VTWAX vs. EMXC

Last updated Jun 13, 2026

VTWAX (Vanguard Total World Stock Index Fund Admiral Shares) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both funds - VTWAX is a Global Equities fund tracking the FTSE Global All Cap 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, VTWAX returned 10.51%/yr vs 12.14%/yr for EMXC. Their correlation of 0.81 suggests significant overlap in exposure. VTWAX charges 0.09%/yr vs 0.49%/yr for EMXC.

Performance

VTWAX vs. EMXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) 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, VTWAX achieves a 10.38% return, which is significantly lower than EMXC's 37.25% return.

VTWAX

• 1D: 2.34%
• 1M: -0.02%
• YTD: 10.38%
• 6M: 11.15%
• 1Y: 25.06%
• 3Y*: 19.75%
• 5Y*: 10.51%
• 10Y*: —

EMXC

• 1D: 0.55%
• 1M: 3.75%
• YTD: 37.25%
• 6M: 42.23%
• 1Y: 65.26%
• 3Y*: 26.47%
• 5Y*: 12.14%
• 10Y*: —

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

VTWAX vs. EMXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VTWAX Vanguard Total World Stock Index Fund Admiral Shares	10.38%	22.43%	16.43%	21.85%	-18.02%	18.17%	16.67%	17.53%
EMXC iShares MSCI Emerging Markets ex China ETF	37.25%	35.14%	2.68%	18.96%	-19.56%	8.54%	12.76%	7.20%

Correlation

The correlation between VTWAX and EMXC is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.81

The correlation between VTWAX and EMXC has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

VTWAX vs. EMXC - Sectors Allocation Comparison

Sectors	VTWAX	EMXC
Technology	27.8%	45.0%
Financial Services	15.9%	19.6%
Industrials	12.0%	8.3%
Consumer Cyclical	9.5%	4.5%
Communication Services	8.3%	3.4%
Healthcare	8.1%	2.2%
Consumer Defensive	4.8%	2.9%
Energy	4.3%	4.2%
Basic Materials	4.2%	6.8%
Utilities	2.7%	2.3%
Real Estate	2.4%	1.0%

Return for Risk

VTWAX vs. EMXC — Risk / Return Rank

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

VTWAX

VTWAX Risk / Return Rank: 72
VTWAX Sharpe Ratio Rank: 72
VTWAX Sortino Ratio Rank: 68
VTWAX Omega Ratio Rank: 69
VTWAX Calmar Ratio Rank: 71
VTWAX Martin Ratio Rank: 79

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.

VTWAX vs. EMXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) 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.

	VTWAX	EMXC	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.74	-0.78
Sortino ratio: Return per unit of downside risk	2.69	3.35	-0.66
Omega ratio: Gain probability vs. loss probability	1.36	1.50	-0.14
Calmar ratio: Return relative to maximum drawdown	2.66	4.55	-1.89
Martin ratio: Return relative to average drawdown	11.61	17.51	-5.90

VTWAX vs. EMXC - Sharpe Ratio Comparison

The current VTWAX Sharpe Ratio is 1.97, which is comparable to the EMXC Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of VTWAX 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

VTWAX vs. EMXC - Drawdown Comparison

The maximum VTWAX drawdown since its inception was -34.20%, smaller than the maximum EMXC drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for VTWAX and EMXC.

Drawdown Indicators

	VTWAX	EMXC	Difference
Max Drawdown Largest peak-to-trough decline	-34.20%	-42.81%	+8.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.64%	-14.41%	+4.77%
Max Drawdown (3Y) Largest decline over 3 years	-16.43%	-19.12%	+2.69%
Max Drawdown (5Y) Largest decline over 5 years	-26.40%	-28.91%	+2.51%
Current Drawdown Current decline from peak	-2.45%	-4.12%	+1.67%
Average Drawdown Average peak-to-trough decline	-5.29%	-10.17%	+4.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	3.74%	-1.53%

Volatility

VTWAX vs. EMXC - Volatility Comparison

The current volatility for Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) is 5.19%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 12.83%. This indicates that VTWAX 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

	VTWAX	EMXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	12.83%	-7.64%
Volatility (6M) Calculated over the trailing 6-month period	10.71%	21.90%	-11.19%
Volatility (1Y) Calculated over the trailing 1-year period	13.07%	23.90%	-10.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.82%	18.00%	-2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.23%	20.07%	-1.84%

VTWAX vs. EMXC - Expense Ratio Comparison

VTWAX has a 0.09% expense ratio, which is lower than EMXC's 0.49% expense ratio.

Dividends

VTWAX vs. EMXC - Dividend Comparison

VTWAX's dividend yield for the trailing twelve months is around 1.59%, less than EMXC's 2.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VTWAX Vanguard Total World Stock Index Fund Admiral Shares	1.59%	1.80%	1.92%	2.06%	2.17%	1.79%	1.64%	2.28%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VTWAX and EMXC in my portfolio?

VTWAX and EMXC have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTWAX or EMXC?

EMXC has higher volatility (12.83%) compared to VTWAX (5.19%). In terms of maximum drawdown, VTWAX dropped -34.20% vs EMXC's -42.81%.

Which has better risk-adjusted returns?

EMXC currently has the higher Sharpe Ratio (2.74 vs 1.97), 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.