MADCX vs. VWO
MADCX (BlackRock Emerging Markets Fund, Inc.) and VWO (Vanguard FTSE Emerging Markets ETF) are both funds - MADCX is a Emerging Markets Diversified fund managed by BlackRock, while VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index. Over the past 10 years, MADCX returned 11.87%/yr vs 8.97%/yr for VWO. Their correlation of 0.90 suggests significant overlap in exposure. MADCX charges 0.86%/yr vs 0.08%/yr for VWO.
Performance
MADCX vs. VWO - Performance Comparison
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Returns By Period
In the year-to-date period, MADCX achieves a 37.16% return, which is significantly higher than VWO's 10.55% return. Over the past 10 years, MADCX has outperformed VWO with an annualized return of 11.87%, while VWO has yielded a comparatively lower 8.97% annualized return.
MADCX
- 1D
- 1.03%
- 1M
- 8.14%
- YTD
- 37.16%
- 6M
- 38.57%
- 1Y
- 64.95%
- 3Y*
- 22.49%
- 5Y*
- 6.02%
- 10Y*
- 11.87%
VWO
- 1D
- -3.07%
- 1M
- 0.76%
- YTD
- 10.55%
- 6M
- 10.67%
- 1Y
- 27.03%
- 3Y*
- 17.42%
- 5Y*
- 5.09%
- 10Y*
- 8.97%
MADCX vs. VWO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MADCX BlackRock Emerging Markets Fund, Inc. | 37.16% | 30.47% | -1.09% | 10.77% | -24.12% | -1.14% | 24.53% | 26.47% | -10.73% | 42.09% |
VWO Vanguard FTSE Emerging Markets ETF | 10.55% | 25.60% | 10.59% | 9.25% | -17.98% | 1.26% | 15.17% | 20.75% | -14.76% | 31.49% |
Correlation
The correlation between MADCX and VWO is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2005 | 0.90 |
The correlation between MADCX and VWO has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.
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Return for Risk
MADCX vs. VWO — Risk / Return Rank
MADCX
VWO
MADCX vs. VWO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Emerging Markets Fund, Inc. (MADCX) and Vanguard FTSE Emerging Markets ETF (VWO). 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 | VWO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.24 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.30 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 4.26 | 2.43 | +1.82 |
| Martin ratioReturn relative to average drawdown | 16.48 | 8.56 | +7.92 |
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Drawdowns
MADCX vs. VWO - Drawdown Comparison
The maximum MADCX drawdown since its inception was -66.58%, roughly equal to the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for MADCX and VWO.
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Drawdown Indicators
| MADCX | VWO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.58% | -67.68% | +1.10% |
Max Drawdown (1Y)Largest decline over 1 year | -15.57% | -11.17% | -4.40% |
Max Drawdown (3Y)Largest decline over 3 years | -20.25% | -17.37% | -2.88% |
Max Drawdown (5Y)Largest decline over 5 years | -40.70% | -32.60% | -8.10% |
Max Drawdown (10Y)Largest decline over 10 years | -43.82% | -36.39% | -7.43% |
Current DrawdownCurrent decline from peak | 0.00% | -3.07% | +3.07% |
Average DrawdownAverage peak-to-trough decline | -18.35% | -15.79% | -2.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.01% | 3.17% | +0.84% |
Volatility
MADCX vs. VWO - Volatility Comparison
BlackRock Emerging Markets Fund, Inc. (MADCX) has a higher volatility of 11.84% compared to Vanguard FTSE Emerging Markets ETF (VWO) at 7.37%. This indicates that MADCX's price experiences larger fluctuations and is considered to be riskier than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MADCX | VWO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.84% | 7.37% | +4.47% |
Volatility (6M)Calculated over the trailing 6-month period | 21.05% | 14.62% | +6.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.34% | 16.94% | +6.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.78% | 17.58% | +1.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.85% | 19.18% | -0.33% |
MADCX vs. VWO - Expense Ratio Comparison
MADCX has a 0.86% expense ratio, which is higher than VWO's 0.08% expense ratio.
Dividends
MADCX vs. VWO - Dividend Comparison
MADCX's dividend yield for the trailing twelve months is around 3.10%, more than VWO's 2.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MADCX BlackRock Emerging Markets Fund, Inc. | 3.10% | 4.26% | 1.90% | 1.67% | 2.22% | 5.72% | 0.97% | 1.53% | 0.98% | 0.48% | 1.82% | 1.34% |
VWO Vanguard FTSE Emerging Markets ETF | 2.33% | 2.79% | 3.20% | 3.52% | 4.11% | 2.63% | 1.91% | 3.23% | 2.88% | 2.30% | 2.52% | 3.26% |
Frequently Asked Questions
MADCX and VWO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MADCX has higher volatility (11.84%) compared to VWO (7.37%). In terms of maximum drawdown, MADCX dropped -66.58% vs VWO's -67.68%.
MADCX currently has the higher Sharpe Ratio (2.84 vs 1.60), 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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