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CTY.L vs. EMIM.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CTY.L vs. EMIM.L

Last updated Jul 17, 2026
Documentation

CTY.L (The City of London Investment Trust plc) is a stock, while EMIM.L (iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)) is Emerging Markets Equities fund tracking the MSCI Emerging Markets Investable Market Index (IMI). Over the past 10 years, CTY.L returned 8.84%/yr vs 8.92%/yr for EMIM.L. A 0.54 correlation means they provide meaningful diversification when combined.

Performance

CTY.L vs. EMIM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in The City of London Investment Trust plc (CTY.L) and iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (EMIM.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CTY.L achieves a 12.44% return, which is significantly lower than EMIM.L's 16.82% return. Both investments have delivered pretty close results over the past 10 years, with CTY.L having a 8.84% annualized return and EMIM.L not far ahead at 8.92%.

CTY.L

1D
1.22%
1M
2.46%
6M
8.14%
YTD
12.44%
1Y
23.28%
3Y*
19.45%
5Y*
13.35%
10Y*
8.84%

EMIM.L

1D
-1.11%
1M
-6.64%
6M
10.01%
YTD
16.82%
1Y
32.74%
3Y*
17.79%
5Y*
7.44%
10Y*
8.92%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CTY.L vs. EMIM.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CTY.L
The City of London Investment Trust plc		12.44%28.15%10.62%4.83%9.40%11.77%-11.85%20.50%-8.47%12.55%
EMIM.L
iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)		16.82%23.35%9.18%4.93%-10.17%0.74%14.91%12.69%-9.32%24.72%

Correlation

The correlation between CTY.L and EMIM.L is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.35

Correlation (3Y)
Calculated over the trailing 3-year period

0.42

Correlation (5Y)
Calculated over the trailing 5-year period

0.43

Correlation (10Y)
Calculated over the trailing 10-year period

0.52

Correlation (All Time)
Calculated using the full available price history since Jun 9, 2014

0.54

The correlation between CTY.L and EMIM.L shifts across timeframes, from 0.34 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.

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The City of London Investment Trust plc

iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)

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Often compared with EMIM.L:
EMIM.L vs. VFEG.LEMIM.L vs. SEMA.LEMIM.L vs. SWDA.LEMIM.L vs. EXCS.LEMIM.L vs. 5MVL.DEEMIM.L vs. XMMS.LEMIM.L vs. VDPG.L

Return for Risk

CTY.L vs. EMIM.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CTY.L
CTY.L Risk / Return Rank: 8686
Overall Rank
CTY.L Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
CTY.L Sortino Ratio Rank: 8787
Sortino Ratio Rank
CTY.L Omega Ratio Rank: 8888
Omega Ratio Rank
CTY.L Calmar Ratio Rank: 8181
Calmar Ratio Rank
CTY.L Martin Ratio Rank: 8686
Martin Ratio Rank
EMIM.L
EMIM.L Risk / Return Rank: 6565
Overall Rank
EMIM.L Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
EMIM.L Sortino Ratio Rank: 5959
Sortino Ratio Rank
EMIM.L Omega Ratio Rank: 6767
Omega Ratio Rank
EMIM.L Calmar Ratio Rank: 7474
Calmar Ratio Rank
EMIM.L Martin Ratio Rank: 6363
Martin Ratio Rank
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.

CTY.L vs. EMIM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The City of London Investment Trust plc (CTY.L) and iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (EMIM.L). 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.

CTY.LEMIM.LDifference
Sharpe ratioReturn per unit of total volatility
1.77
1.70

+0.07

Sortino ratioReturn per unit of downside risk
2.54
2.26

+0.28

Omega ratioGain probability vs. loss probability

1.34

1.32

+0.02

Calmar ratioReturn relative to maximum drawdown

2.37

2.98

-0.61

Martin ratioReturn relative to average drawdown

7.83

8.86

-1.03

CTY.L vs. EMIM.L - Sharpe Ratio Comparison

The current CTY.L Sharpe Ratio is 1.77, which is comparable to the EMIM.L Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of CTY.L and EMIM.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CTY.L vs. EMIM.L - Drawdown Comparison

The maximum CTY.L drawdown since its inception was -44.92%, which is greater than EMIM.L's maximum drawdown of -31.70%. Use the drawdown chart below to compare losses from any high point for CTY.L and EMIM.L.

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Drawdown Indicators

CTY.LEMIM.LDifference

Max Drawdown

Largest peak-to-trough decline

-44.92%

-31.70%

-13.22%

Max Drawdown (1Y)

Largest decline over 1 year

-9.76%

-10.92%

+1.16%

Max Drawdown (3Y)

Largest decline over 3 years

-10.05%

-15.56%

+5.51%

Max Drawdown (5Y)

Largest decline over 5 years

-11.40%

-20.99%

+9.59%

Max Drawdown (10Y)

Largest decline over 10 years

-37.12%

-26.46%

-10.66%

Current Drawdown

Current decline from peak

0.00%

-10.31%

+10.31%

Average Drawdown

Average peak-to-trough decline

-7.87%

-8.67%

+0.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.97%

3.69%

-0.72%

Volatility

CTY.L vs. EMIM.L - Volatility Comparison

The current volatility for The City of London Investment Trust plc (CTY.L) is 3.26%, while iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (EMIM.L) has a volatility of 8.43%. This indicates that CTY.L experiences smaller price fluctuations and is considered to be less risky than EMIM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CTY.LEMIM.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.26%

8.43%

-5.17%

Volatility (6M)

Calculated over the trailing 6-month period

11.14%

17.13%

-5.99%

Volatility (1Y)

Calculated over the trailing 1-year period

13.11%

19.19%

-6.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.61%

16.41%

-2.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.49%

18.00%

-2.51%

Dividends

CTY.L vs. EMIM.L - Dividend Comparison

CTY.L's dividend yield for the trailing twelve months is around 3.75%, while EMIM.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
CTY.L
The City of London Investment Trust plc		3.75%4.06%4.82%4.92%4.82%4.86%5.07%4.22%4.66%3.86%1.00%3.99%
EMIM.L
iShares Core MSCI Emerging Markets IMI UCITS ETF (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%

Frequently Asked Questions

CTY.L and EMIM.L have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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