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MADCX vs. EEMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MADCX vs. EEMV

Last updated Jun 23, 2026

MADCX (BlackRock Emerging Markets Fund, Inc.) and EEMV (iShares MSCI Emerging Markets Min Vol Factor ETF) are both funds - MADCX is a Emerging Markets Diversified fund managed by BlackRock, while EEMV is a Asia Pacific Equities fund tracking the MSCI Emerging Markets Minimum Volatility Index. Over the past 10 years, MADCX returned 11.57%/yr vs 7.21%/yr for EEMV. Their correlation of 0.86 suggests significant overlap in exposure. MADCX charges 0.86%/yr vs 0.25%/yr for EEMV.

Performance

MADCX vs. EEMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Emerging Markets Fund, Inc. (MADCX) and iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MADCX achieves a 35.77% return, which is significantly higher than EEMV's 21.19% return. Over the past 10 years, MADCX has outperformed EEMV with an annualized return of 11.57%, while EEMV has yielded a comparatively lower 7.21% annualized return.

MADCX

1D
3.68%
1M
7.04%
YTD
35.77%
6M
37.64%
1Y
64.24%
3Y*
20.67%
5Y*
6.04%
10Y*
11.57%

EEMV

1D
0.37%
1M
6.97%
YTD
21.19%
6M
21.32%
1Y
29.44%
3Y*
15.55%
5Y*
6.55%
10Y*
7.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MADCX vs. EEMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MADCX
BlackRock Emerging Markets Fund, Inc.		35.77%30.47%-1.09%10.77%-24.12%-1.14%24.53%26.47%-10.73%42.09%
EEMV
iShares MSCI Emerging Markets Min Vol Factor ETF		21.19%13.45%7.98%7.75%-13.94%5.05%6.90%7.83%-5.81%27.28%

Correlation

The correlation between MADCX and EEMV is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.80

Correlation (3Y)
Calculated over the trailing 3-year period

0.81

Correlation (5Y)
Calculated over the trailing 5-year period

0.84

Correlation (10Y)
Calculated over the trailing 10-year period

0.85

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2011

0.86

The correlation between MADCX and EEMV has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BlackRock Emerging Markets Fund, Inc.

iShares MSCI Emerging Markets Min Vol Factor ETF

Often compared with MADCX:
MADCX vs. VOOMADCX vs. MADVXMADCX vs. SCHDMADCX vs. EFEIXMADCX vs. EEMMADCX vs. GLLSXMADCX vs. VWO
Often compared with EEMV:
EEMV vs. EEMEEMV vs. IEMGEEMV vs. SPYEEMV vs. EFAVEEMV vs. MCHIEEMV vs. USMVEEMV vs. SPEM

Return for Risk

MADCX vs. EEMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MADCX
MADCX Risk / Return Rank: 8585
Overall Rank
MADCX Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
MADCX Sortino Ratio Rank: 7575
Sortino Ratio Rank
MADCX Omega Ratio Rank: 8383
Omega Ratio Rank
MADCX Calmar Ratio Rank: 8888
Calmar Ratio Rank
MADCX Martin Ratio Rank: 8989
Martin Ratio Rank
EEMV
EEMV Risk / Return Rank: 6565
Overall Rank
EEMV Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
EEMV Sortino Ratio Rank: 6161
Sortino Ratio Rank
EEMV Omega Ratio Rank: 7272
Omega Ratio Rank
EEMV Calmar Ratio Rank: 6666
Calmar Ratio Rank
EEMV Martin Ratio Rank: 6565
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.

MADCX vs. EEMV - 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 Min Vol Factor ETF (EEMV). 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.

MADCXEEMVDifference
Sharpe ratioReturn per unit of total volatility
2.76
2.00

+0.76

Sortino ratioReturn per unit of downside risk
3.32
2.77

+0.55

Omega ratioGain probability vs. loss probability

1.51

1.41

+0.11

Calmar ratioReturn relative to maximum drawdown

4.12

3.21

+0.92

Martin ratioReturn relative to average drawdown

15.96

11.55

+4.41

MADCX vs. EEMV - Sharpe Ratio Comparison

The current MADCX Sharpe Ratio is 2.76, which is higher than the EEMV Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of MADCX and EEMV, 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

MADCX vs. EEMV - Drawdown Comparison

The maximum MADCX drawdown since its inception was -66.58%, which is greater than EEMV's maximum drawdown of -31.56%. Use the drawdown chart below to compare losses from any high point for MADCX and EEMV.

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Drawdown Indicators

MADCXEEMVDifference

Max Drawdown

Largest peak-to-trough decline

-66.58%

-31.56%

-35.02%

Max Drawdown (1Y)

Largest decline over 1 year

-15.57%

-9.22%

-6.35%

Max Drawdown (3Y)

Largest decline over 3 years

-20.25%

-12.47%

-7.78%

Max Drawdown (5Y)

Largest decline over 5 years

-40.70%

-21.90%

-18.80%

Max Drawdown (10Y)

Largest decline over 10 years

-43.82%

-31.56%

-12.26%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-18.35%

-7.95%

-10.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.01%

2.56%

+1.45%

Volatility

MADCX vs. EEMV - Volatility Comparison

BlackRock Emerging Markets Fund, Inc. (MADCX) has a higher volatility of 11.91% compared to iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) at 7.97%. This indicates that MADCX's price experiences larger fluctuations and is considered to be riskier than EEMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MADCXEEMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.91%

7.97%

+3.94%

Volatility (6M)

Calculated over the trailing 6-month period

21.05%

13.64%

+7.41%

Volatility (1Y)

Calculated over the trailing 1-year period

23.28%

14.80%

+8.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.77%

12.25%

+6.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.85%

14.00%

+4.85%

MADCX vs. EEMV - Expense Ratio Comparison

MADCX has a 0.86% expense ratio, which is higher than EEMV's 0.25% expense ratio.

Dividends

MADCX vs. EEMV - Dividend Comparison

MADCX's dividend yield for the trailing twelve months is around 3.14%, more than EEMV's 2.11% yield.

PositionTTM20252024202320222021202020192018201720162015
EEMV
iShares MSCI Emerging Markets Min Vol Factor ETF		2.11%2.65%3.50%2.75%1.93%2.14%2.45%2.63%2.46%2.34%2.79%2.55%
MADCX
BlackRock Emerging Markets Fund, Inc.		3.14%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

MADCX and EEMV have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MADCX has higher volatility (11.91%) compared to EEMV (7.97%). In terms of maximum drawdown, MADCX dropped -66.58% vs EEMV's -31.56%.

MADCX currently has the higher Sharpe Ratio (2.76 vs 2.00), 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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