EEMS vs. DIEM
EEMS (iShares MSCI Emerging Markets Small-Cap ETF) and DIEM (Franklin Emerging Market Core Dividend Tilt Index ETF) are both Emerging Markets Diversified funds - EEMS tracks the MSCI Emerging Markets Small Cap Index while DIEM tracks the Morningstar Emerging Markets Dividend Enhanced Select Index. Both are passively managed. Over the past 10 years, EEMS returned 9.32%/yr vs 9.27%/yr for DIEM. Their correlation of 0.85 suggests significant overlap in exposure. EEMS charges 0.73%/yr vs 0.19%/yr for DIEM.
Performance
EEMS vs. DIEM - Performance Comparison
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Returns By Period
In the year-to-date period, EEMS achieves a 11.49% return, which is significantly lower than DIEM's 29.85% return. Both investments have delivered pretty close results over the past 10 years, with EEMS having a 9.32% annualized return and DIEM not far behind at 9.27%.
EEMS
- 1D
- -4.01%
- 1M
- -2.11%
- YTD
- 11.49%
- 6M
- 12.59%
- 1Y
- 23.79%
- 3Y*
- 15.45%
- 5Y*
- 6.33%
- 10Y*
- 9.32%
DIEM
- 1D
- -4.97%
- 1M
- 4.80%
- YTD
- 29.85%
- 6M
- 30.75%
- 1Y
- 53.23%
- 3Y*
- 27.25%
- 5Y*
- 11.58%
- 10Y*
- 9.27%
EEMS vs. DIEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EEMS iShares MSCI Emerging Markets Small-Cap ETF | 11.49% | 19.78% | 3.13% | 23.09% | -19.12% | 18.12% | 19.47% | 11.25% | -18.98% | 34.80% |
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF | 29.85% | 30.81% | 12.29% | 15.41% | -20.61% | 6.92% | 1.27% | 12.23% | -11.29% | 27.61% |
Correlation
The correlation between EEMS and DIEM is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2016 | 0.85 |
The correlation between EEMS and DIEM has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.
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Return for Risk
EEMS vs. DIEM — Risk / Return Rank
EEMS
DIEM
EEMS vs. DIEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Small-Cap ETF (EEMS) and Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM). 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.
| EEMS | DIEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.30 | ||
| Sortino ratioReturn per unit of downside risk | -1.44 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.49 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 4.34 | -2.14 |
| Martin ratioReturn relative to average drawdown | 7.37 | 16.81 | -9.44 |
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Drawdowns
EEMS vs. DIEM - Drawdown Comparison
The maximum EEMS drawdown since its inception was -48.89%, which is greater than DIEM's maximum drawdown of -38.61%. Use the drawdown chart below to compare losses from any high point for EEMS and DIEM.
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Drawdown Indicators
| EEMS | DIEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.89% | -38.61% | -10.28% |
Max Drawdown (1Y)Largest decline over 1 year | -10.87% | -12.33% | +1.46% |
Max Drawdown (3Y)Largest decline over 3 years | -19.71% | -16.82% | -2.89% |
Max Drawdown (5Y)Largest decline over 5 years | -27.07% | -33.34% | +6.27% |
Max Drawdown (10Y)Largest decline over 10 years | -48.89% | -38.61% | -10.28% |
Current DrawdownCurrent decline from peak | -5.08% | -4.97% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -10.48% | -9.68% | -0.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.24% | 3.18% | +0.06% |
Volatility
EEMS vs. DIEM - Volatility Comparison
The current volatility for iShares MSCI Emerging Markets Small-Cap ETF (EEMS) is 9.86%, while Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) has a volatility of 12.21%. This indicates that EEMS experiences smaller price fluctuations and is considered to be less risky than DIEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EEMS | DIEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.86% | 12.21% | -2.35% |
Volatility (6M)Calculated over the trailing 6-month period | 17.19% | 19.22% | -2.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.11% | 20.98% | -1.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.50% | 17.58% | -1.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.12% | 17.91% | +0.21% |
EEMS vs. DIEM - Expense Ratio Comparison
EEMS has a 0.73% expense ratio, which is higher than DIEM's 0.19% expense ratio.
Dividends
EEMS vs. DIEM - Dividend Comparison
EEMS's dividend yield for the trailing twelve months is around 2.86%, more than DIEM's 1.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF | 1.63% | 2.99% | 4.92% | 4.45% | 6.31% | 4.06% | 2.75% | 5.98% | 3.87% | 2.61% | 0.35% | 0.00% |
EEMS iShares MSCI Emerging Markets Small-Cap ETF | 2.86% | 3.09% | 2.60% | 2.69% | 0.89% | 3.56% | 2.14% | 2.64% | 3.06% | 2.47% | 2.51% | 2.33% |
Frequently Asked Questions
EEMS and DIEM have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIEM has higher volatility (12.21%) compared to EEMS (9.86%). In terms of maximum drawdown, EEMS dropped -48.89% vs DIEM's -38.61%.
On 10-year performance, EEMS leads with 9.32% vs 9.27% for DIEM. On fees, DIEM is cheaper at 0.19% per year. On volatility, EEMS has been the lower-risk option at 9.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EEMS has performed better with a 9.32% return vs 9.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DIEM is cheaper with a 0.19% expense ratio, compared with 0.73% for EEMS.
EEMS has the higher dividend yield at 2.86%, compared with 1.63% for DIEM.
EEMS tracks MSCI Emerging Markets Small Cap Index, while DIEM tracks Morningstar Emerging Markets Dividend Enhanced Select Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.73% for EEMS and 0.19% for DIEM.
DIEM currently has the higher Sharpe Ratio (2.55 vs 1.25), 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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