XEMC.TO vs. TCIEX

Last updated Apr 1, 2026

Compare and contrast key facts about iShares MSCI Emerging Markets ex China Index ETF (XEMC.TO) and TIAA-CREF International Equity Index Fund Institutional Class (TCIEX).

XEMC.TO is a passively managed fund by iShares that tracks the performance of the MSCI Emerging Markets ex China Index (Net). It was launched on Feb 7, 2023. TCIEX is a passively managed fund by TIAA Investments that tracks the performance of the MSCI EAFE Index. It was launched on Oct 1, 2002. Both XEMC.TO and TCIEX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XEMC.TO vs. TCIEX - 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 TIAA-CREF International Equity Index Fund Institutional Class (TCIEX). The values are adjusted to include any dividend payments, if applicable.

XEMC.TO vs. TCIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XEMC.TO iShares MSCI Emerging Markets ex China Index ETF	9.76%	28.28%	10.87%	12.07%
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	-0.47%	25.51%	12.60%	8.27%

Different Trading Currencies

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

Returns By Period

In the year-to-date period, XEMC.TO achieves a 9.76% return, which is significantly higher than TCIEX's -0.47% return.

XEMC.TO

• 1D: 4.21%
• 1M: -8.58%
• YTD: 9.76%
• 6M: 18.13%
• 1Y: 41.69%
• 3Y*: 20.37%
• 5Y*: —
• 10Y*: —

TCIEX

• 1D: 0.60%
• 1M: -8.97%
• YTD: -0.47%
• 6M: 2.36%
• 1Y: 15.63%
• 3Y*: 14.49%
• 5Y*: 10.10%
• 10Y*: 9.32%

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

XEMC.TO vs. TCIEX - Expense Ratio Comparison

XEMC.TO has a 0.25% expense ratio, which is higher than TCIEX's 0.05% 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%.

XEMC.TO

iShares MSCI Emerging Markets ex China Index ETF

TCIEX

TIAA-CREF International Equity Index Fund Institutional Class

Return for Risk

XEMC.TO vs. TCIEX — 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: 91
XEMC.TO Sharpe Ratio Rank: 92
XEMC.TO Sortino Ratio Rank: 93
XEMC.TO Omega Ratio Rank: 91
XEMC.TO Calmar Ratio Rank: 91
XEMC.TO Martin Ratio Rank: 90

TCIEX

TCIEX Risk / Return Rank: 61
TCIEX Sharpe Ratio Rank: 62
TCIEX Sortino Ratio Rank: 60
TCIEX Omega Ratio Rank: 57
TCIEX Calmar Ratio Rank: 66
TCIEX Martin Ratio Rank: 61

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. TCIEX - 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 TIAA-CREF International Equity Index Fund Institutional Class (TCIEX). 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	TCIEX	Difference
Sharpe ratio Return per unit of total volatility	2.11	0.97	+1.13
Sortino ratio Return per unit of downside risk	2.75	1.35	+1.40
Omega ratio Gain probability vs. loss probability	1.39	1.19	+0.20
Calmar ratio Return relative to maximum drawdown	3.20	1.22	+1.97
Martin ratio Return relative to average drawdown	11.76	4.77	+6.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XEMC.TO vs. TCIEX - Sharpe Ratio Comparison

The current XEMC.TO Sharpe Ratio is 2.11, which is higher than the TCIEX Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of XEMC.TO and TCIEX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XEMC.TO	TCIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	0.97	+1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.78	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	0.66	+0.69

Correlation

The correlation between XEMC.TO and TCIEX is 0.57, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

XEMC.TO vs. TCIEX - Dividend Comparison

XEMC.TO's dividend yield for the trailing twelve months is around 2.26%, less than TCIEX's 3.97% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XEMC.TO iShares MSCI Emerging Markets ex China Index ETF	2.26%	2.48%	2.28%	1.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	3.97%	3.89%	3.17%	3.14%	2.82%	3.02%	1.96%	3.08%	3.42%	2.78%	2.95%	3.06%

Drawdowns

XEMC.TO vs. TCIEX - Drawdown Comparison

The maximum XEMC.TO drawdown since its inception was -14.55%, smaller than the maximum TCIEX drawdown of -27.71%. Use the drawdown chart below to compare losses from any high point for XEMC.TO and TCIEX.

Drawdown Indicators

	XEMC.TO	TCIEX	Difference
Max Drawdown Largest peak-to-trough decline	-14.55%	-59.27%	+44.72%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-11.35%	-1.77%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.25%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.58%	—
Current Drawdown Current decline from peak	-9.46%	-10.86%	+1.40%
Average Drawdown Average peak-to-trough decline	-2.22%	-10.64%	+8.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	3.03%	+0.53%

Volatility

XEMC.TO vs. TCIEX - Volatility Comparison

iShares MSCI Emerging Markets ex China Index ETF (XEMC.TO) has a higher volatility of 11.60% compared to TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) at 6.98%. This indicates that XEMC.TO's price experiences larger fluctuations and is considered to be riskier than TCIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XEMC.TO	TCIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.60%	6.98%	+4.62%
Volatility (6M) Calculated over the trailing 6-month period	15.49%	10.42%	+5.07%
Volatility (1Y) Calculated over the trailing 1-year period	19.90%	15.68%	+4.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.61%	12.98%	+1.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.61%	13.92%	+0.69%