EEMA vs. AIA

Last updated Jun 24, 2026

EEMA (iShares MSCI Emerging Markets Asia ETF) and AIA (iShares Asia 50 ETF) are both Asia Pacific Equities funds from iShares - EEMA tracks the MSCI Emerging Markets Asia Index while AIA tracks the S&P Asia 50 Index. Both are passively managed. Over the past 10 years, EEMA returned 10.73%/yr vs 14.96%/yr for AIA. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

EEMA vs. AIA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Asia ETF (EEMA) and iShares Asia 50 ETF (AIA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EEMA achieves a 23.06% return, which is significantly lower than AIA's 43.04% return. Over the past 10 years, EEMA has underperformed AIA with an annualized return of 10.73%, while AIA has yielded a comparatively higher 14.96% annualized return.

EEMA

• 1D: -5.06%
• 1M: 2.38%
• YTD: 23.06%
• 6M: 24.51%
• 1Y: 46.13%
• 3Y*: 23.23%
• 5Y*: 6.59%
• 10Y*: 10.73%

AIA

• 1D: -7.46%
• 1M: 3.93%
• YTD: 43.04%
• 6M: 46.22%
• 1Y: 80.75%
• 3Y*: 36.18%
• 5Y*: 11.29%
• 10Y*: 14.96%

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

EEMA vs. AIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEMA iShares MSCI Emerging Markets Asia ETF	23.06%	33.27%	10.23%	6.57%	-21.49%	-4.22%	25.17%	18.60%	-15.76%	43.41%
AIA iShares Asia 50 ETF	43.04%	47.79%	20.26%	4.32%	-24.08%	-10.91%	33.73%	22.21%	-14.22%	45.00%

Correlation

The correlation between EEMA and AIA is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 9, 2012	0.92

The correlation between EEMA and AIA has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

EEMA vs. AIA - Sectors Allocation Comparison

Sectors	EEMA	AIA
Technology	43.4%	63.8%
Financial Services	15.3%	16.4%
Consumer Cyclical	10.4%	8.6%
Industrials	8.4%	2.0%
Communication Services	6.6%	7.4%
Basic Materials	4.4%	-
Healthcare	3.5%	0.8%
Energy	2.8%	0.6%
Consumer Defensive	2.6%	-
Utilities	1.7%	-
Real Estate	0.9%	0.5%

Return for Risk

EEMA vs. AIA — Risk / Return Rank

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

EEMA

EEMA Risk / Return Rank: 66
EEMA Sharpe Ratio Rank: 66
EEMA Sortino Ratio Rank: 60
EEMA Omega Ratio Rank: 69
EEMA Calmar Ratio Rank: 68
EEMA Martin Ratio Rank: 67

AIA

AIA Risk / Return Rank: 86
AIA Sharpe Ratio Rank: 88
AIA Sortino Ratio Rank: 76
AIA Omega Ratio Rank: 84
AIA Calmar Ratio Rank: 92
AIA Martin Ratio Rank: 90

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.

EEMA vs. AIA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Asia ETF (EEMA) and iShares Asia 50 ETF (AIA). 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.

	EEMA	AIA	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.75	-0.70
Sortino ratio: Return per unit of downside risk	2.66	3.20	-0.54
Omega ratio: Gain probability vs. loss probability	1.38	1.48	-0.09
Calmar ratio: Return relative to maximum drawdown	3.24	5.74	-2.50
Martin ratio: Return relative to average drawdown	11.74	19.64	-7.90

EEMA vs. AIA - Sharpe Ratio Comparison

The current EEMA Sharpe Ratio is 2.05, which is comparable to the AIA Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of EEMA and AIA, 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

EEMA vs. AIA - Drawdown Comparison

The maximum EEMA drawdown since its inception was -44.18%, smaller than the maximum AIA drawdown of -60.89%. Use the drawdown chart below to compare losses from any high point for EEMA and AIA.

Drawdown Indicators

	EEMA	AIA	Difference
Max Drawdown Largest peak-to-trough decline	-44.18%	-60.89%	+16.71%
Max Drawdown (1Y) Largest decline over 1 year	-14.30%	-14.15%	-0.15%
Max Drawdown (3Y) Largest decline over 3 years	-20.23%	-21.64%	+1.41%
Max Drawdown (5Y) Largest decline over 5 years	-40.46%	-50.11%	+9.65%
Max Drawdown (10Y) Largest decline over 10 years	-44.18%	-54.64%	+10.46%
Current Drawdown Current decline from peak	-5.06%	-7.46%	+2.40%
Average Drawdown Average peak-to-trough decline	-13.93%	-16.64%	+2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	4.13%	-0.19%

Volatility

EEMA vs. AIA - Volatility Comparison

The current volatility for iShares MSCI Emerging Markets Asia ETF (EEMA) is 11.69%, while iShares Asia 50 ETF (AIA) has a volatility of 16.92%. This indicates that EEMA experiences smaller price fluctuations and is considered to be less risky than AIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEMA	AIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.69%	16.92%	-5.23%
Volatility (6M) Calculated over the trailing 6-month period	20.09%	26.32%	-6.23%
Volatility (1Y) Calculated over the trailing 1-year period	22.62%	29.51%	-6.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.88%	26.34%	-5.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.04%	23.93%	-2.89%

EEMA vs. AIA - Expense Ratio Comparison

Both EEMA and AIA have an expense ratio of 0.50%.

Dividends

EEMA vs. AIA - Dividend Comparison

EEMA's dividend yield for the trailing twelve months is around 1.34%, less than AIA's 1.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIA iShares Asia 50 ETF	1.54%	2.50%	2.78%	2.07%	2.59%	1.54%	1.11%	2.24%	2.49%	1.45%	2.29%	2.88%
EEMA iShares MSCI Emerging Markets Asia ETF	1.34%	1.48%	1.74%	2.02%	1.78%	2.19%	1.15%	1.86%	2.17%	1.74%	1.74%	2.44%

Frequently Asked Questions

Can I hold both EEMA and AIA in my portfolio?

With a correlation of 0.96, EEMA and AIA 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, EEMA or AIA?

AIA has higher volatility (16.92%) compared to EEMA (11.69%). In terms of maximum drawdown, EEMA dropped -44.18% vs AIA's -60.89%.

Which ETF is better, EEMA or AIA?

On 10-year performance, AIA leads with 14.96% vs 10.73% for EEMA. Both ETFs have the same 0.50% expense ratio. On volatility, EEMA has been the lower-risk option at 11.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEMA or AIA?

Over the 10-year period, AIA has performed better with a 14.96% return vs 10.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEMA or AIA?

EEMA and AIA have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, EEMA or AIA?

AIA has the higher dividend yield at 1.54%, compared with 1.34% for EEMA.

What is the main difference between EEMA and AIA?

EEMA tracks MSCI Emerging Markets Asia Index, while AIA tracks S&P Asia 50 Index.

Which has better risk-adjusted returns?

AIA currently has the higher Sharpe Ratio (2.75 vs 2.05), 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.