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EEMS vs. EDIV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEMS vs. EDIV

Last updated Aug 2, 2026
Documentation

EEMS (iShares MSCI Emerging Markets Small-Cap ETF) and EDIV (SPDR S&P Emerging Markets Dividend ETF) are both Emerging Markets Equities funds - EEMS tracks the MSCI Emerging Markets Small Cap Index while EDIV tracks the S&P Emerging Markets Dividend Opportunities Index. Both are passively managed. Over the past 10 years, EEMS returned 7.78%/yr vs 8.24%/yr for EDIV. Their 0.78 correlation means they have sometimes moved together and sometimes differently. EEMS charges 0.73%/yr vs 0.49%/yr for EDIV.

Performance

EEMS vs. EDIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Small-Cap ETF (EEMS) and SPDR S&P Emerging Markets Dividend ETF (EDIV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EEMS achieves a 3.97% return, which is significantly lower than EDIV's 7.94% return. Over the past 10 years, EEMS has underperformed EDIV with an annualized return of 7.78%, while EDIV has yielded a comparatively higher 8.24% annualized return.

EEMS

1D
0.35%
1M
-6.86%
6M
-2.58%
YTD
3.97%
1Y
12.59%
3Y*
10.45%
5Y*
4.98%
10Y*
7.78%
ALL TIME*
5.02%

EDIV

1D
-0.70%
1M
0.49%
6M
2.77%
YTD
7.94%
1Y
13.69%
3Y*
15.33%
5Y*
12.12%
10Y*
8.24%
ALL TIME*
3.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EDIV

SPDR S&P Emerging Markets Dividend ETF
$4.15M$4.91M$5.47M

EEMS

iShares MSCI Emerging Markets Small-Cap ETF
$1.19M$5.05M$6.10M

EEMS vs. EDIV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EEMS
iShares MSCI Emerging Markets Small-Cap ETF		3.97%19.78%3.13%23.09%-19.12%18.12%19.47%11.25%-18.98%34.80%
EDIV
SPDR S&P Emerging Markets Dividend ETF		7.94%16.45%12.75%41.91%-15.31%11.21%-9.95%11.80%-6.16%28.20%

Correlation

The correlation between EEMS and EDIV is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.80

Correlation (3Y)
Balances recent behavior with more history.

0.75

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.76

Correlation (10Y)
Provides a long-term view across more market conditions.

0.80

Correlation (All Time)
Calculated using the full available price history since Aug 18, 2011

0.78

The correlation between EEMS and EDIV has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

EEMS vs. EDIV - Sectors Allocation Comparison

Sectors
EEMS
EDIV

Technology

26.4%
6.4%

Industrials

18.3%
6.2%

Consumer Cyclical

10.3%
7.8%

Financial Services

10.3%
17.3%

Healthcare

8.6%
0.6%

Basic Materials

8.5%
0.8%

Real Estate

5.6%
1.8%

Consumer Defensive

4.9%
9.3%

Communication Services

2.7%
5.1%

Utilities

2.7%
1.8%

Energy

2.0%
4.0%

Technology

EEMS
26.4%
EDIV
6.4%

Industrials

EEMS
18.3%
EDIV
6.2%

Consumer Cyclical

EEMS
10.3%
EDIV
7.8%

Financial Services

EEMS
10.3%
EDIV
17.3%

Healthcare

EEMS
8.6%
EDIV
0.6%

Basic Materials

EEMS
8.5%
EDIV
0.8%

Real Estate

EEMS
5.6%
EDIV
1.8%

Consumer Defensive

EEMS
4.9%
EDIV
9.3%

Communication Services

EEMS
2.7%
EDIV
5.1%

Utilities

EEMS
2.7%
EDIV
1.8%

Energy

EEMS
2.0%
EDIV
4.0%

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 Small-Cap ETF

SPDR S&P Emerging Markets Dividend ETF

Often compared with EEMS:
EEMS vs. EEMEEMS vs. EWXEEMS vs. VWOEEMS vs. AVEEEEMS vs. EYLDEEMS vs. DRESXEEMS vs. ECOW
Often compared with EDIV:
EDIV vs. VWOEDIV vs. EEMEDIV vs. EYLDEDIV vs. VOOEDIV vs. XCEMEDIV vs. FEMSEDIV vs. SCHD

Return for Risk

EEMS vs. EDIV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EEMS
EEMS Risk / Return Rank: 2828
Overall Rank
EEMS Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
EEMS Sortino Ratio Rank: 2626
Sortino Ratio Rank
EEMS Omega Ratio Rank: 2727
Omega Ratio Rank
EEMS Calmar Ratio Rank: 2828
Calmar Ratio Rank
EEMS Martin Ratio Rank: 3232
Martin Ratio Rank
EDIV
EDIV Risk / Return Rank: 4141
Overall Rank
EDIV Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
EDIV Sortino Ratio Rank: 4343
Sortino Ratio Rank
EDIV Omega Ratio Rank: 4343
Omega Ratio Rank
EDIV Calmar Ratio Rank: 3838
Calmar Ratio Rank
EDIV Martin Ratio Rank: 3838
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EEMS vs. EDIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Small-Cap ETF (EEMS) and SPDR S&P Emerging Markets Dividend ETF (EDIV). 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.

EEMSEDIVDifference
Sharpe ratioReturn per unit of total volatility
0.62
1.08

-0.46

Sortino ratioReturn per unit of downside risk
0.95
1.57

-0.63

Omega ratioGain probability vs. loss probability

1.13

1.20

-0.07

Calmar ratioReturn relative to maximum drawdown

0.93

1.35

-0.42

Martin ratioReturn relative to average drawdown

3.00

3.93

-0.93

EEMS vs. EDIV - Sharpe Ratio Comparison

The current EEMS Sharpe Ratio is 0.62, which is lower than the EDIV Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of EEMS and EDIV, 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

EEMS vs. EDIV - Drawdown Comparison

The maximum EEMS drawdown since its inception was -48.89%, smaller than the maximum EDIV drawdown of -53.36%. Use the drawdown chart below to compare losses from any high point for EEMS and EDIV.

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Drawdown Indicators

EEMSEDIVDifference

Max Drawdown

Largest peak-to-trough decline

-48.89%

-53.36%

+4.47%

Max Drawdown (1Y)

Largest decline over 1 year

-13.31%

-10.36%

-2.95%

Max Drawdown (3Y)

Largest decline over 3 years

-19.71%

-13.84%

-5.87%

Max Drawdown (5Y)

Largest decline over 5 years

-27.07%

-28.32%

+1.25%

Max Drawdown (10Y)

Largest decline over 10 years

-48.89%

-40.76%

-8.13%

Current Drawdown

Current decline from peak

-11.48%

-2.70%

-8.78%

Average Drawdown

Average peak-to-trough decline

-10.46%

-19.19%

+8.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.11%

3.54%

+0.57%

Volatility

EEMS vs. EDIV - Volatility Comparison

iShares MSCI Emerging Markets Small-Cap ETF (EEMS) has a higher volatility of 6.47% compared to SPDR S&P Emerging Markets Dividend ETF (EDIV) at 4.22%. This indicates that EEMS's price experiences larger fluctuations and is considered to be riskier than EDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EEMSEDIVDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.47%

4.22%

+2.25%

Volatility (6M)

Calculated over the trailing 6-month period

18.25%

11.16%

+7.09%

Volatility (1Y)

Calculated over the trailing 1-year period

19.85%

12.94%

+6.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.69%

13.95%

+2.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.17%

17.31%

+0.86%

EEMS vs. EDIV - Expense Ratio Comparison

EEMS has a 0.73% expense ratio, which is higher than EDIV's 0.49% expense ratio.

Dividends

EEMS vs. EDIV - Dividend Comparison

EEMS's dividend yield for the trailing twelve months is around 3.07%, less than EDIV's 4.21% yield.

PositionTTM20252024202320222021202020192018201720162015
EDIV
SPDR S&P Emerging Markets Dividend ETF		4.21%4.69%3.94%4.26%4.94%3.84%3.52%3.83%3.41%2.99%4.94%5.33%
EEMS
iShares MSCI Emerging Markets Small-Cap ETF		3.07%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 EDIV have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EEMS has higher volatility (6.47%) compared to EDIV (4.22%). In terms of maximum drawdown, EEMS dropped -48.89% vs EDIV's -53.36%.

On 10-year performance, EDIV leads with 8.24% vs 7.78% for EEMS. On fees, EDIV is cheaper at 0.49% per year. On volatility, EDIV has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EDIV has performed better with a 8.24% return vs 7.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EDIV is cheaper with a 0.49% expense ratio, compared with 0.73% for EEMS.

EDIV has the higher dividend yield at 4.21%, compared with 3.07% for EEMS.

EEMS tracks MSCI Emerging Markets Small Cap Index, while EDIV tracks S&P Emerging Markets Dividend Opportunities Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.73% for EEMS and 0.49% for EDIV.

EDIV currently has the higher Sharpe Ratio (1.08 vs 0.62), 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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