VWO vs XCNY: Grades, Fees and Holdings Compared

Vanguard FTSE Emerging Markets ETF

VWOANYSE Arca

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

XCNYCNasdaq

Overlap

35.2%by weight

Expense ratio

VWO −0.13pt a year

VWO0.06%XCNY0.19%

Avg volume · 30D

VWO 13439.0×the volume

VWO7.3MXCNY543

VWO vs XCNY Performance

Oct 31, 2025 – Oct 30, 2026

+3.3%VWO+14.0%XCNY

Expense ratio: VWO 0.06%, better; XCNY 0.19%
Fund size: VWO $165B; XCNY $10M
1Y total return: VWO +3.3%; XCNY +14.0%, better
Yield (12M): VWO 2.19%; XCNY 2.38%, better
Holdings: VWO 5015; XCNY 1195
Avg volume (30D): VWO 7.3M sh, better; XCNY 543 sh
NAV per share: VWO $55.50; XCNY $32.08
52W range

ETF.net Grade

Pillar letters and Scores for VWO, XCNY, with each pillar’s weight
Pillar	VWO	XCNY
Cost30% weight	A80Higher	D37
Mission25% weight	A100	A100
Risk15% weight	C48	B55Higher
Tradability15% weight	A83Higher	F12
Holdings10% weight	B58Higher	C51
Durability5% weight	A86Higher	F24

Rank among Emerging Markets Total Market funds

How we build Categories ›

Same Category. VWO 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 ›

VWO ranks 1st 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

VWOAVanguard FTSE Emerging Markets ETF

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

In short

VWO Emerging markets the FTSE way: no South Korea (FTSE grades it developed), Chinese A-shares in the mix, small caps riding along, all for six basis points.

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

VWO The fund seeks to track the FTSE Emerging Markets All Cap China A Inclusion Index through passive index sampling, investing in a broadly diversified portfolio of emerging-market equities.

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

VWO 0.06% a year against a 0.19% median for broad emerging-market funds. On a $10,000 position that is roughly $6 annually.
The benchmark spans large, mid and small caps, so the portfolio holds several thousand emerging-market stocks rather than a few hundred blue chips.vanguard.com
Vanguard samples the index instead of buying every line, and tracking has been among the tightest in this peer group. It is also one of the most heavily traded EM funds.vanguard.com
Trading since 2005 and now one of the largest emerging-market funds around, with quarterly distributions. SCHE and SPEM match the fee zone but not the size or the all-cap reach.

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

VWO FTSE moved South Korea to developed status, so this fund leaves it out. Country mix differs from MSCI-based emerging-market funds, which still carry Korea.lseg.com
Market-cap weighting means the biggest emerging markets set the tone. The small-cap tail adds names more than it adds weight.vanguard.com
Emerging-market shares and their currencies move more sharply than developed-market ones, and the exposure here is unhedged.vanguard.com

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 VWO profile⁠

Full XCNY profile⁠

VWO vs XCNY Holdings

How VWO and XCNY differ

Overlap by weight

35.2%

Shared holdings make up 52.2% of XCNY and 36.0% of VWO.

Level by level

Holdings369 in both35.2%
Countryby domicile69.4%
Sector11 Sectors91.3%
Asset classEquity100%

Sector

Sector weights in VWO and XCNY, widest gap first
Sector	More in VWOMore in XCNY	VWO	XCNY
Technology	XCNY +3.9 points	35.5%	39.4%
Consumer Discretionary	VWO +3.5 points	8.5%	5.0%
Financials	XCNY +2.8 points	19.0%	21.8%
Communication	VWO +2.7 points	6.2%	3.5%
Health Care	VWO +1.3 points	4.2%	2.9%
Industrials	VWO +1.2 points	7.6%	6.4%
Materials	XCNY +0.7 points	7.6%	8.3%
Utilities	XCNY +0.5 points	2.4%	2.9%
Energy	XCNY +0.4 points	3.8%	4.2%
Consumer Staples	XCNY +0.2 points	3.3%	3.5%
Real Estate	XCNY +0.1 points	1.9%	2.0%

Country, concentration and asset class

Country by domicile

Country weights in VWO and XCNY, widest gap first
Country	More in VWOMore in XCNY	VWO	XCNY
China	VWO +26.0 points	26.0%	0.0%
Taiwan	XCNY +13.9 points	35.1%	49.0%
India	XCNY +7.8 points	16.0%	23.8%
South Africa	VWO +4.6 points	11.1%	6.5%
Poland	XCNY +2.0 points	0.0%	2.0%
Brazil	XCNY +1.6 points	4.5%	6.1%
Mexico	XCNY +1.3 points	1.9%	3.2%
Malaysia	XCNY +0.9 points	1.7%	2.6%
Other countries (9)	XCNY +3.0 points	3.7%	6.7%

Outside the US: VWO 0% developed, 100% emerging. XCNY 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

VWO29.8%
XCNY30.0%

Securities held

VWO4,965
XCNY1,174

Asset class

VWO: Equity
XCNY: Equity

Holdings

Only in VWO4,596
In both369
Only in XCNY805

Only in VWO

4,596 securities, 62.9% of VWO by weight

SLCMT11422.96%
Tencent Holdings Ltd2.82%
Alibaba Group Holding Ltd2.11%
China Construction Bank Corp0.91%
HDFC Bank Ltd0.70%
Reliance Industries Ltd0.69%
Industrial & Commercial Bank of China Ltd0.65%
ICICI Bank Ltd0.60%
Pdd Holdings Inc0.50%
Bharti Airtel Ltd0.47%
Xiaomi Corp0.46%
Bank of China Ltd0.43%
Meituan0.41%
Al Rajhi Bank0.41%
Anglogold Ashanti Plc0.39%
NetEase Inc0.37%
Ping An Insurance Group Co of China Ltd0.33%
Saudi Arabian Oil Co0.33%
Infosys Ltd0.31%
Grupo Mexico SAB de CV0.29%
BYD Co Ltd0.29%
JD.com Inc0.27%
Gold Fields Ltd0.27%
Naspers Ltd0.26%
Saudi National Bank/The0.26%
Kuwait Finance House KSCP0.25%
OTP Bank Nyrt0.25%
Axis Bank Ltd0.24%
FirstRand Ltd0.24%
Mahindra & Mahindra Ltd0.24%
Bajaj Finance Ltd0.23%
Wuxi Biologics Cayman Inc0.22%
China Life Insurance Co Ltd0.22%
Larsen & Toubro Ltd0.22%
Grupo Financiero Banorte SAB de CV0.22%
PetroChina Co Ltd0.21%
China Merchants Bank Co Ltd0.20%
Zijin Mining Group Co Ltd0.20%
First Abu Dhabi Bank PJSC0.20%
National Bank of Kuwait SAKP0.20%
Kotak Mahindra Bank Ltd0.20%
Trip.com Group Ltd0.20%
Standard Bank Group Ltd0.19%
Capitec Limited0.19%
BeOne Medicines Ltd0.19%
Baidu Inc0.19%
Saudi Arabian Mining Co0.19%
Tata Consultancy Services Ltd0.18%
Saudi Telecom Co0.18%
Valterra Platinum Ltd0.17%

Only in XCNY

805 securities, 47.6% of XCNY by weight

Reliance Industries Limited0.95%
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%
Larsen & Toubro Ltd0.31%
Bajaj Finance Ltd0.30%
Pko Bank Polski SA0.30%
Kotak Mahindra Bank Ltd0.30%
Tata Consultancy Svcs Ltd0.30%
Capitec Limited0.30%
National Bank of Kuwait0.29%
Eternal Ltd0.29%
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%
State Bank of India0.20%
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%
Bajel Projects Ltd0.18%
Ntpc Ltd0.18%

Weight gaps

The 100 widest of 369 Holdings in both funds.

Holding weights in VWO and XCNY, widest gap first
Holding	More in VWOMore in XCNY	VWO	XCNY
Taiwan Semiconductor Manufacturing Co Ltd	XCNY +4.18 points	15.76%	19.94%
MediaTek Inc	XCNY +0.65 points	1.88%	2.53%
ASE Technology Holding Co Ltd	XCNY +0.48 points	0.61%	1.09%
Accton Technology Corp	XCNY +0.33 points	0.23%	0.56%
Hon Hai Precision Industry Co Ltd	XCNY +0.31 points	0.80%	1.11%
Tripod Technology Corp	XCNY +0.28 points	0.06%	0.34%
Nan Ya Plastics Corp	XCNY +0.27 points	0.33%	0.60%
Unimicron Technology Corp	XCNY +0.27 points	0.40%	0.67%
CTBC Financial Holding Co Ltd	XCNY +0.24 points	0.31%	0.55%
Zhen Ding Technology Holding Ltd	XCNY +0.23 points	0.10%	0.33%
Gigabyte Technology Co Ltd	XCNY +0.17 points	0.05%	0.22%
Yuanta Financial Holding Co Ltd	XCNY +0.17 points	0.20%	0.37%
Elite Semiconductor Microelectronics Technology Inc	XCNY +0.16 points	0.02%	0.18%
Fubon Financial Holding Co Ltd	XCNY +0.16 points	0.33%	0.49%
Petroleo Brasileiro SA - Petrobras	XCNY +0.16 points	0.32%	0.48%
Realtek Semiconductor Corp	XCNY +0.15 points	0.10%	0.25%
SAI Life Sciences Ltd	XCNY +0.15 points	0.02%	0.17%
TS Financial Holding Co Ltd	XCNY +0.13 points	0.26%	0.39%
Chunghwa Telecom Co Ltd	XCNY +0.13 points	0.12%	0.25%
Asustek Computer Inc	XCNY +0.13 points	0.17%	0.30%
Cathay Financial Holding Co Ltd	XCNY +0.13 points	0.28%	0.41%
Nanya Technology Corp	XCNY +0.13 points	0.17%	0.30%
Novatek Microelectronics Corp	XCNY +0.13 points	0.06%	0.19%
Delta Electronics Inc	XCNY +0.13 points	1.13%	1.26%
Advantech Co Ltd	XCNY +0.12 points	0.09%	0.21%
United Microelectronics Corp	XCNY +0.13 points	0.39%	0.52%
E.Sun Financial Holding Co Ltd	XCNY +0.12 points	0.19%	0.31%
Powertech Technology Inc	XCNY +0.12 points	0.05%	0.17%
Sigurd Microelectronics Corp	XCNY +0.12 points	0.03%	0.15%
SinoPac Financial Holdings Co Ltd	XCNY +0.12 points	0.15%	0.27%
Itau Unibanco Holding S-Pref	XCNY +0.11 points	0.34%	0.45%
Emirates NBD Bank PJSC	XCNY +0.11 points	0.13%	0.24%
Wiwynn Corp	VWO +0.11 points	0.17%	0.06%
Mirle Automation Corp	XCNY +0.11 points	<0.01%	0.12%
Global Unichip Corp	VWO +0.11 points	0.17%	0.06%
Lite-On Technology Corp	XCNY +0.10 points	0.14%	0.24%
WT Microelectronics Co Ltd	XCNY +0.10 points	0.04%	0.14%
Nichidenbo Corp	XCNY +0.09 points	<0.01%	0.10%
Mega Financial Holding Co Ltd	XCNY +0.09 points	0.15%	0.24%
King Yuan Electronics Co Ltd	XCNY +0.09 points	0.09%	0.18%
Kasikornbank Pcl-Nvdr	XCNY +0.09 points	0.02%	0.11%
Teraplast SATRP	XCNY +0.09 points	<0.01%	0.09%
KGI Financial Holding Co Ltd	XCNY +0.09 points	0.16%	0.25%
Hua Nan Financial Holdings Co Ltd	XCNY +0.09 points	0.11%	0.20%
Pan Jit International Inc	XCNY +0.08 points	0.01%	0.09%
Compeq Manufacturing Co Ltd	XCNY +0.08 points	0.06%	0.14%
Nuvoton Technology Corp	XCNY +0.07 points	<0.01%	0.08%
Bizlink Holding Inc	VWO +0.08 points	0.12%	0.04%
Chroma ATE Inc	VWO +0.07 points	0.20%	0.13%
Quanta Computer Inc	XCNY +0.07 points	0.23%	0.30%
Micro-Star International Co Ltd	XCNY +0.07 points	0.03%	0.10%
Formosa Plastics Corp	XCNY +0.07 points	0.07%	0.14%
Asia Vital Components Co Ltd	VWO +0.06 points	0.28%	0.22%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP	XCNY +0.07 points	0.08%	0.15%
Greatek Electronics Inc	XCNY +0.06 points	<0.01%	0.07%
Inventec Corp	XCNY +0.06 points	0.04%	0.10%
Petrobras - Petroleo Bras-Pr	XCNY +0.06 points	0.35%	0.41%
Embraer SA	XCNY +0.06 points	0.10%	0.16%
First Financial Holding Co Ltd	XCNY +0.06 points	0.11%	0.17%
General Interface Solution GIS Holding Ltd	XCNY +0.06 points	<0.01%	0.07%
Jentech Precision Industrial Co Ltd	VWO +0.06 points	0.15%	0.09%
Allis Electric Co Ltd	XCNY +0.05 points	<0.01%	0.06%
Formosa Chemicals & Fibre Corp	XCNY +0.06 points	0.06%	0.12%
Shanghai Commercial & Savings Bank Ltd/The	XCNY +0.06 points	0.05%	0.11%
Largan Precision Co Ltd	VWO +0.05 points	0.14%	0.09%
Airtac International Group	XCNY +0.06 points	0.04%	0.10%
Silergy Corp	XCNY +0.05 points	0.04%	0.09%
Wisdom Marine Lines Co Ltd	XCNY +0.05 points	<0.01%	0.06%
Pegatron Corp	XCNY +0.05 points	0.05%	0.10%
Global Brands Manufacture Ltd	XCNY +0.04 points	<0.01%	0.05%
PharmaEssentia Corp	VWO +0.05 points	0.10%	0.05%
Eneva SA	XCNY +0.05 points	0.04%	0.09%
Chicony Electronics Co Ltd	XCNY +0.04 points	0.02%	0.06%
ChipMOS Technologies Inc	XCNY +0.04 points	0.02%	0.06%
Supreme Electronics Co Ltd	XCNY +0.05 points	0.01%	0.06%
Shinkong Insurance Co Ltd	XCNY +0.04 points	<0.01%	0.05%
Vedanta Power Ltd	XCNY +0.05 points	<0.01%	0.05%
Weg SA	XCNY +0.04 points	0.12%	0.16%
FLEXium Interconnect Inc	XCNY +0.04 points	<0.01%	0.05%
PRIO SA/Brazil	XCNY +0.04 points	0.08%	0.12%
Tong Yang Industry Co Ltd	XCNY +0.04 points	<0.01%	0.05%
Taiwan Cooperative Financial Holding Co Ltd	XCNY +0.05 points	0.07%	0.12%
Taiwan Mobile Co Ltd	XCNY +0.05 points	0.04%	0.09%
President Chain Store Corp	XCNY +0.04 points	0.03%	0.07%
Powerchip Semiconductor Manufacturing Corp	XCNY +0.04 points	0.07%	0.11%
TPK Holding Co Ltd	XCNY +0.04 points	<0.01%	0.05%
Catcher Technology Co Ltd	XCNY +0.04 points	0.02%	0.06%
U-Ming Marine Transport Corp	XCNY +0.04 points	<0.01%	0.05%
Ability Enterprise Co Ltd	XCNY +0.04 points	<0.01%	0.04%
Mitac Holdings Corp	XCNY +0.04 points	0.02%	0.06%
Everlight Electronics Co Ltd	XCNY +0.03 points	<0.01%	0.04%
Vale SA	XCNY +0.04 points	0.40%	0.44%
AUO Corp	XCNY +0.04 points	0.06%	0.10%
Banco BTG Pactual SA	XCNY +0.04 points	0.12%	0.16%
Feng TAY Enterprise Co Ltd	XCNY +0.03 points	<0.01%	0.04%
Wistron Corp	XCNY +0.04 points	0.14%	0.18%
Macronix International Co Ltd	XCNY +0.04 points	0.06%	0.10%
Farglory Land Development Co Ltd	XCNY +0.04 points	<0.01%	0.04%
Chailease Holding Co Ltd	XCNY +0.03 points	0.04%	0.07%
Synnex Technology International Corp	XCNY +0.04 points	0.03%	0.07%

All 5,942 VWO 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.

VWO vs XCNY Cost

Overpaying XCNY vs VWO

$2,682

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

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

Amount$10,000

Years30 years

Cost over time

VWO 0.06%
XCNY 0.19%
Overpaying

Year by year

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

Expense ratio

0.06%VWO, cheaper
0.19%XCNY

VWO0.06%XCNY0.19%

0.06%0.29%

Middle half of Emerging Markets Total Market funds
Median 0.07%

VWO cheapest of 5 funds

XCNY 4th cheapest of 5 funds

VWO vs XCNY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): VWO 2.19%; XCNY 2.38%, better
Payout (12M): VWO $1.22; XCNY $0.75
Last payment: VWO $0.11; XCNY $0.28
Ex-dividend: VWO Sep 18, 2026; XCNY Jun 22, 2026
Paid on: VWO Sep 22, 2026; XCNY Jun 26, 2026
Frequency: VWO Quarterly; XCNY Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

VWOQuarterly · 38 paymentsAll VWO payments⁠

XCNYTwice a year · 5 paymentsAll XCNY payments⁠

VWO vs XCNY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: VWO 12.0%XCNY 14.9%since Oct 2024
Return per unit of riskSharpe ratio, 3 years: VWO 0.99XCNY 0.58since Oct 2024
Worst fallMax drawdown, 5 years: VWO −29.9%XCNY −19.4%since Sep 2024
Market sensitivityBeta, 5 years: VWO 0.78XCNY 0.77; Market = 1

VWO and XCNY in the news

All news⁠

Best ETFs
Best international ETFs: one cheap fund, then the Korea choice
Updated Nov 2, 2026VWO
Head-to-Head
South Korea is the difference between VWO and IEMG
Oct 20, 2026VWO
New ETFs
Three new international stock funds, and none is the cheap one
Oct 5, 2026VWO
New ETFs
Avantis lists an international stock ETF with Vanguard on top
Oct 5, 2026VWO
Best ETFs
Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026VWO
News
Vietnam enters FTSE emerging-market indexes, starting at 10% of its weight
Sep 21, 2026VWO

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VWO vs XCNY

In short

Stated mandate

Why people hold it