VEXC vs. EMGF

Last updated Jun 4, 2026

VEXC (Vanguard Emerging Markets Ex-China ETF) and EMGF (iShares Edge MSCI Multifactor Emerging Markets ETF) are both Emerging Markets Equities funds - VEXC tracks the FTSE Emerging ex China Index while EMGF tracks the MSCI Emerging Markets Diversified Multiple-Factor Index. Both are passively managed. Their correlation of 0.91 suggests significant overlap in exposure. VEXC charges 0.07%/yr vs 0.45%/yr for EMGF.

Performance

VEXC vs. EMGF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Ex-China ETF (VEXC) and iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEXC achieves a 20.21% return, which is significantly lower than EMGF's 30.01% return.

VEXC

• 1D: -1.20%
• 1M: 4.95%
• YTD: 20.21%
• 6M: 23.59%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

EMGF

• 1D: -1.20%
• 1M: 9.65%
• YTD: 30.01%
• 6M: 32.52%
• 1Y: 55.31%
• 3Y*: 26.88%
• 5Y*: 10.38%
• 10Y*: 11.48%

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

VEXC vs. EMGF - Yearly Performance Comparison

	2026 (YTD)	2025
VEXC Vanguard Emerging Markets Ex-China ETF	20.21%	4.80%
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	30.01%	2.81%

Correlation

The correlation between VEXC and EMGF is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 3, 2025	0.91

Return for Risk

VEXC vs. EMGF — Risk / Return Rank

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

EMGF

EMGF Risk / Return Rank: 81
EMGF Sharpe Ratio Rank: 84
EMGF Sortino Ratio Rank: 80
EMGF Omega Ratio Rank: 83
EMGF Calmar Ratio Rank: 79
EMGF Martin Ratio Rank: 80

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.

VEXC vs. EMGF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Ex-China ETF (VEXC) and iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	VEXC	EMGF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.78	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.59	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.21	0.57	+1.65

Drawdowns

VEXC vs. EMGF - Drawdown Comparison

The maximum VEXC drawdown since its inception was -12.42%, smaller than the maximum EMGF drawdown of -40.23%. Use the drawdown chart below to compare losses from any high point for VEXC and EMGF.

Drawdown Indicators

	VEXC	EMGF	Difference
Max Drawdown Largest peak-to-trough decline	-12.42%	-40.23%	+27.81%
Max Drawdown (1Y) Largest decline over 1 year	—	-13.54%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-17.65%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.60%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.23%	—
Current Drawdown Current decline from peak	-1.20%	-1.20%	0.00%
Average Drawdown Average peak-to-trough decline	-2.23%	-10.05%	+7.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.50%	—

Volatility

Volatility by Period

	VEXC	EMGF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.20%	—
Volatility (6M) Calculated over the trailing 6-month period	—	17.50%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.89%	19.99%	-1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.89%	17.69%	+1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.89%	19.48%	-0.59%

VEXC vs. EMGF - Expense Ratio Comparison

VEXC has a 0.07% expense ratio, which is lower than EMGF's 0.45% expense ratio.

Dividends

VEXC vs. EMGF - Dividend Comparison

VEXC's dividend yield for the trailing twelve months is around 0.74%, less than EMGF's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	1.94%	2.52%	3.42%	5.94%	4.04%	2.48%	1.95%	2.63%	2.73%	1.94%	2.04%
VEXC Vanguard Emerging Markets Ex-China ETF	0.74%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VEXC and EMGF in my portfolio?

With a correlation of 0.91, VEXC and EMGF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, VEXC or EMGF?

On fees, VEXC is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VEXC or EMGF?

VEXC is cheaper with a 0.07% expense ratio, compared with 0.45% for EMGF.

Which ETF pays a higher dividend yield, VEXC or EMGF?

EMGF has the higher dividend yield at 1.94%, compared with 0.74% for VEXC.

What is the main difference between VEXC and EMGF?

VEXC tracks FTSE Emerging ex China Index, while EMGF tracks MSCI Emerging Markets Diversified Multiple-Factor Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.07% for VEXC and 0.45% for EMGF.