XCEM vs XSOE: Grades, Fees and Holdings Compared

Columbia EM Core ex-China ETF

XCEMANYSE Arca

WisdomTree Emerging Markets ex-State-Owned Enterprises Fund

XSOEANYSE Arca

Overlap

56.2%by weight

Expense ratio

XCEM −0.16pt a year

XCEM0.16%XSOE0.32%

Avg volume · 30D

XCEM 1.7×the volume

XCEM162KXSOE97K

10Y return · a year

XCEM +1.9pt

XCEM+9.8%XSOE+7.9%

XCEM vs XSOE Performance

Oct 29, 2021 – Oct 30, 2026

+61.9%XCEM+22.0%XSOE

Expense ratio: XCEM 0.16%, better; XSOE 0.32%
Fund size: XCEM $2.01B; XSOE $1.91B
1Y total return: XCEM +24.3%, better; XSOE +10.5%
Yield (12M): XCEM 2.68%, better; XSOE 1.82%
Holdings: XCEM 465; XSOE 866
Avg volume (30D): XCEM 162K sh, better; XSOE 97K sh
NAV per share: XCEM $46.99; XSOE $43.15
52W range

ETF.net Grade

Pillar letters and Scores for XCEM, XSOE, with each pillar’s weight
Pillar	XCEM	XSOE
Cost30% weight	A90Higher	A71
Mission25% weight	A100	A100
Risk15% weight	C51Higher	C48
Tradability15% weight	B62Higher	C53
Holdings10% weight	B60Higher	B59
Durability5% weight	A78	A81Higher

Rank among Emerging Markets Stocks funds

How we build Categories ›

Same Category. XCEM 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 ›

XCEM ranks 2nd 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

XCEMAColumbia EM Core ex-China ETF

XSOEAWisdomTree Emerging Markets ex-State-Owned Enterprises Fund

In short

XCEM The original ex-China emerging markets fund. Columbia launched XCEM in 2015, back when carving China out of an EM sleeve was a fringe idea rather than a crowded shelf. Roughly 150 EM stocks, no China, 0.16% a year.

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

XCEM The fund seeks investment results that correspond to the performance of the EGAI Emerging Markets ex-China Index before fees and expenses. It generally invests at least 80% of net assets in index companies and seeks to replicate the 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

XCEM Launched in 2015 as the first broad emerging markets ETF built to leave China out, and it has since grown into a billion-dollar-plus fund.morningstar.com
0.16% a year, well under the typical fund in its emerging markets cohort, for a portfolio of about 150 stocks.
Plain mandate, closely followed: at least 80% of net assets in index companies, replicated rather than approximated, with tracking that has stayed tight.
One of the strongest implementations in its emerging markets peer group, and liquid enough that getting in and out is rarely the hard part.

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

XCEM No China means no Tencent, no Alibaba, no A-shares. If that exposure belongs in the portfolio, it has to come from somewhere else.
Emerging market stocks swing hard and currency moves add to the ride. This is one of the higher-volatility corners of equity investing.
Cheap, not cheapest: VEXC runs the same ex-China EM idea at 0.07%. XCEM's edge is a decade of history, not the lowest fee on the shelf.

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 XCEM profile⁠

Full XSOE profile⁠

XCEM vs XSOE Holdings

How XCEM and XSOE differ

Overlap by weight

56.2%

Shared holdings make up 73.2% of XCEM and 62.6% of XSOE.

Level by level

Holdings278 in both56.2%
Countryby domicile82.0%
Sector11 Sectors85.7%
Asset classEquity100%

Sector

Sector weights in XCEM and XSOE, widest gap first
Sector	More in XCEMMore in XSOE	XCEM	XSOE
Technology	XCEM +8.9 points	51.9%	43.0%
Consumer Discretionary	XSOE +6.8 points	4.3%	11.1%
Communication	XSOE +2.8 points	2.7%	5.5%
Financials	XCEM +2.6 points	17.3%	14.7%
Consumer Staples	XSOE +2.2 points	1.7%	3.9%
Health Care	XSOE +2.1 points	2.4%	4.5%
Energy	XCEM +1.4 points	3.1%	1.7%
Industrials	XCEM +0.8 points	9.0%	8.2%
Utilities	XCEM +0.5 points	1.6%	1.1%
Real Estate	XSOE +0.2 points	0.8%	1.0%
Materials	XCEM +0.1 points	5.3%	5.2%

Country, concentration and asset class

Country by domicile

Country weights in XCEM and XSOE, widest gap first
Country	More in XCEMMore in XSOE	XCEM	XSOE
China	XSOE +16.6 points	0.0%	16.6%
Taiwan	XCEM +10.4 points	40.1%	29.7%
South Korea	XCEM +1.7 points	25.3%	23.6%
India	XCEM +1.3 points	15.5%	14.2%
United States	XCEM +1.1 points	1.9%	0.8%
Brazil	XCEM +0.8 points	3.7%	2.9%
Greece	XCEM +0.7 points	0.7%	0.0%
South Africa	XCEM +0.6 points	4.6%	4.0%
Other countries (14)	XSOE +0.1 points	8.1%	8.2%

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

Concentration

Weight in the 10 largest Holdings

XCEM35.3%
XSOE37.1%

Securities held

XCEM452
XSOE842

Asset class

XCEM: Equity
XSOE: Equity

Holdings

Only in XCEM174
In both278
Only in XSOE564

Only in XCEM

174 securities, 26.1% of XCEM by weight

International Holding Co Pjsc0.92%
Hdfc Bank Ltd0.83%
Reliance Industries Ltd0.79%
Vaneck Semiconductor Etf0.73%
Ishares Semiconductor Etf0.69%
Al Rajhi Bank0.63%
Powszechna Kasa Oszczednosci Bank Polski SA0.63%
Kb Financial Group Inc0.60%
Petroleo Brasileiro SA - Petrobras0.51%
Itau Unibanco Holding SA0.48%
Saudi Arabian Oil Co0.45%
Tenaga Nasional Bhd0.42%
Naspers Ltd0.40%
Vale SA0.39%
Powszechny Zaklad Ubezpieczen SA0.39%
Gold Fields Ltd0.38%
Larsen & Toubro Ltd0.37%
Itausa SA0.37%
Banco Btg Pactual SA0.36%
First Abu Dhabi Bank Pjsc0.34%
Ihh Healthcare Bhd0.33%
State Bank of India0.33%
Mahindra & Mahindra Ltd0.33%
Saudi National Bank/The0.31%
Aspeed Technology Inc0.28%
America Movil Sab De Cv0.27%
Saudi Telecom Co0.26%
Shoprite Holdings Ltd0.25%
Saudi Arabian Mining Co0.25%
Tech Mahindra Ltd0.25%
Taiwan Union Technology Corp0.25%
Phison Electronics Corp0.23%
Chang Hwa Commercial Bank Ltd0.22%
Ptt Pcl0.21%
Emirates Telecommunications Group Co Pjsc0.21%
Kuwait Finance House Kscp0.21%
Emaar Properties Pjsc0.20%
Emirates Nbd Bank Pjsc0.20%
National Bank of Greece SA0.20%
Mpi Corp0.19%
Taiwan Business Bank0.19%
Qatar National Bank Qpsc0.19%
Eurobank SA0.18%
Orlen SA0.18%
Valterra Platinum Ltd0.18%
Chunghwa Telecom Co Ltd0.17%
Airports of Thailand Pcl0.17%
Ltm Ltd0.17%
Saudi Basic Industries Corp0.17%
Bharat Electronics Ltd0.17%

Only in XSOE

564 securities, 38.4% of XSOE by weight

Tencent Holdings Ltd2.27%
Alibaba Group Holding Ltd1.72%
Al Rajhi Bank1.11%
Hdfc Bank Limited0.76%
MercadoLibre Inc0.71%
Reliance Industries Ltd0.70%
Kuwaiti Dinar0.60%
Contemporary Amperex Techn-A0.50%
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%
Meituan - Class B0.32%
Netease Inc0.30%
Mahindra & Mahindra Ltd0.30%
Infosys Ltd ADR0.28%
Wuxi Apptec Co Ltd-A0.27%
Larsen & Toubro Ltd0.24%
Allegro.Eu Sa0.24%
Bank Central Asia Tbk PT0.23%
Sar0.22%
Beigene Ltd0.22%
Ping An Insurance Group Co of China0.21%
Jd.Com Inc - Cl A0.21%
BYD Co Ltd0.20%
Cambricon Technologies-A0.20%
Alinma Bank0.20%
Zomato Ltd0.20%
Eoptolink Technology Inc L-A0.20%
Trip.Com Group Ltd0.19%
America Movil Sab De Cv0.18%
Advanced Info Service PCL - NVDR0.18%
Gulf Development Pcl-Nvdr0.17%
Wuxi Biologics Cayman Inc0.16%
Baidu Inc-Class A0.16%
East Money Information Co-A0.16%
Foxconn Industrial Internet Co0.16%
UltraTech Cement Ltd0.16%
Montage Technology Co Ltd-A0.16%
BYD Co Ltd0.15%
Tata Motors Ltd /New0.15%
Dr Sulaiman Al Habib Medical0.15%
Luxshare Precision Industry Co0.15%
HCL Technologies Ltd0.15%
Hindustan Unilever Ltd0.15%
Discovery Ltd0.15%
Gigadevice Semiconductor Beiji0.15%
Samsung Biologics Co Ltd0.14%

Weight gaps

The 100 widest of 278 Holdings in both funds.

Holding weights in XCEM and XSOE, widest gap first
Holding	More in XCEMMore in XSOE	XCEM	XSOE
Sk Hynix Inc	XSOE +3.19 points	3.31%	6.50%
Taiwan Semiconductor Manufacturing Co Ltd	XCEM +1.72 points	15.90%	14.18%
Samsung Electronics Co Ltd	XCEM +1.17 points	8.48%	7.31%
Ase Technology Holding Co Ltd	XCEM +0.45 points	1.05%	0.60%
Hon Hai Precision Industry Co Ltd	XCEM +0.35 points	1.11%	0.76%
Novatek Microelectronics Corp	XCEM +0.34 points	0.44%	0.10%
Delta Electronics Inc	XCEM +0.31 points	1.00%	0.69%
Icici Bank LtdIBN	XCEM +0.31 points	0.93%	0.62%
National Bank of Kuwait Sakp	XSOE +0.28 points	0.12%	0.40%
Grupo Mexico Sab De Cv	XCEM +0.28 points	0.61%	0.33%
Chroma Ate Inc	XCEM +0.25 points	0.45%	0.20%
Waaree Energies Ltd	XCEM +0.25 points	0.27%	0.02%
Elite Material Co Ltd	XCEM +0.24 points	0.60%	0.36%
Asia Vital Components Co Ltd	XCEM +0.24 points	0.51%	0.27%
Samsung Sdi Co Ltd	XCEM +0.23 points	0.41%	0.18%
Leeno Industrial Inc	XCEM +0.22 points	0.24%	0.02%
Samsung Electro-Mechanics Co Ltd	XCEM +0.21 points	0.68%	0.47%
Press Metal Aluminium Holdings Bhd	XSOE +0.19 points	0.03%	0.22%
Hana Financial Group Inc	XCEM +0.19 points	0.45%	0.26%
Shinhan Financial Group Co Ltd	XCEM +0.18 points	0.50%	0.32%
Nan Ya Plastics Corp	XCEM +0.17 points	0.55%	0.38%
Celltrion Inc	XCEM +0.17 points	0.35%	0.18%
Ctbc Financial Holding Co Ltd	XCEM +0.16 points	0.56%	0.40%
Realtek Semiconductor Corp	XCEM +0.16 points	0.28%	0.12%
Jentech Precision Industrial Co Ltd	XCEM +0.17 points	0.32%	0.15%
Alchip Technologies Ltd	XCEM +0.16 points	0.24%	0.08%
Global Unichip Corp	XCEM +0.16 points	0.33%	0.17%
Otp Bank Nyrt	XCEM +0.16 points	0.45%	0.29%
King Yuan Electronics Co Ltd	XCEM +0.15 points	0.24%	0.09%
Accton Technology Corp	XCEM +0.14 points	0.33%	0.19%
Standard Bank Group Ltd	XSOE +0.14 points	0.19%	0.33%
Adani Ports & Special Economic Zone Ltd	XCEM +0.14 points	0.30%	0.16%
United Microelectronics Corp	XCEM +0.13 points	0.51%	0.38%
Powertech Technology Inc	XCEM +0.13 points	0.18%	0.05%
Wipro Ltd	XCEM +0.14 points	0.21%	0.07%
Winbond Electronics Corp	XCEM +0.13 points	0.27%	0.14%
Sinopac Financial Holdings Co Ltd	XSOE +0.13 points	0.11%	0.24%
Titan Co Ltd	XCEM +0.13 points	0.35%	0.22%
Hyundai Motor Co	XCEM +0.13 points	0.40%	0.27%
Silergy Corp	XCEM +0.12 points	0.16%	0.04%
Yuanta Financial Holding Co Ltd	XSOE +0.12 points	0.18%	0.30%
Compeq Manufacturing Co Ltd	XCEM +0.12 points	0.18%	0.06%
Kia Corp	XCEM +0.12 points	0.27%	0.15%
Largan Precision Co Ltd	XCEM +0.12 points	0.25%	0.13%
Kinsus Interconnect Technology Corp	XCEM +0.12 points	0.19%	0.07%
Nanya Technology Corp	XCEM +0.11 points	0.31%	0.20%
Hon Precision Inc	XCEM +0.11 points	0.23%	0.12%
Mphasis Ltd	XCEM +0.11 points	0.16%	0.05%
Bank Polska Kasa Opieki SA	XSOE +0.11 points	0.09%	0.20%
Embraer SA	XCEM +0.11 points	0.30%	0.19%
Meritz Financial Group Inc	XCEM +0.11 points	0.18%	0.07%
Bank Albilad	XSOE +0.11 points	<0.01%	0.11%
Ls Electric Co Ltd	XCEM +0.10 points	0.20%	0.10%
Asustek Computer Inc	XCEM +0.11 points	0.27%	0.16%
Delta Electronics Thailand Pcl	XCEM +0.11 points	0.43%	0.32%
Unimicron Technology Corp	XCEM +0.10 points	0.47%	0.37%
King Slide Works Co Ltd	XCEM +0.10 points	0.30%	0.20%
Ts Financial Holding Co Ltd	XSOE +0.09 points	0.20%	0.29%
Lg Innotek Co Ltd	XCEM +0.10 points	0.14%	0.04%
Db Hitek Co Ltd	XCEM +0.10 points	0.12%	0.02%
Yageo Corp	XCEM +0.09 points	0.32%	0.23%
Laurus Labs Ltd	XCEM +0.09 points	0.23%	0.14%
Gold Circuit Electronics Ltd	XCEM +0.10 points	0.19%	0.09%
Innolux Corp	XCEM +0.09 points	0.18%	0.09%
Powerchip Semiconductor Manufacturing Corp	XCEM +0.09 points	0.16%	0.07%
Hanmi Semiconductor Co Ltd	XCEM +0.09 points	0.15%	0.06%
Qatar Islamic Bank Qpsc	XSOE +0.09 points	0.10%	0.19%
Gigabyte Technology Co Ltd	XCEM +0.09 points	0.11%	0.02%
Ecopro Co Ltd	XCEM +0.09 points	0.14%	0.05%
Quanta Computer Inc	XCEM +0.09 points	0.34%	0.25%
Tata Consumer Products Ltd	XSOE +0.09 points	<0.01%	0.09%
Absa Group Ltd	XSOE +0.09 points	0.07%	0.16%
Mabanee Co Kpsc	XCEM +0.08 points	0.11%	0.03%
Firstrand Ltd	XCEM +0.09 points	0.43%	0.34%
Posco Holdings Inc	XCEM +0.09 points	0.23%	0.14%
KT&G Corp	XCEM +0.09 points	0.21%	0.12%
Lg Energy Solution Ltd	XCEM +0.08 points	0.17%	0.09%
Prio Sa/Brazil	XSOE +0.09 points	0.06%	0.15%
Aurobindo Pharma Ltd	XCEM +0.08 points	0.13%	0.05%
Hyundai Mobis Co Ltd	XCEM +0.08 points	0.21%	0.13%
Hyundai Autoever Corp	XCEM +0.08 points	0.09%	0.01%
Central Pattana Pcl	XCEM +0.08 points	0.15%	0.07%
Samsung Sds Co Ltd	XCEM +0.07 points	0.12%	0.05%
Ls Corp	XCEM +0.07 points	0.11%	0.04%
Wistron Corp	XCEM +0.07 points	0.22%	0.15%
Hyosung Heavy Industries Corp	XCEM +0.07 points	0.16%	0.09%
Zhen Ding Technology Holding Ltd	XCEM +0.07 points	0.17%	0.10%
Bharti Airtel Ltd	XSOE +0.07 points	0.56%	0.63%
Lite-On Technology Corp	XCEM +0.07 points	0.22%	0.15%
Capitec Limited	XSOE +0.07 points	0.28%	0.35%
United Integrated Services Co Ltd	XSOE +0.07 points	<0.01%	0.07%
Woori Financial Group Inc	XCEM +0.07 points	0.24%	0.17%
Apr Corp/Korea	XCEM +0.07 points	0.11%	0.04%
Auo Corp	XCEM +0.07 points	0.12%	0.05%
Latam Airlines Group SA	XCEM +0.06 points	0.12%	0.06%
Etihad Etisalat Co	XSOE +0.06 points	0.09%	0.15%
Industrias Penoles Sab De Cv	XCEM +0.06 points	0.13%	0.07%
Cummins India Ltd	XCEM +0.06 points	0.14%	0.08%
Macronix International Co Ltd	XCEM +0.06 points	0.11%	0.05%
Korea Investment Holdings Co Ltd	XCEM +0.06 points	0.12%	0.06%

All XCEM 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.

XCEM vs XSOE Cost

Overpaying XSOE vs XCEM

$3,200

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

XCEM 0.16%
$3,342
XSOE 0.32%
$6,542

Amount$10,000

Years30 years

Cost over time

XCEM 0.16%
XSOE 0.32%
Overpaying

Year by year

Year	XCEM	XSOE	Overpaying
10	$292	$580	$288
20	$1,141	$2,250	$1,109
30	$3,342	$6,542	$3,200

Expense ratio

0.16%XCEM, cheaper
0.32%XSOE

XCEM0.16%XSOE0.32%

0.07%0.91%

Middle half of Emerging Markets Stocks funds
Median 0.45%

XCEM 3rd cheapest of 20 funds

XSOE 6th cheapest of 20 funds

XCEM vs XSOE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): XCEM 2.68%, better; XSOE 1.82%
Payout (12M): XCEM $1.25; XSOE $0.78
Last payment: XCEM $1.25; XSOE $0.22
Ex-dividend: XCEM Dec 18, 2025; XSOE Sep 25, 2026
Paid on: XCEM Dec 26, 2025; XSOE Sep 29, 2026
Frequency: XCEM Annual; XSOE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

XCEMAnnual · 9 paymentsAll XCEM payments⁠

XSOEQuarterly · 33 paymentsAll XSOE payments⁠

XCEM vs XSOE Risk

Fall from peak · 5 years

XCEM
XSOE

Risk facts

VolatilityStd dev, 3 years: XCEM 20.0%XSOE 17.0%, better
Return per unit of riskSharpe ratio, 3 years: XCEM 0.95, betterXSOE 0.90
Worst fallMax drawdown, 5 years: XCEM −29.5%, betterXSOE −37.2%
Market sensitivityBeta, 5 years: XCEM 1.27XSOE 1.18; Market = 1

XCEM and XSOE in the news

All news⁠

Deep Dive
Korea funds gained 94% this year. China internet funds lost 28%
Sep 13, 2026XCEM
Deep Dive
Two $160 billion EM funds are 11 percentage points apart. Korea is why
Sep 5, 2026XCEM

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XCEM vs XSOE

In short

Stated mandate

Why people hold it

Worth knowing

How XCEM and XSOE differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in XCEM

Only in XSOE

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Korea funds gained 94% this year. China internet funds lost 28%

Two $160 billion EM funds are 11 percentage points apart. Korea is why

How XCEM and XSOE differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in XCEM

Only in XSOE

Weight gaps

Korea funds gained 94% this year. China internet funds lost 28%

Two $160 billion EM funds are 11 percentage points apart. Korea is why