MFEM vs. EMXC

Last updated Apr 1, 2026

Compare and contrast key facts about PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM) and iShares MSCI Emerging Markets ex China ETF (EMXC).

MFEM and EMXC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MFEM is a passively managed fund by PIMCO that tracks the performance of the RAFI Dynamic Multi-Factor Emerging Market Index. It was launched on Aug 31, 2017. EMXC is a passively managed fund by iShares that tracks the performance of the MSCI Emerging Markets ex China Index. It was launched on Jul 19, 2017. Both MFEM and EMXC are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

MFEM vs. EMXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM) and iShares MSCI Emerging Markets ex China ETF (EMXC). The values are adjusted to include any dividend payments, if applicable.

MFEM vs. EMXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	8.20%	25.33%	4.73%	15.14%	-19.50%	10.77%	11.33%	15.26%	-14.64%	4.82%
EMXC iShares MSCI Emerging Markets ex China ETF	8.23%	35.14%	2.68%	18.96%	-19.56%	8.54%	12.76%	15.80%	-12.96%	5.78%

Returns By Period

The year-to-date returns for both investments are quite close, with MFEM having a 8.20% return and EMXC slightly higher at 8.23%.

MFEM

• 1D: 2.92%
• 1M: -9.87%
• YTD: 8.20%
• 6M: 12.54%
• 1Y: 35.23%
• 3Y*: 16.17%
• 5Y*: 6.37%
• 10Y*: —

EMXC

• 1D: 4.13%
• 1M: -10.29%
• YTD: 8.23%
• 6M: 18.73%
• 1Y: 47.21%
• 3Y*: 19.79%
• 5Y*: 8.20%
• 10Y*: —

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

MFEM vs. EMXC - Expense Ratio Comparison

Both MFEM and EMXC have an expense ratio of 0.49%.

MFEM

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

EMXC

iShares MSCI Emerging Markets ex China ETF

Return for Risk

MFEM vs. EMXC — Risk / Return Rank

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

MFEM

MFEM Risk / Return Rank: 88
MFEM Sharpe Ratio Rank: 89
MFEM Sortino Ratio Rank: 89
MFEM Omega Ratio Rank: 89
MFEM Calmar Ratio Rank: 87
MFEM Martin Ratio Rank: 87

EMXC

EMXC Risk / Return Rank: 94
EMXC Sharpe Ratio Rank: 95
EMXC Sortino Ratio Rank: 95
EMXC Omega Ratio Rank: 94
EMXC Calmar Ratio Rank: 92
EMXC Martin Ratio Rank: 94

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.

MFEM vs. EMXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM) 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.

	MFEM	EMXC	Difference
Sharpe ratio Return per unit of total volatility	1.89	2.31	-0.41
Sortino ratio Return per unit of downside risk	2.47	2.98	-0.51
Omega ratio Gain probability vs. loss probability	1.37	1.43	-0.06
Calmar ratio Return relative to maximum drawdown	2.71	3.26	-0.54
Martin ratio Return relative to average drawdown	10.38	13.81	-3.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MFEM vs. EMXC - Sharpe Ratio Comparison

The current MFEM Sharpe Ratio is 1.89, which is comparable to the EMXC Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of MFEM and EMXC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MFEM	EMXC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.31	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.49	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.39	-0.07

Correlation

The correlation between MFEM and EMXC is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MFEM vs. EMXC - Dividend Comparison

MFEM's dividend yield for the trailing twelve months is around 2.56%, less than EMXC's 2.60% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	2.56%	2.77%	5.89%	4.01%	7.01%	29.96%	1.70%	2.37%	1.18%	0.21%
EMXC iShares MSCI Emerging Markets ex China ETF	2.60%	2.82%	2.69%	1.83%	2.85%	1.78%	1.45%	3.25%	2.63%	0.99%

Drawdowns

MFEM vs. EMXC - Drawdown Comparison

The maximum MFEM drawdown since its inception was -43.32%, roughly equal to the maximum EMXC drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for MFEM and EMXC.

Drawdown Indicators

	MFEM	EMXC	Difference
Max Drawdown Largest peak-to-trough decline	-43.32%	-42.81%	-0.51%
Max Drawdown (1Y) Largest decline over 1 year	-12.86%	-14.41%	+1.55%
Max Drawdown (5Y) Largest decline over 5 years	-31.39%	-28.91%	-2.48%
Current Drawdown Current decline from peak	-10.31%	-10.88%	+0.57%
Average Drawdown Average peak-to-trough decline	-11.67%	-10.35%	-1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	3.40%	-0.04%

Volatility

MFEM vs. EMXC - Volatility Comparison

The current volatility for PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (MFEM) is 10.30%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 11.89%. This indicates that MFEM 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

	MFEM	EMXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.30%	11.89%	-1.59%
Volatility (6M) Calculated over the trailing 6-month period	14.44%	16.14%	-1.70%
Volatility (1Y) Calculated over the trailing 1-year period	18.72%	20.58%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.12%	16.70%	-0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.22%	19.51%	-0.29%