SPYX vs. EMXC

Last updated Jun 14, 2026

SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both exchange-traded funds - SPYX is a S&P 500 fund tracking the S&P 500 Fossil Fuel Reserves Free 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, SPYX returned 12.96%/yr vs 12.14%/yr for EMXC. A 0.67 correlation means they provide meaningful diversification when combined. SPYX charges 0.20%/yr vs 0.49%/yr for EMXC.

Performance

SPYX vs. EMXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) 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, SPYX achieves a 8.26% return, which is significantly lower than EMXC's 37.25% return.

SPYX

• 1D: 0.53%
• 1M: -0.85%
• YTD: 8.26%
• 6M: 8.62%
• 1Y: 24.90%
• 3Y*: 20.78%
• 5Y*: 12.96%
• 10Y*: 15.50%

EMXC

• 1D: 0.55%
• 1M: 2.60%
• YTD: 37.25%
• 6M: 42.23%
• 1Y: 67.80%
• 3Y*: 26.47%
• 5Y*: 12.14%
• 10Y*: —

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

SPYX vs. EMXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	8.26%	17.87%	25.46%	26.38%	-19.59%	28.06%	19.87%	31.62%	-4.26%	8.72%
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 SPYX and EMXC is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017	0.67

The correlation between SPYX and EMXC has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

SPYX vs. EMXC - Sectors Allocation Comparison

Sectors	SPYX	EMXC
Technology	39.7%	52.4%
Financial Services	11.4%	17.4%
Communication Services	10.9%	3.0%
Consumer Cyclical	10.1%	4.1%
Healthcare	8.5%	1.8%
Industrials	7.9%	6.9%
Consumer Defensive	4.6%	2.4%
Utilities	2.2%	1.9%
Real Estate	1.9%	0.8%
Basic Materials	1.7%	6.0%
Energy	1.1%	3.4%

Return for Risk

SPYX vs. EMXC — Risk / Return Rank

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

SPYX

SPYX Risk / Return Rank: 63
SPYX Sharpe Ratio Rank: 66
SPYX Sortino Ratio Rank: 63
SPYX Omega Ratio Rank: 66
SPYX Calmar Ratio Rank: 54
SPYX Martin Ratio Rank: 67

EMXC

EMXC Risk / Return Rank: 89
EMXC Sharpe Ratio Rank: 91
EMXC Sortino Ratio Rank: 86
EMXC Omega Ratio Rank: 90
EMXC Calmar Ratio Rank: 88
EMXC Martin Ratio Rank: 89

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.

SPYX vs. EMXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) 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.

	SPYX	EMXC	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.74	-0.87
Sortino ratio: Return per unit of downside risk	2.55	3.35	-0.80
Omega ratio: Gain probability vs. loss probability	1.34	1.50	-0.16
Calmar ratio: Return relative to maximum drawdown	2.40	4.55	-2.15
Martin ratio: Return relative to average drawdown	10.78	17.51	-6.74

SPYX vs. EMXC - Sharpe Ratio Comparison

The current SPYX Sharpe Ratio is 1.87, which is lower than the EMXC Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of SPYX 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.

Drawdowns

SPYX vs. EMXC - Drawdown Comparison

The maximum SPYX drawdown since its inception was -32.84%, smaller than the maximum EMXC drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for SPYX and EMXC.

Drawdown Indicators

	SPYX	EMXC	Difference
Max Drawdown Largest peak-to-trough decline	-32.84%	-42.81%	+9.97%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-14.41%	+4.57%
Max Drawdown (3Y) Largest decline over 3 years	-18.74%	-19.12%	+0.38%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	-28.91%	+2.77%
Max Drawdown (10Y) Largest decline over 10 years	-32.84%	—	—
Current Drawdown Current decline from peak	-2.38%	-4.12%	+1.74%
Average Drawdown Average peak-to-trough decline	-4.53%	-10.17%	+5.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	3.74%	-1.55%

Volatility

SPYX vs. EMXC - Volatility Comparison

The current volatility for State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) is 4.52%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 12.83%. This indicates that SPYX 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

	SPYX	EMXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	12.83%	-8.31%
Volatility (6M) Calculated over the trailing 6-month period	9.92%	21.90%	-11.98%
Volatility (1Y) Calculated over the trailing 1-year period	12.61%	23.90%	-11.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	18.00%	-0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	20.07%	-2.03%

SPYX vs. EMXC - Expense Ratio Comparison

SPYX has a 0.20% expense ratio, which is lower than EMXC's 0.49% expense ratio.

Dividends

SPYX vs. EMXC - Dividend Comparison

SPYX's dividend yield for the trailing twelve months is around 0.86%, less 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%
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	0.86%	0.91%	1.05%	1.21%	1.41%	1.04%	1.33%	1.56%	1.92%	1.68%	1.91%	0.16%

Frequently Asked Questions

Can I hold both SPYX and EMXC in my portfolio?

SPYX and EMXC have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYX or EMXC?

EMXC has higher volatility (12.83%) compared to SPYX (4.52%). In terms of maximum drawdown, SPYX dropped -32.84% vs EMXC's -42.81%.

Which ETF is better, SPYX or EMXC?

On 5-year performance, SPYX leads with 12.96% vs 12.14% for EMXC. On fees, SPYX is cheaper at 0.20% per year. On volatility, SPYX has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYX or EMXC?

Over the 5-year period, SPYX has performed better with a 12.96% return vs 12.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYX or EMXC?

SPYX is cheaper with a 0.20% expense ratio, compared with 0.49% for EMXC.

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

EMXC has the higher dividend yield at 2.05%, compared with 0.86% for SPYX.

What is the main difference between SPYX and EMXC?

SPYX is categorized as S&P 500, while EMXC is Emerging Markets Equities. SPYX tracks S&P 500 Fossil Fuel Reserves Free Index, while EMXC tracks MSCI Emerging Markets ex China Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.20% for SPYX and 0.49% for EMXC.

Which has better risk-adjusted returns?

EMXC currently has the higher Sharpe Ratio (2.74 vs 1.87), 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.