XCEM vs. DVYE

Last updated Jun 5, 2026

XCEM (Columbia EM Core ex-China ETF) and DVYE (iShares Emerging Markets Dividend ETF) are both Emerging Markets Equities funds - XCEM tracks the MSCI Emerging Markets ex China Index while DVYE tracks the Dow Jones Emerging Markets Select Dividend Index. Both are passively managed. Over the past 10 years, XCEM returned 12.52%/yr vs 7.81%/yr for DVYE. A 0.71 correlation means they provide meaningful diversification when combined. XCEM charges 0.16%/yr vs 0.49%/yr for DVYE.

Performance

XCEM vs. DVYE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia EM Core ex-China ETF (XCEM) and iShares Emerging Markets Dividend ETF (DVYE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XCEM achieves a 36.99% return, which is significantly higher than DVYE's 10.74% return. Over the past 10 years, XCEM has outperformed DVYE with an annualized return of 12.52%, while DVYE has yielded a comparatively lower 7.81% annualized return.

XCEM

• 1D: -0.96%
• 1M: 8.28%
• YTD: 36.99%
• 6M: 42.75%
• 1Y: 67.98%
• 3Y*: 26.14%
• 5Y*: 11.73%
• 10Y*: 12.52%

DVYE

• 1D: 0.23%
• 1M: -2.08%
• YTD: 10.74%
• 6M: 11.14%
• 1Y: 28.60%
• 3Y*: 22.07%
• 5Y*: 4.84%
• 10Y*: 7.81%

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

XCEM vs. DVYE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XCEM Columbia EM Core ex-China ETF	36.99%	34.05%	0.42%	19.96%	-17.59%	7.87%	9.47%	19.74%	-11.75%	34.78%
DVYE iShares Emerging Markets Dividend ETF	10.74%	28.36%	8.89%	20.88%	-31.38%	11.02%	-2.51%	15.41%	-5.56%	27.04%

Correlation

The correlation between XCEM and DVYE is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Sep 3, 2015	0.71

The correlation between XCEM and DVYE has been stable across timeframes, ranging from 0.70 to 0.74 - a consistent structural relationship.

XCEM vs. DVYE - Sectors Allocation Comparison

Sectors	XCEM	DVYE
Financial Services	7.7%	28.4%
Communication Services	4.2%	1.9%
Utilities	1.9%	7.4%
Technology	1.1%	7.3%
Consumer Cyclical	1.1%	4.3%
Basic Materials	0.7%	8.6%
Industrials	0.4%	16.8%
Consumer Defensive	0.3%	2.4%
Energy	0.2%	19.1%
Healthcare	0.1%	-
Real Estate	0.0%	3.7%

Return for Risk

XCEM vs. DVYE — Risk / Return Rank

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

XCEM

XCEM Risk / Return Rank: 89
XCEM Sharpe Ratio Rank: 92
XCEM Sortino Ratio Rank: 90
XCEM Omega Ratio Rank: 90
XCEM Calmar Ratio Rank: 86
XCEM Martin Ratio Rank: 88

DVYE

DVYE Risk / Return Rank: 66
DVYE Sharpe Ratio Rank: 61
DVYE Sortino Ratio Rank: 58
DVYE Omega Ratio Rank: 58
DVYE Calmar Ratio Rank: 83
DVYE Martin Ratio Rank: 69

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.

XCEM vs. DVYE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia EM Core ex-China ETF (XCEM) and iShares Emerging Markets Dividend ETF (DVYE). 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.

	XCEM	DVYE	Difference
Sharpe ratio: Return per unit of total volatility	3.27	2.01	+1.26
Sortino ratio: Return per unit of downside risk	4.12	2.71	+1.41
Omega ratio: Gain probability vs. loss probability	1.58	1.35	+0.23
Calmar ratio: Return relative to maximum drawdown	4.73	4.42	+0.30
Martin ratio: Return relative to average drawdown	19.08	12.61	+6.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCEM vs. DVYE - Sharpe Ratio Comparison

The current XCEM Sharpe Ratio is 3.27, which is higher than the DVYE Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of XCEM and DVYE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XCEM	DVYE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.27	2.01	+1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.29	+0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.43	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.16	+0.47

Drawdowns

XCEM vs. DVYE - Drawdown Comparison

The maximum XCEM drawdown since its inception was -41.24%, smaller than the maximum DVYE drawdown of -47.42%. Use the drawdown chart below to compare losses from any high point for XCEM and DVYE.

Drawdown Indicators

	XCEM	DVYE	Difference
Max Drawdown Largest peak-to-trough decline	-41.24%	-47.42%	+6.18%
Max Drawdown (1Y) Largest decline over 1 year	-14.46%	-6.49%	-7.97%
Max Drawdown (3Y) Largest decline over 3 years	-18.92%	-14.63%	-4.29%
Max Drawdown (5Y) Largest decline over 5 years	-29.67%	-40.89%	+11.22%
Max Drawdown (10Y) Largest decline over 10 years	-41.24%	-40.89%	-0.35%
Current Drawdown Current decline from peak	-2.20%	-3.83%	+1.63%
Average Drawdown Average peak-to-trough decline	-8.59%	-15.37%	+6.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	2.27%	+1.30%

Volatility

XCEM vs. DVYE - Volatility Comparison

Columbia EM Core ex-China ETF (XCEM) has a higher volatility of 9.31% compared to iShares Emerging Markets Dividend ETF (DVYE) at 5.48%. This indicates that XCEM's price experiences larger fluctuations and is considered to be riskier than DVYE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCEM	DVYE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.31%	5.48%	+3.83%
Volatility (6M) Calculated over the trailing 6-month period	18.76%	11.61%	+7.15%
Volatility (1Y) Calculated over the trailing 1-year period	20.92%	14.32%	+6.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.75%	16.99%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.72%	18.39%	+1.33%

XCEM vs. DVYE - Expense Ratio Comparison

XCEM has a 0.16% expense ratio, which is lower than DVYE's 0.49% expense ratio.

Dividends

XCEM vs. DVYE - Dividend Comparison

XCEM's dividend yield for the trailing twelve months is around 2.37%, less than DVYE's 5.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVYE iShares Emerging Markets Dividend ETF	5.11%	5.88%	11.81%	9.05%	9.89%	7.31%	5.27%	5.97%	5.69%	4.81%	4.56%	6.53%
XCEM Columbia EM Core ex-China ETF	2.37%	3.25%	2.76%	1.22%	2.42%	1.94%	1.63%	2.11%	2.70%	9.56%	1.24%	2.63%

Frequently Asked Questions

Can I hold both XCEM and DVYE in my portfolio?

XCEM and DVYE have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XCEM or DVYE?

XCEM has higher volatility (9.31%) compared to DVYE (5.48%). In terms of maximum drawdown, XCEM dropped -41.24% vs DVYE's -47.42%.

Which ETF is better, XCEM or DVYE?

On 10-year performance, XCEM leads with 12.52% vs 7.81% for DVYE. On fees, XCEM is cheaper at 0.16% per year. On volatility, DVYE has been the lower-risk option at 5.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XCEM or DVYE?

Over the 10-year period, XCEM has performed better with a 12.52% return vs 7.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XCEM or DVYE?

XCEM is cheaper with a 0.16% expense ratio, compared with 0.49% for DVYE.

Which ETF pays a higher dividend yield, XCEM or DVYE?

DVYE has the higher dividend yield at 5.11%, compared with 2.37% for XCEM.

What is the main difference between XCEM and DVYE?

XCEM tracks MSCI Emerging Markets ex China Index, while DVYE tracks Dow Jones Emerging Markets Select Dividend Index. They also come from different issuers: Ameriprise Financial and iShares. Their fees differ too: 0.16% for XCEM and 0.49% for DVYE.

Which has better risk-adjusted returns?

XCEM currently has the higher Sharpe Ratio (3.27 vs 2.01), 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.