AVEM.L vs. IEMG

Last updated Jun 25, 2026

AVEM.L (Avantis Emerging Markets Equity UCITS ETF USD Acc) and IEMG (iShares Core MSCI Emerging Markets ETF) are both exchange-traded funds - AVEM.L is a Emerging Markets Equities fund actively managed by Avantis, while IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). AVEM.L is actively managed, while IEMG is passively managed. Over the past year, AVEM.L returned 38.86% vs 40.36% for IEMG. A 0.76 correlation means they provide meaningful diversification when combined. AVEM.L charges 0.35%/yr vs 0.09%/yr for IEMG.

Performance

AVEM.L vs. IEMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Equity UCITS ETF USD Acc (AVEM.L) 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, AVEM.L achieves a 20.27% return, which is significantly lower than IEMG's 22.14% return.

AVEM.L

• 1D: -0.37%
• 1M: 2.19%
• YTD: 20.27%
• 6M: 21.13%
• 1Y: 38.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IEMG

• 1D: 0.16%
• 1M: 1.90%
• YTD: 22.14%
• 6M: 22.65%
• 1Y: 40.36%
• 3Y*: 22.21%
• 5Y*: 6.93%
• 10Y*: 10.40%

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

AVEM.L vs. IEMG - Yearly Performance Comparison

	2026 (YTD)	2025
AVEM.L Avantis Emerging Markets Equity UCITS ETF USD Acc	20.27%	25.36%
IEMG iShares Core MSCI Emerging Markets ETF	22.14%	25.68%

Correlation

The correlation between AVEM.L and IEMG is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Mar 24, 2025	0.76

The correlation between AVEM.L and IEMG has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.

AVEM.L vs. IEMG - Sectors Allocation Comparison

Sectors	AVEM.L	IEMG
Technology	37.4%	42.1%
Financial Services	19.9%	16.7%
Consumer Cyclical	9.0%	8.5%
Industrials	8.8%	8.0%
Basic Materials	6.1%	6.3%
Communication Services	5.4%	5.6%
Energy	3.7%	3.3%
Healthcare	3.5%	3.2%
Consumer Defensive	3.0%	2.8%
Real Estate	1.9%	1.6%
Utilities	1.4%	1.9%

Return for Risk

AVEM.L vs. IEMG — Risk / Return Rank

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

AVEM.L

AVEM.L Risk / Return Rank: 69
AVEM.L Sharpe Ratio Rank: 71
AVEM.L Sortino Ratio Rank: 68
AVEM.L Omega Ratio Rank: 71
AVEM.L Calmar Ratio Rank: 69
AVEM.L Martin Ratio Rank: 69

IEMG

IEMG Risk / Return Rank: 64
IEMG Sharpe Ratio Rank: 62
IEMG Sortino Ratio Rank: 56
IEMG Omega Ratio Rank: 67
IEMG Calmar Ratio Rank: 68
IEMG Martin Ratio Rank: 68

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.

AVEM.L vs. IEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Equity UCITS ETF USD Acc (AVEM.L) 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.

	AVEM.L	IEMG	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.84	+0.13
Sortino ratio: Return per unit of downside risk	2.68	2.40	+0.28
Omega ratio: Gain probability vs. loss probability	1.36	1.36	0.00
Calmar ratio: Return relative to maximum drawdown	2.98	3.07	-0.09
Martin ratio: Return relative to average drawdown	11.06	11.18	-0.12

AVEM.L vs. IEMG - Sharpe Ratio Comparison

The current AVEM.L Sharpe Ratio is 1.98, which is comparable to the IEMG Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of AVEM.L 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

AVEM.L vs. IEMG - Drawdown Comparison

The maximum AVEM.L drawdown since its inception was -14.44%, smaller than the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for AVEM.L and IEMG.

Drawdown Indicators

	AVEM.L	IEMG	Difference
Max Drawdown Largest peak-to-trough decline	-14.44%	-38.71%	+24.27%
Max Drawdown (1Y) Largest decline over 1 year	-13.05%	-13.21%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.21%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.71%	—
Current Drawdown Current decline from peak	-5.19%	-5.29%	+0.10%
Average Drawdown Average peak-to-trough decline	-2.18%	-12.93%	+10.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	3.62%	-0.11%

Volatility

AVEM.L vs. IEMG - Volatility Comparison

The current volatility for Avantis Emerging Markets Equity UCITS ETF USD Acc (AVEM.L) is 8.81%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 12.22%. This indicates that AVEM.L experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVEM.L	IEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.81%	12.22%	-3.41%
Volatility (6M) Calculated over the trailing 6-month period	17.32%	20.12%	-2.80%
Volatility (1Y) Calculated over the trailing 1-year period	19.86%	22.11%	-2.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.47%	18.99%	+1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.47%	20.19%	+0.28%

AVEM.L vs. IEMG - Expense Ratio Comparison

AVEM.L has a 0.35% expense ratio, which is higher than IEMG's 0.09% expense ratio.

Dividends

AVEM.L vs. IEMG - Dividend Comparison

AVEM.L 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
AVEM.L Avantis Emerging Markets Equity UCITS ETF USD Acc	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

Can I hold both AVEM.L and IEMG in my portfolio?

AVEM.L and IEMG have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AVEM.L or IEMG?

On fees, IEMG is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AVEM.L or IEMG?

IEMG is cheaper with a 0.09% expense ratio, compared with 0.35% for AVEM.L.

What is the main difference between AVEM.L and IEMG?

AVEM.L is categorized as Emerging Markets Equities, while IEMG is Emerging Markets Diversified. They also come from different issuers: Avantis and iShares. Their fees differ too: 0.35% for AVEM.L and 0.09% for IEMG.