EEMV vs. EMDM

Last updated Aug 2, 2026

EEMV (iShares MSCI Emerging Markets Min Vol Factor ETF) and EMDM (First Trust Bloomberg Emerging Market Democracies ETF) are both Emerging Markets Equities funds - EEMV tracks the MSCI Emerging Markets Minimum Volatility Index while EMDM tracks the Bloomberg Emerging Market Democracies Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, EEMV returned 11.41%/yr vs 26.67%/yr for EMDM. Their correlation of 0.83 means they have usually moved in the same direction. EEMV charges 0.25%/yr vs 0.75%/yr for EMDM.

Performance

EEMV vs. EMDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) and First Trust Bloomberg Emerging Market Democracies ETF (EMDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EEMV achieves a 12.46% return, which is significantly lower than EMDM's 27.86% return.

EEMV

• 1D: -0.38%
• 1M: -2.94%
• 6M: 7.78%
• YTD: 12.46%
• 1Y: 18.06%
• 3Y*: 11.41%
• 5Y*: 5.62%
• 10Y*: 5.71%
• ALL TIME*: 5.22%

EMDM

• 1D: 0.46%
• 1M: -3.52%
• 6M: 13.18%
• YTD: 27.86%
• 1Y: 66.00%
• 3Y*: 26.67%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.46%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF	$16.28M	$14.89M	$17.73M
EMDM First Trust Bloomberg Emerging Market Democracies ETF	$660.85K	$757.43K	$571.79K

EEMV vs. EMDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF	12.46%	13.45%	7.98%	6.47%
EMDM First Trust Bloomberg Emerging Market Democracies ETF	27.86%	59.68%	-4.93%	14.75%

Correlation

The correlation between EEMV and EMDM is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (All Time) Calculated using the full available price history since Mar 3, 2023	0.83

The correlation between EEMV and EMDM has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

EEMV vs. EMDM - Sectors Allocation Comparison

Sectors	EEMV	EMDM
Technology	37.4%	39.9%
Financial Services	18.3%	25.6%
Communication Services	10.0%	4.0%
Consumer Cyclical	6.7%	5.3%
Industrials	5.8%	2.6%
Healthcare	5.5%	0.5%
Consumer Defensive	5.4%	3.1%
Utilities	4.2%	1.5%
Energy	3.5%	4.8%
Basic Materials	2.6%	12.7%
Real Estate	0.6%	-

Return for Risk

EEMV vs. EMDM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EEMV

EEMV Risk / Return Rank: 48
EEMV Sharpe Ratio Rank: 44
EEMV Sortino Ratio Rank: 43
EEMV Omega Ratio Rank: 49
EEMV Calmar Ratio Rank: 53
EEMV Martin Ratio Rank: 49

EMDM

EMDM Risk / Return Rank: 90
EMDM Sharpe Ratio Rank: 92
EMDM Sortino Ratio Rank: 87
EMDM Omega Ratio Rank: 89
EMDM Calmar Ratio Rank: 92
EMDM Martin Ratio Rank: 89

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.

EEMV vs. EMDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) and First Trust Bloomberg Emerging Market Democracies ETF (EMDM). 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.

	EEMV	EMDM	Difference
Sharpe ratio: Return per unit of total volatility	1.10	2.38	-1.28
Sortino ratio: Return per unit of downside risk	1.57	2.91	-1.34
Omega ratio: Gain probability vs. loss probability	1.22	1.41	-0.19
Calmar ratio: Return relative to maximum drawdown	1.90	4.23	-2.33
Martin ratio: Return relative to average drawdown	5.72	13.54	-7.82

EEMV vs. EMDM - Sharpe Ratio Comparison

The current EEMV Sharpe Ratio is 1.10, which is lower than the EMDM Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of EEMV and EMDM, 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

EEMV vs. EMDM - Drawdown Comparison

The maximum EEMV drawdown since its inception was -31.56%, which is greater than EMDM's maximum drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for EEMV and EMDM.

Drawdown Indicators

	EEMV	EMDM	Difference
Max Drawdown Largest peak-to-trough decline	-31.56%	-18.81%	-12.75%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-15.65%	+6.15%
Max Drawdown (3Y) Largest decline over 3 years	-12.47%	-18.81%	+6.34%
Max Drawdown (5Y) Largest decline over 5 years	-21.90%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.56%	—	—
Current Drawdown Current decline from peak	-7.20%	-10.88%	+3.68%
Average Drawdown Average peak-to-trough decline	-7.94%	-4.20%	-3.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	4.88%	-1.72%

Volatility

EEMV vs. EMDM - Volatility Comparison

The current volatility for iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) is 6.49%, while First Trust Bloomberg Emerging Market Democracies ETF (EMDM) has a volatility of 9.95%. This indicates that EEMV experiences smaller price fluctuations and is considered to be less risky than EMDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEMV	EMDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.49%	9.95%	-3.46%
Volatility (6M) Calculated over the trailing 6-month period	15.49%	25.55%	-10.06%
Volatility (1Y) Calculated over the trailing 1-year period	16.51%	27.87%	-11.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.61%	21.16%	-8.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.06%	21.16%	-7.10%

EEMV vs. EMDM - Expense Ratio Comparison

EEMV has a 0.25% expense ratio, which is lower than EMDM's 0.75% expense ratio.

Dividends

EEMV vs. EMDM - Dividend Comparison

EEMV's dividend yield for the trailing twelve months is around 2.27%, less than EMDM's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF	2.27%	2.65%	3.50%	2.75%	1.93%	2.14%	2.45%	2.63%	2.46%	2.34%	2.79%	2.55%
EMDM First Trust Bloomberg Emerging Market Democracies ETF	2.96%	3.57%	5.87%	2.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EEMV and EMDM in my portfolio?

EEMV and EMDM have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EEMV or EMDM?

EMDM has higher volatility (9.95%) compared to EEMV (6.49%). In terms of maximum drawdown, EEMV dropped -31.56% vs EMDM's -18.81%.

Which ETF is better, EEMV or EMDM?

On 3-year performance, EMDM leads with 26.67% vs 11.41% for EEMV. On fees, EEMV is cheaper at 0.25% per year. On volatility, EEMV has been the lower-risk option at 6.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEMV or EMDM?

Over the 3-year period, EMDM has performed better with a 26.67% return vs 11.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEMV or EMDM?

EEMV is cheaper with a 0.25% expense ratio, compared with 0.75% for EMDM.

Which ETF pays a higher dividend yield, EEMV or EMDM?

EMDM has the higher dividend yield at 2.96%, compared with 2.27% for EEMV.

What is the main difference between EEMV and EMDM?

EEMV tracks MSCI Emerging Markets Minimum Volatility Index, while EMDM tracks Bloomberg Emerging Market Democracies Index - Benchmark TR Net. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.25% for EEMV and 0.75% for EMDM.

Which has better risk-adjusted returns?

EMDM currently has the higher Sharpe Ratio (2.38 vs 1.10), 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.