EEMS vs VEXC: Grades, Fees and Holdings Compared

iShares MSCI Emerging Markets Small-Cap ETF

EEMSBNYSE Arca

Vanguard Emerging Markets Ex-China ETF

VEXCANYSE Arca

Overlap

5.9%by weight

Expense ratio

VEXC −0.65pt a year

EEMS0.72%VEXC0.07%

Avg volume · 30D

EEMS 2.3×the volume

EEMS49.3KVEXC21.2K

EEMS vs VEXC Performance

Oct 31, 2025 – Oct 30, 2026

+3.0%EEMS+15.9%VEXC

Expense ratio: EEMS 0.72%; VEXC 0.07%, better
Fund size: EEMS $351M; VEXC $276M
1Y total return: EEMS +3.0%; VEXC +15.9%, better
Yield (12M): EEMS 3.11%; VEXC No data
Holdings: EEMS 1707; VEXC 1008
Avg volume (30D): EEMS 49.3K sh, better; VEXC 21.2K sh
NAV per share: EEMS $68.81; VEXC $89.18
52W range

ETF.net Grade

Pillar letters and Scores for EEMS, VEXC, with each pillar’s weight
Pillar	EEMS	VEXC
Cost30% weight	F21	A100Higher
Mission25% weight	A96Higher	A93
Risk15% weight	C49	A85Higher
Tradability15% weight	A81Higher	B65
Holdings10% weight	A86Higher	D38
Durability5% weight	A79Higher	B57

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. EEMS 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 EEMS 11th 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 9BXCWisdomTree True Emerging Markets FundScore 63
Rank 11BEEMSiShares MSCI Emerging Markets Small-Cap ETFScore 62
Rank 12BEWXState Street SPDR S&P Emerging Markets Small Cap ETFScore 60

Our read on each fund

ETF.net Research

EEMSBiShares MSCI Emerging Markets Small-Cap ETF

VEXCAVanguard Emerging Markets Ex-China ETF

In short

EEMS Most international small-cap funds live in Japan and Europe. EEMS goes the other way: a basket of roughly 1,700 small companies from emerging markets only, in one ticker. A narrow corner of the world, priced like the specialty product it is.

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

EEMS The fund seeks to track an index of small-capitalization equities from emerging-market countries.

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

EEMS Emerging-markets small caps only, no developed-market ballast. Cohort leaders either stay developed (SCZ, SCHC) or blend the two (VSS); EEMS keeps the EM-only mandate intact.
Roughly 1,700 holdings, so no single local name steers the fund. Index-tracked breadth in a corner where stock picking gets expensive fast.
Live since 2011 and run by iShares, with assets in the hundreds of millions. Established plumbing, not a freshly launched niche ticker.

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

EEMS The fee is 0.72% a year, against a 0.40% median across international small-cap peers. Access to this niche carries a premium over the broad options.
Moderately traded rather than household-volume. Spreads can widen, which makes limit orders the practical way in and out on bigger tickets.
Distributions land once or twice a year, not quarterly. Fine for total-return holders, lumpy for anyone mapping out cash flow.

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 EEMS profile⁠

Full VEXC profile⁠

EEMS vs VEXC Holdings

How EEMS and VEXC differ

Overlap by weight

5.9%

Shared holdings make up 27.5% of EEMS and 5.9% of VEXC.

Level by level

Holdings271 in both5.9%
Countryby domicile69.6%
Asset classEquity100%

Sector

No Sector split for VEXC.

Country, concentration and asset class

Country by domicile

Country weights in EEMS and VEXC, widest gap first
Country	More in EEMSMore in VEXC	EEMS	VEXC
Taiwan	VEXC +18.9 points	29.5%	48.4%
South Korea	EEMS +15.0 points	15.0%	0.0%
China	EEMS +9.2 points	9.2%	0.0%
South Africa	VEXC +5.7 points	9.8%	15.5%
Brazil	VEXC +2.9 points	3.2%	6.1%
India	EEMS +2.1 points	22.6%	20.5%
Poland	EEMS +2.0 points	2.0%	0.0%
Mexico	VEXC +1.1 points	1.7%	2.8%
Other countries (7)	EEMS +0.3 points	7.1%	6.8%

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

Concentration

Weight in the 10 largest Holdings

EEMS5.1%
VEXC35.5%

Securities held

EEMS1,685
VEXC987

Asset class

EEMS: Equity
VEXC: Equity

Holdings

Only in EEMS1,414
In both271
Only in VEXC716

Only in EEMS

1,414 securities, 72.2% of EEMS by weight

Samsung E&A Ltd0.47%
Coforge0.44%
Land Mark Corp0.39%
Iteq Corp0.35%
Benefit Systems0.30%
Fositek0.27%
Coway Ltd0.27%
Chipbond Technology Corp0.26%
Sona Blw Precision Forgings Ltd0.26%
Samsung Securities Ltd0.24%
Hlb Ltd0.24%
Embassy Office Parks Reit Units0.23%
Kaori Heat Treatment Ltd0.23%
Jusung Engineering Ltd0.22%
Isupetasys Ltd0.22%
Adata Technology Ltd0.21%
Radico Khaitan0.20%
Grupa Kety0.20%
Navin Fluorine International Ltd0.20%
Daeduckelectronics Ltd0.20%
Alior Bank SA0.20%
Sigurd Microelectronics Corp0.20%
Ather Energy Ltd0.19%
Ta Chen Stainless Pipe Ltd0.19%
Ap Memory Technology0.19%
Kingdee Int L Software Group Ltd0.19%
Visual Photonics Epitaxy0.18%
Topco Scientific Ltd0.18%
Ardentec Corp0.18%
Xtb0.18%
Optima Bank S.a.0.18%
Ptt Global Chemical Non-Voting Dr0.18%
Co-Tech Development Corp0.18%
Syntec Technology Ltd0.18%
Innodisk Corp0.18%
All Ring Tech0.18%
Orange Polska SA0.18%
Gs Holdings0.17%
Auras Technology Ltd0.17%
Kinik0.17%
Acter Corp Ltd0.17%
Ls0.17%
Qatar Navigation0.16%
Taichung Commercial Bank0.16%
Xintec Inc0.16%
Kiwoom Securities0.16%
Magyar Telekom0.16%
Elite Semiconductor Microelectroni0.15%
Zai Lab Ltd0.15%
Universal Microwave Technology Inc0.15%

Only in VEXC

716 securities, 93.9% of VEXC by weight

Taiwan Semiconductor Manufacturing Co Ltd24.41%
MediaTek Inc2.91%
Delta Electronics Inc1.75%
Hon Hai Precision Industry Co Ltd1.23%
HDFC Bank Ltd1.08%
Reliance Industries Ltd1.07%
ASE Technology Holding Co Ltd0.94%
ICICI Bank Ltd0.94%
Bharti Airtel Ltd0.73%
United Microelectronics Corp0.73%
Al Rajhi Bank0.64%
Vale SA0.62%
Unimicron Technology Corp0.62%
Anglogold Ashanti Plc0.60%
Itau Unibanco Holding S-Pref0.59%
Elite Material Co Ltd0.58%
Petrobras - Petroleo Bras-Pr0.55%
Saudi Arabian Oil Co0.51%
Fubon Financial Holding Co Ltd0.51%
Nan Ya Plastics Corp0.51%
Petroleo Brasileiro SA - Petrobras0.50%
CTBC Financial Holding Co Ltd0.49%
Infosys Ltd0.48%
Grupo Mexico SAB de CV0.46%
Asia Vital Components Co Ltd0.44%
Cathay Financial Holding Co Ltd0.43%
Gold Fields Ltd0.42%
Naspers Ltd0.41%
Saudi National Bank/The0.40%
TS Financial Holding Co Ltd0.40%
Kuwait Finance House KSCP0.39%
OTP Bank Nyrt0.38%
FirstRand Ltd0.38%
Axis Bank Ltd0.38%
Mahindra & Mahindra Ltd0.37%
Emaar Properties PJSC0.36%
Quanta Computer Inc0.35%
Accton Technology Corp0.35%
Bajaj Finance Ltd0.35%
Yageo Corp0.35%
Larsen & Toubro Ltd0.34%
Grupo Financiero Banorte SAB de CV0.33%
Yuanta Financial Holding Co Ltd0.32%
Chroma ATE Inc0.32%
First Abu Dhabi Bank PJSC0.31%
Kotak Mahindra Bank Ltd0.31%
National Bank of Kuwait SAKP0.30%
Standard Bank Group Ltd0.30%
Capitec Limited0.30%
Saudi Arabian Mining Co0.29%

Weight gaps

The 100 widest of 271 Holdings in both funds.

Holding weights in EEMS and VEXC, widest gap first
Holding	More in EEMSMore in VEXC	EEMS	VEXC
Kinsus Interconnect Technology Cor	EEMS +0.48 points	0.61%	0.13%
Taiwan Union Technology	EEMS +0.47 points	0.62%	0.15%
Nan Ya Printed Circuit Board Corp	EEMS +0.40 points	0.53%	0.13%
Tripod Technology	EEMS +0.39 points	0.48%	0.09%
Powerchip Semiconductor Manufactur	EEMS +0.38 points	0.49%	0.11%
Win Semiconductors Corp	EEMS +0.34 points	0.41%	0.07%
Compeq Manufacturing Ltd	EEMS +0.32 points	0.42%	0.10%
United Integrated Services	EEMS +0.30 points	0.38%	0.08%
International Games System Ltd	EEMS +0.29 points	0.36%	0.07%
Taiwan Cement	EEMS +0.28 points	0.35%	0.07%
Macronix International	EEMS +0.28 points	0.37%	0.09%
Silergy	EEMS +0.28 points	0.33%	0.05%
Powertech Technology	EEMS +0.27 points	0.35%	0.08%
Auo	EEMS +0.27 points	0.36%	0.09%
Wpg Holdings	EEMS +0.27 points	0.34%	0.07%
Ememory Technology Inc	EEMS +0.23 points	0.32%	0.09%
Wt Microelectronics	EEMS +0.23 points	0.29%	0.06%
Synnex Technology International Co	EEMS +0.22 points	0.27%	0.05%
Compal Electronics	EEMS +0.22 points	0.28%	0.06%
Taiwan Business Bank Ltd	EEMS +0.21 points	0.26%	0.05%
Genius Electronic Optical Ltd	EEMS +0.20 points	0.23%	0.03%
Micro-Star International	EEMS +0.19 points	0.23%	0.04%
Old Mutual Limited	EEMS +0.19 points	0.23%	0.04%
Walsin Technology	EEMS +0.18 points	0.22%	0.04%
Yang Ming Marine Transport	EEMS +0.19 points	0.23%	0.04%
Winway Technology	EEMS +0.18 points	0.24%	0.06%
Glenmark Pharmaceuticals	EEMS +0.17 points	0.22%	0.05%
Corporacion Inmobiliaria Vesta	EEMS +0.17 points	0.21%	0.04%
Aspen Pharmacare	EEMS +0.17 points	0.22%	0.05%
Max Financial Services Ltd	EEMS +0.17 points	0.22%	0.05%
Fibra Mty Sapi Reit	EEMS +0.17 points	0.22%	0.05%
Walsin Lihwa	EEMS +0.17 points	0.21%	0.04%
L & K Engineering Ltd	EEMS +0.16 points	0.21%	0.05%
Growthpoint Prop Ltd Shs	EEMS +0.16 points	0.20%	0.04%
Totvs	EEMS +0.15 points	0.20%	0.04%
Sino-American Silicon Products	EEMS +0.15 points	0.19%	0.04%
Ipca Laboratories Ltd	EEMS +0.14 points	0.18%	0.04%
Exxaro Resources	EEMS +0.14 points	0.17%	0.03%
Apar Industries Ltd	EEMS +0.14 points	0.18%	0.04%
Mr Price Group Ltd	EEMS +0.14 points	0.17%	0.03%
Hiwin Technologies Corp	EEMS +0.14 points	0.18%	0.04%
Catcher Technology	EEMS +0.13 points	0.17%	0.04%
Asia Cement Corp	EEMS +0.13 points	0.17%	0.04%
Parque Arauco SA	EEMS +0.14 points	0.17%	0.03%
Redefine Properties	EEMS +0.13 points	0.16%	0.03%
Momentum Group	EEMS +0.14 points	0.17%	0.03%
Far Eastern New Century Corp	EEMS +0.12 points	0.16%	0.04%
Acer	EEMS +0.12 points	0.16%	0.04%
Kei Industries Ltd	EEMS +0.12 points	0.16%	0.04%
Teco Electric & Machinery	EEMS +0.12 points	0.15%	0.03%
Tiger Brands	EEMS +0.12 points	0.15%	0.03%
Nien Made Enterprise	EEMS +0.12 points	0.14%	0.02%
Caliway Biopharmaceuticals	EEMS +0.12 points	0.15%	0.03%
Biocon	EEMS +0.12 points	0.15%	0.03%
Eclat Textile	EEMS +0.11 points	0.13%	0.02%
Blue Star Ltd	EEMS +0.11 points	0.14%	0.03%
Qatar Fuel	EEMS +0.11 points	0.13%	0.02%
Woolworths Holding Ltd	EEMS +0.10 points	0.13%	0.03%
Companhia De Saneamento De Minas G	EEMS +0.11 points	0.14%	0.03%
Qualitas Controladora	EEMS +0.11 points	0.13%	0.02%
Gentera Sab De Cv	EEMS +0.10 points	0.13%	0.03%
Transcend Information Inc	EEMS +0.11 points	0.13%	0.02%
Dubai Investment	EEMS +0.10 points	0.13%	0.03%
Regional Sab De Cv	EEMS +0.11 points	0.13%	0.02%
Americana Restaurants Internationa	EEMS +0.10 points	0.12%	0.02%
Banco Del Bajio Institucion De Ban	EEMS +0.10 points	0.13%	0.03%
Kalyan Jewellers India	EEMS +0.09 points	0.12%	0.03%
Investec Ltd	EEMS +0.10 points	0.12%	0.02%
Foxconn Technology Ltd	EEMS +0.09 points	0.12%	0.03%
Taiwan Glass Industry Corp	EEMS +0.10 points	0.12%	0.02%
Chicony Electronics Ltd	EEMS +0.09 points	0.12%	0.03%
Capital Securities Corp	EEMS +0.10 points	0.12%	0.02%
Pou Chen	EEMS +0.09 points	0.11%	0.02%
China Airlines Ltd	EEMS +0.10 points	0.12%	0.02%
Voltronic Power Technology Corp	EEMS +0.09 points	0.11%	0.02%
Cheng Shin Rubber Industry Ltd	EEMS +0.09 points	0.11%	0.02%
Jubilant Foodworks Ltd	EEMS +0.09 points	0.11%	0.02%
Sendas Distribuidora	EEMS +0.09 points	0.13%	0.04%
Allos SA	EEMS +0.09 points	0.11%	0.02%
Dialog Group	EEMS +0.08 points	0.11%	0.03%
Bank Aljazira	EEMS +0.08 points	0.11%	0.03%
Aia Engineering Ltd	EEMS +0.08 points	0.10%	0.02%
Aldrees Petroleum and Transport SE	EEMS +0.08 points	0.10%	0.02%
Grupo Cementos	EEMS +0.08 points	0.10%	0.02%
Asmedia Technology	EEMS +0.08 points	0.10%	0.02%
Lojas Renner	EEMS +0.08 points	0.11%	0.03%
Dr Lal Pathlabs Ltd	EEMS +0.08 points	0.10%	0.02%
Agility Global PLC	EEMS +0.08 points	0.11%	0.03%
Metalurgica Gerdau Pref SA	EEMS +0.08 points	0.10%	0.02%
Ajanta Pharma	EEMS +0.08 points	0.10%	0.02%
Alsea De Cv	EEMS +0.07 points	0.09%	0.02%
Premier Energies Ltd	EEMS +0.08 points	0.09%	0.01%
Barwa Real Estate	EEMS +0.08 points	0.09%	0.01%
Eternal Materials Ltd	EEMS +0.08 points	0.10%	0.02%
Rasan Information Technology	EEMS +0.07 points	0.09%	0.02%
Sal Saudi Logistics Service Co	EEMS +0.08 points	0.10%	0.02%
Multiplan Empreendimentos Imobilia	EEMS +0.08 points	0.10%	0.02%
Motilal Oswal Financial Services	EEMS +0.07 points	0.09%	0.02%
Shihlin Electric and Engineering C	EEMS +0.08 points	0.10%	0.02%
Lic Housing Finance Ltd	EEMS +0.07 points	0.09%	0.02%

All 1,691 EEMS 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.

EEMS vs VEXC Cost

Overpaying EEMS vs VEXC

$12,477

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

EEMS 0.72%
$13,957
VEXC 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

EEMS 0.72%
VEXC 0.07%
Overpaying

Year by year

Year	EEMS	VEXC	Overpaying
10	$1,284	$128	$1,156
20	$4,888	$503	$4,385
30	$13,957	$1,480	$12,477

Expense ratio

0.72%EEMS
0.07%VEXC, cheaper

VEXC0.07%EEMS0.72%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

VEXC cheapest of 20 funds

EEMS 16th cheapest of 20 funds

EEMS vs VEXC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EEMS 3.11%; VEXC No data
Payout (12M): EEMS $2.14; VEXC No data
Last payment: EEMS $0.48; VEXC $0.54
Ex-dividend: EEMS Jun 15, 2026; VEXC Sep 18, 2026
Paid on: EEMS Jun 18, 2026; VEXC Sep 22, 2026
Frequency: EEMS Twice a year; VEXC Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EEMSTwice a year · 21 paymentsAll EEMS payments⁠

VEXCQuarterly · 4 paymentsAll VEXC payments⁠

EEMS vs VEXC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: EEMS 15.8%VEXC 19.6%since Nov 2025
Return per unit of riskSharpe ratio, 3 years: EEMS 0.57VEXC 0.65since Nov 2025
Worst fallMax drawdown, 5 years: EEMS −27.0%VEXC −12.4%since Oct 2025
Market sensitivityBeta, 5 years: EEMS 0.89VEXC 1.14; Market = 1

EEMS 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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EEMS vs VEXC

In short

Stated mandate

Why people hold it