VEXC vs XC: Grades, Fees and Holdings Compared

Vanguard Emerging Markets Ex-China ETF

VEXCANYSE Arca

WisdomTree True Emerging Markets Fund

XCBNYSE Arca

Overlap

14.4%by weight

Expense ratio

VEXC −0.25pt a year

VEXC0.07%XC0.32%

Avg volume · 30D

VEXC 1.6×the volume

VEXC21.2KXC12.9K

VEXC vs XC Performance

Oct 31, 2025 – Oct 30, 2026

+15.9%VEXC−5.0%XC

Expense ratio: VEXC 0.07%, better; XC 0.32%
Fund size: VEXC $276M; XC $72M
1Y total return: VEXC +15.9%, better; XC −5.0%
Yield (12M): VEXC No data; XC 12.88%
Holdings: VEXC 1008; XC 549
Avg volume (30D): VEXC 21.2K sh, better; XC 12.9K sh
NAV per share: VEXC $89.18; XC $29.80
52W range

ETF.net Grade

Pillar letters and Scores for VEXC, XC, with each pillar’s weight
Pillar	VEXC	XC
Cost30% weight	A100Higher	A71
Mission25% weight	A93Higher	A73
Risk15% weight	A85Higher	C52
Tradability15% weight	B65Higher	C46
Holdings10% weight	D38	A73Higher
Durability5% weight	B57Higher	D30

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. VEXC and XC 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 XC 9th 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 9BGSEEGoldman Sachs MarketBeta Emerging Markets Equity ETFScore 63
Rank 9BXCWisdomTree True Emerging Markets FundScore 63
Rank 11BEEMSiShares MSCI Emerging Markets Small-Cap ETFScore 62

Our read on each fund

ETF.net Research

VEXCAVanguard Emerging Markets Ex-China ETF

XCBWisdomTree True Emerging Markets Fund

In short

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.

XC Most ex-China EM funds still lean hard on Korea and Taiwan. XC cuts all three, then screens out companies with 20% or more government ownership. Emerging markets at its most literal, roughly 800 names deep.

Stated mandate

VEXC The fund invests in emerging-market stocks while excluding China and seeks to closely track the FTSE Emerging ex China Index.

XC The Fund seeks to track, before fees and expenses, the price and yield performance of the WisdomTree True Emerging Markets Index.

Why people hold it

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.

XC Two screens stacked: China, Korea and Taiwan are out, and so is any company with 20% or more government ownership. An unusual pairing in the ex-China aisle.wisdomtree.com
Fee is 0.32% a year, below the median for the emerging-markets funds we grade, and the same sticker as WisdomTree's China-inclusive sibling XSOE.
Roughly 800 holdings spread the exposure instead of resting on a few mega-caps, part of why it lands in the upper half of its EM peer group. Pays quarterly.

Worth knowing

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.

XC The mandate widened in July 2025; before that it was the ex-China fund, so earlier results reflect a different index. The fund itself dates to 2022.wisdomtree.com
Thinly traded, so bid-ask spreads and order type matter more here than with the category's giants.
Cheaper doors into ex-China EM exist, including VEXC at 0.07% and XCEM at 0.16%, though neither applies WisdomTree's proprietary state-ownership screen.wisdomtree.com

Full VEXC profile⁠

Full XC profile⁠

VEXC vs XC Holdings

How VEXC and XC differ

Overlap by weight

14.4%

Shared holdings make up 47.0% of XC and 15.2% of VEXC.

Level by level

Holdings191 in both14.4%
Countryby domicile50.8%
Asset classEquity100%

Sector

No Sector split for VEXC.

Country, concentration and asset class

Country by domicile

Country weights in VEXC and XC, widest gap first
Country	More in VEXCMore in XC	VEXC	XC
Taiwan	VEXC +48.4 points	48.4%	0.0%
India	XC +18.3 points	20.5%	38.8%
Mexico	XC +8.6 points	2.8%	11.4%
Brazil	XC +5.2 points	6.1%	11.3%
Poland	XC +4.3 points	0.0%	4.3%
Thailand	XC +3.4 points	2.0%	5.4%
Vietnam	XC +2.0 points	0.1%	2.1%
Chile	XC +1.9 points	0.9%	2.8%
Other countries (8)	XC +4.6 points	19.3%	23.9%

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

Concentration

Weight in the 10 largest Holdings

VEXC35.5%
XC18.5%

Securities held

VEXC987
XC533

Asset class

VEXC: Equity
XC: Equity

Holdings

Only in VEXC796
In both191
Only in XC342

Only in VEXC

796 securities, 85.5% 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%
ASE Technology Holding Co Ltd0.94%
ICICI Bank Ltd0.94%
Bharti Airtel Ltd0.73%
United Microelectronics Corp0.73%
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%
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%
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%
Yuanta Financial Holding Co Ltd0.32%
Chroma ATE Inc0.32%
First Abu Dhabi Bank PJSC0.31%
Kotak Mahindra Bank Ltd0.31%
Saudi Arabian Mining Co0.29%
E.Sun Financial Holding Co Ltd0.29%
Saudi Telecom Co0.28%
Nanya Technology Corp0.27%
King Slide Works Co Ltd0.27%
Valterra Platinum Ltd0.27%
Emirates Telecommunications Group Co PJSC0.26%
Asustek Computer Inc0.26%
Sun Pharmaceutical Industries Ltd0.26%
Wiwynn Corp0.26%

Only in XC

342 securities, 54.4% of XC by weight

MercadoLibre Inc3.27%
Hdfc Bank Limited1.99%
ICICI Bank Ltd1.76%
Bharti Airtel Ltd1.47%
Delta Electronics Thailand PCL - NVDR1.38%
Vingroup Jsc1.04%
America Movil Sab De Cv0.95%
Infosys Ltd0.90%
Credicorp Ltd0.89%
Southern Copper Corp0.76%
Larsen & Toubro Ltd0.69%
Axis Bank Ltd0.67%
Bajaj Finance Ltd0.67%
Mahindra & Mahindra Ltd0.66%
Allegro.Eu Sa0.63%
Gulf Development Pcl-Nvdr0.60%
Kotak Mahindra Bank Ltd0.59%
Bank Pekao SA0.55%
Sun Pharmaceutical Industries0.52%
Advanced Info Service PCL - NVDR0.49%
Titan Co Ltd0.45%
SACI Falabella0.42%
Zomato Ltd0.42%
Hindustan Unilever Ltd0.41%
Maruti Suzuki India Ltd0.40%
Tata Steel Ltd0.39%
Kasikornbank PCL - NVDR0.39%
Cia de Saneamento Basico do Es0.39%
Santander Bank Polska SA0.38%
Lpp SA0.38%
Tata Motors Ltd /New0.38%
Abu Dhabi Islamic Bank0.37%
Adani Ports and Special Economic Zone0.37%
Hindalco Industries Ltd0.35%
Divi's Laboratories Ltd0.35%
UltraTech Cement Ltd0.35%
HCL Technologies Ltd0.34%
JSW Steel Ltd0.34%
Vista Energy Sab De Cv0.31%
Shriram Finance Ltd0.31%
Adani Enterprises Ltd0.28%
Eicher Motors Ltd0.27%
Grasim Industries Ltd0.27%
Asian Paints Ltd0.27%
Sar0.27%
Dr Sulaiman Al Habib Medical0.26%
CP All PCL-NVDR0.26%
Richter Gedeon Nyrt0.26%
TVS Motor Co Ltd0.26%
MBank SA0.25%

Weight gaps

The 100 widest of 191 Holdings in both funds.

Holding weights in VEXC and XC, widest gap first
Holding	More in VEXCMore in XC	VEXC	XC
Al Rajhi Bank	XC +1.56 points	0.64%	2.20%
Kuwaiti Dinar	XC +1.41 points	0.00%	1.41%
Grupo Mexico SAB de CV	XC +1.14 points	0.46%	1.60%
OTP Bank Nyrt	XC +1.05 points	0.38%	1.43%
FirstRand Ltd	XC +0.97 points	0.38%	1.35%
Reliance Industries Ltd	XC +0.90 points	1.07%	1.97%
National Bank of Kuwait SAKP	XC +0.88 points	0.30%	1.19%
Grupo Financiero Banorte SAB de CV	XC +0.88 points	0.33%	1.21%
Capitec Limited	XC +0.80 points	0.30%	1.10%
Standard Bank Group Ltd	XC +0.72 points	0.30%	1.02%
MTN Group Ltd	XC +0.70 points	0.24%	0.94%
Fomento Economico Mexicano SAB de CV	XC +0.66 points	0.26%	0.92%
Bank Central Asia Tbk PT	XC +0.59 points	0.21%	0.80%
Cemex SAB de CV	XC +0.50 points	0.19%	0.69%
Weg SA	XC +0.44 points	0.18%	0.62%
Grupo Aeroportuario del Pacifico SAB de CV	XC +0.43 points	0.09%	0.52%
Embraer SA	XC +0.43 points	0.17%	0.60%
Wal-Mart de Mexico SAB de CV	XC +0.43 points	0.16%	0.59%
Shoprite Holdings Ltd	XC +0.33 points	0.12%	0.45%
Absa Group Ltd	XC +0.33 points	0.13%	0.46%
International Container Terminal Services IncICTEF	XC +0.32 points	0.20%	0.52%
Qatar Islamic Bank QPSC	XC +0.32 points	0.13%	0.45%
PRIO SA/Brazil	XC +0.31 points	0.12%	0.43%
Banco de Chile	XC +0.31 points	0.11%	0.42%
Discovery Ltd	XC +0.31 points	0.11%	0.42%
Bid Corp Ltd	XC +0.31 points	0.11%	0.42%
Ambev SA	XC +0.29 points	0.16%	0.45%
Impala Platinum Holdings Ltd	XC +0.28 points	0.14%	0.42%
Latam Airlines Group SA	XC +0.28 points	0.07%	0.35%
Press Metal Aluminium Holdings Bhd	XC +0.27 points	0.09%	0.36%
Alinma Bank	XC +0.27 points	0.12%	0.39%
MOL Hungarian Oil & Gas PLC	XC +0.25 points	0.09%	0.34%
Harmony Gold Mining Co Ltd	XC +0.26 points	0.12%	0.38%
Tata Consultancy Services Ltd	XC +0.25 points	0.28%	0.53%
Sanlam Ltd	XC +0.25 points	0.10%	0.35%
True Corp Pcl/New-Nvdr	XC +0.24 points	0.03%	0.27%
Grupo Cibest SA	XC +0.24 points	0.08%	0.32%
Nedbank Group Ltd	XC +0.25 points	0.10%	0.35%
Industrias Penoles SAB de CV	XC +0.23 points	0.12%	0.35%
B3 SA - Brasil Bolsa Balcao	XC +0.23 points	0.23%	0.46%
Turkiye Petrol Rafinerileri AS	XC +0.22 points	0.09%	0.31%
Astra International Tbk PT	XC +0.21 points	0.06%	0.27%
Banco de Credito e Inversiones SA	XC +0.21 points	0.07%	0.28%
Suzano SA	XC +0.21 points	0.07%	0.28%
Remgro Ltd	XC +0.20 points	0.08%	0.28%
Coca-Cola Femsa SAB de CV	XC +0.19 points	0.07%	0.26%
BIM Birlesik Magazalar AS	XC +0.20 points	0.09%	0.29%
Grupo Bimbo SAB de CV	XC +0.19 points	0.05%	0.24%
Etihad Etisalat Co	XC +0.19 points	0.08%	0.27%
NEPI Rockcastle NV	XC +0.18 points	0.07%	0.25%
Sibanye Stillwater Ltd	XC +0.18 points	0.09%	0.27%
Amman Mineral Internasional PT	XC +0.18 points	0.02%	0.20%
Fibra Uno Administracion SA de CV	XC +0.17 points	0.06%	0.23%
Rede D'Or Sao Luiz SA	XC +0.17 points	0.07%	0.24%
Prologis Property Mexico SA de CV	XC +0.16 points	0.06%	0.22%
Vodacom Group Ltd	XC +0.16 points	0.05%	0.21%
Banco Santander Chile	XC +0.16 points	0.06%	0.22%
Hong Leong Bank Bhd	XC +0.15 points	0.05%	0.20%
Grupo Aeroportuario del Sureste SAB de CV	XC +0.15 points	0.05%	0.20%
Grupo Carso SAB de CV	XC +0.15 points	0.05%	0.20%
Qatar International Islamic Bank QSC	XC +0.15 points	0.03%	0.18%
Bank AlBilad	XC +0.15 points	0.06%	0.21%
Old Mutual Ltd	XC +0.14 points	0.04%	0.18%
YTL Power International Bhd	XC +0.14 points	0.05%	0.19%
Arca Continental SAB de CV	XC +0.14 points	0.12%	0.26%
Grupo Aeroportuario del Centro Norte SAB de CV	XC +0.14 points	0.04%	0.18%
BB Seguridade Participacoes SA	XC +0.13 points	0.06%	0.19%
Boubyan Bank KSCP	XC +0.13 points	0.05%	0.18%
Vibra Energia SA	XC +0.13 points	0.10%	0.23%
Grupo Financiero Inbursa SAB de CV	XC +0.12 points	0.04%	0.16%
Eneva SA	XC +0.13 points	0.06%	0.19%
Equatorial SA	XC +0.12 points	0.10%	0.22%
Commercial Bank PSQC/The	XC +0.12 points	0.05%	0.17%
Ultrapar Participacoes SA	XC +0.12 points	0.07%	0.19%
Komercni Banka AS	XC +0.12 points	0.04%	0.16%
Reinet Investments SCA	XC +0.11 points	0.05%	0.16%
Corp Inmobiliaria Vesta SAB de CV	XC +0.11 points	0.04%	0.15%
Umm Al Qura for Development & Construction Co	XC +0.11 points	0.04%	0.15%
Telefonica Brasil SA	XC +0.11 points	0.05%	0.16%
Itau Unibanco Holding SA	XC +0.11 points	0.06%	0.17%
Qatar Gas Transport Co Ltd	XC +0.10 points	0.04%	0.14%
Klabin SA	XC +0.10 points	0.04%	0.14%
Cipla Ltd/India	XC +0.10 points	0.10%	0.20%
Sunway Bhd	XC +0.10 points	0.04%	0.14%
Akbank TAS	XC +0.10 points	0.05%	0.15%
Promotora y Operadora de Infraestructura SAB de CV	XC +0.10 points	0.03%	0.13%
Max Healthcare Institute Ltd	XC +0.10 points	0.09%	0.19%
Exxaro Resources Ltd	XC +0.10 points	0.03%	0.13%
KOC Holding AS	XC +0.09 points	0.04%	0.13%
SM Prime Holdings IncSPHXF	XC +0.10 points	0.03%	0.13%
Gulf Bank KSCP	XC +0.10 points	0.03%	0.13%
Parque Arauco SA	XC +0.10 points	0.03%	0.13%
Momentum Group Ltd	XC +0.09 points	0.03%	0.12%
Cholamandalam Investment and Finance Co Ltd	XC +0.09 points	0.09%	0.18%
Kimberly-Clark de Mexico SAB de CV	XC +0.09 points	0.04%	0.13%
Plaza SA	XC +0.09 points	0.04%	0.13%
Mr Price Group Ltd	XC +0.09 points	0.03%	0.12%
Raia Drogasil SA	XC +0.09 points	0.06%	0.15%
Jarir Marketing Co	XC +0.09 points	0.03%	0.12%
Emaar Development PJSC	XC +0.08 points	0.04%	0.12%

All VEXC holdings⁠All 757 XC 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.

VEXC vs XC Cost

Overpaying XC vs VEXC

$5,062

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

VEXC 0.07%
$1,480
XC 0.32%
$6,542

Amount$10,000

Years30 years

Cost over time

VEXC 0.07%
XC 0.32%
Overpaying

Year by year

Year	VEXC	XC	Overpaying
10	$128	$580	$452
20	$503	$2,250	$1,747
30	$1,480	$6,542	$5,062

Expense ratio

0.07%VEXC, cheaper
0.32%XC

VEXC0.07%XC0.32%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

VEXC cheapest of 20 funds

XC 6th cheapest of 20 funds

VEXC vs XC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): VEXC No data; XC 12.88%
Payout (12M): VEXC No data; XC $3.84
Last payment: VEXC $0.54; XC $0.12
Ex-dividend: VEXC Sep 18, 2026; XC Sep 25, 2026
Paid on: VEXC Sep 22, 2026; XC Sep 29, 2026
Frequency: VEXC Quarterly; XC Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

VEXCQuarterly · 4 paymentsAll VEXC payments⁠

XCQuarterly · 16 paymentsAll XC payments⁠

VEXC vs XC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: VEXC 19.6%since Nov 2025XC 12.6%
Return per unit of riskSharpe ratio, 3 years: VEXC 0.65since Nov 2025XC 0.51
Worst fallMax drawdown, 5 years: VEXC −12.4%since Oct 2025XC −21.2%since Sep 2022
Market sensitivityBeta, 5 years: VEXC 1.14XC 0.81; Market = 1

VEXC and XC 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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VEXC vs XC

In short

Stated mandate

Why people hold it