IESE.AS vs. EMXC

Last updated Jun 4, 2026

IESE.AS (iShares MSCI Europe SRI UCITS ETF EUR (Acc)) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both exchange-traded funds - IESE.AS is a Europe Equities fund tracking the MSCI Europe NR EUR, 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, IESE.AS returned 5.21%/yr vs 13.82%/yr for EMXC. At a 0.46 correlation, their price movements are largely independent. IESE.AS charges 0.20%/yr vs 0.49%/yr for EMXC.

Performance

IESE.AS vs. EMXC - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares MSCI Europe SRI UCITS ETF EUR (Acc) (IESE.AS) and iShares MSCI Emerging Markets ex China ETF (EMXC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IESE.AS is traded in EUR, while EMXC is traded in USD. To make them comparable, the EMXC values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, IESE.AS achieves a 6.26% return, which is significantly lower than EMXC's 43.42% return.

IESE.AS

• 1D: -0.98%
• 1M: 4.02%
• YTD: 6.26%
• 6M: 8.13%
• 1Y: 5.45%
• 3Y*: 6.57%
• 5Y*: 5.21%
• 10Y*: 7.82%

EMXC

• 1D: -0.79%
• 1M: 13.41%
• YTD: 43.42%
• 6M: 47.75%
• 1Y: 74.39%
• 3Y*: 25.66%
• 5Y*: 13.82%
• 10Y*: —

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

IESE.AS vs. EMXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IESE.AS iShares MSCI Europe SRI UCITS ETF EUR (Acc)	6.26%	2.40%	6.46%	16.38%	-14.87%	27.26%	3.74%	29.04%	-6.71%	2.20%
EMXC iShares MSCI Emerging Markets ex China ETF	43.42%	19.10%	9.46%	15.39%	-14.58%	16.65%	3.46%	18.41%	-8.87%	4.72%

Correlation

The correlation between IESE.AS and EMXC is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jul 27, 2017	0.46

Return for Risk

IESE.AS vs. EMXC — Risk / Return Rank

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

IESE.AS

IESE.AS Risk / Return Rank: 15
IESE.AS Sharpe Ratio Rank: 15
IESE.AS Sortino Ratio Rank: 14
IESE.AS Omega Ratio Rank: 14
IESE.AS Calmar Ratio Rank: 15
IESE.AS Martin Ratio Rank: 16

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.

IESE.AS vs. EMXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe SRI UCITS ETF EUR (Acc) (IESE.AS) 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.

	IESE.AS	EMXC	Difference
Sharpe ratio: Return per unit of total volatility	0.40	3.70	-3.30
Sortino ratio: Return per unit of downside risk	0.67	4.57	-3.90
Omega ratio: Gain probability vs. loss probability	1.08	1.66	-0.58
Calmar ratio: Return relative to maximum drawdown	0.54	6.33	-5.79
Martin ratio: Return relative to average drawdown	1.41	24.59	-23.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IESE.AS vs. EMXC - Sharpe Ratio Comparison

The current IESE.AS Sharpe Ratio is 0.40, which is lower than the EMXC Sharpe Ratio of 3.70. The chart below compares the historical Sharpe Ratios of IESE.AS 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

	IESE.AS	EMXC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.40	3.70	-3.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.88	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.58	-0.08

Drawdowns

IESE.AS vs. EMXC - Drawdown Comparison

The maximum IESE.AS drawdown since its inception was -33.34%, smaller than the maximum EMXC drawdown of -37.86%. Use the drawdown chart below to compare losses from any high point for IESE.AS and EMXC.

Drawdown Indicators

	IESE.AS	EMXC	Difference
Max Drawdown Largest peak-to-trough decline	-33.34%	-37.86%	+4.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.05%	-11.81%	+1.76%
Max Drawdown (3Y) Largest decline over 3 years	-15.79%	-18.28%	+2.49%
Max Drawdown (5Y) Largest decline over 5 years	-23.66%	-18.28%	-5.38%
Max Drawdown (10Y) Largest decline over 10 years	-33.34%	—	—
Current Drawdown Current decline from peak	-1.88%	-0.79%	-1.09%
Average Drawdown Average peak-to-trough decline	-6.13%	-6.61%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	3.03%	+0.81%

Volatility

IESE.AS vs. EMXC - Volatility Comparison

The current volatility for iShares MSCI Europe SRI UCITS ETF EUR (Acc) (IESE.AS) is 4.74%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 9.09%. This indicates that IESE.AS 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.

Volatility by Period

	IESE.AS	EMXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	9.09%	-4.35%
Volatility (6M) Calculated over the trailing 6-month period	10.86%	17.69%	-6.83%
Volatility (1Y) Calculated over the trailing 1-year period	13.40%	20.23%	-6.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.49%	15.81%	-1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.29%	19.01%	-3.72%

IESE.AS vs. EMXC - Expense Ratio Comparison

IESE.AS has a 0.20% expense ratio, which is lower than EMXC's 0.49% expense ratio.

Dividends

IESE.AS vs. EMXC - Dividend Comparison

IESE.AS has not paid dividends to shareholders, while EMXC's dividend yield for the trailing twelve months is around 1.99%.

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%
IESE.AS iShares MSCI Europe SRI UCITS ETF EUR (Acc)	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 IESE.AS and EMXC in my portfolio?

IESE.AS and EMXC have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IESE.AS or EMXC?

On fees, IESE.AS is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IESE.AS or EMXC?

IESE.AS is cheaper with a 0.20% expense ratio, compared with 0.49% for EMXC.

What is the main difference between IESE.AS and EMXC?

IESE.AS is categorized as Europe Equities, while EMXC is Emerging Markets Equities. IESE.AS tracks MSCI Europe NR EUR, while EMXC tracks MSCI Emerging Markets ex China Index. Their fees differ too: 0.20% for IESE.AS and 0.49% for EMXC.