SCHE vs XCNY: Grades, Fees and Holdings Compared

Schwab Emerging Markets Equity ETF

SCHEANYSE Arca

State Street SPDR S&P Emerging Markets ex-China ETF

XCNYCNasdaq

Overlap

42.3%by weight

Expense ratio

SCHE −0.13pt a year

SCHE0.06%XCNY0.19%

Avg volume · 30D

SCHE 5732.7×the volume

SCHE3.11MXCNY543

SCHE vs XCNY Performance

Oct 31, 2025 – Oct 30, 2026

+3.8%SCHE+14.0%XCNY

Expense ratio: SCHE 0.06%, better; XCNY 0.19%
Fund size: SCHE $12.1B; XCNY $10M
1Y total return: SCHE +3.8%; XCNY +14.0%, better
Yield (12M): SCHE 2.79%, better; XCNY 2.38%
Holdings: SCHE 2224; XCNY 1195
Avg volume (30D): SCHE 3.11M sh, better; XCNY 543 sh
NAV per share: SCHE $34.30; XCNY $32.08
52W range

ETF.net Grade

Pillar letters and Scores for SCHE, XCNY, with each pillar’s weight
Pillar	SCHE	XCNY
Cost30% weight	A80Higher	D37
Mission25% weight	A100	A100
Risk15% weight	C50	B55Higher
Tradability15% weight	B61Higher	F12
Holdings10% weight	D37	C51Higher
Durability5% weight	B55Higher	F24

Rank among Emerging Markets Total Market funds

How we build Categories ›

Same Category. SCHE and XCNY are both graded against the same 5 Emerging Markets Total Market funds, so their Grades compare head to head.

Emerging Markets Total Market⁠

Category · 5 funds

See all 5 ›

SCHE ranks 2nd and XCNY 4th of 5 funds in the Emerging Markets Total Market Category.

Rank 1AVWOVanguard FTSE Emerging Markets ETFScore 78
Rank 2ASCHESchwab Emerging Markets Equity ETFScore 71
Rank 3BSPEMState Street SPDR Portfolio Emerging Markets ETFScore 69
Rank 4CXCNYState Street SPDR S&P Emerging Markets ex-China ETFScore 52
Rank 5CDFAEDimensional Emerging Core Equity Market ETFScore 47

Our read on each fund

ETF.net Research

SCHEASchwab Emerging Markets Equity ETF

XCNYCState Street SPDR S&P Emerging Markets ex-China ETF

In short

SCHE Emerging markets for six basis points. Schwab's tracker spreads roughly 2,200 stocks across FTSE's emerging universe at well under the typical fee in its group, and it has been running the same play since 2010.

XCNY Emerging markets with China removed, and unusually, small caps left in. XCNY tracks an S&P broad-market index of roughly 1,200 large, mid and small-cap companies across emerging economies, none of them China-domiciled.

Stated mandate

SCHE The fund seeks to track the total return of the FTSE Emerging Index, before fees and expenses.

XCNY The fund seeks to provide investment results that correspond to the price and yield performance of the S&P Emerging Ex-China BMI.

Why people hold it

SCHE Costs 0.06% a year, under a third of the 0.19% peer median. That matches the cheapest fund in the cohort (VWO) and undercuts SPEM.
Hugs its benchmark: index replication here is among the tightest in the emerging-markets group, which is the whole job of a tracker.
Roughly 2,200 stocks drawn from FTSE's advanced and secondary emerging segments. Broad coverage of the asset class in one ticket.sec.gov
Trading since 2010 and now a multi-billion-dollar fund that changes hands actively, so it is not a thin, hard-to-exit corner of the market.

XCNY The index reaches down to small caps, roughly 1,200 names. Most ex-China rivals track MSCI indexes that stop at large and mid caps, about 85% of each country's float.ssga.com msci.com
It does exactly what the label says: a market-cap-weighted S&P index of emerging market companies, with China-domiciled companies excluded by rule, not by manager discretion.ssga.com
At 0.19%, the fee sits right at the median for broad emerging-market funds, and you get State Street's indexing desk behind it.

Worth knowing

SCHE Emerging-market equity brings currency swings and country-level policy risk on top of normal stock volatility. Expect a bumpier ride than a developed-market core fund.
FTSE classifies countries its own way (advanced and secondary emerging segments), so the country lineup differs from MSCI-based emerging-markets funds.sec.gov
Distributions land annually or semiannually, not monthly, so income arrives in lumps.

XCNY You pay up for the China screen. Sister fund SPEM charges 0.07% and VWO 0.06% for emerging markets with China left in.
One of the thinner-traded funds in its category. Wide-ish spreads are part of the deal, and the asset base is small for a fund this broad.
Launched in September 2024, so the tracking and trading record is still short compared with the decades-old EM funds it sits beside.

Full SCHE profile⁠

Full XCNY profile⁠

SCHE vs XCNY Holdings

How SCHE and XCNY differ

Overlap by weight

42.3%

Shared holdings make up 53.6% of XCNY and 43.3% of SCHE.

Level by level

Holdings291 in both42.3%
Countryby domicile72.0%
Sector11 Sectors91.6%
Asset classEquity100%

Sector

Sector weights in SCHE and XCNY, widest gap first
Sector	More in SCHEMore in XCNY	SCHE	XCNY
Technology	XCNY +4.7 points	34.7%	39.4%
Consumer Discretionary	SCHE +4.0 points	9.0%	5.0%
Communication	SCHE +3.4 points	6.9%	3.5%
Materials	XCNY +1.2 points	7.1%	8.3%
Financials	XCNY +1.2 points	20.6%	21.8%
Health Care	SCHE +0.8 points	3.7%	2.9%
Consumer Staples	XCNY +0.4 points	3.1%	3.5%
Utilities	XCNY +0.3 points	2.6%	2.9%
Real Estate	XCNY +0.4 points	1.6%	2.0%
Energy	SCHE +0.1 points	4.3%	4.2%
Industrials	XCNY +0.1 points	6.3%	6.4%

Country, concentration and asset class

Country by domicile

Country weights in SCHE and XCNY, widest gap first
Country	More in SCHEMore in XCNY	SCHE	XCNY
China	SCHE +26.9 points	26.9%	0.0%
Taiwan	XCNY +11.7 points	37.3%	49.0%
India	XCNY +6.9 points	16.9%	23.8%
Poland	XCNY +2.0 points	0.0%	2.0%
South Africa	XCNY +1.8 points	4.7%	6.5%
Brazil	XCNY +1.4 points	4.7%	6.1%
Malaysia	XCNY +0.9 points	1.7%	2.6%
Mexico	XCNY +0.8 points	2.4%	3.2%
Other countries (11)	XCNY +1.3 points	5.4%	6.7%

Outside the US: SCHE 1% developed, 99% emerging. XCNY 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

SCHE30.1%
XCNY30.0%

Securities held

SCHE2,205
XCNY1,174

Asset class

SCHE: Equity
XCNY: Equity

Holdings

Only in SCHE1,914
In both291
Only in XCNY883

Only in SCHE

1,914 securities, 56.6% of SCHE by weight

Tencent Holdings2.95%
Alibaba Group Holding2.28%
China Construction Bank Corp H1.12%
Ssc Government Mm Gvmxx0.82%
Hdfc Bank0.81%
Industrial and Commercial Bank of0.78%
Icici Bank0.76%
Bharti Airtel Ltd0.63%
Pdd Holdings Ads0.60%
Xiaomi0.55%
Bank of China Ltd H0.52%
Meituan0.48%
Al Rajhi Bank0.46%
Anglogold Ashanti PLC0.43%
Infosys0.42%
Saudi Arabian Oil0.40%
Netease0.39%
Ping An Insurance (Group) Co of Ch0.38%
Grupo Mexico B0.35%
Byd H0.32%
Gold Fields0.31%
Naspers Limited Class N0.31%
Jd.com Class A0.30%
Otp Bank0.29%
Axis Bank0.29%
Firstrand Ltd0.29%
Kuwait Finance House0.29%
Gpo Finance Banorte0.28%
Mahindra and Mahindra Ltd0.28%
The Saudi National Bank0.28%
Petrochina H0.26%
Bajaj Finance Ltd0.26%
Kotak Mahindra Bank Ltd0.26%
China Merchants Bank H0.25%
Capitec Shs0.25%
Standard Bank Group0.24%
National Bank of Kuwait0.23%
Beone Medicines AG0.23%
China Life Insurance Ltd H0.22%
Trip.com Group0.22%
First Abu Dhabi Bank0.22%
Fomento Economico Mexicano Ubd Uni0.21%
Wuxi Biologics Cayman0.21%
Zijin Mining Group Ltd H0.21%
Saudi Arabian Mining0.21%
Saudi Telecom0.20%
Baidu0.20%
Mtn Group0.20%
Qatar National Bank0.20%
Sun Pharmaceutical Industries0.19%

Only in XCNY

883 securities, 46.1% of XCNY by weight

Hdfc Bank Limited0.92%
Icici Bank Ltd0.86%
Bharti Airtel Ltd0.64%
Al Rajhi Bank0.55%
Credicorp Ltd0.51%
Infosys Ltd0.49%
Nu Holdings Ltd/Cayman Isl A0.47%
Saudi Arabian Oil Co0.45%
Grupo Mexico Sab De Cv Ser B0.45%
Naspers Ltd N Shs0.43%
Gold Fields Ltd0.37%
Delta Electronics Thai Nvdr0.35%
Otp Bank PLC0.34%
Firstrand Ltd0.34%
Axis Bank Ltd0.34%
Grupo Financiero Banorte O0.33%
The Saudi National Bank0.33%
Mahindra & Mahindra Ltd0.33%
Kuwait Finance House0.32%
Bajaj Finance Ltd0.30%
Pko Bank Polski SA0.30%
Kotak Mahindra Bank Ltd0.30%
Capitec Limited0.30%
National Bank of Kuwait0.29%
Standard Bank Group Ltd0.29%
America Movil Sab De C Ser B0.28%
First Abu Dhabi Bank Pjsc0.26%
Titan Co Ltd0.24%
Mtn Group Ltd0.23%
Emirates Telecom Group Co0.23%
Qatar National Bank0.23%
Saudi Telecom Co0.23%
Fomento Economico Mexica Ubd0.22%
Saudi Arabian Mining Co0.22%
Sun Pharmaceutical Indus0.21%
Southern Copper Corp0.21%
Public Bank Berhad0.20%
Malayan Banking Bhd0.20%
Orlen SA0.20%
Cemex Sab Cpo0.19%
Hindustan Unilever Ltd0.19%
Bharat Electronics Ltd0.19%
Maruti Suzuki India Ltd0.18%
Elite Semiconductor Microele0.18%
Bajel Projects Ltd0.18%
Hcl Technologies Ltd0.18%
Sai Life Sciences Ltd0.17%
Laurus Labs Ltd0.17%
Akums Drugs & Pharmaceutical0.17%
Abu Dhabi Commercial Bank0.16%

Weight gaps

The 100 widest of 291 Holdings in both funds.

Holding weights in SCHE and XCNY, widest gap first
Holding	More in SCHEMore in XCNY	SCHE	XCNY
Taiwan Semiconductor Manufacturing	XCNY +2.23 points	17.71%	19.94%
Mediatek	XCNY +0.74 points	1.79%	2.53%
Ase Technology Holding	XCNY +0.41 points	0.68%	1.09%
Delta Electronics	XCNY +0.40 points	0.86%	1.26%
Accton Technology	XCNY +0.30 points	0.26%	0.56%
Tripod Technology	XCNY +0.27 points	0.07%	0.34%
Unimicron Technology	XCNY +0.26 points	0.41%	0.67%
Zhen Ding Technology Holding Ltd	XCNY +0.20 points	0.13%	0.33%
Hon Hai Precision Industry	XCNY +0.20 points	0.91%	1.11%
Gigabyte Technology Ltd	XCNY +0.17 points	0.05%	0.22%
Ctbc Financial Holding	XCNY +0.15 points	0.40%	0.55%
Reliance Industries Ltd	XCNY +0.14 points	0.81%	0.95%
Realtek Semiconductor	XCNY +0.13 points	0.12%	0.25%
Nan Ya Plastics Corp	XCNY +0.14 points	0.46%	0.60%
Eternal	XCNY +0.13 points	0.16%	0.29%
Advantech	XCNY +0.12 points	0.09%	0.21%
Global Unichip	SCHE +0.12 points	0.18%	0.06%
Nanya Technology Corp	XCNY +0.11 points	0.19%	0.30%
Wiwynn Corporation	SCHE +0.12 points	0.18%	0.06%
Powertech Technology	XCNY +0.11 points	0.06%	0.17%
Yuanta Financial Holding	XCNY +0.11 points	0.26%	0.37%
Asustek Computer Inc	XCNY +0.11 points	0.19%	0.30%
United Micro Electronics Corp	XCNY +0.11 points	0.41%	0.52%
Lite On Technology	XCNY +0.09 points	0.15%	0.24%
Ts Financial Holding	XCNY +0.09 points	0.30%	0.39%
Chroma Ate	SCHE +0.09 points	0.22%	0.13%
Emirates Nbd	XCNY +0.09 points	0.15%	0.24%
King Yuan Electronics	XCNY +0.09 points	0.09%	0.18%
Gulf Development Non-Voting Dr Pcl	XCNY +0.09 points	0.07%	0.16%
Novatek Microelectronics	XCNY +0.09 points	0.10%	0.19%
Wt Microelectronics	XCNY +0.09 points	0.05%	0.14%
Fubon Financial Holding	XCNY +0.08 points	0.41%	0.49%
Sinopac Financial Holdings	XCNY +0.09 points	0.18%	0.27%
Asia Vital Components	SCHE +0.08 points	0.30%	0.22%
Petroleo Brasileiro SA	XCNY +0.08 points	0.40%	0.48%
Largan Precision Ltd	SCHE +0.07 points	0.16%	0.09%
Jentech Precision Industrial Ltd	SCHE +0.08 points	0.17%	0.09%
Micro-Star International	XCNY +0.07 points	0.03%	0.10%
E.sun Financial Holding	XCNY +0.07 points	0.24%	0.31%
Chunghwa Telecom Ltd	XCNY +0.07 points	0.18%	0.25%
Cathay Financial Holding	XCNY +0.07 points	0.34%	0.41%
Compeq Manufacturing Ltd	XCNY +0.07 points	0.07%	0.14%
Kgi Financial Holding	XCNY +0.07 points	0.18%	0.25%
Pharmaessentia	SCHE +0.07 points	0.12%	0.05%
Elite Material	SCHE +0.06 points	0.44%	0.38%
Multi Commodity Exchange of India	XCNY +0.06 points	0.04%	0.10%
Itau Unibanco Holding Pref SA	XCNY +0.06 points	0.39%	0.45%
Hua Nan Financial Holdings	XCNY +0.06 points	0.14%	0.20%
Inventec	XCNY +0.06 points	0.04%	0.10%
Quanta Computer	XCNY +0.05 points	0.25%	0.30%
Airtac International Group	XCNY +0.05 points	0.05%	0.10%
Formosa Plastics Corp	XCNY +0.05 points	0.09%	0.14%
Mega Financial Holding Ltd	XCNY +0.05 points	0.19%	0.24%
Yageo	SCHE +0.05 points	0.26%	0.21%
Vale	XCNY +0.05 points	0.39%	0.44%
Bizlink Holding Inc	SCHE +0.05 points	0.09%	0.04%
Lloyds Metals and Energy Ltd	XCNY +0.05 points	0.02%	0.07%
Chicony Electronics Ltd	XCNY +0.04 points	0.02%	0.06%
Bco Btg Pactual Unt SA	XCNY +0.04 points	0.12%	0.16%
Eneva	XCNY +0.05 points	0.04%	0.09%
Formosa Chemicals & Fibre Corp	XCNY +0.04 points	0.08%	0.12%
B3 Brasil Bolsa Balcao SA	XCNY +0.04 points	0.13%	0.17%
Larsen and Toubro Ltd	XCNY +0.05 points	0.26%	0.31%
CezCEZ	XCNY +0.04 points	0.09%	0.13%
Shanghai Commercial	XCNY +0.05 points	0.06%	0.11%
Companhia De Saneamento Basico De	XCNY +0.04 points	0.11%	0.15%
Bank Central Asia	XCNY +0.04 points	0.13%	0.17%
Honprecision Inc	SCHE +0.04 points	0.09%	0.05%
Silergy	XCNY +0.04 points	0.05%	0.09%
Macronix International	XCNY +0.04 points	0.06%	0.10%
Pegatron	XCNY +0.04 points	0.06%	0.10%
Catcher Technology	XCNY +0.03 points	0.03%	0.06%
U-Ming Marine Transport Corp	XCNY +0.04 points	0.01%	0.05%
Coforge	XCNY +0.04 points	0.07%	0.11%
Powerchip Semiconductor Manufactur	XCNY +0.04 points	0.07%	0.11%
Feng Tay Enterprises	XCNY +0.03 points	<0.01%	0.04%
Auo	XCNY +0.04 points	0.06%	0.10%
President Chain Store Corp	XCNY +0.03 points	0.04%	0.07%
Tata Consultancy Services Ltd	XCNY +0.04 points	0.26%	0.30%
Tech Mahindra	XCNY +0.03 points	0.12%	0.15%
Banco Do Brasil SA	XCNY +0.03 points	0.05%	0.08%
Emaar Properties	XCNY +0.03 points	0.19%	0.22%
Taiwan Mobile	XCNY +0.03 points	0.06%	0.09%
Bank Rakyat Indonesia (Persero)	XCNY +0.03 points	0.10%	0.13%
Innolux Corp	XCNY +0.03 points	0.10%	0.13%
Vibra Energia SA	XCNY +0.03 points	0.06%	0.09%
Ntpc Ltd	XCNY +0.03 points	0.15%	0.18%
Synnex Technology International Co	XCNY +0.03 points	0.04%	0.07%
Klabin Units SA	SCHE +0.03 points	0.03%	<0.01%
Rede Dor Sao Luiz SA	XCNY +0.02 points	0.05%	0.07%
Embraer	XCNY +0.03 points	0.13%	0.16%
Fsn E-Commerce Ventures	XCNY +0.03 points	0.05%	0.08%
Bharat Heavy Electricals Ltd	XCNY +0.03 points	0.06%	0.09%
Weg	XCNY +0.02 points	0.14%	0.16%
Chailease Holding Ltd	XCNY +0.02 points	0.05%	0.07%
First Financial Holding Ltd	XCNY +0.02 points	0.15%	0.17%
Bank Mandiri (Persero)	XCNY +0.03 points	0.08%	0.11%
Itausa Investimentos Itau Pref SA	XCNY +0.02 points	0.14%	0.16%
Dixon Technologies (India) Ltd	XCNY +0.03 points	0.04%	0.07%
Eternal Materials Ltd	XCNY +0.02 points	0.02%	0.04%

All 2,233 SCHE holdings⁠All 1,168 XCNY 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.

SCHE vs XCNY Cost

Overpaying XCNY vs SCHE

$2,682

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

SCHE 0.06%
$1,270
XCNY 0.19%
$3,952

Amount$10,000

Years30 years

Cost over time

SCHE 0.06%
XCNY 0.19%
Overpaying

Year by year

Year	SCHE	XCNY	Overpaying
10	$110	$347	$237
20	$432	$1,351	$919
30	$1,270	$3,952	$2,682

Expense ratio

0.06%SCHE, cheaper
0.19%XCNY

SCHE0.06%XCNY0.19%

0.06%0.29%

Middle half of Emerging Markets Total Market funds
Median 0.07%

SCHE cheapest of 5 funds

XCNY 4th cheapest of 5 funds

SCHE vs XCNY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SCHE 2.79%, better; XCNY 2.38%
Payout (12M): SCHE $0.95; XCNY $0.75
Last payment: SCHE $0.04; XCNY $0.28
Ex-dividend: SCHE Jun 24, 2026; XCNY Jun 22, 2026
Paid on: SCHE Jun 29, 2026; XCNY Jun 26, 2026
Frequency: SCHE Twice a year; XCNY Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

SCHETwice a year · 19 paymentsAll SCHE payments⁠

XCNYTwice a year · 5 paymentsAll XCNY payments⁠

SCHE vs XCNY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SCHE 11.8%XCNY 14.9%since Oct 2024
Return per unit of riskSharpe ratio, 3 years: SCHE 1.05XCNY 0.58since Oct 2024
Worst fallMax drawdown, 5 years: SCHE −30.3%XCNY −19.4%since Sep 2024
Market sensitivityBeta, 5 years: SCHE 0.87XCNY 0.77; Market = 1

SCHE and XCNY in the news

All news⁠

News
Vietnam enters FTSE emerging-market indexes, starting at 10% of its weight
Sep 21, 2026SCHE

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SCHE vs XCNY

In short

Stated mandate

Why people hold it

Worth knowing

How SCHE and XCNY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SCHE

Only in XCNY

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Vietnam enters FTSE emerging-market indexes, starting at 10% of its weight

How SCHE and XCNY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SCHE

Only in XCNY

Weight gaps