XEMC.TO vs. EMXC

Last updated Jul 11, 2026

XEMC.TO (iShares MSCI Emerging Markets ex China Index ETF) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both Emerging Markets Equities funds from iShares - XEMC.TO tracks the MSCI Emerging Markets ex China Index (Net) while EMXC tracks the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 3 years, XEMC.TO returned 29.35%/yr vs 29.24%/yr for EMXC. A 0.74 correlation means they provide meaningful diversification when combined. XEMC.TO charges 0.25%/yr vs 0.49%/yr for EMXC.

Performance

XEMC.TO vs. EMXC - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Emerging Markets ex China Index ETF (XEMC.TO) and iShares MSCI Emerging Markets ex China ETF (EMXC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XEMC.TO is traded in CAD, while EMXC is traded in USD. To make them comparable, the EMXC values have been converted to CAD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with XEMC.TO having a 40.50% return and EMXC slightly higher at 40.71%.

XEMC.TO

• 1D: 0.28%
• 1M: 1.24%
• 6M: 32.33%
• YTD: 40.50%
• 1Y: 64.15%
• 3Y*: 29.35%
• 5Y*: —
• 10Y*: —

EMXC

• 1D: 0.29%
• 1M: 1.23%
• 6M: 32.73%
• YTD: 40.71%
• 1Y: 65.18%
• 3Y*: 29.24%
• 5Y*: 15.26%
• 10Y*: —

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

XEMC.TO vs. EMXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XEMC.TO iShares MSCI Emerging Markets ex China Index ETF	40.50%	28.28%	10.87%	12.07%
EMXC iShares MSCI Emerging Markets ex China ETF	40.71%	28.97%	11.37%	11.75%

Correlation

The correlation between XEMC.TO and EMXC is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Feb 15, 2023	0.74

The correlation between XEMC.TO and EMXC shifts across timeframes, from 0.74 (all time) to 0.88 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

XEMC.TO vs. EMXC — Risk / Return Rank

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

XEMC.TO

XEMC.TO Risk / Return Rank: 90
XEMC.TO Sharpe Ratio Rank: 92
XEMC.TO Sortino Ratio Rank: 85
XEMC.TO Omega Ratio Rank: 91
XEMC.TO Calmar Ratio Rank: 92
XEMC.TO Martin Ratio Rank: 90

EMXC

EMXC Risk / Return Rank: 85
EMXC Sharpe Ratio Rank: 87
EMXC Sortino Ratio Rank: 78
EMXC Omega Ratio Rank: 86
EMXC Calmar Ratio Rank: 88
EMXC Martin Ratio Rank: 87

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.

XEMC.TO vs. EMXC - 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 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.

	XEMC.TO	EMXC	Difference
Sharpe ratio: Return per unit of total volatility	2.55	2.45	+0.10
Sortino ratio: Return per unit of downside risk	3.04	2.98	+0.06
Omega ratio: Gain probability vs. loss probability	1.47	1.44	+0.03
Calmar ratio: Return relative to maximum drawdown	4.88	4.89	-0.02
Martin ratio: Return relative to average drawdown	16.38	16.31	+0.07

XEMC.TO vs. EMXC - Sharpe Ratio Comparison

The current XEMC.TO Sharpe Ratio is 2.55, which is comparable to the EMXC Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of XEMC.TO 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

XEMC.TO vs. EMXC - Drawdown Comparison

The maximum XEMC.TO drawdown since its inception was -14.55%, smaller than the maximum EMXC drawdown of -33.73%. Use the drawdown chart below to compare losses from any high point for XEMC.TO and EMXC.

Drawdown Indicators

	XEMC.TO	EMXC	Difference
Max Drawdown Largest peak-to-trough decline	-14.55%	-33.73%	+19.18%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-13.17%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-14.55%	-14.58%	+0.03%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.49%	—
Current Drawdown Current decline from peak	-7.60%	-7.76%	+0.16%
Average Drawdown Average peak-to-trough decline	-2.27%	-7.00%	+4.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.90%	3.94%	-0.04%

Volatility

XEMC.TO vs. EMXC - Volatility Comparison

iShares MSCI Emerging Markets ex China Index ETF (XEMC.TO) and iShares MSCI Emerging Markets ex China ETF (EMXC) have volatilities of 12.67% and 13.17%, 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.

Volatility by Period

	XEMC.TO	EMXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.67%	13.17%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	23.45%	24.64%	-1.19%
Volatility (1Y) Calculated over the trailing 1-year period	25.13%	26.35%	-1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.47%	19.67%	-2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.47%	21.31%	-3.84%

XEMC.TO vs. EMXC - Expense Ratio Comparison

XEMC.TO has a 0.25% expense ratio, which is lower than EMXC's 0.49% expense ratio.

Dividends

XEMC.TO vs. EMXC - Dividend Comparison

XEMC.TO's dividend yield for the trailing twelve months is around 1.68%, less than EMXC's 1.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMXC iShares MSCI Emerging Markets ex China ETF	1.96%	2.82%	2.69%	1.83%	2.85%	1.78%	1.45%	3.25%	2.63%	0.99%
XEMC.TO iShares MSCI Emerging Markets ex China Index ETF	1.68%	2.48%	2.28%	1.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XEMC.TO and EMXC in my portfolio?

XEMC.TO and EMXC have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XEMC.TO or EMXC?

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.

Which ETF is cheaper, XEMC.TO or EMXC?

XEMC.TO is cheaper with a 0.25% expense ratio, compared with 0.49% for EMXC.

What is the main difference between XEMC.TO and EMXC?

XEMC.TO tracks MSCI Emerging Markets ex China Index (Net), while EMXC tracks MSCI Emerging Markets ex China Index. Their fees differ too: 0.25% for XEMC.TO and 0.49% for EMXC.