EEMS vs XSOE: Grades, Fees and Holdings Compared

iShares MSCI Emerging Markets Small-Cap ETF

EEMSBNYSE Arca

WisdomTree Emerging Markets ex-State-Owned Enterprises Fund

XSOEANYSE Arca

Overlap

5.0%by weight

Expense ratio

XSOE −0.40pt a year

EEMS0.72%XSOE0.32%

Avg volume · 30D

XSOE 2.0×the volume

EEMS49.3KXSOE97K

10Y return · a year

XSOE +0.5pt

EEMS+7.4%XSOE+7.9%

EEMS vs XSOE Performance

Oct 29, 2021 – Oct 30, 2026

+28.2%EEMS+22.0%XSOE

Expense ratio: EEMS 0.72%; XSOE 0.32%, better
Fund size: EEMS $351M; XSOE $1.91B
1Y total return: EEMS +3.0%; XSOE +10.5%, better
Yield (12M): EEMS 3.11%, better; XSOE 1.82%
Holdings: EEMS 1707; XSOE 866
Avg volume (30D): EEMS 49.3K sh; XSOE 97K sh, better
NAV per share: EEMS $68.81; XSOE $43.15
52W range

ETF.net Grade

Pillar letters and Scores for EEMS, XSOE, with each pillar’s weight
Pillar	EEMS	XSOE
Cost30% weight	F21	A71Higher
Mission25% weight	A96	A100Higher
Risk15% weight	C49Higher	C48
Tradability15% weight	A81Higher	C53
Holdings10% weight	A86Higher	B59
Durability5% weight	A79	A81Higher

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. EEMS and XSOE 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 ›

XSOE ranks 4th 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 4AXSOEWisdomTree Emerging Markets ex-State-Owned Enterprises FundScore 71
Rank 5BEEMAiShares MSCI Emerging Markets Asia ETFScore 68
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

XSOEAWisdomTree Emerging Markets ex-State-Owned Enterprises Fund

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.

XSOE One screen, applied hard: if a government owns more than 20% of a company, XSOE leaves it out. What is left is emerging markets minus the state champions, with country weights pushed back toward the standard EM mix.

Stated mandate

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

XSOE The fund seeks to track the investment results of emerging-market companies that are not state-owned enterprises, defined as companies with no more than 20% government ownership.

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.

XSOE The 20% government-ownership cutoff is an index rule, not a manager's judgment call, and the fund has run on it since its 2014 launch.wisdomtree.com
0.32% a year, under the typical fund in its emerging-markets peer group, for a screen most broad EM funds never apply.
After the state-owned names come out, the index pushes country weights back toward where they started, so it stays a filtered EM portfolio rather than a country bet.wisdomtree.com
A multi-billion-dollar fund spread across roughly 800 stocks, and it has tracked its index closely.

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.

XSOE Cheaper broad EM shelf-mates exist (BKEM at 0.11%, XCEM at 0.16%). The screen is what you are paying the difference for.
Government stakes cluster in banks and energy in EM, so removing them shifts the sector mix toward private-sector names. Expect it to behave differently from a plain EM index.wisdomtree.com
No country is excluded, so China stays in the mix, unlike ex-China peers VEXC and XCEM. It also sits among the more volatile funds in its peer group.

Full EEMS profile⁠

Full XSOE profile⁠

EEMS vs XSOE Holdings

How EEMS and XSOE differ

Overlap by weight

5.0%

Shared holdings make up 26.6% of EEMS and 5.1% of XSOE.

Level by level

Holdings178 in both5.0%
Sector11 Sectors75.4%
Countryby domicile80.9%
Asset classEquity100%

Sector

Sector weights in EEMS and XSOE, widest gap first
Sector	More in EEMSMore in XSOE	EEMS	XSOE
Technology	XSOE +17.2 points	25.8%	43.0%
Industrials	EEMS +9.9 points	18.1%	8.2%
Real Estate	EEMS +4.5 points	5.5%	1.0%
Financials	XSOE +4.1 points	10.6%	14.7%
Health Care	EEMS +3.8 points	8.3%	4.5%
Materials	EEMS +3.7 points	8.9%	5.2%
Communication	XSOE +2.5 points	3.0%	5.5%
Utilities	EEMS +1.6 points	2.7%	1.1%
Consumer Staples	EEMS +0.9 points	4.8%	3.9%
Consumer Discretionary	XSOE +0.8 points	10.3%	11.1%
Energy	EEMS +0.3 points	2.0%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in EEMS and XSOE, widest gap first
Country	More in EEMSMore in XSOE	EEMS	XSOE
South Korea	XSOE +8.6 points	15.0%	23.6%
India	EEMS +8.4 points	22.6%	14.2%
China	XSOE +7.4 points	9.2%	16.6%
South Africa	EEMS +5.8 points	9.8%	4.0%
Malaysia	EEMS +1.9 points	3.0%	1.1%
Thailand	EEMS +1.7 points	2.9%	1.2%
United States	XSOE +0.8 points	0.0%	0.8%
Hong Kong	XSOE +0.7 points	0.0%	0.7%
Other countries (11)	XSOE +0.3 points	37.5%	37.8%

Outside the US: EEMS 0% developed, 100% emerging. XSOE 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

EEMS5.1%
XSOE37.1%

Securities held

EEMS1,685
XSOE842

Asset class

EEMS: Equity
XSOE: Equity

Holdings

Only in EEMS1,507
In both178
Only in XSOE664

Only in EEMS

1,507 securities, 73.0% of EEMS by weight

Taiwan Union Technology0.62%
Win Semiconductors Corp0.41%
Land Mark Corp0.39%
International Games System Ltd0.36%
Ememory Technology Inc0.32%
Taiwan Business Bank Ltd0.26%
Chipbond Technology Corp0.26%
Sona Blw Precision Forgings Ltd0.26%
Hlb Ltd0.24%
Embassy Office Parks Reit Units0.23%
Yang Ming Marine Transport0.23%
Glenmark Pharmaceuticals0.22%
Aspen Pharmacare0.22%
Max Financial Services Ltd0.22%
Fibra Mty Sapi Reit0.22%
Adata Technology Ltd0.21%
Radico Khaitan0.20%
Navin Fluorine International Ltd0.20%
Growthpoint Prop Ltd Shs0.20%
Sino-American Silicon Products0.19%
Topco Scientific Ltd0.18%
Ardentec Corp0.18%
Apar Industries Ltd0.18%
Ipca Laboratories Ltd0.18%
Optima Bank S.a.0.18%
Ptt Global Chemical Non-Voting Dr0.18%
Co-Tech Development Corp0.18%
Innodisk Corp0.18%
All Ring Tech0.18%
Orange Polska SA0.18%
Auras Technology Ltd0.17%
Acter Corp Ltd0.17%
Asia Cement Corp0.17%
Parque Arauco SA0.17%
Redefine Properties0.16%
Qatar Navigation0.16%
Kei Industries Ltd0.16%
Taichung Commercial Bank0.16%
Xintec Inc0.16%
Magyar Telekom0.16%
Universal Microwave Technology Inc0.15%
Bnk Financial Group Inc0.15%
Delhivery0.15%
Tauron Polska Energia0.15%
Simplo Technology0.15%
Biocon0.15%
Vukile Property Reit0.14%
China Everbright Environment Group0.14%
Welspun Corp Ltd0.14%
Companhia De Saneamento De Minas G0.14%

Only in XSOE

664 securities, 95.8% of XSOE by weight

Taiwan Semiconductor Manufacturing Co Ltd14.18%
Samsung Electronics Co Ltd7.31%
SK Hynix Inc6.50%
Tencent Holdings Ltd2.27%
MediaTek Inc1.75%
Alibaba Group Holding Ltd1.72%
Al Rajhi Bank1.11%
Hon Hai Precision Industry Co0.76%
Hdfc Bank Limited0.76%
SK Square Co Ltd0.72%
MercadoLibre Inc0.71%
Reliance Industries Ltd0.70%
Delta Electronics Inc0.69%
Bharti Airtel Ltd0.63%
ICICI Bank Ltd0.62%
Kuwaiti Dinar0.60%
ASE Technology Holding Co Ltd0.60%
Contemporary Amperex Techn-A0.50%
Samsung Electro-Mechanics Co L0.47%
Kookmin Bank0.41%
PDD Holdings Inc.0.40%
Zhongji Innolight Co Ltd-A0.40%
National Bank of Kuwait0.40%
CTBC Financial Holding Co Ltd0.40%
Ping An Insurance Group Co of China0.39%
Fubon Financial Holding Co Ltd0.38%
United Microelectronics Corp0.38%
Nan Ya Plastics Corp0.38%
Unimicron Technology Corp0.37%
Elite Material Co Ltd0.36%
Capitec Bank Holdings Ltd0.35%
Xiaomi Corp-Class B0.34%
FirstRand Ltd0.34%
Standard Bank Group Ltd0.33%
Grupo Mexico SAB de CV0.33%
Midea Group Co Ltd0.32%
Delta Electronics Thailand PCL - NVDR0.32%
Meituan - Class B0.32%
Axis Bank Ltd0.32%
Shinhan Financial Group Ltd0.32%
Cathay Financial Holding Co Ltd0.31%
Yuanta Financial Holding Co Ltd0.30%
Netease Inc0.30%
Mahindra & Mahindra Ltd0.30%
Taishin Financial Holding Co Ltd0.29%
OTP Bank PLC0.29%
MTN Group Ltd0.28%
Infosys Ltd ADR0.28%
Asia Vital Components Co Ltd0.27%
Wuxi Apptec Co Ltd-A0.27%

Weight gaps

The 100 widest of 178 Holdings in both funds.

Holding weights in EEMS and XSOE, widest gap first
Holding	More in EEMSMore in XSOE	EEMS	XSOE
Kinsus Interconnect Technology Cor	EEMS +0.54 points	0.61%	0.07%
Nan Ya Printed Circuit Board Corp	EEMS +0.46 points	0.53%	0.07%
Powerchip Semiconductor Manufactur	EEMS +0.42 points	0.49%	0.07%
Tripod Technology	EEMS +0.41 points	0.48%	0.07%
Samsung E&A Ltd	EEMS +0.40 points	0.47%	0.07%
Coforge	EEMS +0.36 points	0.44%	0.08%
Compeq Manufacturing Ltd	EEMS +0.36 points	0.42%	0.06%
Taiwan Cement	EEMS +0.33 points	0.35%	0.02%
Iteq Corp	EEMS +0.32 points	0.35%	0.03%
Macronix International	EEMS +0.32 points	0.37%	0.05%
United Integrated Services	EEMS +0.31 points	0.38%	0.07%
Auo	EEMS +0.31 points	0.36%	0.05%
Powertech Technology	EEMS +0.30 points	0.35%	0.05%
Silergy	EEMS +0.29 points	0.33%	0.04%
Wpg Holdings	EEMS +0.29 points	0.34%	0.05%
Benefit Systems	EEMS +0.25 points	0.30%	0.05%
Wt Microelectronics	EEMS +0.25 points	0.29%	0.04%
Compal Electronics	EEMS +0.24 points	0.28%	0.04%
Fositek	EEMS +0.23 points	0.27%	0.04%
Synnex Technology International Co	EEMS +0.22 points	0.27%	0.05%
Coway Ltd	EEMS +0.22 points	0.27%	0.05%
Genius Electronic Optical Ltd	EEMS +0.21 points	0.23%	0.02%
Samsung Securities Ltd	EEMS +0.21 points	0.24%	0.03%
Walsin Technology	EEMS +0.20 points	0.22%	0.02%
Winway Technology	EEMS +0.20 points	0.24%	0.04%
Kaori Heat Treatment Ltd	EEMS +0.20 points	0.23%	0.03%
Jusung Engineering Ltd	EEMS +0.19 points	0.22%	0.03%
Isupetasys Ltd	EEMS +0.19 points	0.22%	0.03%
Micro-Star International	EEMS +0.18 points	0.23%	0.05%
Old Mutual Limited	EEMS +0.18 points	0.23%	0.05%
Daeduckelectronics Ltd	EEMS +0.18 points	0.20%	0.02%
Sigurd Microelectronics Corp	EEMS +0.18 points	0.20%	0.02%
L & K Engineering Ltd	EEMS +0.17 points	0.21%	0.04%
Walsin Lihwa	EEMS +0.17 points	0.21%	0.04%
Ather Energy Ltd	EEMS +0.16 points	0.19%	0.03%
Visual Photonics Epitaxy	EEMS +0.16 points	0.18%	0.02%
Totvs	EEMS +0.16 points	0.20%	0.04%
Ta Chen Stainless Pipe Ltd	EEMS +0.16 points	0.19%	0.03%
Ap Memory Technology	EEMS +0.16 points	0.19%	0.03%
Alior Bank SA	EEMS +0.16 points	0.20%	0.04%
Kingdee Int L Software Group Ltd	EEMS +0.16 points	0.19%	0.03%
Corporacion Inmobiliaria Vesta	EEMS +0.16 points	0.21%	0.05%
Catcher Technology	EEMS +0.15 points	0.17%	0.02%
Mr Price Group Ltd	EEMS +0.15 points	0.17%	0.02%
Grupa Kety	EEMS +0.15 points	0.20%	0.05%
Syntec Technology Ltd	EEMS +0.15 points	0.18%	0.03%
Kinik	EEMS +0.14 points	0.17%	0.03%
Teco Electric & Machinery	EEMS +0.14 points	0.15%	0.01%
Gs Holdings	EEMS +0.13 points	0.17%	0.04%
Nien Made Enterprise	EEMS +0.14 points	0.14%	<0.01%
Xtb	EEMS +0.14 points	0.18%	0.04%
Hiwin Technologies Corp	EEMS +0.14 points	0.18%	0.04%
Exxaro Resources	EEMS +0.13 points	0.17%	0.04%
Kiwoom Securities	EEMS +0.14 points	0.16%	0.02%
Far Eastern New Century Corp	EEMS +0.13 points	0.16%	0.03%
Zai Lab Ltd	EEMS +0.13 points	0.15%	0.02%
Wistron Neweb	EEMS +0.13 points	0.15%	0.02%
Acer	EEMS +0.13 points	0.16%	0.03%
Elite Semiconductor Microelectroni	EEMS +0.13 points	0.15%	0.02%
Mitac Holdings Corp	EEMS +0.13 points	0.15%	0.02%
Ls	EEMS +0.13 points	0.17%	0.04%
Caliway Biopharmaceuticals	EEMS +0.13 points	0.15%	0.02%
Eo Technics Ltd	EEMS +0.12 points	0.15%	0.03%
Hanwha Solutions Corp	EEMS +0.12 points	0.14%	0.02%
Leeno Industrial Inc	EEMS +0.13 points	0.15%	0.02%
Rainbow Robotics	EEMS +0.12 points	0.15%	0.03%
Tiger Brands	EEMS +0.12 points	0.15%	0.03%
360 One Wam Ltd	EEMS +0.12 points	0.15%	0.03%
Atour Lifestyle Holdings AmericanATAT	EEMS +0.12 points	0.14%	0.02%
Eclat Textile	EEMS +0.11 points	0.13%	0.02%
Minth Group	EEMS +0.11 points	0.13%	0.02%
Wonik Ips Ltd	EEMS +0.11 points	0.13%	0.02%
Simmtech	EEMS +0.11 points	0.13%	0.02%
Sam Chun Dang Pharm Ltd	EEMS +0.11 points	0.13%	0.02%
Ezconn Corp	EEMS +0.11 points	0.13%	0.02%
Hpsp Ltd	EEMS +0.11 points	0.13%	0.02%
Db Hitek Ltd	EEMS +0.11 points	0.13%	0.02%
Hanjin Kal	EEMS +0.10 points	0.13%	0.03%
Robotis Ltd	EEMS +0.11 points	0.13%	0.02%
Keymed Biosciences	EEMS +0.10 points	0.12%	0.02%
L&F Ltd	EEMS +0.11 points	0.12%	0.01%
Uno Minda Ltd	EEMS +0.11 points	0.13%	0.02%
Nc	EEMS +0.11 points	0.13%	0.02%
Banco Del Bajio Institucion De Ban	EEMS +0.10 points	0.13%	0.03%
Sendas Distribuidora	EEMS +0.11 points	0.13%	0.02%
China Ruyi Holdings	EEMS +0.10 points	0.12%	0.02%
Momentum Group	EEMS +0.10 points	0.17%	0.07%
Taiwan Glass Industry Corp	EEMS +0.10 points	0.12%	0.02%
Voltronic Power Technology Corp	EEMS +0.09 points	0.11%	0.02%
Hanmi Pharm Ltd	EEMS +0.09 points	0.12%	0.03%
Sanil Electric Ltd	EEMS +0.09 points	0.11%	0.02%
Pou Chen	EEMS +0.09 points	0.11%	0.02%
Chung-Hsin Electric & Machinery Mf	EEMS +0.10 points	0.13%	0.03%
Hd Hyundai Marine Solution Ltd	EEMS +0.10 points	0.11%	0.01%
Lojas Renner	EEMS +0.10 points	0.11%	0.01%
Gcl Technology Holdings	EEMS +0.10 points	0.11%	0.01%
Hd Construction Equipment Ltd	EEMS +0.10 points	0.12%	0.02%
Daewoo Engineering & Construction	EEMS +0.09 points	0.11%	0.02%
Lg Display Ltd	EEMS +0.09 points	0.11%	0.02%
Oci Holdings Company Ltd	EEMS +0.09 points	0.11%	0.02%

All 1,691 EEMS holdings⁠All 770 XSOE 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 XSOE Cost

Overpaying EEMS vs XSOE

$7,415

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

EEMS 0.72%
$13,957
XSOE 0.32%
$6,542

Amount$10,000

Years30 years

Cost over time

EEMS 0.72%
XSOE 0.32%
Overpaying

Year by year

Year	EEMS	XSOE	Overpaying
10	$1,284	$580	$704
20	$4,888	$2,250	$2,638
30	$13,957	$6,542	$7,415

Expense ratio

0.72%EEMS
0.32%XSOE, cheaper

XSOE0.32%EEMS0.72%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

XSOE 6th cheapest of 20 funds

EEMS 16th cheapest of 20 funds

EEMS vs XSOE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EEMS 3.11%, better; XSOE 1.82%
Payout (12M): EEMS $2.14; XSOE $0.78
Last payment: EEMS $0.48; XSOE $0.22
Ex-dividend: EEMS Jun 15, 2026; XSOE Sep 25, 2026
Paid on: EEMS Jun 18, 2026; XSOE Sep 29, 2026
Frequency: EEMS Twice a year; XSOE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EEMSTwice a year · 21 paymentsAll EEMS payments⁠

XSOEQuarterly · 33 paymentsAll XSOE payments⁠

EEMS vs XSOE Risk

Fall from peak · 5 years

EEMS
XSOE

Risk facts

VolatilityStd dev, 3 years: EEMS 15.8%, betterXSOE 17.0%
Return per unit of riskSharpe ratio, 3 years: EEMS 0.57XSOE 0.90, better
Worst fallMax drawdown, 5 years: EEMS −27.0%, betterXSOE −37.2%
Market sensitivityBeta, 5 years: EEMS 0.89XSOE 1.18; Market = 1

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