Data as of Oct 28, 2026.
EMXC vs SPY: Differences, Returns & Fees
Over the year to Oct 28, 2026, EMXC returned +33.8% to SPY's +13.6%; 0% of their weight is in the same names.
askIQ about this page
askIQ about EMXC and SPY
Net assets: $26.9bn on Oct 28, 2026 for iShares MSCI Emerging Markets ex China ETF, and $814.8bn on Oct 27, 2026 for SPDR S&P 500 ETF Trust.
Pair scorecard
SPY costs 0.16 points a year less; their one-year returns differ by 20.2 points; SPY is far larger, $814.8bn against $26.4bn.
| Measure | EMXC | SPY |
|---|---|---|
| Return | ||
| Total return, 1 year | +33.8% | +13.6% |
| Drawdown | ||
| Below its high | 11.3%, high on Jun 22, 2026 | |
| Benchmark | ||
| What it tracks | MSCI Emerging Markets ex China Index | S&P 500 Index |
| Cost and size | ||
| Expense ratio | 0.25% | 0.09% |
| Net assets, as of Oct 27, 2026 | $26.4bn | $814.8bn |
| Holdings | ||
| Holdings in common | 0% | |
| Top ten holdings, share of the fund | 42.2% | 38.1% |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Aug 4, 2017 to Oct 23, 2026 · 481 weekly returnsEach against its own benchmark: EMXC against KEMX, Apr 18, 2019 to Oct 23, 2026; SPY against VOO, Sep 17, 2010 to Oct 23, 2026.
SPY returned more: +254.5% to +122.9%. SPY swung slightly less: 17.7% to 19.2%. SPY fell less at its worst: −31.8% to −40.7%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | EMXC | SPY | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +122.9% | +254.5% | SPY | Price change plus distributions, reinvested. |
| Annualized | +9.1% | +14.7% | SPY | Total return as a yearly rate. |
| Price return | +80.5% | +207.2% | SPY | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 19.2% | 17.7% | SPY (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 13.8% | 12.3% | SPY | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −40.7% | −31.8% | SPY | Deepest fall from a high to the low after it. |
| Upside capture | 92.3% | 99.8% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 97.9% | 100.0% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.97 | 1.00 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.97 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.41 | 0.71 | SPY | Return above Treasury bills per unit of volatility. |
| Sortino | 0.57 | 1.03 | SPY | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.098 | 0.133 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.22 | 0.46 | SPY | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | KEMX | VOO | The ETF each fund is measured against. | |
| Alpha | −0.8% a year | −0.1% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.59 | −0.51 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −3.3% to +1.8% | −0.3% to +0.1% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.30 | −0.15 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 3.6% | 0.4% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 481 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, EMXC and SPY hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
EMXC and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
EMXC and SPY do different jobs. What does each one do in a portfolio?
- What each follows. EMXC follows MSCI Emerging Markets ex China Index and SPY follows S&P 500 Index.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 EMXC returned +33.8% and SPY +13.6% with distributions reinvested, a gap of 20.2 points.
Data as of Oct 28, 2026.
The two-page PDF for this pair is coming. Save the comparison to follow its changes. Free. It needs an email sign-in, once.
EMXC
EMXC tracks the MSCI Emerging Markets ex China. Over the year to Oct 28, 2026 it returned +33.8% with distributions reinvested, against +37.0% for its benchmark, the MSCI Emerging Markets ex China Index. The prospectus expense ratio is 0.25% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 696 positions, with the top ten at 42.2%. It sat 11.3% below its high of Jun 22, 2026 on Oct 28, 2026.
SPY
SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.
Questions people ask
- Which returned more over the last year, EMXC or SPY?
- In the year to Oct 28, 2026, with distributions reinvested, EMXC returned +33.8% and SPY +13.6%.
- Which is cheaper, EMXC or SPY?
- SPY is cheaper, by 0.16 percentage points a year. That is about $16 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Cite this pageCitation, APA and Markdown
ETFIQ, EMXC against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/emxc-vs-spy
ETFIQ. (Oct 28, 2026). EMXC against SPY. Retrieved from https://etfiq.com/compare/any/emxc-vs-spy
[EMXC against SPY (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/emxc-vs-spy)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.