ALVO vs. IEMG
ALVO (Alvotech) is a stock, while IEMG (iShares Core MSCI Emerging Markets ETF) is Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). Over the past 3 years, ALVO returned -21.16%/yr vs 22.14%/yr for IEMG. At a 0.17 correlation, their price movements are largely independent.
Performance
ALVO vs. IEMG - Performance Comparison
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Returns By Period
In the year-to-date period, ALVO achieves a -27.88% return, which is significantly lower than IEMG's 21.95% return.
ALVO
- 1D
- 1.37%
- 1M
- 10.78%
- YTD
- -27.88%
- 6M
- -23.08%
- 1Y
- -59.47%
- 3Y*
- -21.16%
- 5Y*
- —
- 10Y*
- —
IEMG
- 1D
- -5.44%
- 1M
- 1.74%
- YTD
- 21.95%
- 6M
- 22.64%
- 1Y
- 43.66%
- 3Y*
- 22.14%
- 5Y*
- 7.05%
- 10Y*
- 10.38%
ALVO vs. IEMG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ALVO Alvotech | -27.88% | -61.22% | 15.24% | 14.80% | 5.26% |
IEMG iShares Core MSCI Emerging Markets ETF | 21.95% | 32.56% | 6.50% | 11.52% | -5.39% |
Correlation
The correlation between ALVO and IEMG is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jun 16, 2022 | 0.17 |
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Return for Risk
ALVO vs. IEMG — Risk / Return Rank
ALVO
IEMG
ALVO vs. IEMG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alvotech (ALVO) 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.
| ALVO | IEMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.81 | ||
| Sortino ratioReturn per unit of downside risk | -3.75 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.38 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 3.32 | -4.18 |
| Martin ratioReturn relative to average drawdown | -1.30 | 12.15 | -13.44 |
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Drawdowns
ALVO vs. IEMG - Drawdown Comparison
The maximum ALVO drawdown since its inception was -82.63%, which is greater than IEMG's maximum drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for ALVO and IEMG.
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Drawdown Indicators
| ALVO | IEMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.63% | -38.71% | -43.92% |
Max Drawdown (1Y)Largest decline over 1 year | -69.42% | -13.21% | -56.21% |
Max Drawdown (3Y)Largest decline over 3 years | -82.63% | -17.21% | -65.42% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.75% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.71% | — |
Current DrawdownCurrent decline from peak | -78.58% | -5.44% | -73.14% |
Average DrawdownAverage peak-to-trough decline | -37.58% | -12.93% | -24.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.79% | 3.61% | +42.18% |
Volatility
ALVO vs. IEMG - Volatility Comparison
Alvotech (ALVO) has a higher volatility of 30.87% compared to iShares Core MSCI Emerging Markets ETF (IEMG) at 12.22%. This indicates that ALVO'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.
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Volatility by Period
| ALVO | IEMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.87% | 12.22% | +18.65% |
Volatility (6M)Calculated over the trailing 6-month period | 49.31% | 20.14% | +29.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.92% | 22.12% | +49.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.55% | 18.99% | +42.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.55% | 20.20% | +41.35% |
Dividends
ALVO vs. IEMG - Dividend Comparison
ALVO has not paid dividends to shareholders, while IEMG's dividend yield for the trailing twelve months is around 2.21%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ALVO Alvotech | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IEMG iShares Core MSCI Emerging Markets ETF | 2.21% | 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
ALVO and IEMG have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ALVO has higher volatility (30.87%) compared to IEMG (12.22%). In terms of maximum drawdown, ALVO dropped -82.63% vs IEMG's -38.71%.
IEMG currently has the higher Sharpe Ratio (1.98 vs -0.83), 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.
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