DEXC vs XCEM: Grades, Fees and Holdings Compared

Dimensional Emerging Markets ex China Core Equity ETF

DEXCBNYSE Arca

Columbia EM Core ex-China ETF

XCEMANYSE Arca

Overlap

50.1%by weight

Expense ratio

XCEM −0.27pt a year

DEXC0.43%XCEM0.16%

Avg volume · 30D

XCEM 7.7×the volume

DEXC21.2KXCEM162K

DEXC vs XCEM Performance

Oct 31, 2025 – Oct 30, 2026

+22.8%DEXC+24.3%XCEM

Expense ratio: DEXC 0.43%; XCEM 0.16%, better
Fund size: DEXC $270M; XCEM $2.01B
1Y total return: DEXC +22.8%; XCEM +24.3%, better
Yield (12M): DEXC 1.77%; XCEM 2.68%, better
Holdings: DEXC 3250; XCEM 465
Avg volume (30D): DEXC 21.2K sh; XCEM 162K sh, better
NAV per share: DEXC $72.92; XCEM $46.99
52W range

ETF.net Grade

Pillar letters and Scores for DEXC, XCEM, with each pillar’s weight
Pillar	DEXC	XCEM
Cost30% weight	B57	A90Higher
Mission25% weight	A100	A100
Risk15% weight	C40	C51Higher
Tradability15% weight	C50	B62Higher
Holdings10% weight	A73Higher	B60
Durability5% weight	B60	A78Higher

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. DEXC and XCEM 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 ›

XCEM ranks 2nd 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 3ABKEMBNY Mellon Emerging Markets Equity ETFScore 76
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

XCEMAColumbia EM Core 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.

XCEM The original ex-China emerging markets fund. Columbia launched XCEM in 2015, back when carving China out of an EM sleeve was a fringe idea rather than a crowded shelf. Roughly 150 EM stocks, no China, 0.16% a year.

Stated mandate

DEXC The portfolio seeks long-term capital appreciation.

XCEM The fund seeks investment results that correspond to the performance of the EGAI Emerging Markets ex-China Index before fees and expenses. It generally invests at least 80% of net assets in index companies and seeks to replicate the 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.

XCEM Launched in 2015 as the first broad emerging markets ETF built to leave China out, and it has since grown into a billion-dollar-plus fund.morningstar.com
0.16% a year, well under the typical fund in its emerging markets cohort, for a portfolio of about 150 stocks.
Plain mandate, closely followed: at least 80% of net assets in index companies, replicated rather than approximated, with tracking that has stayed tight.
One of the strongest implementations in its emerging markets peer group, and liquid enough that getting in and out is rarely the hard part.

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.

XCEM No China means no Tencent, no Alibaba, no A-shares. If that exposure belongs in the portfolio, it has to come from somewhere else.
Emerging market stocks swing hard and currency moves add to the ride. This is one of the higher-volatility corners of equity investing.
Cheap, not cheapest: VEXC runs the same ex-China EM idea at 0.07%. XCEM's edge is a decade of history, not the lowest fee on the shelf.

Full DEXC profile⁠

Full XCEM profile⁠

DEXC vs XCEM Holdings

How DEXC and XCEM differ

Overlap by weight

50.1%

Shared holdings make up 86.5% of XCEM and 59.6% of DEXC.

Level by level

Holdings365 in both50.1%
Sector11 Sectors95.0%
Countryby domicile97.0%
Asset classEquity100%

Sector

Sector weights in DEXC and XCEM, widest gap first
Sector	More in DEXCMore in XCEM	DEXC	XCEM
Financials	XCEM +2.5 points	14.8%	17.3%
Technology	XCEM +2.5 points	49.4%	51.9%
Materials	DEXC +1.3 points	6.6%	5.3%
Consumer Discretionary	DEXC +1.2 points	5.5%	4.3%
Consumer Staples	DEXC +1.0 points	2.7%	1.7%
Real Estate	DEXC +0.5 points	1.3%	0.8%
Industrials	DEXC +0.3 points	9.3%	9.0%
Health Care	DEXC +0.3 points	2.7%	2.4%
Energy	DEXC +0.2 points	3.3%	3.1%
Utilities	DEXC +0.1 points	1.7%	1.6%
Communication	Same weight	2.6%	2.7%

Country, concentration and asset class

Country by domicile

Country weights in DEXC and XCEM, widest gap first
Country	More in DEXCMore in XCEM	DEXC	XCEM
South Korea	XCEM +1.2 points	24.1%	25.3%
Brazil	DEXC +0.7 points	4.4%	3.7%
Taiwan	DEXC +0.5 points	40.6%	40.1%
United States	XCEM +0.5 points	1.4%	1.9%
Other countries (18)	DEXC +0.7 points	29.6%	28.9%

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

Concentration

Weight in the 10 largest Holdings

DEXC30.5%
XCEM35.3%

Securities held

DEXC3,224
XCEM452

Asset class

DEXC: Equity
XCEM: Equity

Holdings

Only in DEXC2,859
In both365
Only in XCEM87

Only in DEXC

2,859 securities, 40.0% of DEXC by weight

Ase Technology Holding Co0.68%
United Microelectronics C0.57%
Petroleo Brasileiro SA0.51%
Reliance Industries Ltd0.49%
Petroleo Brasileiro SA0.46%
Vale SA0.31%
Kb Financial Group Inc0.31%
Gold Fields Ltd0.24%
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%
First Financial Holding C0.18%
Sibanye Stillwater Ltd0.17%
Anglogold0.17%
Emirates Telecommunicatio0.15%
Larsen & Toubro Ltd0.15%
Oci Co Ltd0.14%
Woori Financial Group Inc0.13%
Cemex Sab De Cv0.13%
America Movil Sab De Cv0.12%
Air Arabia Pjsc0.12%
Tata Motors Ltd0.12%
Abu Dhabi Islamic Bank Pj0.12%
Shinsegae Co Ltd0.12%
Shanghai Commercial & Sav0.12%
Piraeus Bank SA0.12%
Taiwan Cooperative Financ0.11%
Chunghwa Telecom Co Ltd0.11%
Qatar Rial0.11%
Nu Holdings Ltd/Cayman Is0.11%
Vista Oil & Gas Sab De Cv0.11%
Gs Holdings0.10%
Federal Bank Ltd0.10%
Holy Stone Enterprise Co0.10%
Old Mutual Ltd0.10%
Iteq Corp0.10%
Doha Bank Qpsc0.10%
Motor Oil Hellas Corinth0.10%
Bharat Heavy Electricals0.09%
Credicorp Ltd0.09%
Mobile Telecommunications0.09%
Acbel Polytech Inc0.09%
Sterlite Technologies Ltd0.09%
Banque Saudi Fransi0.09%
Hcl Technologies Ltd0.09%
Apar Industries Ltd0.09%
Itau Unibanco Holding SA0.09%

Only in XCEM

87 securities, 12.8% of XCEM by weight

International Holding Co Pjsc0.92%
Vaneck Semiconductor Etf0.73%
Ishares Semiconductor Etf0.69%
Sk Square Co Ltd0.68%
Petroleo Brasileiro SA - Petrobras0.51%
Vale SA0.39%
Gold Fields Ltd0.38%
Larsen & Toubro Ltd0.37%
Itausa SA0.37%
First Abu Dhabi Bank Pjsc0.34%
State Bank of India0.33%
Embraer SA0.30%
King Slide Works Co Ltd0.30%
America Movil Sab De Cv0.27%
Bajaj Finance Ltd0.27%
Waaree Energies Ltd0.27%
Kia Corp0.27%
Shoprite Holdings Ltd0.25%
Tech Mahindra Ltd0.25%
Samsung C&T Corp0.23%
Posco Holdings Inc0.23%
Emirates Telecommunications Group Co Pjsc0.21%
Hyundai Mobis Co Ltd0.21%
Ltm Ltd0.17%
Abu Dhabi Islamic Bank Pjsc0.16%
Hmm Co Ltd0.15%
Abu Dhabi Commercial Bank Pjsc0.15%
Shriram Finance Ltd0.14%
Landmark Optoelectronics Corp0.14%
Latam Airlines Group SA0.12%
Tata Motors Ltd /New0.12%
Cemex Sab De Cv0.12%
Ntpc Ltd0.12%
Jio Financial Services Ltd0.11%
Cholamandalam Investment and Finance Co Ltd0.11%
Dabur India Ltd0.10%
One 97 Communications Ltd0.10%
Coca-Cola Femsa Sab De Cv0.10%
Abb India Ltd0.09%
Fibra Uno Administracion SA De Cv0.09%
Grupo Aeroportuario Del Pacifico Sab De Cv0.09%
Lg Corp0.09%
Sociedad Quimica Y Minera De Chile SA0.09%
Exxaro Resources Ltd0.09%
Sk Telecom Co Ltd0.09%
Vedanta Ltd0.08%
Aditya Birla Capital Ltd0.08%
Fsn E-Commerce Ventures Ltd0.08%
Lg Cns Co Ltd0.07%
Catcher Technology Co Ltd0.07%

Weight gaps

The 100 widest of 365 Holdings in both funds.

Holding weights in DEXC and XCEM, widest gap first
Holding	More in DEXCMore in XCEM	DEXC	XCEM
Sk Hynix Inc	DEXC +3.78 points	7.09%	3.31%
Samsung Electronics Co	XCEM +3.76 points	4.72%	8.48%
Taiwan Semiconductor Manu	XCEM +1.91 points	13.99%	15.90%
Ase Technology Holding Co	XCEM +1.02 points	0.03%	1.05%
Mediatek Inc	XCEM +1.02 points	0.76%	1.78%
Reliance Industries Ltd	XCEM +0.77 points	0.02%	0.79%
Delta Electronics Inc	XCEM +0.74 points	0.26%	1.00%
Taiwan Union Technology C	DEXC +0.71 points	0.96%	0.25%
Hon Hai Precision Industr	XCEM +0.60 points	0.51%	1.11%
Kb Financial Group Inc	XCEM +0.56 points	0.04%	0.60%
Powszechna Kasa Oszczedno	XCEM +0.55 points	0.08%	0.63%
United Microelectronics C	XCEM +0.49 points	0.02%	0.51%
Shinhan Financial Group	XCEM +0.49 points	0.01%	0.50%
Itau Unibanco Holding SA	XCEM +0.47 points	<0.01%	0.48%
Icici Bank LtdIBN	XCEM +0.45 points	0.48%	0.93%
Macronix International	DEXC +0.45 points	0.56%	0.11%
Delta Electronics Thailan	XCEM +0.43 points	<0.01%	0.43%
Tenaga Nasional Bhd	XCEM +0.40 points	0.02%	0.42%
Chroma Ate Inc	XCEM +0.36 points	0.09%	0.45%
Al Rajhi Bank	XCEM +0.37 points	0.26%	0.63%
Grupo Mexico Sab De Cv	XCEM +0.35 points	0.26%	0.61%
Firstrand Ltd	XCEM +0.35 points	0.08%	0.43%
Powszechny Zaklad Ubezpie	XCEM +0.35 points	0.04%	0.39%
Asia Vital Components Co	XCEM +0.34 points	0.17%	0.51%
Elite Material Co Ltd	XCEM +0.32 points	0.28%	0.60%
Ihh Healthcare Bhd	XCEM +0.31 points	0.02%	0.33%
Saudi Arabian Oil Co	XCEM +0.32 points	0.13%	0.45%
Banco Btg Pactual SA	XCEM +0.31 points	0.05%	0.36%
Naspers Npv	XCEM +0.30 points	0.10%	0.40%
Celltrion Inc	XCEM +0.29 points	0.06%	0.35%
Hdfc Bank LtdHDB	XCEM +0.28 points	0.55%	0.83%
Novatek Microelectronics	XCEM +0.27 points	0.17%	0.44%
Nan Ya Plastics Corp	XCEM +0.26 points	0.29%	0.55%
Otp Bank Nyrt	XCEM +0.26 points	0.19%	0.45%
Jentech Precision Industr	XCEM +0.25 points	0.07%	0.32%
Capitec Limited	XCEM +0.24 points	0.04%	0.28%
Fomento Economico Mexican	XCEM +0.24 points	<0.01%	0.24%
Tripod Technology Corp	DEXC +0.23 points	0.31%	0.08%
Titan Co Ltd	XCEM +0.23 points	0.12%	0.35%
Winbond Electronics Corp	XCEM +0.23 points	0.04%	0.27%
Samsung Sdi Co Ltd	XCEM +0.23 points	0.18%	0.41%
Wipro Ltd	XCEM +0.21 points	<0.01%	0.21%
Leeno Industrial Inc	XCEM +0.20 points	0.04%	0.24%
Sinopac Financial Holding	DEXC +0.19 points	0.30%	0.11%
Realtek Semiconductor Cor	XCEM +0.18 points	0.10%	0.28%
Adani Ports & Special Eco	XCEM +0.19 points	0.11%	0.30%
Naver Corp	XCEM +0.18 points	0.04%	0.22%
Phison Electronics Corp	XCEM +0.18 points	0.05%	0.23%
Chang Hwa Commercial Bank	XCEM +0.18 points	0.04%	0.22%
Unimicron Technology Corp	DEXC +0.18 points	0.65%	0.47%
Hon Precision Inc	XCEM +0.17 points	0.06%	0.23%
Weg SA	XCEM +0.17 points	0.02%	0.19%
Saudi Arabian Mining Co	XCEM +0.17 points	0.08%	0.25%
Nanya Technology Corp	XCEM +0.17 points	0.14%	0.31%
Airports of Thailand Pcl	XCEM +0.17 points	<0.01%	0.17%
Chunghwa Telecom Co Ltd	XCEM +0.17 points	<0.01%	0.17%
Divi's Laboratories Ltd	XCEM +0.17 points	0.03%	0.20%
Saudi Basic Industries Co	XCEM +0.17 points	<0.01%	0.17%
Lg Energy Solution Ltd	XCEM +0.16 points	<0.01%	0.17%
Alchip Technologies Ltd	XCEM +0.16 points	0.08%	0.24%
Kotak Mahindra Bank Ltd	XCEM +0.16 points	0.11%	0.27%
Laurus Labs Ltd	XCEM +0.16 points	0.07%	0.23%
Grupo Financiero Banorte	XCEM +0.16 points	0.10%	0.26%
Global Unichip Corp	XCEM +0.16 points	0.17%	0.33%
Accton Technology Corp	XCEM +0.15 points	0.18%	0.33%
Woori Financial Group Inc	XCEM +0.16 points	0.08%	0.24%
Taiwan Business Bank	XCEM +0.15 points	0.04%	0.19%
The Saudi National Bank	XCEM +0.15 points	0.16%	0.31%
National Bank of Greece’s	XCEM +0.15 points	0.05%	0.20%
Ptt Pcl	XCEM +0.15 points	0.06%	0.21%
Eurobank SA	XCEM +0.14 points	0.04%	0.18%
Sun Pharmaceutical Indust	XCEM +0.14 points	0.08%	0.22%
Quanta Computer Inc	XCEM +0.14 points	0.20%	0.34%
Yuanta Financial Holding	DEXC +0.14 points	0.32%	0.18%
E.sun Financial Holding C	DEXC +0.14 points	0.31%	0.17%
Ambev SA	XCEM +0.14 points	0.02%	0.16%
Doosan Enerbility	XCEM +0.13 points	0.11%	0.24%
Central Pattana Pcl	XCEM +0.13 points	0.02%	0.15%
Samsung Electro-Mechanics	XCEM +0.13 points	0.55%	0.68%
Lite-On Technology Corp	DEXC +0.13 points	0.35%	0.22%
Bid Corp Ltd	XCEM +0.13 points	0.07%	0.20%
Mphasis Ltd	XCEM +0.13 points	0.03%	0.16%
Siam Cement Pcl/The	XCEM +0.13 points	<0.01%	0.14%
Krung Thai Bank Pcl	XCEM +0.12 points	<0.01%	0.13%
Mahindra & Mahindra Ltd	XCEM +0.13 points	0.20%	0.33%
Kgi Financial Holding Co	DEXC +0.13 points	0.27%	0.14%
Ptt Exploration & Product	XCEM +0.12 points	0.03%	0.15%
Silergy Corp	XCEM +0.12 points	0.04%	0.16%
Korea Electric Power Corp	XCEM +0.12 points	<0.01%	0.12%
Largan Precision Co Ltd	XCEM +0.12 points	0.13%	0.25%
Petro Rio SA	DEXC +0.12 points	0.18%	0.06%
Daeduck Electronics Co Lt	DEXC +0.11 points	0.12%	<0.01%
Ls Industrial Systems Co	XCEM +0.11 points	0.09%	0.20%
Tupras Turkiye Petrol Raf	XCEM +0.12 points	0.02%	0.14%
B3 SA - Brasil Bolsa Balc	XCEM +0.11 points	0.07%	0.18%
Wiwynn Corp	XCEM +0.11 points	0.13%	0.24%
Yageo Corp	XCEM +0.11 points	0.21%	0.32%
Hana Financial Group Inc	XCEM +0.12 points	0.33%	0.45%
Isupetasys Co Ltd	DEXC +0.11 points	0.12%	<0.01%
Ecopro Co Ltd	XCEM +0.11 points	0.03%	0.14%

All 3,506 DEXC holdings⁠All XCEM 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 XCEM Cost

Overpaying DEXC vs XCEM

$5,320

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

DEXC 0.43%
$8,662
XCEM 0.16%
$3,342

Amount$10,000

Years30 years

Cost over time

DEXC 0.43%
XCEM 0.16%
Overpaying

Year by year

Year	DEXC	XCEM	Overpaying
10	$776	$292	$484
20	$2,994	$1,141	$1,853
30	$8,662	$3,342	$5,320

Expense ratio

0.43%DEXC
0.16%XCEM, cheaper

XCEM0.16%DEXC0.43%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

XCEM 3rd cheapest of 20 funds

DEXC 10th cheapest of 20 funds

DEXC vs XCEM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DEXC 1.77%; XCEM 2.68%, better
Payout (12M): DEXC $1.27; XCEM $1.25
Last payment: DEXC $0.49; XCEM $1.25
Ex-dividend: DEXC Sep 22, 2026; XCEM Dec 18, 2025
Paid on: DEXC Sep 24, 2026; XCEM Dec 26, 2025
Frequency: DEXC Quarterly; XCEM Annual

Distribution history

Per share, 2017 to 2026, same scale for both

DEXCQuarterly · 8 paymentsAll DEXC payments⁠

XCEMAnnual · 9 paymentsAll XCEM payments⁠

DEXC vs XCEM 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 2024XCEM 20.0%
Return per unit of riskSharpe ratio, 3 years: DEXC 0.86since Dec 2024XCEM 0.95
Worst fallMax drawdown, 5 years: DEXC −18.3%since Nov 2024XCEM −29.5%
Market sensitivityBeta, 5 years: DEXC 1.10XCEM 1.27; Market = 1

DEXC and XCEM in the news

All news⁠

Deep Dive
Korea funds gained 94% this year. China internet funds lost 28%
Sep 13, 2026XCEM
Deep Dive
Two $160 billion EM funds are 11 percentage points apart. Korea is why
Sep 5, 2026XCEM

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DEXC vs XCEM

In short

Stated mandate

Why people hold it

Worth knowing

How DEXC and XCEM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DEXC

Only in XCEM

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Korea funds gained 94% this year. China internet funds lost 28%

Two $160 billion EM funds are 11 percentage points apart. Korea is why

How DEXC and XCEM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DEXC

Only in XCEM

Weight gaps