VBTIX vs. EMXC
VBTIX (Vanguard Total Bond Market Index Fund Institutional Shares) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both funds - VBTIX is a Total Bond Market fund managed by Vanguard, while EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index. Over the past 5 years, VBTIX returned 0.06%/yr vs 12.14%/yr for EMXC. At a 0.04 correlation, their price movements are largely independent. VBTIX charges 0.04%/yr vs 0.49%/yr for EMXC.
Performance
VBTIX vs. EMXC - Performance Comparison
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Returns By Period
In the year-to-date period, VBTIX achieves a 0.43% return, which is significantly lower than EMXC's 37.25% return.
VBTIX
- 1D
- 0.52%
- 1M
- 0.55%
- YTD
- 0.43%
- 6M
- 0.97%
- 1Y
- 4.48%
- 3Y*
- 4.06%
- 5Y*
- 0.06%
- 10Y*
- 1.54%
EMXC
- 1D
- 0.55%
- 1M
- 3.75%
- YTD
- 37.25%
- 6M
- 42.23%
- 1Y
- 65.26%
- 3Y*
- 26.47%
- 5Y*
- 12.14%
- 10Y*
- —
VBTIX vs. EMXC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares | 0.43% | 7.18% | 1.27% | 5.75% | -13.15% | -1.95% | 7.75% | 8.74% | -0.24% | 1.14% |
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 VBTIX and EMXC is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017 | 0.04 |
Over the past year, VBTIX and EMXC have become more correlated (0.30) than their long-term average of 0.04, meaning their price movements have been converging.
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Return for Risk
VBTIX vs. EMXC — Risk / Return Rank
VBTIX
EMXC
VBTIX vs. EMXC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) 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.
| VBTIX | EMXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.50 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 4.55 | -2.84 |
| Martin ratioReturn relative to average drawdown | 4.95 | 17.51 | -12.57 |
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Drawdowns
VBTIX vs. EMXC - Drawdown Comparison
The maximum VBTIX drawdown since its inception was -18.90%, smaller than the maximum EMXC drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for VBTIX and EMXC.
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Drawdown Indicators
| VBTIX | EMXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.90% | -42.81% | +23.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -14.41% | +11.52% |
Max Drawdown (3Y)Largest decline over 3 years | -5.99% | -19.12% | +13.13% |
Max Drawdown (5Y)Largest decline over 5 years | -18.13% | -28.91% | +10.78% |
Max Drawdown (10Y)Largest decline over 10 years | -18.90% | — | — |
Current DrawdownCurrent decline from peak | -2.25% | -4.12% | +1.87% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -10.17% | +7.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 3.74% | -2.74% |
Volatility
VBTIX vs. EMXC - Volatility Comparison
The current volatility for Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) is 1.33%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 12.83%. This indicates that VBTIX 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
| VBTIX | EMXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 12.83% | -11.50% |
Volatility (6M)Calculated over the trailing 6-month period | 2.85% | 21.90% | -19.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.93% | 23.90% | -19.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.02% | 18.00% | -11.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.99% | 20.07% | -15.08% |
VBTIX vs. EMXC - Expense Ratio Comparison
VBTIX has a 0.04% expense ratio, which is lower than EMXC's 0.49% expense ratio.
Dividends
VBTIX vs. EMXC - Dividend Comparison
VBTIX's dividend yield for the trailing twelve months is around 3.99%, 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% |
VBTIX Vanguard Total Bond Market Index Fund Institutional Shares | 3.99% | 3.88% | 3.69% | 3.12% | 2.61% | 1.81% | 2.41% | 2.75% | 2.58% | 2.56% | 2.54% | 2.84% |
Frequently Asked Questions
VBTIX and EMXC have a correlation of 0.30, 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 VBTIX (1.33%). In terms of maximum drawdown, VBTIX dropped -18.90% vs EMXC's -42.81%.
EMXC currently has the higher Sharpe Ratio (2.74 vs 1.26), 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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