MADCX vs. SCHD

Last updated Aug 1, 2026

MADCX (BlackRock Emerging Markets Fund, Inc.) and SCHD (Schwab U.S. Dividend Equity ETF) are both funds - MADCX is a Emerging Markets Equities fund managed by BlackRock, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Over the past 10 years, MADCX returned 9.17%/yr vs 12.76%/yr for SCHD. Their 0.56 correlation means they have sometimes moved together and sometimes differently. MADCX charges 0.86%/yr vs 0.06%/yr for SCHD.

Performance

MADCX vs. SCHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Emerging Markets Fund, Inc. (MADCX) and Schwab U.S. Dividend Equity ETF (SCHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MADCX achieves a 18.54% return, which is significantly lower than SCHD's 24.03% return. Over the past 10 years, MADCX has underperformed SCHD with an annualized return of 9.17%, while SCHD has yielded a comparatively higher 12.76% 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%

SCHD

• 1D: 0.18%
• 1M: 3.33%
• 6M: 14.09%
• YTD: 24.03%
• 1Y: 31.54%
• 3Y*: 14.19%
• 5Y*: 9.54%
• 10Y*: 12.76%
• ALL TIME*: 13.39%

*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)
MADCX BlackRock Emerging Markets Fund, Inc.	$0.00	$0.00	$0.00
SCHD Schwab U.S. Dividend Equity ETF	$786.88M	$715.86M	$685.58M

MADCX vs. SCHD - 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%
SCHD Schwab U.S. Dividend Equity ETF	24.03%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	20.85%

Correlation

The correlation between MADCX and SCHD is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.07
Correlation (3Y) Balances recent behavior with more history.	0.28
Correlation (5Y) Shows whether the relationship held over a longer period.	0.40
Correlation (10Y) Provides a long-term view across more market conditions.	0.49
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.56

Over the past year, the correlation between MADCX and SCHD has dropped to 0.07 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.

Return for Risk

MADCX vs. SCHD — Risk / Return Rank

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

MADCX

MADCX Risk / Return Rank: 62
MADCX Sharpe Ratio Rank: 61
MADCX Sortino Ratio Rank: 51
MADCX Omega Ratio Rank: 64
MADCX Calmar Ratio Rank: 71
MADCX Martin Ratio Rank: 61

SCHD

SCHD Risk / Return Rank: 95
SCHD Sharpe Ratio Rank: 96
SCHD Sortino Ratio Rank: 96
SCHD Omega Ratio Rank: 94
SCHD Calmar Ratio Rank: 96
SCHD Martin Ratio Rank: 93

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.

MADCX vs. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Emerging Markets Fund, Inc. (MADCX) and Schwab U.S. Dividend Equity ETF (SCHD). 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	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.81	-1.33
Sortino ratio: Return per unit of downside risk	1.95	4.37	-2.42
Omega ratio: Gain probability vs. loss probability	1.28	1.51	-0.22
Calmar ratio: Return relative to maximum drawdown	2.30	6.74	-4.44
Martin ratio: Return relative to average drawdown	7.82	17.01	-9.20

MADCX vs. SCHD - Sharpe Ratio Comparison

The current MADCX Sharpe Ratio is 1.48, which is lower than the SCHD Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of MADCX and SCHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MADCX vs. SCHD - Drawdown Comparison

The maximum MADCX drawdown since its inception was -66.58%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for MADCX and SCHD.

Drawdown Indicators

	MADCX	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-66.58%	-33.37%	-33.21%
Max Drawdown (1Y) Largest decline over 1 year	-17.17%	-4.61%	-12.56%
Max Drawdown (3Y) Largest decline over 3 years	-20.25%	-16.13%	-4.12%
Max Drawdown (5Y) Largest decline over 5 years	-37.74%	-16.85%	-20.89%
Max Drawdown (10Y) Largest decline over 10 years	-43.82%	-33.37%	-10.45%
Current Drawdown Current decline from peak	-13.57%	-1.24%	-12.33%
Average Drawdown Average peak-to-trough decline	-18.32%	-3.30%	-15.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.04%	1.82%	+3.22%

Volatility

MADCX vs. SCHD - Volatility Comparison

BlackRock Emerging Markets Fund, Inc. (MADCX) has a higher volatility of 11.42% compared to Schwab U.S. Dividend Equity ETF (SCHD) at 4.11%. This indicates that MADCX's price experiences larger fluctuations and is considered to be riskier than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MADCX	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.42%	4.11%	+7.31%
Volatility (6M) Calculated over the trailing 6-month period	24.60%	8.11%	+16.49%
Volatility (1Y) Calculated over the trailing 1-year period	26.64%	11.13%	+15.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.54%	14.39%	+5.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.19%	16.72%	+2.47%

MADCX vs. SCHD - Expense Ratio Comparison

MADCX has a 0.86% expense ratio, which is higher than SCHD's 0.06% expense ratio.

Dividends

MADCX vs. SCHD - Dividend Comparison

MADCX's dividend yield for the trailing twelve months is around 6.70%, more than SCHD's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SCHD Schwab U.S. Dividend Equity ETF	3.13%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%

Frequently Asked Questions

Can I hold both MADCX and SCHD in my portfolio?

MADCX and SCHD have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MADCX or SCHD?

MADCX has higher volatility (11.42%) compared to SCHD (4.11%). In terms of maximum drawdown, MADCX dropped -66.58% vs SCHD's -33.37%.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.81 vs 1.48), 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.