XEMC.TO vs. TCIEX

Last updated Jun 4, 2026

XEMC.TO (iShares MSCI Emerging Markets ex China Index ETF) and TCIEX (TIAA-CREF International Equity Index Fund Institutional Class) are both funds - XEMC.TO is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index (Net), while TCIEX is a Large Cap Blend Equities fund tracking the MSCI EAFE Index. Both are passively managed. Over the past 3 years, XEMC.TO returned 29.96%/yr vs 18.27%/yr for TCIEX. A 0.58 correlation means they provide meaningful diversification when combined. XEMC.TO charges 0.25%/yr vs 0.05%/yr for TCIEX.

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.

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 43.62% return, which is significantly higher than TCIEX's 10.46% return.

XEMC.TO

• 1D: -0.54%
• 1M: 14.95%
• YTD: 43.62%
• 6M: 46.03%
• 1Y: 79.31%
• 3Y*: 29.96%
• 5Y*: —
• 10Y*: —

TCIEX

• 1D: 0.64%
• 1M: 5.74%
• YTD: 10.46%
• 6M: 10.99%
• 1Y: 23.25%
• 3Y*: 18.27%
• 5Y*: 11.76%
• 10Y*: 10.12%

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

XEMC.TO vs. TCIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XEMC.TO iShares MSCI Emerging Markets ex China Index ETF	43.62%	28.28%	10.87%	12.07%
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	10.46%	25.51%	12.60%	8.27%

Correlation

The correlation between XEMC.TO and TCIEX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (All Time) Calculated using the full available price history since Feb 16, 2023	0.58

The correlation between XEMC.TO and TCIEX shifts across timeframes, from 0.58 (all time) to 0.69 (1 year), reflecting how their relationship changes across market environments.

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: 93
XEMC.TO Sharpe Ratio Rank: 95
XEMC.TO Sortino Ratio Rank: 93
XEMC.TO Omega Ratio Rank: 94
XEMC.TO Calmar Ratio Rank: 92
XEMC.TO Martin Ratio Rank: 92

TCIEX

TCIEX Risk / Return Rank: 26
TCIEX Sharpe Ratio Rank: 25
TCIEX Sortino Ratio Rank: 24
TCIEX Omega Ratio Rank: 25
TCIEX Calmar Ratio Rank: 26
TCIEX Martin Ratio Rank: 30

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	3.85	1.60	+2.25
Sortino ratio: Return per unit of downside risk	4.72	2.28	+2.44
Omega ratio: Gain probability vs. loss probability	1.68	1.29	+0.38
Calmar ratio: Return relative to maximum drawdown	6.08	2.04	+4.04
Martin ratio: Return relative to average drawdown	23.21	8.03	+15.17
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 3.85, which is higher than the TCIEX Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of XEMC.TO and TCIEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XEMC.TO	TCIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.85	1.60	+2.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.89	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.83	0.68	+1.14

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%	-27.71%	+13.16%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-11.06%	-2.06%
Max Drawdown (3Y) Largest decline over 3 years	-14.55%	-13.95%	-0.60%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.22%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.71%	—
Current Drawdown Current decline from peak	-0.54%	0.00%	-0.54%
Average Drawdown Average peak-to-trough decline	-2.19%	-4.85%	+2.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	2.80%	+0.63%

Volatility

XEMC.TO vs. TCIEX - Volatility Comparison

iShares MSCI Emerging Markets ex China Index ETF (XEMC.TO) has a higher volatility of 9.10% compared to TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) at 4.48%. 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	9.10%	4.48%	+4.62%
Volatility (6M) Calculated over the trailing 6-month period	18.42%	11.59%	+6.83%
Volatility (1Y) Calculated over the trailing 1-year period	20.69%	14.14%	+6.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.74%	13.24%	+2.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.74%	14.04%	+1.70%

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%.

Dividends

XEMC.TO vs. TCIEX - Dividend Comparison

XEMC.TO's dividend yield for the trailing twelve months is around 1.72%, less than TCIEX's 3.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	3.55%	3.89%	3.17%	3.14%	2.82%	3.02%	1.96%	3.08%	3.42%	2.78%	2.95%	3.06%
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

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

XEMC.TO and TCIEX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.