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EEM vs. IEMG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEM vs. IEMG

Last updated Jun 24, 2026

EEM (iShares MSCI Emerging Markets ETF) and IEMG (iShares Core MSCI Emerging Markets ETF) are both Emerging Markets Diversified funds from iShares - EEM tracks the MSCI Emerging Markets Index (Net) while IEMG tracks the MSCI Emerging Markets Investable Market Index (USD) (Net). Both are passively managed. Over the past 10 years, EEM returned 9.87%/yr vs 10.38%/yr for IEMG. With a 0.99 correlation, they move nearly in lockstep. EEM charges 0.72%/yr vs 0.09%/yr for IEMG.

Performance

EEM vs. IEMG - Performance Comparison

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

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Returns By Period

In the year-to-date period, EEM achieves a 23.41% return, which is significantly higher than IEMG's 21.95% return. Over the past 10 years, EEM has underperformed IEMG with an annualized return of 9.87%, while IEMG has yielded a comparatively higher 10.38% annualized return.

EEM

1D
-5.67%
1M
2.49%
YTD
23.41%
6M
24.32%
1Y
46.62%
3Y*
22.58%
5Y*
6.54%
10Y*
9.87%

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

EEM vs. IEMG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EEM
iShares MSCI Emerging Markets ETF		23.41%33.98%6.49%8.95%-20.56%-3.63%17.02%18.22%-15.31%37.26%
IEMG
iShares Core MSCI Emerging Markets ETF		21.95%32.56%6.50%11.52%-19.98%-0.64%17.87%17.81%-14.92%37.38%

Correlation

The correlation between EEM and IEMG is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

1.00

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

1.00

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

1.00

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

1.00

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2012

1.00

The correlation between EEM and IEMG has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

EEM vs. IEMG - Sectors Allocation Comparison

Sectors
EEM
IEMG

Technology

46.4%
42.1%

Financial Services

17.8%
16.7%

Consumer Cyclical

7.2%
8.5%

Industrials

5.9%
8.0%

Basic Materials

5.7%
6.3%

Communication Services

5.6%
5.6%

Energy

3.0%
3.3%

Consumer Defensive

2.4%
2.8%

Healthcare

2.3%
3.2%

Utilities

1.8%
1.9%

Real Estate

0.9%
1.6%

Technology

EEM
46.4%
IEMG
42.1%

Financial Services

EEM
17.8%
IEMG
16.7%

Consumer Cyclical

EEM
7.2%
IEMG
8.5%

Industrials

EEM
5.9%
IEMG
8.0%

Basic Materials

EEM
5.7%
IEMG
6.3%

Communication Services

EEM
5.6%
IEMG
5.6%

Energy

EEM
3.0%
IEMG
3.3%

Consumer Defensive

EEM
2.4%
IEMG
2.8%

Healthcare

EEM
2.3%
IEMG
3.2%

Utilities

EEM
1.8%
IEMG
1.9%

Real Estate

EEM
0.9%
IEMG
1.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Emerging Markets ETF

iShares Core MSCI Emerging Markets ETF

Often compared with EEM:
EEM vs. VWOEEM vs. SPYEEM vs. IS3N.DEEEM vs. VXUSEEM vs. EEMSEEM vs. SPEMEEM vs. VOO
Often compared with IEMG:
IEMG vs. VWOIEMG vs. IEFAIEMG vs. EMXCIEMG vs. SCHEIEMG vs. IXUSIEMG vs. SPYIEMG vs. EEMV

Return for Risk

EEM vs. IEMG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EEM
EEM Risk / Return Rank: 6767
Overall Rank
EEM Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
EEM Sortino Ratio Rank: 5757
Sortino Ratio Rank
EEM Omega Ratio Rank: 6969
Omega Ratio Rank
EEM Calmar Ratio Rank: 7171
Calmar Ratio Rank
EEM Martin Ratio Rank: 7070
Martin Ratio Rank
IEMG
IEMG Risk / Return Rank: 6464
Overall Rank
IEMG Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
IEMG Sortino Ratio Rank: 5555
Sortino Ratio Rank
IEMG Omega Ratio Rank: 6666
Omega Ratio Rank
IEMG Calmar Ratio Rank: 6969
Calmar Ratio Rank
IEMG Martin Ratio Rank: 6868
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.

EEM vs. IEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ETF (EEM) 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.

EEMIEMGDifference
Sharpe ratioReturn per unit of total volatility
2.06
1.98

+0.07

Sortino ratioReturn per unit of downside risk
2.63
2.56

+0.08

Omega ratioGain probability vs. loss probability

1.39

1.38

+0.01

Calmar ratioReturn relative to maximum drawdown

3.46

3.32

+0.14

Martin ratioReturn relative to average drawdown

12.70

12.15

+0.55

EEM vs. IEMG - Sharpe Ratio Comparison

The current EEM Sharpe Ratio is 2.06, which is comparable to the IEMG Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of EEM 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.

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Drawdowns

EEM vs. IEMG - Drawdown Comparison

The maximum EEM drawdown since its inception was -66.43%, which is greater than IEMG's maximum drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for EEM and IEMG.

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Drawdown Indicators

EEMIEMGDifference

Max Drawdown

Largest peak-to-trough decline

-66.43%

-38.71%

-27.72%

Max Drawdown (1Y)

Largest decline over 1 year

-13.52%

-13.21%

-0.31%

Max Drawdown (3Y)

Largest decline over 3 years

-17.29%

-17.21%

-0.08%

Max Drawdown (5Y)

Largest decline over 5 years

-37.49%

-35.75%

-1.74%

Max Drawdown (10Y)

Largest decline over 10 years

-39.82%

-38.71%

-1.11%

Current Drawdown

Current decline from peak

-5.67%

-5.44%

-0.23%

Average Drawdown

Average peak-to-trough decline

-15.99%

-12.93%

-3.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.68%

3.61%

+0.07%

Volatility

EEM vs. IEMG - Volatility Comparison

iShares MSCI Emerging Markets ETF (EEM) and iShares Core MSCI Emerging Markets ETF (IEMG) have volatilities of 12.59% and 12.22%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EEMIEMGDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.59%

12.22%

+0.37%

Volatility (6M)

Calculated over the trailing 6-month period

20.73%

20.14%

+0.59%

Volatility (1Y)

Calculated over the trailing 1-year period

22.77%

22.12%

+0.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.55%

18.99%

+0.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.67%

20.20%

+0.47%

EEM vs. IEMG - Expense Ratio Comparison

EEM has a 0.72% expense ratio, which is higher than IEMG's 0.09% expense ratio.

Dividends

EEM vs. IEMG - Dividend Comparison

EEM's dividend yield for the trailing twelve months is around 1.66%, less than IEMG's 2.21% yield.

PositionTTM20252024202320222021202020192018201720162015
EEM
iShares MSCI Emerging Markets ETF		1.66%2.22%2.43%2.63%2.50%1.99%1.45%2.76%2.24%1.89%1.89%2.49%
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

With a correlation of 1.00, EEM 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.

EEM has higher volatility (12.59%) compared to IEMG (12.22%). In terms of maximum drawdown, EEM dropped -66.43% vs IEMG's -38.71%.

On 10-year performance, IEMG leads with 10.38% vs 9.87% for EEM. On fees, IEMG is cheaper at 0.09% per year. On volatility, IEMG has been the lower-risk option at 12.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IEMG has performed better with a 10.38% return vs 9.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEMG is cheaper with a 0.09% expense ratio, compared with 0.72% for EEM.

IEMG has the higher dividend yield at 2.21%, compared with 1.66% for EEM.

EEM tracks MSCI Emerging Markets Index (Net), while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). Their fees differ too: 0.72% for EEM and 0.09% for IEMG.

EEM currently has the higher Sharpe Ratio (2.06 vs 1.98), 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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