Thoughts on EM performance divergence: $EMXC vs $EEM

Watching the EM space today, the continued divergence between $EMXC and $EEM is getting harder to ignore. $EMXC at 93.94, down 1.21% on the day, holding near its lows, while $EEM, at 65.02, also down 1.07%, shows slightly more resilience off its lows (64.465). It seems to me the broader EM story, especially ex-China, is being fundamentally misread by the market. The persistent underperformance, even on days where one might expect a broader risk-on sentiment to at least stem the bleeding, suggests deeper structural issues that aren't getting priced in correctly. Are we too quick to conflate all emerging markets under a single thesis? I'd argue yes, and that the ex-China component, particularly, is undervalued. Change my mind.