XEMC.TO vs. AXQT.DE
XEMC.TO (iShares MSCI Emerging Markets ex China Index ETF) and AXQT.DE (AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF USD Acc) are both Emerging Markets Equities funds - XEMC.TO tracks the MSCI Emerging Markets ex China Index (Net) while AXQT.DE tracks the MSCI Emerging Markets ex China Climate Paris Aligned. Both are passively managed. Over the past year, XEMC.TO returned 79.31% vs 78.23% for AXQT.DE. A 0.70 correlation means they provide meaningful diversification when combined. XEMC.TO charges 0.25%/yr vs 0.27%/yr for AXQT.DE.
Performance
XEMC.TO vs. AXQT.DE - Performance Comparison
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Different Trading Currencies
XEMC.TO is traded in CAD, while AXQT.DE is traded in EUR. To make them comparable, the AXQT.DE values have been converted to CAD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with XEMC.TO having a 43.62% return and AXQT.DE slightly lower at 42.55%.
XEMC.TO
- 1D
- -0.54%
- 1M
- 14.95%
- YTD
- 43.62%
- 6M
- 46.03%
- 1Y
- 79.31%
- 3Y*
- 29.96%
- 5Y*
- —
- 10Y*
- —
AXQT.DE
- 1D
- -1.23%
- 1M
- 11.65%
- YTD
- 42.55%
- 6M
- 44.91%
- 1Y
- 78.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XEMC.TO vs. AXQT.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
XEMC.TO iShares MSCI Emerging Markets ex China Index ETF | 43.62% | 25.49% |
AXQT.DE AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF USD Acc | 42.55% | 24.63% |
Correlation
The correlation between XEMC.TO and AXQT.DE is 0.73, 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 | 0.73 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2025 | 0.70 |
The correlation between XEMC.TO and AXQT.DE has been stable across timeframes, ranging from 0.70 to 0.73 - a consistent structural relationship.
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Return for Risk
XEMC.TO vs. AXQT.DE — Risk / Return Rank
XEMC.TO
AXQT.DE
XEMC.TO vs. AXQT.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China Index ETF (XEMC.TO) and AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF USD Acc (AXQT.DE). 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.
| XEMC.TO | AXQT.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.69 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 6.08 | 6.56 | -0.48 |
| Martin ratioReturn relative to average drawdown | 23.21 | 22.11 | +1.10 |
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
| XEMC.TO | AXQT.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.85 | 3.91 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.83 | 2.60 | -0.77 |
Drawdowns
XEMC.TO vs. AXQT.DE - Drawdown Comparison
The maximum XEMC.TO drawdown since its inception was -14.55%, roughly equal to the maximum AXQT.DE drawdown of -15.24%. Use the drawdown chart below to compare losses from any high point for XEMC.TO and AXQT.DE.
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Drawdown Indicators
| XEMC.TO | AXQT.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.55% | -15.24% | +0.69% |
Max Drawdown (1Y)Largest decline over 1 year | -13.12% | -11.86% | -1.26% |
Max Drawdown (3Y)Largest decline over 3 years | -14.55% | — | — |
Current DrawdownCurrent decline from peak | -0.54% | -1.23% | +0.69% |
Average DrawdownAverage peak-to-trough decline | -2.19% | -2.17% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.43% | 3.53% | -0.10% |
Volatility
XEMC.TO vs. AXQT.DE - Volatility Comparison
iShares MSCI Emerging Markets ex China Index ETF (XEMC.TO) and AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF USD Acc (AXQT.DE) have volatilities of 9.10% and 9.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XEMC.TO | AXQT.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.10% | 9.53% | -0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 18.42% | 17.29% | +1.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.69% | 19.91% | +0.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.74% | 21.02% | -5.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.74% | 21.02% | -5.28% |
XEMC.TO vs. AXQT.DE - Expense Ratio Comparison
XEMC.TO has a 0.25% expense ratio, which is lower than AXQT.DE's 0.27% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XEMC.TO vs. AXQT.DE - Dividend Comparison
XEMC.TO's dividend yield for the trailing twelve months is around 1.72%, while AXQT.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
AXQT.DE AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF USD Acc | 0.00% | 0.00% | 0.00% | 0.00% |
XEMC.TO iShares MSCI Emerging Markets ex China Index ETF | 1.72% | 2.48% | 2.28% | 1.67% |
Frequently Asked Questions
XEMC.TO and AXQT.DE have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 0.27% for AXQT.DE.
XEMC.TO tracks MSCI Emerging Markets ex China Index (Net), while AXQT.DE tracks MSCI Emerging Markets ex China Climate Paris Aligned. They also come from different issuers: iShares and AXA IM. Their fees differ too: 0.25% for XEMC.TO and 0.27% for AXQT.DE.
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