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EEM vs. SLYG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEM vs. SLYG

Last updated Jun 13, 2026

EEM (iShares MSCI Emerging Markets ETF) and SLYG (SPDR S&P 600 Small Cap Growth ETF) are both exchange-traded funds - EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net), while SLYG is a Small Cap Growth Equities fund tracking the S&P SmallCap 600 Growth Index. Both are passively managed. Over the past 10 years, EEM returned 9.91%/yr vs 11.33%/yr for SLYG. A 0.66 correlation means they provide meaningful diversification when combined. EEM charges 0.72%/yr vs 0.15%/yr for SLYG.

Performance

EEM vs. SLYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets ETF (EEM) and SPDR S&P 600 Small Cap Growth ETF (SLYG). 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 24.07% return, which is significantly higher than SLYG's 20.04% return. Over the past 10 years, EEM has underperformed SLYG with an annualized return of 9.91%, while SLYG has yielded a comparatively higher 11.33% annualized return.

EEM

1D
0.56%
1M
1.00%
YTD
24.07%
6M
26.94%
1Y
45.22%
3Y*
21.60%
5Y*
6.56%
10Y*
9.91%

SLYG

1D
0.82%
1M
5.34%
YTD
20.04%
6M
16.26%
1Y
29.84%
3Y*
14.84%
5Y*
6.11%
10Y*
11.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EEM vs. SLYG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EEM
iShares MSCI Emerging Markets ETF		24.07%33.98%6.49%8.95%-20.56%-3.63%17.02%18.22%-15.31%37.26%
SLYG
SPDR S&P 600 Small Cap Growth ETF		20.04%5.20%9.38%17.27%-21.26%22.42%19.48%20.97%-4.20%14.62%

Correlation

The correlation between EEM and SLYG is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.61

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

0.57

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

0.59

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

0.59

Correlation (All Time)
Calculated using the full available price history since Apr 14, 2003

0.66

The correlation between EEM and SLYG has been stable across timeframes, ranging from 0.57 to 0.66 - a consistent structural relationship.

EEM vs. SLYG - Sectors Allocation Comparison

Sectors
EEM
SLYG

Technology

43.6%
20.5%

Financial Services

17.5%
13.6%

Consumer Cyclical

8.1%
10.7%

Industrials

6.2%
19.2%

Basic Materials

6.1%
2.7%

Communication Services

5.7%
3.0%

Energy

3.3%
4.9%

Consumer Defensive

2.7%
2.9%

Healthcare

2.5%
14.3%

Utilities

2.0%
1.9%

Real Estate

0.9%
6.2%

Technology

EEM
43.6%
SLYG
20.5%

Financial Services

EEM
17.5%
SLYG
13.6%

Consumer Cyclical

EEM
8.1%
SLYG
10.7%

Industrials

EEM
6.2%
SLYG
19.2%

Basic Materials

EEM
6.1%
SLYG
2.7%

Communication Services

EEM
5.7%
SLYG
3.0%

Energy

EEM
3.3%
SLYG
4.9%

Consumer Defensive

EEM
2.7%
SLYG
2.9%

Healthcare

EEM
2.5%
SLYG
14.3%

Utilities

EEM
2.0%
SLYG
1.9%

Real Estate

EEM
0.9%
SLYG
6.2%

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

SPDR S&P 600 Small Cap Growth ETF

Often compared with EEM:
EEM vs. VWOEEM vs. SPYEEM vs. IEMGEEM vs. IS3N.DEEEM vs. VXUSEEM vs. EEMSEEM vs. SPEM
Often compared with SLYG:
SLYG vs. SLYVSLYG vs. VBKSLYG vs. IWOSLYG vs. IJTSLYG vs. VIOGSLYG vs. IJRSLYG vs. XSMO

Return for Risk

EEM vs. SLYG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EEM
EEM Risk / Return Rank: 7575
Overall Rank
EEM Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
EEM Sortino Ratio Rank: 7070
Sortino Ratio Rank
EEM Omega Ratio Rank: 7878
Omega Ratio Rank
EEM Calmar Ratio Rank: 7575
Calmar Ratio Rank
EEM Martin Ratio Rank: 7575
Martin Ratio Rank
SLYG
SLYG Risk / Return Rank: 6363
Overall Rank
SLYG Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
SLYG Sortino Ratio Rank: 6060
Sortino Ratio Rank
SLYG Omega Ratio Rank: 5353
Omega Ratio Rank
SLYG Calmar Ratio Rank: 7474
Calmar Ratio Rank
SLYG Martin Ratio Rank: 7171
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. SLYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ETF (EEM) and SPDR S&P 600 Small Cap Growth ETF (SLYG). 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.

EEMSLYGDifference
Sharpe ratioReturn per unit of total volatility
2.10
1.67

+0.43

Sortino ratioReturn per unit of downside risk
2.73
2.46

+0.27

Omega ratioGain probability vs. loss probability

1.40

1.29

+0.11

Calmar ratioReturn relative to maximum drawdown

3.36

3.29

+0.07

Martin ratioReturn relative to average drawdown

12.38

11.60

+0.79

EEM vs. SLYG - Sharpe Ratio Comparison

The current EEM Sharpe Ratio is 2.10, which is comparable to the SLYG Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of EEM and SLYG, 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. SLYG - Drawdown Comparison

The maximum EEM drawdown since its inception was -66.43%, which is greater than SLYG's maximum drawdown of -62.92%. Use the drawdown chart below to compare losses from any high point for EEM and SLYG.

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Drawdown Indicators

EEMSLYGDifference

Max Drawdown

Largest peak-to-trough decline

-66.43%

-62.92%

-3.51%

Max Drawdown (1Y)

Largest decline over 1 year

-13.52%

-9.10%

-4.42%

Max Drawdown (3Y)

Largest decline over 3 years

-17.29%

-27.39%

+10.10%

Max Drawdown (5Y)

Largest decline over 5 years

-37.49%

-29.18%

-8.31%

Max Drawdown (10Y)

Largest decline over 10 years

-39.82%

-41.86%

+2.04%

Current Drawdown

Current decline from peak

-4.12%

0.00%

-4.12%

Average Drawdown

Average peak-to-trough decline

-16.00%

-14.90%

-1.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.67%

2.59%

+1.08%

Volatility

EEM vs. SLYG - Volatility Comparison

iShares MSCI Emerging Markets ETF (EEM) has a higher volatility of 10.80% compared to SPDR S&P 600 Small Cap Growth ETF (SLYG) at 5.57%. This indicates that EEM's price experiences larger fluctuations and is considered to be riskier than SLYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EEMSLYGDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.80%

5.57%

+5.23%

Volatility (6M)

Calculated over the trailing 6-month period

19.39%

12.91%

+6.48%

Volatility (1Y)

Calculated over the trailing 1-year period

21.64%

17.93%

+3.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.26%

21.56%

-2.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.64%

22.76%

-2.12%

EEM vs. SLYG - Expense Ratio Comparison

EEM has a 0.72% expense ratio, which is higher than SLYG's 0.15% expense ratio.

Dividends

EEM vs. SLYG - Dividend Comparison

EEM's dividend yield for the trailing twelve months is around 1.79%, more than SLYG's 0.68% yield.

PositionTTM20252024202320222021202020192018201720162015
EEM
iShares MSCI Emerging Markets ETF		1.79%2.22%2.43%2.63%2.50%1.99%1.45%2.76%2.24%1.89%1.89%2.49%
SLYG
SPDR S&P 600 Small Cap Growth ETF		0.68%0.86%1.22%1.18%1.18%0.68%0.71%1.08%1.06%4.74%1.13%5.75%

Frequently Asked Questions

EEM and SLYG have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EEM has higher volatility (10.80%) compared to SLYG (5.57%). In terms of maximum drawdown, EEM dropped -66.43% vs SLYG's -62.92%.

On 10-year performance, SLYG leads with 11.33% vs 9.91% for EEM. On fees, SLYG is cheaper at 0.15% per year. On volatility, SLYG has been the lower-risk option at 5.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SLYG has performed better with a 11.33% return vs 9.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SLYG is cheaper with a 0.15% expense ratio, compared with 0.72% for EEM.

EEM has the higher dividend yield at 1.79%, compared with 0.68% for SLYG.

EEM is categorized as Emerging Markets Diversified, while SLYG is Small Cap Growth Equities. EEM tracks MSCI Emerging Markets Index (Net), while SLYG tracks S&P SmallCap 600 Growth Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.72% for EEM and 0.15% for SLYG.

EEM currently has the higher Sharpe Ratio (2.10 vs 1.67), 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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