VFIAX vs. EMXC

Last updated Jun 16, 2026

VFIAX (Vanguard 500 Index Fund Admiral Shares) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both funds - VFIAX is a S&P 500 fund tracking the S&P 500 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, VFIAX returned 13.41%/yr vs 13.21%/yr for EMXC. A 0.67 correlation means they provide meaningful diversification when combined. VFIAX charges 0.04%/yr vs 0.49%/yr for EMXC.

Performance

VFIAX vs. EMXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard 500 Index Fund Admiral Shares (VFIAX) 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, VFIAX achieves a 9.13% return, which is significantly lower than EMXC's 42.50% return.

VFIAX

• 1D: 0.51%
• 1M: 0.41%
• YTD: 9.13%
• 6M: 9.63%
• 1Y: 25.78%
• 3Y*: 20.95%
• 5Y*: 13.41%
• 10Y*: 15.48%

EMXC

• 1D: 3.83%
• 1M: 10.65%
• YTD: 42.50%
• 6M: 47.59%
• 1Y: 74.22%
• 3Y*: 27.88%
• 5Y*: 13.21%
• 10Y*: —

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

VFIAX vs. EMXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFIAX Vanguard 500 Index Fund Admiral Shares	9.13%	17.83%	24.97%	26.24%	-18.16%	28.65%	18.32%	31.46%	-4.45%	8.89%
EMXC iShares MSCI Emerging Markets ex China ETF	42.50%	35.14%	2.68%	18.96%	-19.56%	8.54%	12.76%	15.80%	-12.96%	7.16%

Correlation

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

VFIAX vs. EMXC - Sectors Allocation Comparison

Sectors	VFIAX	EMXC
Technology	35.7%	52.4%
Financial Services	11.6%	17.4%
Communication Services	11.3%	3.0%
Consumer Cyclical	10.2%	4.1%
Healthcare	8.5%	1.8%
Industrials	8.3%	6.9%
Consumer Defensive	4.9%	2.4%
Energy	3.5%	3.4%
Utilities	2.4%	1.9%
Real Estate	1.9%	0.8%
Basic Materials	1.8%	6.0%

Return for Risk

VFIAX vs. EMXC — Risk / Return Rank

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

VFIAX

VFIAX Risk / Return Rank: 65
VFIAX Sharpe Ratio Rank: 63
VFIAX Sortino Ratio Rank: 58
VFIAX Omega Ratio Rank: 60
VFIAX Calmar Ratio Rank: 66
VFIAX Martin Ratio Rank: 78

EMXC

EMXC Risk / Return Rank: 91
EMXC Sharpe Ratio Rank: 93
EMXC Sortino Ratio Rank: 89
EMXC Omega Ratio Rank: 92
EMXC Calmar Ratio Rank: 91
EMXC Martin Ratio Rank: 92

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.

VFIAX vs. EMXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard 500 Index Fund Admiral Shares (VFIAX) 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.

	VFIAX	EMXC	Difference
Sharpe ratio: Return per unit of total volatility	1.98	3.09	-1.11
Sortino ratio: Return per unit of downside risk	2.69	3.70	-1.02
Omega ratio: Gain probability vs. loss probability	1.36	1.56	-0.20
Calmar ratio: Return relative to maximum drawdown	2.75	5.18	-2.43
Martin ratio: Return relative to average drawdown	12.49	19.92	-7.43

VFIAX vs. EMXC - Sharpe Ratio Comparison

The current VFIAX Sharpe Ratio is 1.98, which is lower than the EMXC Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of VFIAX 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

VFIAX vs. EMXC - Drawdown Comparison

The maximum VFIAX drawdown since its inception was -55.20%, which is greater than EMXC's maximum drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for VFIAX and EMXC.

Drawdown Indicators

	VFIAX	EMXC	Difference
Max Drawdown Largest peak-to-trough decline	-55.20%	-42.81%	-12.39%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-14.41%	+5.51%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	-19.12%	+0.37%
Max Drawdown (5Y) Largest decline over 5 years	-24.53%	-28.91%	+4.38%
Max Drawdown (10Y) Largest decline over 10 years	-33.83%	—	—
Current Drawdown Current decline from peak	-2.29%	-0.45%	-1.84%
Average Drawdown Average peak-to-trough decline	-9.39%	-10.17%	+0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	3.74%	-1.78%

Volatility

VFIAX vs. EMXC - Volatility Comparison

The current volatility for Vanguard 500 Index Fund Admiral Shares (VFIAX) is 4.42%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 13.30%. This indicates that VFIAX 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

	VFIAX	EMXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	13.30%	-8.88%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	22.16%	-12.47%
Volatility (1Y) Calculated over the trailing 1-year period	12.37%	24.16%	-11.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.97%	18.08%	-1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	20.10%	-2.01%

VFIAX vs. EMXC - Expense Ratio Comparison

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

Dividends

VFIAX vs. EMXC - Dividend Comparison

VFIAX's dividend yield for the trailing twelve months is around 1.04%, less than EMXC's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMXC iShares MSCI Emerging Markets ex China ETF	2.56%	2.82%	2.69%	1.83%	2.85%	1.78%	1.45%	3.25%	2.63%	0.99%	0.00%	0.00%
VFIAX Vanguard 500 Index Fund Admiral Shares	1.04%	1.12%	1.24%	1.45%	1.68%	1.24%	1.53%	1.87%	2.05%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both VFIAX and EMXC in my portfolio?

VFIAX 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, VFIAX or EMXC?

EMXC has higher volatility (13.30%) compared to VFIAX (4.42%). In terms of maximum drawdown, VFIAX dropped -55.20% vs EMXC's -42.81%.

Which has better risk-adjusted returns?

EMXC currently has the higher Sharpe Ratio (3.09 vs 1.98), 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.