between IEMG and VEXC is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.92

Return for Risk

IEMG vs. VEXC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IEMG

IEMG Risk / Return Rank: 62
IEMG Sharpe Ratio Rank: 60
IEMG Sortino Ratio Rank: 55
IEMG Omega Ratio Rank: 63
IEMG Calmar Ratio Rank: 70
IEMG Martin Ratio Rank: 61

VEXC

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IEMG vs. VEXC - Risk-Adjusted Trends Comparison

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

	IEMG	VEXC	Difference
Sharpe ratio: Return per unit of total volatility	1.43	—	—
Sortino ratio: Return per unit of downside risk	1.94	—	—
Omega ratio: Gain probability vs. loss probability	1.27	—	—
Calmar ratio: Return relative to maximum drawdown	2.46	—	—
Martin ratio: Return relative to average drawdown	7.50	—	—

Drawdowns

IEMG vs. VEXC - Drawdown Comparison

The maximum IEMG drawdown since its inception was -38.71%, which is greater than VEXC's maximum drawdown of -12.42%. Use the drawdown chart below to compare losses from any high point for IEMG and VEXC.

Drawdown Indicators

	IEMG	VEXC	Difference
Max Drawdown Largest peak-to-trough decline	-38.71%	-12.42%	-26.29%
Max Drawdown (1Y) Largest decline over 1 year	-13.78%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.71%	—	—
Current Drawdown Current decline from peak	-9.17%	-5.48%	-3.69%
Average Drawdown Average peak-to-trough decline	-12.89%	-2.62%	-10.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	—	—

Volatility

Volatility by Period

	IEMG	VEXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.73%	—	—
Volatility (6M) Calculated over the trailing 6-month period	21.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.74%	20.39%	+3.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.27%	20.39%	-1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.32%	20.39%	-0.07%

IEMG vs. VEXC - Expense Ratio Comparison

IEMG has a 0.09% expense ratio, which is higher than VEXC's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IEMG vs. VEXC - Dividend Comparison

IEMG's dividend yield for the trailing twelve months is around 2.30%, more than VEXC's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEMG iShares Core MSCI Emerging Markets ETF	2.30%	2.75%	3.20%	2.89%	2.71%	3.06%	1.87%	3.15%	2.76%	2.35%	2.28%	2.53%
VEXC Vanguard Emerging Markets Ex-China ETF	1.46%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IEMG and VEXC in my portfolio?

With a correlation of 0.92, IEMG and VEXC 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 ETF is better, IEMG or VEXC?

On fees, VEXC is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IEMG or VEXC?

VEXC is cheaper with a 0.07% expense ratio, compared with 0.09% for IEMG.

Which ETF pays a higher dividend yield, IEMG or VEXC?

IEMG has the higher dividend yield at 2.30%, compared with 1.46% for VEXC.

What is the main difference between IEMG and VEXC?

IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net), while VEXC tracks FTSE Emerging ex China Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.09% for IEMG and 0.07% for VEXC.