XCNY vs. VEXC

Last updated Aug 4, 2026

XCNY (SPDR S&P Emerging Markets ex-China ETF) and VEXC (Vanguard Emerging Markets Ex-China ETF) are both Emerging Markets Equities funds - XCNY tracks the S&P Emerging ex-China BMI while VEXC tracks the FTSE Emerging ex China Index. Both are passively managed. Their 0.98 correlation means they have historically moved very closely together. XCNY charges 0.15%/yr vs 0.07%/yr for VEXC.

Performance

XCNY vs. VEXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Emerging Markets ex-China ETF (XCNY) and Vanguard Emerging Markets Ex-China ETF (VEXC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XCNY achieves a 16.46% return, which is significantly lower than VEXC's 17.98% return.

XCNY

• 1D: 0.63%
• 1M: -2.00%
• 6M: 9.20%
• YTD: 16.46%
• 1Y: 29.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.10%

VEXC

• 1D: 0.60%
• 1M: -1.95%
• 6M: 10.20%
• YTD: 17.98%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VEXC Vanguard Emerging Markets Ex-China ETF	$2.18M	$2.18M	$2.89M
XCNY SPDR S&P Emerging Markets ex-China ETF	$17.91K	$17.11K	$17.73K

XCNY vs. VEXC - Yearly Performance Comparison

	2026 (YTD)	2025
XCNY SPDR S&P Emerging Markets ex-China ETF	16.46%	4.16%
VEXC Vanguard Emerging Markets Ex-China ETF	17.98%	4.50%

Correlation

The correlation between XCNY and VEXC is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.98

Return for Risk

XCNY vs. VEXC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XCNY

XCNY Risk / Return Rank: 61
XCNY Sharpe Ratio Rank: 60
XCNY Sortino Ratio Rank: 57
XCNY Omega Ratio Rank: 60
XCNY Calmar Ratio Rank: 65
XCNY Martin Ratio Rank: 63

VEXC

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XCNY vs. VEXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Markets ex-China ETF (XCNY) and Vanguard Emerging Markets Ex-China ETF (VEXC). 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.

	XCNY	VEXC	Difference
Sharpe ratio: Return per unit of total volatility	1.53	—	—
Sortino ratio: Return per unit of downside risk	2.12	—	—
Omega ratio: Gain probability vs. loss probability	1.28	—	—
Calmar ratio: Return relative to maximum drawdown	2.47	—	—
Martin ratio: Return relative to average drawdown	8.16	—	—

Drawdowns

XCNY vs. VEXC - Drawdown Comparison

The maximum XCNY drawdown since its inception was -19.70%, which is greater than VEXC's maximum drawdown of -12.42%. Use the drawdown chart below to compare losses from any high point for XCNY and VEXC.

Drawdown Indicators

	XCNY	VEXC	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-12.42%	-7.28%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	—	—
Current Drawdown Current decline from peak	-5.67%	-5.48%	-0.19%
Average Drawdown Average peak-to-trough decline	-4.14%	-2.62%	-1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	—	—

Volatility

Volatility by Period

	XCNY	VEXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.03%	—	—
Volatility (6M) Calculated over the trailing 6-month period	17.48%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.17%	20.39%	-1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.64%	20.39%	-1.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.64%	20.39%	-1.75%

XCNY vs. VEXC - Expense Ratio Comparison

XCNY has a 0.15% expense ratio, which is higher than VEXC's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XCNY vs. VEXC - Dividend Comparison

XCNY's dividend yield for the trailing twelve months is around 2.30%, more than VEXC's 1.46% yield.

Position	TTM	2025	2024
VEXC Vanguard Emerging Markets Ex-China ETF	1.46%	0.43%	0.00%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.30%	2.68%	1.07%

Frequently Asked Questions

Can I hold both XCNY and VEXC in my portfolio?

With a correlation of 0.98, XCNY and VEXC 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, XCNY or VEXC?

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, XCNY or VEXC?

VEXC is cheaper with a 0.07% expense ratio, compared with 0.15% for XCNY.

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

XCNY has the higher dividend yield at 2.30%, compared with 1.46% for VEXC.

What is the main difference between XCNY and VEXC?

XCNY tracks S&P Emerging ex-China BMI, while VEXC tracks FTSE Emerging ex China Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.15% for XCNY and 0.07% for VEXC.