EEMS vs XCEM: Grades, Fees and Holdings Compared

iShares MSCI Emerging Markets Small-Cap ETF

EEMSBNYSE Arca

Columbia EM Core ex-China ETF

XCEMANYSE Arca

Overlap

3.9%by weight

Expense ratio

XCEM −0.56pt a year

EEMS0.72%XCEM0.16%

Avg volume · 30D

XCEM 3.3×the volume

EEMS49.3KXCEM162K

10Y return · a year

XCEM +2.4pt

EEMS+7.4%XCEM+9.8%

EEMS vs XCEM Performance

Oct 29, 2021 – Oct 30, 2026

+28.2%EEMS+61.9%XCEM

Expense ratio: EEMS 0.72%; XCEM 0.16%, better
Fund size: EEMS $351M; XCEM $2.01B
1Y total return: EEMS +3.0%; XCEM +24.3%, better
Yield (12M): EEMS 3.11%, better; XCEM 2.68%
Holdings: EEMS 1707; XCEM 465
Avg volume (30D): EEMS 49.3K sh; XCEM 162K sh, better
NAV per share: EEMS $68.81; XCEM $46.99
52W range

ETF.net Grade

Pillar letters and Scores for EEMS, XCEM, with each pillar’s weight
Pillar	EEMS	XCEM
Cost30% weight	F21	A90Higher
Mission25% weight	A96	A100Higher
Risk15% weight	C49	C51Higher
Tradability15% weight	A81Higher	B62
Holdings10% weight	A86Higher	B60
Durability5% weight	A79Higher	A78

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. EEMS 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 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 3ABKEMBNY Mellon Emerging Markets Equity ETFScore 76
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

XCEMAColumbia EM Core 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.

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

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

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

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.

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

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.

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 EEMS profile⁠

Full XCEM profile⁠

EEMS vs XCEM Holdings

How EEMS and XCEM differ

Overlap by weight

3.9%

Shared holdings make up 13.4% of EEMS and 4.0% of XCEM.

Level by level

Holdings51 in both3.9%
Sector11 Sectors66.1%
Countryby domicile74.9%
Asset classEquity100%

Sector

Sector weights in EEMS and XCEM, widest gap first
Sector	More in EEMSMore in XCEM	EEMS	XCEM
Technology	XCEM +26.1 points	25.8%	51.9%
Industrials	EEMS +9.1 points	18.1%	9.0%
Financials	XCEM +6.7 points	10.6%	17.3%
Consumer Discretionary	EEMS +6.0 points	10.3%	4.3%
Health Care	EEMS +5.9 points	8.3%	2.4%
Real Estate	EEMS +4.7 points	5.5%	0.8%
Materials	EEMS +3.6 points	8.9%	5.3%
Consumer Staples	EEMS +3.1 points	4.8%	1.7%
Utilities	EEMS +1.1 points	2.7%	1.6%
Energy	XCEM +1.1 points	2.0%	3.1%
Communication	EEMS +0.3 points	3.0%	2.7%

Country, concentration and asset class

Country by domicile

Country weights in EEMS and XCEM, widest gap first
Country	More in EEMSMore in XCEM	EEMS	XCEM
Taiwan	XCEM +10.6 points	29.5%	40.1%
South Korea	XCEM +10.3 points	15.0%	25.3%
China	EEMS +9.2 points	9.2%	0.0%
India	EEMS +7.1 points	22.6%	15.5%
South Africa	EEMS +5.2 points	9.8%	4.6%
United States	XCEM +1.9 points	0.0%	1.9%
Malaysia	EEMS +1.7 points	3.0%	1.3%
Thailand	EEMS +1.1 points	2.9%	1.8%
Other countries (11)	XCEM +1.4 points	8.0%	9.4%

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

Concentration

Weight in the 10 largest Holdings

EEMS5.1%
XCEM35.3%

Securities held

EEMS1,685
XCEM452

Asset class

EEMS: Equity
XCEM: Equity

Holdings

Only in EEMS1,634
In both51
Only in XCEM401

Only in EEMS

1,634 securities, 86.2% of EEMS by weight

Coforge0.44%
Taiwan Cement0.35%
Iteq Corp0.35%
Benefit Systems0.30%
Fositek0.27%
Synnex Technology International Co0.27%
Sona Blw Precision Forgings Ltd0.26%
Samsung Securities Ltd0.24%
Micro-Star International0.23%
Genius Electronic Optical Ltd0.23%
Embassy Office Parks Reit Units0.23%
Old Mutual Limited0.23%
Kaori Heat Treatment Ltd0.23%
Glenmark Pharmaceuticals0.22%
Aspen Pharmacare0.22%
Max Financial Services Ltd0.22%
Fibra Mty Sapi Reit0.22%
Corporacion Inmobiliaria Vesta0.21%
Walsin Lihwa0.21%
Radico Khaitan0.20%
Grupa Kety0.20%
Navin Fluorine International Ltd0.20%
Alior Bank SA0.20%
Sigurd Microelectronics Corp0.20%
Growthpoint Prop Ltd Shs0.20%
Ather Energy Ltd0.19%
Ta Chen Stainless Pipe Ltd0.19%
Sino-American Silicon Products0.19%
Kingdee Int L Software Group Ltd0.19%
Visual Photonics Epitaxy0.18%
Topco Scientific Ltd0.18%
Ardentec Corp0.18%
Apar Industries Ltd0.18%
Xtb0.18%
Ipca Laboratories Ltd0.18%
Optima Bank S.a.0.18%
Ptt Global Chemical Non-Voting Dr0.18%
Co-Tech Development Corp0.18%
Syntec Technology Ltd0.18%
Hiwin Technologies Corp0.18%
All Ring Tech0.18%
Orange Polska SA0.18%
Gs Holdings0.17%
Auras Technology Ltd0.17%
Kinik0.17%
Acter Corp Ltd0.17%
Asia Cement Corp0.17%
Parque Arauco SA0.17%
Momentum Group0.17%
Redefine Properties0.16%

Only in XCEM

401 securities, 95.4% of XCEM by weight

Taiwan Semiconductor Manufacturing Co Ltd15.90%
Samsung Electronics Co Ltd8.48%
Sk Hynix Inc3.31%
Mediatek Inc1.78%
Hon Hai Precision Industry Co Ltd1.11%
Ase Technology Holding Co Ltd1.05%
Delta Electronics Inc1.00%
Icici Bank Ltd0.93%
International Holding Co Pjsc0.92%
Hdfc Bank Ltd0.83%
Reliance Industries Ltd0.79%
Vaneck Semiconductor Etf0.73%
Ishares Semiconductor Etf0.69%
Samsung Electro-Mechanics Co Ltd0.68%
Sk Square Co Ltd0.68%
Al Rajhi Bank0.63%
Powszechna Kasa Oszczednosci Bank Polski SA0.63%
Grupo Mexico Sab De Cv0.61%
Kb Financial Group Inc0.60%
Elite Material Co Ltd0.60%
Ctbc Financial Holding Co Ltd0.56%
Bharti Airtel Ltd0.56%
Nan Ya Plastics Corp0.55%
Petroleo Brasileiro SA - Petrobras0.51%
United Microelectronics Corp0.51%
Asia Vital Components Co Ltd0.51%
Shinhan Financial Group Co Ltd0.50%
Itau Unibanco Holding SA0.48%
Unimicron Technology Corp0.47%
Chroma Ate Inc0.45%
Otp Bank Nyrt0.45%
Saudi Arabian Oil Co0.45%
Hana Financial Group Inc0.45%
Novatek Microelectronics Corp0.44%
Firstrand Ltd0.43%
Delta Electronics Thailand Pcl0.43%
Tenaga Nasional Bhd0.42%
Samsung Sdi Co Ltd0.41%
Naspers Ltd0.40%
Hyundai Motor Co0.40%
Vale SA0.39%
Powszechny Zaklad Ubezpieczen SA0.39%
Gold Fields Ltd0.38%
Larsen & Toubro Ltd0.37%
Itausa SA0.37%
Cathay Financial Holding Co Ltd0.36%
Banco Btg Pactual SA0.36%
Celltrion Inc0.35%
Fubon Financial Holding Co Ltd0.35%
Titan Co Ltd0.35%

Weight gaps

All 51 Holdings in both funds, largest gap first.

Holding weights in EEMS and XCEM, widest gap first
Holding	More in EEMSMore in XCEM	EEMS	XCEM
Kinsus Interconnect Technology Cor	EEMS +0.42 points	0.61%	0.19%
Nan Ya Printed Circuit Board Corp	EEMS +0.42 points	0.53%	0.11%
Tripod Technology	EEMS +0.40 points	0.48%	0.08%
United Integrated Services	EEMS +0.38 points	0.38%	<0.01%
Samsung E&A Ltd	EEMS +0.37 points	0.47%	0.10%
Taiwan Union Technology	EEMS +0.37 points	0.62%	0.25%
International Games System Ltd	EEMS +0.36 points	0.36%	<0.01%
Powerchip Semiconductor Manufactur	EEMS +0.33 points	0.49%	0.16%
Wpg Holdings	EEMS +0.29 points	0.34%	0.05%
Win Semiconductors Corp	EEMS +0.27 points	0.41%	0.14%
Macronix International	EEMS +0.26 points	0.37%	0.11%
Land Mark Corp	EEMS +0.25 points	0.39%	0.14%
Auo	EEMS +0.24 points	0.36%	0.12%
Compeq Manufacturing Ltd	EEMS +0.24 points	0.42%	0.18%
Wt Microelectronics	EEMS +0.24 points	0.29%	0.05%
Compal Electronics	EEMS +0.23 points	0.28%	0.05%
Walsin Technology	EEMS +0.22 points	0.22%	<0.01%
Isupetasys Ltd	EEMS +0.21 points	0.22%	<0.01%
Yang Ming Marine Transport	EEMS +0.22 points	0.23%	0.01%
L & K Engineering Ltd	EEMS +0.21 points	0.21%	<0.01%
Ememory Technology Inc	EEMS +0.20 points	0.32%	0.12%
Hlb Ltd	EEMS +0.20 points	0.24%	0.04%
Daeduckelectronics Ltd	EEMS +0.19 points	0.20%	<0.01%
Coway Ltd	EEMS +0.19 points	0.27%	0.08%
Chipbond Technology Corp	EEMS +0.17 points	0.26%	0.09%
Powertech Technology	EEMS +0.17 points	0.35%	0.18%
Silergy	EEMS +0.17 points	0.33%	0.16%
Totvs	EEMS +0.16 points	0.20%	0.04%
Caliway Biopharmaceuticals	EEMS +0.15 points	0.15%	<0.01%
Winway Technology	EEMS +0.14 points	0.24%	0.10%
Mr Price Group Ltd	EEMS +0.14 points	0.17%	0.03%
Jusung Engineering Ltd	EEMS +0.14 points	0.22%	0.08%
Sam Chun Dang Pharm Ltd	EEMS +0.13 points	0.13%	<0.01%
Acer	EEMS +0.13 points	0.16%	0.03%
Innodisk Corp	EEMS +0.13 points	0.18%	0.05%
Taiwan Glass Industry Corp	EEMS +0.12 points	0.12%	<0.01%
Rainbow Robotics	EEMS +0.12 points	0.15%	0.03%
Hanwha Solutions Corp	EEMS +0.11 points	0.14%	0.03%
Lojas Renner	EEMS +0.11 points	0.11%	0.00%
Ap Memory Technology	EEMS +0.11 points	0.19%	0.08%
Catcher Technology	EEMS +0.10 points	0.17%	0.07%
Adata Technology Ltd	EEMS +0.10 points	0.21%	0.11%
Leeno Industrial Inc	XCEM +0.09 points	0.15%	0.24%
Exxaro Resources	EEMS +0.08 points	0.17%	0.09%
Liga Chem Bio Inc	EEMS +0.08 points	0.08%	<0.01%
Taiwan Business Bank Ltd	EEMS +0.07 points	0.26%	0.19%
Abl Bio Inc	EEMS +0.07 points	0.07%	<0.01%
Peptron Inc	EEMS +0.07 points	0.10%	0.03%
Universal Microwave Technology Inc	EEMS +0.06 points	0.15%	0.09%
Ls	EEMS +0.06 points	0.17%	0.11%
Db Hitek Ltd	EEMS +0.01 points	0.13%	0.12%

All 1,691 EEMS 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.

EEMS vs XCEM Cost

Overpaying EEMS vs XCEM

$10,615

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

EEMS 0.72%
$13,957
XCEM 0.16%
$3,342

Amount$10,000

Years30 years

Cost over time

EEMS 0.72%
XCEM 0.16%
Overpaying

Year by year

Year	EEMS	XCEM	Overpaying
10	$1,284	$292	$992
20	$4,888	$1,141	$3,747
30	$13,957	$3,342	$10,615

Expense ratio

0.72%EEMS
0.16%XCEM, cheaper

XCEM0.16%EEMS0.72%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

XCEM 3rd cheapest of 20 funds

EEMS 16th cheapest of 20 funds

EEMS vs XCEM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EEMS 3.11%, better; XCEM 2.68%
Payout (12M): EEMS $2.14; XCEM $1.25
Last payment: EEMS $0.48; XCEM $1.25
Ex-dividend: EEMS Jun 15, 2026; XCEM Dec 18, 2025
Paid on: EEMS Jun 18, 2026; XCEM Dec 26, 2025
Frequency: EEMS Twice a year; XCEM Annual

Distribution history

Per share, 2017 to 2026, same scale for both

EEMSTwice a year · 21 paymentsAll EEMS payments⁠

XCEMAnnual · 9 paymentsAll XCEM payments⁠

EEMS vs XCEM Risk

Fall from peak · 5 years

EEMS
XCEM

Risk facts

VolatilityStd dev, 3 years: EEMS 15.8%, betterXCEM 20.0%
Return per unit of riskSharpe ratio, 3 years: EEMS 0.57XCEM 0.95, better
Worst fallMax drawdown, 5 years: EEMS −27.0%, betterXCEM −29.5%
Market sensitivityBeta, 5 years: EEMS 0.89XCEM 1.27; Market = 1

EEMS 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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EEMS vs XCEM

In short

Stated mandate

Why people hold it

Worth knowing

How EEMS and XCEM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in EEMS

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 EEMS and XCEM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in EEMS

Only in XCEM

Weight gaps