SHV vs. EMXC
SHV (iShares 0-1 Year Treasury Bond ETF) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both exchange-traded funds - SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities 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, SHV returned 3.34%/yr vs 12.14%/yr for EMXC. At a 0.01 correlation, their price movements are largely independent. SHV charges 0.15%/yr vs 0.49%/yr for EMXC.
Performance
SHV vs. EMXC - Performance Comparison
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Returns By Period
In the year-to-date period, SHV achieves a 1.53% return, which is significantly lower than EMXC's 37.25% return.
SHV
- 1D
- 0.03%
- 1M
- 0.26%
- YTD
- 1.53%
- 6M
- 1.73%
- 1Y
- 3.86%
- 3Y*
- 4.63%
- 5Y*
- 3.34%
- 10Y*
- 2.23%
EMXC
- 1D
- 0.55%
- 1M
- 6.57%
- YTD
- 37.25%
- 6M
- 42.23%
- 1Y
- 67.80%
- 3Y*
- 26.47%
- 5Y*
- 12.14%
- 10Y*
- —
SHV vs. EMXC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHV iShares 0-1 Year Treasury Bond ETF | 1.53% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.41% |
EMXC iShares MSCI Emerging Markets ex China ETF | 37.25% | 35.14% | 2.68% | 18.96% | -19.56% | 8.54% | 12.76% | 15.80% | -12.96% | 7.16% |
Correlation
The correlation between SHV and EMXC is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017 | 0.01 |
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Return for Risk
SHV vs. EMXC — Risk / Return Rank
SHV
EMXC
SHV vs. EMXC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 0-1 Year Treasury Bond ETF (SHV) 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.
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.
| SHV | EMXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +16.75 | ||
| Sortino ratioReturn per unit of downside risk | +146.19 | ||
| Omega ratioGain probability vs. loss probability | 53.77 | 1.50 | +52.26 |
| Calmar ratioReturn relative to maximum drawdown | 431.38 | 4.55 | +426.83 |
| Martin ratioReturn relative to average drawdown | 2,419.80 | 17.51 | +2,402.28 |
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Drawdowns
SHV vs. EMXC - Drawdown Comparison
The maximum SHV drawdown since its inception was -0.45%, smaller than the maximum EMXC drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for SHV and EMXC.
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Drawdown Indicators
| SHV | EMXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.45% | -42.81% | +42.36% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -14.41% | +14.40% |
Max Drawdown (3Y)Largest decline over 3 years | -0.03% | -19.12% | +19.09% |
Max Drawdown (5Y)Largest decline over 5 years | -0.39% | -28.91% | +28.52% |
Max Drawdown (10Y)Largest decline over 10 years | -0.45% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -4.12% | +4.12% |
Average DrawdownAverage peak-to-trough decline | -0.03% | -10.17% | +10.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 3.74% | -3.74% |
Volatility
SHV vs. EMXC - Volatility Comparison
The current volatility for iShares 0-1 Year Treasury Bond ETF (SHV) is 0.04%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 12.83%. This indicates that SHV 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.
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Volatility by Period
| SHV | EMXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.04% | 12.83% | -12.79% |
Volatility (6M)Calculated over the trailing 6-month period | 0.12% | 21.90% | -21.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 23.90% | -23.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.29% | 18.00% | -17.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.28% | 20.07% | -19.79% |
SHV vs. EMXC - Expense Ratio Comparison
SHV has a 0.15% expense ratio, which is lower than EMXC's 0.49% expense ratio.
Dividends
SHV vs. EMXC - Dividend Comparison
SHV's dividend yield for the trailing twelve months is around 3.83%, more than EMXC's 2.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 2.05% | 2.82% | 2.69% | 1.83% | 2.85% | 1.78% | 1.45% | 3.25% | 2.63% | 0.99% | 0.00% | 0.00% |
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
Frequently Asked Questions
SHV and EMXC have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMXC has higher volatility (12.83%) compared to SHV (0.04%). In terms of maximum drawdown, SHV dropped -0.45% vs EMXC's -42.81%.
On 5-year performance, EMXC leads with 12.14% vs 3.34% for SHV. On fees, SHV is cheaper at 0.15% per year. On volatility, SHV has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EMXC has performed better with a 12.14% return vs 3.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHV is cheaper with a 0.15% expense ratio, compared with 0.49% for EMXC.
SHV has the higher dividend yield at 3.83%, compared with 2.05% for EMXC.
SHV is categorized as Government Bonds, while EMXC is Emerging Markets Equities. SHV tracks ICE Short US Treasury Securities Index, while EMXC tracks MSCI Emerging Markets ex China Index. Their fees differ too: 0.15% for SHV and 0.49% for EMXC.
SHV currently has the higher Sharpe Ratio (19.49 vs 2.74), 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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