VEXC vs XSOE: Grades, Fees and Holdings Compared

Vanguard Emerging Markets Ex-China ETF

VEXCANYSE Arca

WisdomTree Emerging Markets ex-State-Owned Enterprises Fund

XSOEANYSE Arca

Overlap

39.0%by weight

Expense ratio

VEXC −0.25pt a year

VEXC0.07%XSOE0.32%

Avg volume · 30D

XSOE 4.6×the volume

VEXC21.2KXSOE97K

VEXC vs XSOE Performance

Oct 31, 2025 – Oct 30, 2026

+15.9%VEXC+10.5%XSOE

Expense ratio: VEXC 0.07%, better; XSOE 0.32%
Fund size: VEXC $276M; XSOE $1.91B
1Y total return: VEXC +15.9%, better; XSOE +10.5%
Yield (12M): VEXC No data; XSOE 1.82%
Holdings: VEXC 1008; XSOE 866
Avg volume (30D): VEXC 21.2K sh; XSOE 97K sh, better
NAV per share: VEXC $89.18; XSOE $43.15
52W range

ETF.net Grade

Pillar letters and Scores for VEXC, XSOE, with each pillar’s weight
Pillar	VEXC	XSOE
Cost30% weight	A100Higher	A71
Mission25% weight	A93	A100Higher
Risk15% weight	A85Higher	C48
Tradability15% weight	B65Higher	C53
Holdings10% weight	D38	B59Higher
Durability5% weight	B57	A81Higher

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. VEXC 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 ›

VEXC ranks 1st and XSOE 4th 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

Our read on each fund

ETF.net Research

VEXCAVanguard Emerging Markets Ex-China ETF

XSOEAWisdomTree Emerging Markets ex-State-Owned Enterprises 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.

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

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

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

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.

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

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.

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 VEXC profile⁠

Full XSOE profile⁠

VEXC vs XSOE Holdings

How VEXC and XSOE differ

Overlap by weight

39.0%

Shared holdings make up 59.2% of VEXC and 42.2% of XSOE.

Level by level

Holdings261 in both39.0%
Countryby domicile56.6%
Asset classEquity100%

Sector

No Sector split for VEXC.

Country, concentration and asset class

Country by domicile

Country weights in VEXC and XSOE, widest gap first
Country	More in VEXCMore in XSOE	VEXC	XSOE
South Korea	XSOE +23.6 points	0.0%	23.6%
Taiwan	VEXC +18.7 points	48.4%	29.7%
China	XSOE +16.6 points	0.0%	16.6%
South Africa	VEXC +11.5 points	15.5%	4.0%
India	VEXC +6.3 points	20.5%	14.2%
Brazil	VEXC +3.2 points	6.1%	2.9%
Poland	XSOE +1.4 points	0.0%	1.4%
Malaysia	VEXC +1.0 points	2.1%	1.1%
Other countries (12)	VEXC +1.0 points	7.5%	6.5%

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

Concentration

Weight in the 10 largest Holdings

VEXC35.5%
XSOE37.1%

Securities held

VEXC987
XSOE842

Asset class

VEXC: Equity
XSOE: Equity

Holdings

Only in VEXC726
In both261
Only in XSOE581

Only in VEXC

726 securities, 41.5% of VEXC by weight

HDFC Bank Ltd1.08%
Reliance Industries Ltd1.07%
ICICI Bank Ltd0.94%
Bharti Airtel Ltd0.73%
Vale SA0.62%
Anglogold Ashanti Plc0.60%
Itau Unibanco Holding S-Pref0.59%
Petrobras - Petroleo Bras-Pr0.55%
Saudi Arabian Oil Co0.51%
Petroleo Brasileiro SA - Petrobras0.50%
Infosys Ltd0.48%
Gold Fields Ltd0.42%
Naspers Ltd0.41%
Saudi National Bank/The0.40%
Kuwait Finance House KSCP0.39%
Axis Bank Ltd0.38%
Mahindra & Mahindra Ltd0.37%
Emaar Properties PJSC0.36%
Bajaj Finance Ltd0.35%
Larsen & Toubro Ltd0.34%
First Abu Dhabi Bank PJSC0.31%
Kotak Mahindra Bank Ltd0.31%
Saudi Arabian Mining Co0.29%
Saudi Telecom Co0.28%
Valterra Platinum Ltd0.27%
Emirates Telecommunications Group Co PJSC0.26%
Sun Pharmaceutical Industries Ltd0.26%
ASPEED Technology Inc0.25%
Malayan Banking Bhd0.24%
Qatar National Bank QPSC0.24%
Banco Bradesco Sa-Pref0.24%
State Bank of India0.24%
Mega Financial Holding Co Ltd0.23%
Titan Co Ltd0.23%
Hindustan Unilever Ltd0.23%
Chunghwa Telecom Co Ltd0.22%
Public Bank Bhd0.22%
Itausa SA - Preferred Shares0.21%
America Movil SAB de CV0.21%
CIMB Group Holdings Bhd0.21%
NTPC Ltd0.20%
Maruti Suzuki India Ltd0.20%
Tata Steel Ltd0.20%
Emirates NBD Bank PJSC0.20%
Eternal Ltd0.20%
Tenaga Nasional Bhd0.19%
Ptt Pcl/Foreign0.19%
SLCMT11420.19%
Banco BTG Pactual SA0.19%
Bharat Electronics Ltd0.19%

Only in XSOE

581 securities, 58.8% of XSOE by weight

Samsung Electronics Co Ltd7.31%
SK Hynix Inc6.50%
Tencent Holdings Ltd2.27%
Alibaba Group Holding Ltd1.72%
Hdfc Bank Limited0.76%
SK Square Co Ltd0.72%
MercadoLibre Inc0.71%
Reliance Industries Ltd0.70%
Bharti Airtel Ltd0.63%
ICICI Bank Ltd0.62%
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%
Ping An Insurance Group Co of China0.39%
Xiaomi Corp-Class B0.34%
Midea Group Co Ltd0.32%
Delta Electronics Thailand PCL - NVDR0.32%
Meituan - Class B0.32%
Axis Bank Ltd0.32%
Shinhan Financial Group Ltd0.32%
Netease Inc0.30%
Mahindra & Mahindra Ltd0.30%
Infosys Ltd ADR0.28%
Wuxi Apptec Co Ltd-A0.27%
Hyundai Motor Co0.27%
Kotak Mahindra Bank Ltd0.26%
Hana Financial Group Inc0.26%
Larsen & Toubro Ltd0.24%
Bajaj Finance Ltd0.24%
Allegro.Eu Sa0.24%
Sun Pharmaceutical Industries0.23%
Sar0.22%
Beigene Ltd0.22%
Titan Co Ltd0.22%
Ping An Insurance Group Co of China0.21%
Jd.Com Inc - Cl A0.21%
BYD Co Ltd0.20%
Bank Pekao SA0.20%
Cambricon Technologies-A0.20%
Zomato Ltd0.20%
Eoptolink Technology Inc L-A0.20%
Doosan Heavy Industries0.19%
Trip.Com Group Ltd0.19%
Samsung C&T Corp0.19%
NAVER Corp0.19%
Celltrion Inc0.18%
Samsung Life Insurance Co Ltd0.18%
America Movil Sab De Cv0.18%

Weight gaps

The 100 widest of 261 Holdings in both funds.

Holding weights in VEXC and XSOE, widest gap first
Holding	More in VEXCMore in XSOE	VEXC	XSOE
Taiwan Semiconductor Manufacturing Co Ltd	VEXC +10.23 points	24.41%	14.18%
MediaTek Inc	VEXC +1.16 points	2.91%	1.75%
Delta Electronics Inc	VEXC +1.06 points	1.75%	0.69%
Kuwaiti Dinar	XSOE +0.60 points	0.00%	0.60%
Al Rajhi Bank	XSOE +0.47 points	0.64%	1.11%
Hon Hai Precision Industry Co Ltd	VEXC +0.47 points	1.23%	0.76%
United Microelectronics Corp	VEXC +0.35 points	0.73%	0.38%
ASE Technology Holding Co Ltd	VEXC +0.34 points	0.94%	0.60%
Unimicron Technology Corp	VEXC +0.25 points	0.62%	0.37%
Elite Material Co Ltd	VEXC +0.22 points	0.58%	0.36%
Asia Vital Components Co Ltd	VEXC +0.17 points	0.44%	0.27%
Tata Consultancy Services Ltd	VEXC +0.16 points	0.28%	0.12%
Accton Technology Corp	VEXC +0.16 points	0.35%	0.19%
Press Metal Aluminium Holdings Bhd	XSOE +0.13 points	0.09%	0.22%
Nan Ya Plastics Corp	VEXC +0.13 points	0.51%	0.38%
Grupo Mexico SAB de CV	VEXC +0.13 points	0.46%	0.33%
Fubon Financial Holding Co Ltd	VEXC +0.13 points	0.51%	0.38%
Yageo Corp	VEXC +0.12 points	0.35%	0.23%
Chroma ATE Inc	VEXC +0.12 points	0.32%	0.20%
Cathay Financial Holding Co Ltd	VEXC +0.12 points	0.43%	0.31%
TS Financial Holding Co Ltd	VEXC +0.11 points	0.40%	0.29%
Quanta Computer Inc	VEXC +0.10 points	0.35%	0.25%
International Container Terminal Services IncICTEF	VEXC +0.10 points	0.20%	0.10%
Asustek Computer Inc	VEXC +0.10 points	0.26%	0.16%
Hong Leong Bank Bhd	XSOE +0.09 points	0.05%	0.14%
National Bank of Kuwait SAKP	XSOE +0.09 points	0.30%	0.40%
Largan Precision Co Ltd	VEXC +0.09 points	0.22%	0.13%
B3 SA - Brasil Bolsa Balcao	VEXC +0.09 points	0.23%	0.14%
OTP Bank Nyrt	VEXC +0.09 points	0.38%	0.29%
CTBC Financial Holding Co Ltd	VEXC +0.09 points	0.49%	0.40%
Winbond Electronics Corp	VEXC +0.08 points	0.22%	0.14%
Global Unichip Corp	VEXC +0.09 points	0.26%	0.17%
Wal-Mart de Mexico SAB de CV	VEXC +0.08 points	0.16%	0.08%
Bizlink Holding Inc	VEXC +0.09 points	0.19%	0.10%
Jentech Precision Industrial Co Ltd	VEXC +0.09 points	0.24%	0.15%
Grupo Financiero Banorte SAB de CV	VEXC +0.08 points	0.33%	0.25%
Wiwynn Corp	VEXC +0.08 points	0.26%	0.18%
Alinma Bank	XSOE +0.08 points	0.12%	0.20%
Wistron Corp	VEXC +0.07 points	0.22%	0.15%
Lite-On Technology Corp	VEXC +0.07 points	0.22%	0.15%
Qatar International Islamic Bank QSC	XSOE +0.07 points	0.03%	0.10%
Nan Ya Printed Circuit Board Corp	VEXC +0.06 points	0.13%	0.07%
Nanya Technology Corp	VEXC +0.07 points	0.27%	0.20%
Etihad Etisalat Co	XSOE +0.07 points	0.08%	0.15%
Gold Circuit Electronics Ltd	VEXC +0.07 points	0.16%	0.09%
Arca Continental SAB de CV	VEXC +0.06 points	0.12%	0.06%
King Slide Works Co Ltd	VEXC +0.07 points	0.27%	0.20%
Innolux Corp	VEXC +0.07 points	0.16%	0.09%
Zhen Ding Technology Holding Ltd	VEXC +0.06 points	0.16%	0.10%
Fomento Economico Mexicano SAB de CV	VEXC +0.06 points	0.26%	0.20%
True Corp Pcl/New-Nvdr	XSOE +0.06 points	0.03%	0.09%
E.Sun Financial Holding Co Ltd	VEXC +0.06 points	0.29%	0.23%
Qatar Islamic Bank QPSC	XSOE +0.06 points	0.13%	0.19%
First Financial Holding Co Ltd	VEXC +0.05 points	0.17%	0.12%
Gigabyte Technology Co Ltd	VEXC +0.06 points	0.08%	0.02%
Kinsus Interconnect Technology Corp	VEXC +0.06 points	0.13%	0.07%
Banco Bradesco SA	VEXC +0.06 points	0.08%	0.02%
Capitec Limited	XSOE +0.05 points	0.30%	0.35%
Localiza Rent a Car SA	VEXC +0.05 points	0.09%	0.04%
KGI Financial Holding Co Ltd	VEXC +0.05 points	0.25%	0.20%
YTL Power International Bhd	XSOE +0.05 points	0.05%	0.10%
Bank AlBilad	XSOE +0.05 points	0.06%	0.11%
Moneta Money Bank AS	XSOE +0.05 points	0.03%	0.08%
TCC Group Holdings Co Ltd	VEXC +0.05 points	0.07%	0.02%
Uni-President Enterprises Corp	VEXC +0.05 points	0.15%	0.10%
Industrias Penoles SAB de CV	VEXC +0.05 points	0.12%	0.07%
Sunway Bhd	XSOE +0.04 points	0.04%	0.08%
Formosa Plastics Corp	VEXC +0.04 points	0.11%	0.07%
Alchip Technologies Ltd	VEXC +0.05 points	0.13%	0.08%
Powerchip Semiconductor Manufacturing Corp	VEXC +0.04 points	0.11%	0.07%
Boubyan Bank KSCP	XSOE +0.04 points	0.05%	0.09%
King Yuan Electronics Co Ltd	VEXC +0.04 points	0.13%	0.09%
Macronix International Co Ltd	VEXC +0.04 points	0.09%	0.05%
MTN Group Ltd	XSOE +0.04 points	0.24%	0.28%
Compeq Manufacturing Co Ltd	VEXC +0.04 points	0.10%	0.06%
Ambev SA	VEXC +0.03 points	0.16%	0.13%
FirstRand Ltd	VEXC +0.04 points	0.38%	0.34%
Komercni Banka AS	XSOE +0.04 points	0.04%	0.08%
Cemex SAB de CV	VEXC +0.04 points	0.19%	0.15%
Umm Al Qura for Development & Construction Co	XSOE +0.04 points	0.04%	0.08%
AUO Corp	VEXC +0.04 points	0.09%	0.05%
Amman Mineral Internasional PT	XSOE +0.04 points	0.02%	0.06%
Discovery Ltd	XSOE +0.04 points	0.11%	0.15%
Realtek Semiconductor Corp	VEXC +0.03 points	0.15%	0.12%
Gulf Bank KSCP	XSOE +0.04 points	0.03%	0.07%
Standard Bank Group Ltd	XSOE +0.03 points	0.30%	0.33%
Dar Al Arkan Real Estate Development Co	XSOE +0.03 points	0.04%	0.07%
Cholamandalam Investment and Finance Co Ltd	VEXC +0.03 points	0.09%	0.06%
Bid Corp Ltd	XSOE +0.04 points	0.11%	0.15%
Momentum Group Ltd	XSOE +0.04 points	0.03%	0.07%
Powertech Technology Inc	VEXC +0.03 points	0.08%	0.05%
PharmaEssentia Corp	VEXC +0.03 points	0.15%	0.12%
Advantech Co Ltd	VEXC +0.03 points	0.13%	0.10%
Qatar Gas Transport Co Ltd	XSOE +0.03 points	0.04%	0.07%
Absa Group Ltd	XSOE +0.03 points	0.13%	0.16%
Alliance Bank Malaysia Bhd	XSOE +0.03 points	0.01%	0.04%
Embraer SA	XSOE +0.02 points	0.17%	0.19%
Novatek Microelectronics Corp	VEXC +0.03 points	0.13%	0.10%
Rasan Information Technology Co	XSOE +0.02 points	0.02%	0.04%
Bank Al-Jazira	XSOE +0.02 points	0.03%	0.05%

All VEXC 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.

VEXC vs XSOE Cost

Overpaying XSOE vs VEXC

$5,062

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

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

Amount$10,000

Years30 years

Cost over time

VEXC 0.07%
XSOE 0.32%
Overpaying

Year by year

Year	VEXC	XSOE	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%XSOE

VEXC0.07%XSOE0.32%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

VEXC cheapest of 20 funds

XSOE 6th cheapest of 20 funds

VEXC vs XSOE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): VEXC No data; XSOE 1.82%
Payout (12M): VEXC No data; XSOE $0.78
Last payment: VEXC $0.54; XSOE $0.22
Ex-dividend: VEXC Sep 18, 2026; XSOE Sep 25, 2026
Paid on: VEXC Sep 22, 2026; XSOE Sep 29, 2026
Frequency: VEXC Quarterly; XSOE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

VEXCQuarterly · 4 paymentsAll VEXC payments⁠

XSOEQuarterly · 33 paymentsAll XSOE payments⁠

VEXC vs XSOE 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 2025XSOE 17.0%
Return per unit of riskSharpe ratio, 3 years: VEXC 0.65since Nov 2025XSOE 0.90
Worst fallMax drawdown, 5 years: VEXC −12.4%since Oct 2025XSOE −37.2%
Market sensitivityBeta, 5 years: VEXC 1.14XSOE 1.18; Market = 1

VEXC and XSOE 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 XSOE

In short

Stated mandate

Why people hold it