XSOE vs. EMCS

Last updated Jun 4, 2026

XSOE (WisdomTree Emerging Markets ex-State-Owned Enterprises Fund) and EMCS (Xtrackers MSCI Emerging Markets Climate Selection ETF) are both Emerging Markets Equities funds - XSOE tracks the WisdomTree Emerging Markets ex-State-Owned Enterprises Index while EMCS tracks the MSCI Emerging Markets Climate Select Index. Both are passively managed. Over the past 5 years, XSOE returned 5.06%/yr vs 7.95%/yr for EMCS. With a 0.96 correlation, they move nearly in lockstep. XSOE charges 0.32%/yr vs 0.15%/yr for EMCS.

Performance

XSOE vs. EMCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE) and Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XSOE achieves a 27.99% return, which is significantly lower than EMCS's 33.83% return.

XSOE

• 1D: -1.31%
• 1M: 9.84%
• YTD: 27.99%
• 6M: 30.83%
• 1Y: 54.87%
• 3Y*: 23.36%
• 5Y*: 5.06%
• 10Y*: 10.77%

EMCS

• 1D: -1.20%
• 1M: 13.15%
• YTD: 33.83%
• 6M: 37.78%
• 1Y: 64.32%
• 3Y*: 27.65%
• 5Y*: 7.95%
• 10Y*: —

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

XSOE vs. EMCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	27.99%	30.05%	7.02%	10.28%	-25.83%	-5.92%	28.61%	24.81%	-2.84%
EMCS Xtrackers MSCI Emerging Markets Climate Selection ETF	33.83%	38.71%	10.12%	5.68%	-23.58%	-2.02%	19.72%	19.54%	-0.59%

Correlation

The correlation between XSOE and EMCS is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Dec 7, 2018	0.96

The correlation between XSOE and EMCS has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

XSOE vs. EMCS - Sectors Allocation Comparison

Sectors	XSOE	EMCS
Technology	37.3%	44.5%
Financial Services	15.5%	29.4%
Consumer Cyclical	12.6%	9.1%
Industrials	9.6%	2.5%
Communication Services	7.0%	8.4%
Basic Materials	5.3%	2.6%
Healthcare	4.4%	0.0%
Consumer Defensive	3.8%	0.0%
Energy	2.0%	1.6%
Utilities	1.4%	0.8%
Real Estate	1.0%	1.0%

Return for Risk

XSOE vs. EMCS — Risk / Return Rank

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

XSOE

XSOE Risk / Return Rank: 82
XSOE Sharpe Ratio Rank: 84
XSOE Sortino Ratio Rank: 81
XSOE Omega Ratio Rank: 84
XSOE Calmar Ratio Rank: 80
XSOE Martin Ratio Rank: 80

EMCS

EMCS Risk / Return Rank: 85
EMCS Sharpe Ratio Rank: 87
EMCS Sortino Ratio Rank: 83
EMCS Omega Ratio Rank: 85
EMCS Calmar Ratio Rank: 84
EMCS Martin Ratio Rank: 85

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.

XSOE vs. EMCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE) and Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS). 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.

	XSOE	EMCS	Difference
Sharpe ratio: Return per unit of total volatility	2.79	2.89	-0.10
Sortino ratio: Return per unit of downside risk	3.65	3.70	-0.05
Omega ratio: Gain probability vs. loss probability	1.51	1.52	0.00
Calmar ratio: Return relative to maximum drawdown	4.14	4.51	-0.37
Martin ratio: Return relative to average drawdown	15.84	17.47	-1.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSOE vs. EMCS - Sharpe Ratio Comparison

The current XSOE Sharpe Ratio is 2.79, which is comparable to the EMCS Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of XSOE and EMCS, 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

	XSOE	EMCS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.79	2.89	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.39	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.55	-0.14

Drawdowns

XSOE vs. EMCS - Drawdown Comparison

The maximum XSOE drawdown since its inception was -45.23%, roughly equal to the maximum EMCS drawdown of -44.86%. Use the drawdown chart below to compare losses from any high point for XSOE and EMCS.

Drawdown Indicators

	XSOE	EMCS	Difference
Max Drawdown Largest peak-to-trough decline	-45.23%	-44.86%	-0.37%
Max Drawdown (1Y) Largest decline over 1 year	-13.31%	-14.32%	+1.01%
Max Drawdown (3Y) Largest decline over 3 years	-19.96%	-16.73%	-3.23%
Max Drawdown (5Y) Largest decline over 5 years	-42.05%	-42.06%	+0.01%
Max Drawdown (10Y) Largest decline over 10 years	-45.23%	—	—
Current Drawdown Current decline from peak	-1.31%	-1.20%	-0.11%
Average Drawdown Average peak-to-trough decline	-17.28%	-16.61%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	3.69%	-0.22%

Volatility

XSOE vs. EMCS - Volatility Comparison

The current volatility for WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE) is 8.57%, while Xtrackers MSCI Emerging Markets Climate Selection ETF (EMCS) has a volatility of 9.86%. This indicates that XSOE experiences smaller price fluctuations and is considered to be less risky than EMCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSOE	EMCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.57%	9.86%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	17.24%	19.42%	-2.18%
Volatility (1Y) Calculated over the trailing 1-year period	19.77%	22.37%	-2.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.43%	20.62%	-1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.59%	21.65%	-1.06%

XSOE vs. EMCS - Expense Ratio Comparison

XSOE has a 0.32% expense ratio, which is higher than EMCS's 0.15% expense ratio.

Dividends

XSOE vs. EMCS - Dividend Comparison

XSOE's dividend yield for the trailing twelve months is around 1.28%, more than EMCS's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMCS Xtrackers MSCI Emerging Markets Climate Selection ETF	1.24%	1.66%	0.67%	3.07%	2.26%	1.46%	1.40%	3.56%	0.00%	0.00%	0.00%	0.00%
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	1.28%	1.50%	1.44%	1.78%	2.53%	1.36%	1.02%	2.01%	1.56%	0.65%	1.43%	3.93%

Frequently Asked Questions

Can I hold both XSOE and EMCS in my portfolio?

With a correlation of 0.96, XSOE and EMCS 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.

Which is riskier, XSOE or EMCS?

EMCS has higher volatility (9.86%) compared to XSOE (8.57%). In terms of maximum drawdown, XSOE dropped -45.23% vs EMCS's -44.86%.

Which ETF is better, XSOE or EMCS?

On 5-year performance, EMCS leads with 7.95% vs 5.06% for XSOE. On fees, EMCS is cheaper at 0.15% per year. On volatility, XSOE has been the lower-risk option at 8.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSOE or EMCS?

Over the 5-year period, EMCS has performed better with a 7.95% return vs 5.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSOE or EMCS?

EMCS is cheaper with a 0.15% expense ratio, compared with 0.32% for XSOE.

Which ETF pays a higher dividend yield, XSOE or EMCS?

XSOE has the higher dividend yield at 1.28%, compared with 1.24% for EMCS.

What is the main difference between XSOE and EMCS?

XSOE tracks WisdomTree Emerging Markets ex-State-Owned Enterprises Index, while EMCS tracks MSCI Emerging Markets Climate Select Index. They also come from different issuers: WisdomTree and Xtrackers. Their fees differ too: 0.32% for XSOE and 0.15% for EMCS.

Which has better risk-adjusted returns?

EMCS currently has the higher Sharpe Ratio (2.89 vs 2.79), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.