Global X Emerging Markets ex-China ETF (EMM) Performance
EMM total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +19.8% since Dec 31, 2025
- 1 year
- +26.3% total return
- 3 years
- +21.1% a year
- Since first price
- +15.7% a year since 2023
EMM trailing returns vs SPY, QQQ, AGG
| Period | EMM total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −9.2% | −9.2% | −1.0% | −5.0% | +0.9% |
| 3 months | −2.1% | −2.1% | +3.2% | +1.9% | −0.4% |
| 6 months | +2.0% | +1.7% | +7.8% | +8.4% | −1.5% |
| YTD | +19.8% | +19.4% | +12.3% | +15.1% | −1.0% |
| 1 year | +26.3% | +25.2% | +14.4% | +15.9% | −1.1% |
| 3 years | +77.4%+21.1%/yr | +72.8% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionMay 15, 2023 | +65.0%+15.7%/yr | +60.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: EMM vs SPY
From May 15, 2023: EMM grew to $16,505, SPY to $19,218.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
EMM returns by calendar year
2 of 2 full years positive. Best 2025 (+30.2%), worst 2024 (+2.3%). 2026 is year to date.
EMM annual returns table
| Year | EMM | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +19.8% | −17.6% | +12.3% | +15.1% | −1.0% |
| 2025 | +30.2% | −15.9% | +17.7% | +20.8% | +7.2% |
| 2024 | +2.3% | −12.2% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
EMM largest drawdowns
Now 13.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 10, 2024 | −22.0% | Apr 8, 2025 | Jun 24, 2025 | 9 months | 11 months |
| Jun 22, 2026 | −17.6% | Jul 29, 2026 | not yet | 37 days | 4 months so far |
| Feb 25, 2026 | −14.8% | Mar 30, 2026 | Apr 17, 2026 | 33 days | 51 days |
| Jul 31, 2023 | −13.6% | Oct 26, 2023 | Mar 1, 2024 | 3 months | 7 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
EMM risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | +23.2% | +20.7% |
| Volatility (annualized) | 18.9% | 19.0% |
| Sharpe ratio | 0.97 | 0.85 |
| Sortino ratio | 1.79 | 1.52 |
| Best month | +17.1% | +17.1% |
| Worst month | −10.9% | −10.9% |
| Best 12 months | +61.8% | +61.8% |
| Worst 12 months | −6.8% | −6.8% |
| Positive months | 61% | 60% |
| Beta vs S&P 500 | 1.02 | — |
| Correlation with S&P 500 | 0.67 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
EMM rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 30 | −6.8% | +15.2% | +61.8% | 90% |
| 3-year (a year) | 6 | +16.0% | +21.8% | +23.4% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
EMM performance overview
Global X Emerging Markets ex-China ETF (EMM) returned +26.3% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +15.7% a year, turning $10,000 into about $16,505. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −22.0%, from Jul 10, 2024 to Apr 8, 2025, and it took 3 months to get back to the old high. Volatility has been 19.0% a year.
Related: EMM chart, EMM holdings, EMM dividends. See the EMM overview for the latest quote and fund facts.
EMM performance FAQ
What is the EMM return over the past year?
EMM returned +26.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 25.2%.
How much would $10,000 invested in EMM be worth?
$10,000 invested in EMM at its first recorded close on May 15, 2023 would be worth about $16,505 on October 23, 2026 with distributions reinvested.
What was the worst year for EMM?
The worst calendar year was 2024, with a total return of +2.3%. The best was 2025 at +30.2%.
What is the biggest drawdown of EMM?
The largest peak-to-trough decline was −22.0% between July 10, 2024 and April 8, 2025. It recovered to the old high on June 24, 2025, 3 months after the bottom.
How volatile is EMM?
Over the past 3 years EMM had an annualized volatility of 18.9% and a Sharpe ratio of 0.97 (excess return over 1–3 month T-bills per unit of risk).