SCHA vs. EMXC

Last updated Jun 9, 2026

SCHA (Schwab U.S. Small-Cap ETF) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both exchange-traded funds - SCHA is a Small Cap Blend Equities fund tracking the Dow Jones U.S. Small-Cap Total Stock Market Index, while EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 5 years, SCHA returned 6.45%/yr vs 11.46%/yr for EMXC. A 0.62 correlation means they provide meaningful diversification when combined. SCHA charges 0.04%/yr vs 0.49%/yr for EMXC.

Performance

SCHA vs. EMXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab U.S. Small-Cap ETF (SCHA) and iShares MSCI Emerging Markets ex China ETF (EMXC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCHA achieves a 17.78% return, which is significantly lower than EMXC's 32.33% return.

SCHA

• 1D: 0.93%
• 1M: 0.12%
• YTD: 17.78%
• 6M: 16.92%
• 1Y: 36.31%
• 3Y*: 17.52%
• 5Y*: 6.45%
• 10Y*: 10.95%

EMXC

• 1D: 2.43%
• 1M: -1.88%
• YTD: 32.33%
• 6M: 36.39%
• 1Y: 62.72%
• 3Y*: 25.41%
• 5Y*: 11.46%
• 10Y*: —

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

SCHA vs. EMXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHA Schwab U.S. Small-Cap ETF	17.78%	11.60%	11.16%	18.46%	-19.81%	16.45%	19.34%	26.50%	-11.79%	7.43%
EMXC iShares MSCI Emerging Markets ex China ETF	32.33%	35.14%	2.68%	18.96%	-19.56%	8.54%	12.76%	15.80%	-12.96%	7.01%

Correlation

The correlation between SCHA and EMXC is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jul 27, 2017	0.62

The correlation between SCHA and EMXC has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.

SCHA vs. EMXC - Sectors Allocation Comparison

Sectors	SCHA	EMXC
Technology	23.9%	45.0%
Industrials	15.6%	8.3%
Financial Services	15.3%	19.6%
Healthcare	13.2%	2.2%
Consumer Cyclical	9.0%	4.5%
Real Estate	5.9%	1.0%
Energy	5.4%	4.2%
Basic Materials	4.4%	6.8%
Consumer Defensive	2.5%	2.9%
Utilities	2.3%	2.3%
Communication Services	2.3%	3.4%

Return for Risk

SCHA vs. EMXC — Risk / Return Rank

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

SCHA

SCHA Risk / Return Rank: 71
SCHA Sharpe Ratio Rank: 67
SCHA Sortino Ratio Rank: 68
SCHA Omega Ratio Rank: 61
SCHA Calmar Ratio Rank: 81
SCHA Martin Ratio Rank: 79

EMXC

EMXC Risk / Return Rank: 86
EMXC Sharpe Ratio Rank: 89
EMXC Sortino Ratio Rank: 82
EMXC Omega Ratio Rank: 88
EMXC Calmar Ratio Rank: 86
EMXC Martin Ratio Rank: 88

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.

SCHA vs. EMXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Small-Cap ETF (SCHA) 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.

	SCHA	EMXC	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.71	-0.72
Sortino ratio: Return per unit of downside risk	2.79	3.27	-0.49
Omega ratio: Gain probability vs. loss probability	1.34	1.50	-0.16
Calmar ratio: Return relative to maximum drawdown	3.84	4.37	-0.54
Martin ratio: Return relative to average drawdown	14.05	17.27	-3.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCHA vs. EMXC - Sharpe Ratio Comparison

The current SCHA Sharpe Ratio is 2.00, which is comparable to the EMXC Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of SCHA and EMXC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SCHA	EMXC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	2.71	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.65	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.50	+0.07

Drawdowns

SCHA vs. EMXC - Drawdown Comparison

The maximum SCHA drawdown since its inception was -42.41%, roughly equal to the maximum EMXC drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for SCHA and EMXC.

Drawdown Indicators

	SCHA	EMXC	Difference
Max Drawdown Largest peak-to-trough decline	-42.41%	-42.81%	+0.40%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-14.41%	+4.91%
Max Drawdown (3Y) Largest decline over 3 years	-27.29%	-19.12%	-8.17%
Max Drawdown (5Y) Largest decline over 5 years	-30.79%	-28.91%	-1.88%
Max Drawdown (10Y) Largest decline over 10 years	-42.41%	—	—
Current Drawdown Current decline from peak	-2.50%	-7.55%	+5.05%
Average Drawdown Average peak-to-trough decline	-7.58%	-10.19%	+2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	3.64%	-1.05%

Volatility

SCHA vs. EMXC - Volatility Comparison

The current volatility for Schwab U.S. Small-Cap ETF (SCHA) is 5.79%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 12.57%. This indicates that SCHA 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

	SCHA	EMXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.79%	12.57%	-6.78%
Volatility (6M) Calculated over the trailing 6-month period	13.28%	21.20%	-7.92%
Volatility (1Y) Calculated over the trailing 1-year period	18.31%	23.27%	-4.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.98%	17.82%	+4.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.74%	19.99%	+2.75%

SCHA vs. EMXC - Expense Ratio Comparison

SCHA has a 0.04% expense ratio, which is lower than EMXC's 0.49% expense ratio.

Dividends

SCHA vs. EMXC - Dividend Comparison

SCHA's dividend yield for the trailing twelve months is around 1.02%, less than EMXC's 2.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMXC iShares MSCI Emerging Markets ex China ETF	2.13%	2.82%	2.69%	1.83%	2.85%	1.78%	1.45%	3.25%	2.63%	0.99%	0.00%	0.00%
SCHA Schwab U.S. Small-Cap ETF	1.02%	1.26%	1.51%	1.42%	1.37%	1.19%	1.05%	1.39%	1.58%	1.24%	1.50%	1.48%

Frequently Asked Questions

Can I hold both SCHA and EMXC in my portfolio?

SCHA and EMXC have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCHA or EMXC?

EMXC has higher volatility (12.57%) compared to SCHA (5.79%). In terms of maximum drawdown, SCHA dropped -42.41% vs EMXC's -42.81%.

Which ETF is better, SCHA or EMXC?

On 5-year performance, EMXC leads with 11.46% vs 6.45% for SCHA. On fees, SCHA is cheaper at 0.04% per year. On volatility, SCHA has been the lower-risk option at 5.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCHA or EMXC?

Over the 5-year period, EMXC has performed better with a 11.46% return vs 6.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCHA or EMXC?

SCHA is cheaper with a 0.04% expense ratio, compared with 0.49% for EMXC.

Which ETF pays a higher dividend yield, SCHA or EMXC?

EMXC has the higher dividend yield at 2.13%, compared with 1.02% for SCHA.

What is the main difference between SCHA and EMXC?

SCHA is categorized as Small Cap Blend Equities, while EMXC is Emerging Markets Equities. SCHA tracks Dow Jones U.S. Small-Cap Total Stock Market Index, while EMXC tracks MSCI Emerging Markets ex China Index. They also come from different issuers: Charles Schwab and iShares. Their fees differ too: 0.04% for SCHA and 0.49% for EMXC.

Which has better risk-adjusted returns?

EMXC currently has the higher Sharpe Ratio (2.71 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.