AIA vs. IEMG

Last updated Aug 2, 2026

AIA (iShares Asia 50 ETF) and IEMG (iShares Core MSCI Emerging Markets ETF) are both exchange-traded funds - AIA is a Asia Pacific Equities fund tracking the S&P Asia 50 Index, while IEMG is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). Both are passively managed. Over the past 10 years, AIA returned 13.37%/yr vs 8.84%/yr for IEMG. Their correlation of 0.92 means they have usually moved in the same direction. AIA charges 0.50%/yr vs 0.09%/yr for IEMG.

Performance

AIA vs. IEMG - Performance Comparison

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

Returns By Period

In the year-to-date period, AIA achieves a 37.37% return, which is significantly higher than IEMG's 16.38% return. Over the past 10 years, AIA has outperformed IEMG with an annualized return of 13.37%, while IEMG has yielded a comparatively lower 8.84% annualized return.

AIA

• 1D: 1.38%
• 1M: -0.63%
• 6M: 22.48%
• YTD: 37.37%
• 1Y: 66.32%
• 3Y*: 32.09%
• 5Y*: 12.22%
• 10Y*: 13.37%
• ALL TIME*: 7.82%

IEMG

• 1D: 0.73%
• 1M: -2.79%
• 6M: 7.82%
• YTD: 16.38%
• 1Y: 32.88%
• 3Y*: 18.00%
• 5Y*: 7.26%
• 10Y*: 8.84%
• ALL TIME*: 6.11%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AIA iShares Asia 50 ETF	$72.11M	$68.43M	$74.19M
IEMG iShares Core MSCI Emerging Markets ETF	$833.06M	$972.69M	$1.09B

AIA vs. IEMG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIA iShares Asia 50 ETF	37.37%	47.79%	20.26%	4.32%	-24.08%	-10.91%	33.73%	22.21%	-14.22%	45.00%
IEMG iShares Core MSCI Emerging Markets ETF	16.38%	32.56%	6.50%	11.52%	-19.98%	-0.64%	17.87%	17.81%	-14.92%	37.38%

Correlation

The correlation between AIA and IEMG is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Oct 24, 2012	0.92

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

AIA vs. IEMG - Sectors Allocation Comparison

Sectors	AIA	IEMG
Technology	57.5%	43.6%
Financial Services	20.6%	17.3%
Consumer Cyclical	9.5%	7.7%
Communication Services	7.2%	5.6%
Industrials	2.0%	7.7%
Healthcare	0.9%	3.2%
Energy	0.6%	3.0%
Real Estate	0.5%	1.5%
Basic Materials	0.5%	5.8%
Consumer Defensive	-	2.8%
Utilities	-	1.9%

Return for Risk

AIA vs. IEMG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AIA

AIA Risk / Return Rank: 84
AIA Sharpe Ratio Rank: 86
AIA Sortino Ratio Rank: 78
AIA Omega Ratio Rank: 83
AIA Calmar Ratio Rank: 90
AIA Martin Ratio Rank: 85

IEMG

IEMG Risk / Return Rank: 60
IEMG Sharpe Ratio Rank: 57
IEMG Sortino Ratio Rank: 53
IEMG Omega Ratio Rank: 61
IEMG Calmar Ratio Rank: 68
IEMG Martin Ratio Rank: 60

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AIA vs. IEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Asia 50 ETF (AIA) and iShares Core MSCI Emerging Markets ETF (IEMG). 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	IEMG	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.35	+0.68
Sortino ratio: Return per unit of downside risk	2.52	1.85	+0.67
Omega ratio: Gain probability vs. loss probability	1.35	1.26	+0.09
Calmar ratio: Return relative to maximum drawdown	3.81	2.33	+1.49
Martin ratio: Return relative to average drawdown	12.04	7.16	+4.88

AIA vs. IEMG - Sharpe Ratio Comparison

The current AIA Sharpe Ratio is 2.03, which is higher than the IEMG Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of AIA and IEMG, 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. IEMG - Drawdown Comparison

The maximum AIA drawdown since its inception was -60.89%, which is greater than IEMG's maximum drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for AIA and IEMG.

Drawdown Indicators

	AIA	IEMG	Difference
Max Drawdown Largest peak-to-trough decline	-60.89%	-38.71%	-22.18%
Max Drawdown (1Y) Largest decline over 1 year	-16.83%	-13.78%	-3.05%
Max Drawdown (3Y) Largest decline over 3 years	-21.64%	-17.21%	-4.43%
Max Drawdown (5Y) Largest decline over 5 years	-45.99%	-33.61%	-12.38%
Max Drawdown (10Y) Largest decline over 10 years	-54.64%	-38.71%	-15.93%
Current Drawdown Current decline from peak	-11.13%	-9.76%	-1.37%
Average Drawdown Average peak-to-trough decline	-16.61%	-12.89%	-3.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.32%	4.47%	+0.85%

Volatility

AIA vs. IEMG - Volatility Comparison

iShares Asia 50 ETF (AIA) has a higher volatility of 11.50% compared to iShares Core MSCI Emerging Markets ETF (IEMG) at 8.73%. This indicates that AIA's price experiences larger fluctuations and is considered to be riskier than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIA	IEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.50%	8.73%	+2.77%
Volatility (6M) Calculated over the trailing 6-month period	28.26%	21.74%	+6.52%
Volatility (1Y) Calculated over the trailing 1-year period	31.64%	23.71%	+7.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.69%	19.27%	+7.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.17%	20.32%	+3.85%

AIA vs. IEMG - Expense Ratio Comparison

AIA has a 0.50% expense ratio, which is higher than IEMG's 0.09% expense ratio.

Dividends

AIA vs. IEMG - Dividend Comparison

AIA's dividend yield for the trailing twelve months is around 1.60%, less than IEMG's 2.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIA iShares Asia 50 ETF	1.60%	2.50%	2.78%	2.07%	2.59%	1.54%	1.11%	2.24%	2.49%	1.45%	2.29%	2.88%
IEMG iShares Core MSCI Emerging Markets ETF	2.32%	2.75%	3.20%	2.89%	2.71%	3.06%	1.87%	3.15%	2.76%	2.35%	2.28%	2.53%

Frequently Asked Questions

Can I hold both AIA and IEMG in my portfolio?

With a correlation of 0.96, AIA and IEMG 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 IEMG?

AIA has higher volatility (11.50%) compared to IEMG (8.73%). In terms of maximum drawdown, AIA dropped -60.89% vs IEMG's -38.71%.

Which ETF is better, AIA or IEMG?

On 10-year performance, AIA leads with 13.37% vs 8.84% for IEMG. On fees, IEMG is cheaper at 0.09% per year. On volatility, IEMG has been the lower-risk option at 8.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIA or IEMG?

Over the 10-year period, AIA has performed better with a 13.37% return vs 8.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIA or IEMG?

IEMG is cheaper with a 0.09% expense ratio, compared with 0.50% for AIA.

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

IEMG has the higher dividend yield at 2.32%, compared with 1.60% for AIA.

What is the main difference between AIA and IEMG?

AIA is categorized as Asia Pacific Equities, while IEMG is Emerging Markets Equities. AIA tracks S&P Asia 50 Index, while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). Their fees differ too: 0.50% for AIA and 0.09% for IEMG.

Which has better risk-adjusted returns?

AIA currently has the higher Sharpe Ratio (2.03 vs 1.35), 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.