DEXC vs VEXC: Grades, Fees and Holdings Compared

Dimensional Emerging Markets ex China Core Equity ETF

DEXCBNYSE Arca

Vanguard Emerging Markets Ex-China ETF

VEXCANYSE Arca

Overlap

37.9%by weight

Expense ratio

VEXC −0.36pt a year

DEXC0.43%VEXC0.07%

Avg volume · 30D

DEXC21.2KVEXC21.2K

DEXC vs VEXC Performance

Oct 31, 2025 – Oct 30, 2026

+22.8%DEXC+15.9%VEXC

Expense ratio: DEXC 0.43%; VEXC 0.07%, better
Fund size: DEXC $270M; VEXC $276M
1Y total return: DEXC +22.8%, better; VEXC +15.9%
Yield (12M): DEXC 1.77%; VEXC No data
Holdings: DEXC 3250; VEXC 1008
Avg volume (30D): DEXC 21.2K sh; VEXC 21.2K sh
NAV per share: DEXC $72.92; VEXC $89.18
52W range

ETF.net Grade

Pillar letters and Scores for DEXC, VEXC, with each pillar’s weight
Pillar	DEXC	VEXC
Cost30% weight	B57	A100Higher
Mission25% weight	A100Higher	A93
Risk15% weight	C40	A85Higher
Tradability15% weight	C50	B65Higher
Holdings10% weight	A73Higher	D38
Durability5% weight	B60Higher	B57

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. DEXC and VEXC are both graded against the same 20 Emerging Markets Stocks funds, so their Grades compare head to head.

Emerging Markets Stocks⁠

Category · 20 funds

See all 20 ›

VEXC ranks 1st and DEXC 7th of 20 funds in the Emerging Markets Stocks Category.

Rank 1AVEXCVanguard Emerging Markets Ex-China ETFScore 82
Rank 2AXCEMColumbia EM Core ex-China ETFScore 78
Rank 5BKEMXKraneShares MSCI Emerging Markets ex China Index ETFScore 68
Rank 7BDEXCDimensional Emerging Markets ex China Core Equity ETFScore 65
Rank 8BGMFState Street SPDR S&P Emerging Asia Pacific ETFScore 64

Our read on each fund

ETF.net Research

DEXCBDimensional Emerging Markets ex China Core Equity ETF

VEXCAVanguard Emerging Markets Ex-China ETF

In short

DEXC China sits out; roughly 3,500 other emerging-market stocks don't. Dimensional runs this one actively, leaning toward smaller, cheaper and more profitable companies instead of tracking a cap-weighted index.

VEXC Vanguard's emerging markets, China removed. Same index-tracking discipline, 0.07% a year, a fraction of what the typical EM fund charges. Ex-China is no longer a niche idea; this is the cheap way to own it.

Stated mandate

DEXC The portfolio seeks long-term capital appreciation.

VEXC The fund invests in emerging-market stocks while excluding China and seeks to closely track the FTSE Emerging ex China Index.

Why people hold it

DEXC Goes wide: roughly 3,500 names across emerging markets with China excluded, and a documented lean toward smaller-cap, lower-relative-price and higher-profitability companies rather than index weights.dimensional.com sec.gov sec.gov 2
What's inside matches the label: emerging-market equity with China left out, in a standard 1940 Act fund that pays shareholders quarterly.
0.43% net of a waiver through February 28, 2027 (0.56% gross) sits near the category median fee, which is notable for a hands-on, factor-tilted portfolio rather than a tracker.

VEXC Charges 0.07% a year against a 0.49% median for emerging-markets funds, and undercuts the other top-graded names in the group, including XCEM at 0.16% and BKEM at 0.11%.
Rules-based, not opinion-based: it tracks the FTSE Emerging ex China Index, so the China carve-out is written into the mandate rather than left to a manager's discretion.vanguard.com
Splitting China out of emerging markets puts the sizing decision in your hands instead of accepting whatever weight a broad EM index assigns. Pays quarterly.vanguard.com
Ranks among the strongest implementations in its emerging-markets peer group on the things we measure: cost, mandate clarity, index discipline.

Worth knowing

DEXC You pay for the tilts. Index-style ex-China rivals cost a fraction: VEXC charges 0.07% and XCEM 0.16%, neither reliant on a waiver.
That 0.43% leans on a fee waiver that runs through February 28, 2027. The underlying gross expense ratio is 0.56%.
Launched in 2024 and thinly traded next to the category's giants, so there's limited history to study and spreads deserve a look before you place an order.

VEXC Launched in 2025 and still thinly traded, so it lacks the trading heft of the giant EM funds. Spreads can be wider than the Vanguard name suggests.
Excluding an entire country by rule means results will drift away from broad EM funds, in both directions, depending on how China does.
The remaining basket screens more concentrated than most funds in the category, so a handful of countries and sectors drive much of the outcome.

Full DEXC profile⁠

Full VEXC profile⁠

DEXC vs VEXC Holdings

How DEXC and VEXC differ

Overlap by weight

37.9%

Shared holdings make up 72.7% of VEXC and 42.5% of DEXC.

Level by level

Holdings519 in both37.9%
Countryby domicile71.9%
Asset classEquity100%

Sector

No Sector split for VEXC.

Country, concentration and asset class

Country by domicile

Country weights in DEXC and VEXC, widest gap first
Country	More in DEXCMore in VEXC	DEXC	VEXC
South Korea	DEXC +24.1 points	24.1%	0.0%
South Africa	VEXC +10.8 points	4.7%	15.5%
Taiwan	VEXC +7.8 points	40.6%	48.4%
India	VEXC +5.3 points	15.2%	20.5%
Brazil	VEXC +1.7 points	4.4%	6.1%
United States	DEXC +1.4 points	1.4%	0.0%
Poland	DEXC +1.4 points	1.4%	0.0%
Mexico	VEXC +0.8 points	2.0%	2.8%
Other countries (13)	VEXC +0.6 points	6.2%	6.8%

Outside the US: DEXC 0% developed, 100% emerging. VEXC 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

DEXC30.5%
VEXC35.5%

Securities held

DEXC3,224
VEXC987

Asset class

DEXC: Equity
VEXC: Equity

Holdings

Only in DEXC2,705
In both519
Only in VEXC468

Only in DEXC

2,705 securities, 57.2% of DEXC by weight

Sk Hynix Inc7.09%
Samsung Electronics Co4.72%
Ase Technology Holding Co0.68%
United Microelectronics C0.57%
Hdfc Bank Ltd0.55%
Samsung Electro-Mechanics0.55%
Petroleo Brasileiro SA0.51%
Reliance Industries Ltd0.49%
Icici Bank Ltd0.48%
Bharti Airtel Ltd0.47%
Petroleo Brasileiro SA0.46%
Hyundai Motor Co0.37%
Hana Financial Group Inc0.33%
Vale SA0.31%
Kb Financial Group Inc0.31%
Orlen SA0.28%
Al Rajhi Bank0.26%
Axis Bank Ltd0.26%
Gold Fields Ltd0.24%
Lg Electronics Inc0.22%
Sigurd Microelectronics C0.22%
Ardentec Corp0.21%
Shinhan Financial Group C0.21%
State Bank of India0.20%
First Abu Dhabi Bank Pjsc0.19%
Warba Bank Kscp0.19%
Samsung Sdi Co Ltd0.18%
Sibanye Stillwater Ltd0.17%
Hindalco Industries Ltd0.17%
Anglogold0.17%
Sk Inc0.16%
Samsung E&A Co Ltd0.16%
The Saudi National Bank0.16%
Hanmi Semiconductor0.16%
Emirates Telecommunicatio0.15%
Larsen & Toubro Ltd0.15%
Tata Steel Ltd0.15%
Oci Co Ltd0.14%
Samsung Fire & Marine Ins0.14%
Samsung Life Insurance Co0.14%
Db Insurance Co Ltd0.13%
Hanwha Aerospace Co Ltd0.13%
Woori Financial Group Inc0.13%
Cemex Sab De Cv0.13%
America Movil Sab De Cv0.12%
Tata Motors Ltd0.12%
Daeduck Electronics Co Lt0.12%
Abu Dhabi Islamic Bank Pj0.12%
Shinsegae Co Ltd0.12%
Piraeus Bank SA0.12%

Only in VEXC

468 securities, 27.9% of VEXC by weight

HDFC Bank Ltd1.08%
ICICI Bank Ltd0.94%
Bharti Airtel Ltd0.73%
Al Rajhi Bank0.64%
Vale SA0.62%
Anglogold Ashanti Plc0.60%
Petrobras - Petroleo Bras-Pr0.55%
Infosys Ltd0.48%
Gold Fields Ltd0.42%
Saudi National Bank/The0.40%
Axis Bank Ltd0.38%
Bajaj Finance Ltd0.35%
Larsen & Toubro Ltd0.34%
First Abu Dhabi Bank PJSC0.31%
Kotak Mahindra Bank Ltd0.31%
Tata Consultancy Services Ltd0.28%
King Slide Works Co Ltd0.27%
Emirates Telecommunications Group Co PJSC0.26%
Sun Pharmaceutical Industries Ltd0.26%
State Bank of India0.24%
Titan Co Ltd0.23%
Hindustan Unilever Ltd0.23%
Itausa SA - Preferred Shares0.21%
America Movil SAB de CV0.21%
NTPC Ltd0.20%
Maruti Suzuki India Ltd0.20%
Tata Steel Ltd0.20%
Ptt Pcl/Foreign0.19%
SLCMT11420.19%
Bharat Electronics Ltd0.19%
Cemex SAB de CV0.19%
Abu Dhabi Commercial Bank PJSC0.19%
Hindalco Industries Ltd0.18%
Shriram Finance Ltd0.18%
UltraTech Cement Ltd0.18%
Adani Ports & Special Economic Zone Ltd0.18%
HCL Technologies Ltd0.17%
Embraer SA0.17%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP0.16%
Divi's Laboratories Ltd0.16%
Power Grid Corp of India Ltd0.16%
Kasikornbank Pcl-Foreign0.16%
Adani Power Ltd0.15%
JSW Steel Ltd0.15%
Asian Paints Ltd0.15%
Coal India Ltd0.14%
Eicher Motors Ltd0.13%
Tech Mahindra Ltd0.13%
Grupo Cibest SA - Pref0.13%
Nestle India Ltd0.13%

Weight gaps

The 100 widest of 519 Holdings in both funds.

Holding weights in DEXC and VEXC, widest gap first
Holding	More in DEXCMore in VEXC	DEXC	VEXC
Taiwan Semiconductor Manu	VEXC +10.42 points	13.99%	24.41%
Mediatek Inc	VEXC +2.15 points	0.76%	2.91%
Delta Electronics Inc	VEXC +1.49 points	0.26%	1.75%
Reliance Industries Ltd	VEXC +1.05 points	0.02%	1.07%
Ase Technology Holding Co	VEXC +0.91 points	0.03%	0.94%
Taiwan Union Technology C	DEXC +0.81 points	0.96%	0.15%
Hon Hai Precision Industr	VEXC +0.72 points	0.51%	1.23%
United Microelectronics C	VEXC +0.71 points	0.02%	0.73%
Itau Unibanco Holding SA	VEXC +0.58 points	<0.01%	0.59%
Petroleo Brasileiro SA	VEXC +0.47 points	0.03%	0.50%
Macronix International	DEXC +0.47 points	0.56%	0.09%
Saudi Arabian Oil Co	VEXC +0.38 points	0.13%	0.51%
Naspers Npv	VEXC +0.31 points	0.10%	0.41%
Firstrand Ltd	VEXC +0.30 points	0.08%	0.38%
Elite Material Co Ltd	VEXC +0.30 points	0.28%	0.58%
Ts Financial Holding Co	VEXC +0.28 points	0.12%	0.40%
Asia Vital Components Co	VEXC +0.27 points	0.17%	0.44%
Fomento Economico Mexican	VEXC +0.26 points	<0.01%	0.26%
Capitec Limited	VEXC +0.26 points	0.04%	0.30%
Grupo Financiero Banorte	VEXC +0.23 points	0.10%	0.33%
Chroma Ate Inc	VEXC +0.23 points	0.09%	0.32%
Emaar Properties Pjsc	VEXC +0.22 points	0.14%	0.36%
Tripod Technology Corp	DEXC +0.22 points	0.31%	0.09%
Banco Bradesco SA	VEXC +0.22 points	0.02%	0.24%
Nan Ya Plastics Corp	VEXC +0.22 points	0.29%	0.51%
Chunghwa Telecom Co Ltd	VEXC +0.21 points	<0.01%	0.22%
Saudi Arabian Mining Co	VEXC +0.21 points	0.08%	0.29%
Natl Bk of Kuwait	VEXC +0.21 points	0.10%	0.30%
Grupo Mexico Sab De Cv	VEXC +0.20 points	0.26%	0.46%
Otp Bank Nyrt	VEXC +0.19 points	0.19%	0.38%
Kuwait Finance House Kscp	VEXC +0.18 points	0.21%	0.39%
Winbond Electronics Corp	VEXC +0.18 points	0.04%	0.22%
Eternal Ltd	VEXC +0.18 points	0.02%	0.20%
Accton Technology Corp	VEXC +0.17 points	0.18%	0.35%
Standard Bank Group Ltd	VEXC +0.18 points	0.12%	0.30%
Malayan Banking Bhd	VEXC +0.18 points	0.06%	0.24%
International Container TICTEF	VEXC +0.18 points	0.02%	0.20%
Tenaga Nasional Bhd	VEXC +0.17 points	0.02%	0.19%
Bank Central Asia Tbk Pt	VEXC +0.16 points	0.05%	0.21%
Axia Energia	VEXC +0.16 points	0.02%	0.18%
Jentech Precision Industr	VEXC +0.17 points	0.07%	0.24%
B3 SA - Brasil Bolsa Balc	VEXC +0.16 points	0.07%	0.23%
Mahindra & Mahindra Ltd	VEXC +0.17 points	0.20%	0.37%
Weg SA	VEXC +0.16 points	0.02%	0.18%
Quanta Computer Inc	VEXC +0.15 points	0.20%	0.35%
Ambev SA	VEXC +0.14 points	0.02%	0.16%
Banco Btg Pactual SA	VEXC +0.14 points	0.05%	0.19%
Saudi Basic Industries Co	VEXC +0.14 points	<0.01%	0.14%
Wiwynn Corp	VEXC +0.13 points	0.13%	0.26%
Yageo Corp	VEXC +0.14 points	0.21%	0.35%
Cimb Group Holdings Bhd	VEXC +0.14 points	0.07%	0.21%
Gold Circuit Electronics	DEXC +0.13 points	0.29%	0.16%
Lite-On Technology Corp	DEXC +0.13 points	0.35%	0.22%
Nanya Technology Corp	VEXC +0.13 points	0.14%	0.27%
Phison Electronics Corp	VEXC +0.11 points	0.05%	0.16%
Arca Continental Sab De C	VEXC +0.10 points	0.02%	0.12%
Vanguard International SE	DEXC +0.10 points	0.19%	0.09%
Acwa Power Co	VEXC +0.10 points	0.03%	0.13%
Qatar Islamic Bank Saq	VEXC +0.10 points	0.03%	0.13%
Public Bank Bhd	VEXC +0.10 points	0.12%	0.22%
Aselsan Elektronik Sanayi	VEXC +0.09 points	<0.01%	0.10%
Far Eastone Telecommunica	DEXC +0.10 points	0.17%	0.07%
Largan Precision Co Ltd	VEXC +0.09 points	0.13%	0.22%
Qatar National Bank Qpsc	VEXC +0.10 points	0.14%	0.24%
Wal-Mart De Mexico Sab De	VEXC +0.09 points	0.07%	0.16%
Banco Do Brasil SA	VEXC +0.09 points	<0.01%	0.10%
Bizlink Holding Inc	VEXC +0.09 points	0.10%	0.19%
Fubon Financial Holding C	VEXC +0.09 points	0.42%	0.51%
Sibanye Stillwater Ltd	VEXC +0.09 points	<0.01%	0.09%
Global Unichip Corp	VEXC +0.09 points	0.17%	0.26%
Bank Rakyat Indonesia Per	VEXC +0.09 points	0.06%	0.15%
Wpg Holdings Ltd	DEXC +0.09 points	0.16%	0.07%
Air Arabia Pjsc	DEXC +0.08 points	0.12%	0.04%
Saudi Telecom Co	VEXC +0.09 points	0.19%	0.28%
Nan Ya Printed Circuit Bo	VEXC +0.07 points	0.06%	0.13%
Max Healthcare Institute	VEXC +0.08 points	0.01%	0.09%
Sasol Ltd	DEXC +0.08 points	0.19%	0.11%
Kinsus Interconnect Techn	DEXC +0.07 points	0.20%	0.13%
Banco Bradesco SA	VEXC +0.08 points	<0.01%	0.08%
Bim Birlesik Magazalar As	VEXC +0.07 points	0.02%	0.09%
Tupras Turkiye Petrol Raf	VEXC +0.07 points	0.02%	0.09%
Suzano SA	VEXC +0.07 points	<0.01%	0.07%
Shoprite Holdings Ltd	VEXC +0.07 points	0.05%	0.12%
Grasim Industries Ltd	VEXC +0.07 points	0.08%	0.15%
Cez As	VEXC +0.07 points	0.04%	0.11%
Mpi Corp	VEXC +0.07 points	0.11%	0.18%
Hon Precision Inc	VEXC +0.07 points	0.06%	0.13%
Alinma Bank	VEXC +0.07 points	0.05%	0.12%
Sinopac Financial Holding	DEXC +0.07 points	0.30%	0.23%
Valterra Platinum Limited	VEXC +0.07 points	0.20%	0.27%
Win Semiconductors Corp	DEXC +0.07 points	0.14%	0.07%
Gamuda Bhd	VEXC +0.07 points	0.02%	0.09%
Telkom Indonesia Persero	VEXC +0.06 points	<0.01%	0.07%
Dr Sulaiman Al Habib Medi	VEXC +0.07 points	0.01%	0.08%
Varun Beverages Ltd	VEXC +0.07 points	0.01%	0.08%
Innolux Corp	VEXC +0.07 points	0.09%	0.16%
Coforge Ltd	VEXC +0.06 points	0.02%	0.08%
Airports of Thailand Pcl	VEXC +0.07 points	0.02%	0.09%
Cathay Financial Holding	VEXC +0.07 points	0.36%	0.43%
Saci Falabella	VEXC +0.07 points	0.03%	0.10%

All 3,506 DEXC holdings⁠All VEXC holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DEXC vs VEXC Cost

Overpaying DEXC vs VEXC

$7,182

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DEXC 0.43%
$8,662
VEXC 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

DEXC 0.43%
VEXC 0.07%
Overpaying

Year by year

Year	DEXC	VEXC	Overpaying
10	$776	$128	$648
20	$2,994	$503	$2,491
30	$8,662	$1,480	$7,182

Expense ratio

0.43%DEXC
0.07%VEXC, cheaper

VEXC0.07%DEXC0.43%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

VEXC cheapest of 20 funds

DEXC 10th cheapest of 20 funds

DEXC vs VEXC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DEXC 1.77%; VEXC No data
Payout (12M): DEXC $1.27; VEXC No data
Last payment: DEXC $0.49; VEXC $0.54
Ex-dividend: DEXC Sep 22, 2026; VEXC Sep 18, 2026
Paid on: DEXC Sep 24, 2026; VEXC Sep 22, 2026
Frequency: DEXC Quarterly; VEXC Quarterly

Distribution history

Per share, 2024 to 2026, same scale for both

DEXCQuarterly · 8 paymentsAll DEXC payments⁠

VEXCQuarterly · 4 paymentsAll VEXC payments⁠

DEXC vs VEXC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DEXC 22.2%since Dec 2024VEXC 19.6%since Nov 2025
Return per unit of riskSharpe ratio, 3 years: DEXC 0.86since Dec 2024VEXC 0.65since Nov 2025
Worst fallMax drawdown, 5 years: DEXC −18.3%since Nov 2024VEXC −12.4%since Oct 2025
Market sensitivityBeta, 5 years: DEXC 1.10VEXC 1.14; Market = 1

DEXC and VEXC in the news

All news⁠

First-Year Review
Vanguard Emerging Markets ex-China returned 27.4%; iShares MSCI ex China returned 48.6%
Oct 1, 2026VEXC
Deep Dive
Korea's 3.9% drop split two kinds of emerging-markets fund
Sep 20, 2026VEXC
Deep Dive
Korea funds gained 94% this year. China internet funds lost 28%
Sep 13, 2026VEXC
Deep Dive
Two $160 billion EM funds are 11 percentage points apart. Korea is why
Sep 5, 2026VEXC

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DEXC vs VEXC

In short

Stated mandate

Why people hold it