XEM.TO vs. XEMC.TO
XEM.TO (iShares MSCI Emerging Markets Index ETF) and XEMC.TO (iShares MSCI Emerging Markets ex China Index ETF) are both Emerging Markets Equities funds from iShares - XEM.TO tracks the Morningstar EM GR CAD while XEMC.TO tracks the MSCI Emerging Markets ex China Index (Net). Both are passively managed. Over the past 3 years, XEM.TO returned 24.75%/yr vs 29.96%/yr for XEMC.TO. A 0.76 correlation means they provide meaningful diversification when combined. XEM.TO charges 0.81%/yr vs 0.25%/yr for XEMC.TO.
Performance
XEM.TO vs. XEMC.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XEM.TO achieves a 29.23% return, which is significantly lower than XEMC.TO's 43.62% return.
XEM.TO
- 1D
- -0.85%
- 1M
- 11.30%
- YTD
- 29.23%
- 6M
- 29.57%
- 1Y
- 57.02%
- 3Y*
- 24.75%
- 5Y*
- 9.57%
- 10Y*
- 10.27%
XEMC.TO
- 1D
- -0.54%
- 1M
- 14.95%
- YTD
- 43.62%
- 6M
- 46.03%
- 1Y
- 79.31%
- 3Y*
- 29.96%
- 5Y*
- —
- 10Y*
- —
XEM.TO vs. XEMC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XEM.TO iShares MSCI Emerging Markets Index ETF | 29.23% | 27.25% | 14.98% | 1.61% |
XEMC.TO iShares MSCI Emerging Markets ex China Index ETF | 43.62% | 28.28% | 10.87% | 12.07% |
Correlation
The correlation between XEM.TO and XEMC.TO is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2023 | 0.76 |
The correlation between XEM.TO and XEMC.TO shifts across timeframes, from 0.76 (all time) to 0.94 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XEM.TO vs. XEMC.TO — Risk / Return Rank
XEM.TO
XEMC.TO
XEM.TO vs. XEMC.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Index ETF (XEM.TO) and iShares MSCI Emerging Markets ex China Index ETF (XEMC.TO). 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.
| XEM.TO | XEMC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.68 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 4.67 | 6.08 | -1.41 |
| Martin ratioReturn relative to average drawdown | 17.00 | 23.21 | -6.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XEM.TO | XEMC.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.97 | 3.85 | -0.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 1.83 | -1.39 |
Drawdowns
XEM.TO vs. XEMC.TO - Drawdown Comparison
The maximum XEM.TO drawdown since its inception was -35.29%, which is greater than XEMC.TO's maximum drawdown of -14.55%. Use the drawdown chart below to compare losses from any high point for XEM.TO and XEMC.TO.
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Drawdown Indicators
| XEM.TO | XEMC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.29% | -14.55% | -20.74% |
Max Drawdown (1Y)Largest decline over 1 year | -12.27% | -13.12% | +0.85% |
Max Drawdown (3Y)Largest decline over 3 years | -15.30% | -14.55% | -0.75% |
Max Drawdown (5Y)Largest decline over 5 years | -31.08% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -35.29% | — | — |
Current DrawdownCurrent decline from peak | -0.85% | -0.54% | -0.31% |
Average DrawdownAverage peak-to-trough decline | -10.45% | -2.19% | -8.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.36% | 3.43% | -0.07% |
Volatility
XEM.TO vs. XEMC.TO - Volatility Comparison
The current volatility for iShares MSCI Emerging Markets Index ETF (XEM.TO) is 8.30%, while iShares MSCI Emerging Markets ex China Index ETF (XEMC.TO) has a volatility of 9.10%. This indicates that XEM.TO experiences smaller price fluctuations and is considered to be less risky than XEMC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XEM.TO | XEMC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.30% | 9.10% | -0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 16.79% | 18.42% | -1.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.28% | 20.69% | -1.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.84% | 15.74% | +1.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.12% | 15.74% | +2.38% |
XEM.TO vs. XEMC.TO - Expense Ratio Comparison
XEM.TO has a 0.81% expense ratio, which is higher than XEMC.TO's 0.25% expense ratio.
Dividends
XEM.TO vs. XEMC.TO - Dividend Comparison
XEM.TO's dividend yield for the trailing twelve months is around 1.47%, less than XEMC.TO's 1.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XEM.TO iShares MSCI Emerging Markets Index ETF | 1.47% | 1.90% | 2.08% | 2.39% | 2.10% | 1.91% | 1.28% | 2.57% | 1.96% | 1.78% | 1.96% | 2.22% |
XEMC.TO iShares MSCI Emerging Markets ex China Index ETF | 1.72% | 2.48% | 2.28% | 1.67% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, XEM.TO and XEMC.TO 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.
On fees, XEMC.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XEMC.TO is cheaper with a 0.25% expense ratio, compared with 0.81% for XEM.TO.
XEM.TO tracks Morningstar EM GR CAD, while XEMC.TO tracks MSCI Emerging Markets ex China Index (Net). Their fees differ too: 0.81% for XEM.TO and 0.25% for XEMC.TO.
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