MADCX vs. EEM
MADCX (BlackRock Emerging Markets Fund, Inc.) and EEM (iShares MSCI Emerging Markets ETF) are both Emerging Markets Equities funds. Over the past 10 years, MADCX returned 9.17%/yr vs 8.32%/yr for EEM. Their correlation of 0.89 means they have usually moved in the same direction. MADCX charges 0.86%/yr vs 0.72%/yr for EEM.
Performance
MADCX vs. EEM - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with MADCX having a 18.54% return and EEM slightly lower at 17.75%. Over the past 10 years, MADCX has outperformed EEM with an annualized return of 9.17%, while EEM has yielded a comparatively lower 8.32% annualized return.
MADCX
- 1D
- 4.35%
- 1M
- -6.94%
- 6M
- 9.78%
- YTD
- 18.54%
- 1Y
- 41.52%
- 3Y*
- 14.69%
- 5Y*
- 4.14%
- 10Y*
- 9.17%
- ALL TIME*
- 7.07%
EEM
- 1D
- 0.79%
- 1M
- -2.45%
- 6M
- 9.01%
- YTD
- 17.75%
- 1Y
- 35.57%
- 3Y*
- 18.45%
- 5Y*
- 6.91%
- 10Y*
- 8.32%
- ALL TIME*
- 9.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.56B | $1.60B | $1.90B | |
| $0.00 | $0.00 | $0.00 |
MADCX vs. EEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MADCX BlackRock Emerging Markets Fund, Inc. | 18.54% | 30.47% | -1.09% | 10.77% | -24.12% | -1.14% | 24.53% | 26.47% | -10.73% | 42.09% |
EEM iShares MSCI Emerging Markets ETF | 17.75% | 33.98% | 6.49% | 8.95% | -20.56% | -3.63% | 17.02% | 18.22% | -15.31% | 37.26% |
Correlation
The correlation between MADCX and EEM is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.92 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.93 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2003 | 0.89 |
The correlation between MADCX and EEM has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.
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Return for Risk
MADCX vs. EEM — Risk / Return Rank
MADCX
EEM
MADCX vs. EEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Emerging Markets Fund, Inc. (MADCX) and iShares MSCI Emerging Markets ETF (EEM). 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.
| MADCX | EEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.27 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.30 | 2.44 | -0.14 |
| Martin ratioReturn relative to average drawdown | 7.82 | 7.49 | +0.32 |
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Drawdowns
MADCX vs. EEM - Drawdown Comparison
The maximum MADCX drawdown since its inception was -66.58%, roughly equal to the maximum EEM drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for MADCX and EEM.
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Drawdown Indicators
| MADCX | EEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.58% | -66.43% | -0.15% |
Max Drawdown (1Y)Largest decline over 1 year | -17.17% | -14.24% | -2.93% |
Max Drawdown (3Y)Largest decline over 3 years | -20.25% | -17.29% | -2.96% |
Max Drawdown (5Y)Largest decline over 5 years | -37.74% | -35.01% | -2.73% |
Max Drawdown (10Y)Largest decline over 10 years | -43.82% | -39.82% | -4.00% |
Current DrawdownCurrent decline from peak | -13.57% | -10.00% | -3.57% |
Average DrawdownAverage peak-to-trough decline | -18.32% | -15.95% | -2.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.04% | 4.63% | +0.41% |
Volatility
MADCX vs. EEM - Volatility Comparison
BlackRock Emerging Markets Fund, Inc. (MADCX) has a higher volatility of 11.42% compared to iShares MSCI Emerging Markets ETF (EEM) at 9.09%. This indicates that MADCX's price experiences larger fluctuations and is considered to be riskier than EEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MADCX | EEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.42% | 9.09% | +2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 24.60% | 22.40% | +2.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.64% | 24.46% | +2.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.54% | 19.83% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.19% | 20.80% | -1.61% |
MADCX vs. EEM - Expense Ratio Comparison
MADCX has a 0.86% expense ratio, which is higher than EEM's 0.72% expense ratio.
Dividends
MADCX vs. EEM - Dividend Comparison
MADCX's dividend yield for the trailing twelve months is around 6.70%, more than EEM's 1.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EEM iShares MSCI Emerging Markets ETF | 1.74% | 2.22% | 2.43% | 2.63% | 2.50% | 1.99% | 1.45% | 2.76% | 2.24% | 1.89% | 1.89% | 2.49% |
MADCX BlackRock Emerging Markets Fund, Inc. | 6.70% | 4.26% | 1.90% | 1.67% | 2.22% | 5.72% | 0.97% | 1.53% | 0.98% | 0.48% | 1.82% | 1.34% |
Frequently Asked Questions
With a correlation of 0.92, MADCX and EEM 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.
MADCX has higher volatility (11.42%) compared to EEM (9.09%). In terms of maximum drawdown, MADCX dropped -66.58% vs EEM's -66.43%.
MADCX currently has the higher Sharpe Ratio (1.48 vs 1.42), 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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