BKEM vs. IEMG

Last updated Aug 2, 2026

BKEM (BNY Mellon Emerging Markets Equity ETF) and IEMG (iShares Core MSCI Emerging Markets ETF) are both Emerging Markets Equities funds - BKEM tracks the Morningstar Emerging Markets Large Cap Index while IEMG tracks the MSCI Emerging Markets Investable Market Index (USD) (Net). Both are passively managed. Over the past 5 years, BKEM returned 7.27%/yr vs 7.26%/yr for IEMG. Their 0.98 correlation means they have historically moved very closely together. BKEM charges 0.11%/yr vs 0.09%/yr for IEMG.

Performance

BKEM vs. IEMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Emerging Markets Equity ETF (BKEM) 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, BKEM achieves a 19.49% return, which is significantly higher than IEMG's 16.38% return.

BKEM

• 1D: 1.00%
• 1M: -2.28%
• 6M: 10.09%
• YTD: 19.49%
• 1Y: 36.07%
• 3Y*: 18.26%
• 5Y*: 7.27%
• 10Y*: —
• ALL TIME*: 12.53%

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)
BKEM BNY Mellon Emerging Markets Equity ETF	$479.81K	$325.26K	$242.87K
IEMG iShares Core MSCI Emerging Markets ETF	$833.06M	$972.69M	$1.09B

BKEM vs. IEMG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BKEM BNY Mellon Emerging Markets Equity ETF	19.49%	30.55%	7.53%	8.68%	-19.43%	-3.91%	48.44%
IEMG iShares Core MSCI Emerging Markets ETF	16.38%	32.56%	6.50%	11.52%	-19.98%	-0.64%	49.27%

Correlation

The correlation between BKEM and IEMG is 0.97 - 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.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (All Time) Calculated using the full available price history since Apr 24, 2020	0.98

The correlation between BKEM and IEMG has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

BKEM vs. IEMG - Sectors Allocation Comparison

Sectors	BKEM	IEMG
Technology	44.5%	43.6%
Financial Services	17.5%	17.3%
Consumer Cyclical	7.7%	7.7%
Industrials	7.6%	7.7%
Communication Services	5.8%	5.6%
Basic Materials	5.4%	5.8%
Energy	3.1%	3.0%
Healthcare	2.7%	3.2%
Consumer Defensive	2.6%	2.8%
Utilities	2.0%	1.9%
Real Estate	1.1%	1.5%

Return for Risk

BKEM vs. IEMG — Risk / Return Rank

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

BKEM

BKEM Risk / Return Rank: 65
BKEM Sharpe Ratio Rank: 64
BKEM Sortino Ratio Rank: 59
BKEM Omega Ratio Rank: 65
BKEM Calmar Ratio Rank: 73
BKEM Martin Ratio Rank: 65

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.

BKEM vs. IEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Emerging Markets Equity ETF (BKEM) 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.

	BKEM	IEMG	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.35	+0.13
Sortino ratio: Return per unit of downside risk	1.99	1.85	+0.14
Omega ratio: Gain probability vs. loss probability	1.27	1.26	+0.01
Calmar ratio: Return relative to maximum drawdown	2.54	2.33	+0.21
Martin ratio: Return relative to average drawdown	7.83	7.16	+0.68

BKEM vs. IEMG - Sharpe Ratio Comparison

The current BKEM Sharpe Ratio is 1.48, which is comparable to the IEMG Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of BKEM 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

BKEM vs. IEMG - Drawdown Comparison

The maximum BKEM drawdown since its inception was -39.48%, roughly equal to the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for BKEM and IEMG.

Drawdown Indicators

	BKEM	IEMG	Difference
Max Drawdown Largest peak-to-trough decline	-39.48%	-38.71%	-0.77%
Max Drawdown (1Y) Largest decline over 1 year	-13.91%	-13.78%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-18.38%	-17.21%	-1.17%
Max Drawdown (5Y) Largest decline over 5 years	-33.28%	-33.61%	+0.33%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.71%	—
Current Drawdown Current decline from peak	-9.52%	-9.76%	+0.24%
Average Drawdown Average peak-to-trough decline	-15.76%	-12.89%	-2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.49%	4.47%	+0.02%

Volatility

BKEM vs. IEMG - Volatility Comparison

BNY Mellon Emerging Markets Equity ETF (BKEM) has a higher volatility of 9.22% compared to iShares Core MSCI Emerging Markets ETF (IEMG) at 8.73%. This indicates that BKEM'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

	BKEM	IEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.22%	8.73%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	21.85%	21.74%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	23.85%	23.71%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.61%	19.27%	+0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.76%	20.32%	-0.56%

BKEM vs. IEMG - Expense Ratio Comparison

BKEM has a 0.11% expense ratio, which is higher than IEMG's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BKEM vs. IEMG - Dividend Comparison

BKEM's dividend yield for the trailing twelve months is around 1.96%, less than IEMG's 2.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKEM BNY Mellon Emerging Markets Equity ETF	1.96%	2.25%	2.76%	3.02%	3.15%	2.22%	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%
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 BKEM and IEMG in my portfolio?

With a correlation of 0.97, BKEM 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, BKEM or IEMG?

BKEM has higher volatility (9.22%) compared to IEMG (8.73%). In terms of maximum drawdown, BKEM dropped -39.48% vs IEMG's -38.71%.

Which ETF is better, BKEM or IEMG?

On 5-year performance, BKEM leads with 7.27% vs 7.26% 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, BKEM or IEMG?

Over the 5-year period, BKEM has performed better with a 7.27% return vs 7.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKEM or IEMG?

IEMG is cheaper with a 0.09% expense ratio, compared with 0.11% for BKEM.

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

IEMG has the higher dividend yield at 2.32%, compared with 1.96% for BKEM.

What is the main difference between BKEM and IEMG?

BKEM tracks Morningstar Emerging Markets Large Cap Index, while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). They also come from different issuers: BNY Mellon and iShares. Their fees differ too: 0.11% for BKEM and 0.09% for IEMG.

Which has better risk-adjusted returns?

BKEM currently has the higher Sharpe Ratio (1.48 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.