AIA vs. EEMA

Last updated Jun 23, 2026

AIA (iShares Asia 50 ETF) and EEMA (iShares MSCI Emerging Markets Asia ETF) are both Asia Pacific Equities funds from iShares - AIA tracks the S&P Asia 50 Index while EEMA tracks the MSCI Emerging Markets Asia Index. Both are passively managed. Over the past 10 years, AIA returned 15.85%/yr vs 11.30%/yr for EEMA. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

AIA vs. EEMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Asia 50 ETF (AIA) and iShares MSCI Emerging Markets Asia ETF (EEMA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIA achieves a 54.57% return, which is significantly higher than EEMA's 29.62% return. Over the past 10 years, AIA has outperformed EEMA with an annualized return of 15.85%, while EEMA has yielded a comparatively lower 11.30% annualized return.

AIA

• 1D: 0.68%
• 1M: 12.30%
• YTD: 54.57%
• 6M: 58.84%
• 1Y: 97.46%
• 3Y*: 39.74%
• 5Y*: 13.26%
• 10Y*: 15.85%

EEMA

• 1D: 0.76%
• 1M: 7.84%
• YTD: 29.62%
• 6M: 31.87%
• 1Y: 55.09%
• 3Y*: 25.38%
• 5Y*: 7.89%
• 10Y*: 11.30%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AIA vs. EEMA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIA iShares Asia 50 ETF	54.57%	47.79%	20.26%	4.32%	-24.08%	-10.91%	33.73%	22.21%	-14.22%	45.00%
EEMA iShares MSCI Emerging Markets Asia ETF	29.62%	33.27%	10.23%	6.57%	-21.49%	-4.22%	25.17%	18.60%	-15.76%	43.41%

Correlation

The correlation between AIA and EEMA is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 9, 2012	0.92

The correlation between AIA and EEMA has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

AIA vs. EEMA - Sectors Allocation Comparison

Sectors	AIA	EEMA
Technology	63.8%	43.4%
Financial Services	16.4%	15.3%
Consumer Cyclical	8.6%	10.4%
Communication Services	7.4%	6.6%
Industrials	2.0%	8.4%
Healthcare	0.8%	3.5%
Energy	0.6%	2.8%
Real Estate	0.5%	0.9%
Basic Materials	-	4.4%
Consumer Defensive	-	2.6%
Utilities	-	1.7%

Return for Risk

AIA vs. EEMA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AIA

AIA Risk / Return Rank: 92
AIA Sharpe Ratio Rank: 94
AIA Sortino Ratio Rank: 89
AIA Omega Ratio Rank: 91
AIA Calmar Ratio Rank: 94
AIA Martin Ratio Rank: 93

EEMA

EEMA Risk / Return Rank: 79
EEMA Sharpe Ratio Rank: 82
EEMA Sortino Ratio Rank: 76
EEMA Omega Ratio Rank: 81
EEMA Calmar Ratio Rank: 78
EEMA Martin Ratio Rank: 76

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AIA vs. EEMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Asia 50 ETF (AIA) and iShares MSCI Emerging Markets Asia ETF (EEMA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AIA	EEMA	Difference
Sharpe ratio: Return per unit of total volatility	3.44	2.52	+0.93
Sortino ratio: Return per unit of downside risk	3.91	3.22	+0.69
Omega ratio: Gain probability vs. loss probability	1.57	1.46	+0.11
Calmar ratio: Return relative to maximum drawdown	6.93	3.87	+3.06
Martin ratio: Return relative to average drawdown	23.86	14.07	+9.79

AIA vs. EEMA - Sharpe Ratio Comparison

The current AIA Sharpe Ratio is 3.44, which is higher than the EEMA Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of AIA and EEMA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AIA vs. EEMA - Drawdown Comparison

The maximum AIA drawdown since its inception was -60.89%, which is greater than EEMA's maximum drawdown of -44.18%. Use the drawdown chart below to compare losses from any high point for AIA and EEMA.

Drawdown Indicators

	AIA	EEMA	Difference
Max Drawdown Largest peak-to-trough decline	-60.89%	-44.18%	-16.71%
Max Drawdown (1Y) Largest decline over 1 year	-14.15%	-14.30%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-21.64%	-20.23%	-1.41%
Max Drawdown (5Y) Largest decline over 5 years	-50.11%	-40.46%	-9.65%
Max Drawdown (10Y) Largest decline over 10 years	-54.64%	-44.18%	-10.46%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-16.65%	-13.94%	-2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	3.93%	+0.17%

Volatility

AIA vs. EEMA - Volatility Comparison

iShares Asia 50 ETF (AIA) has a higher volatility of 14.76% compared to iShares MSCI Emerging Markets Asia ETF (EEMA) at 10.29%. This indicates that AIA's price experiences larger fluctuations and is considered to be riskier than EEMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIA	EEMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.76%	10.29%	+4.47%
Volatility (6M) Calculated over the trailing 6-month period	25.07%	19.37%	+5.70%
Volatility (1Y) Calculated over the trailing 1-year period	28.53%	22.05%	+6.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.13%	20.75%	+5.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.87%	21.03%	+2.84%

AIA vs. EEMA - Expense Ratio Comparison

Both AIA and EEMA have an expense ratio of 0.50%.

Dividends

AIA vs. EEMA - Dividend Comparison

AIA's dividend yield for the trailing twelve months is around 1.42%, more than EEMA's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIA iShares Asia 50 ETF	1.42%	2.50%	2.78%	2.07%	2.59%	1.54%	1.11%	2.24%	2.49%	1.45%	2.29%	2.88%
EEMA iShares MSCI Emerging Markets Asia ETF	1.27%	1.48%	1.74%	2.02%	1.78%	2.19%	1.15%	1.86%	2.17%	1.74%	1.74%	2.44%

Frequently Asked Questions

Can I hold both AIA and EEMA in my portfolio?

With a correlation of 0.96, AIA and EEMA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AIA or EEMA?

AIA has higher volatility (14.76%) compared to EEMA (10.29%). In terms of maximum drawdown, AIA dropped -60.89% vs EEMA's -44.18%.

Which ETF is better, AIA or EEMA?

On 10-year performance, AIA leads with 15.85% vs 11.30% for EEMA. Both ETFs have the same 0.50% expense ratio. On volatility, EEMA has been the lower-risk option at 10.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIA or EEMA?

Over the 10-year period, AIA has performed better with a 15.85% return vs 11.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIA or EEMA?

AIA and EEMA have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, AIA or EEMA?

AIA has the higher dividend yield at 1.42%, compared with 1.27% for EEMA.

What is the main difference between AIA and EEMA?

AIA tracks S&P Asia 50 Index, while EEMA tracks MSCI Emerging Markets Asia Index.

Which has better risk-adjusted returns?

AIA currently has the higher Sharpe Ratio (3.44 vs 2.52), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.