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EEV vs. IEMG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEV vs. IEMG

Last updated Jul 14, 2026
Documentation

EEV (ProShares UltraShort MSCI Emerging Markets) and IEMG (iShares Core MSCI Emerging Markets ETF) are both exchange-traded funds - EEV is a Leveraged Equities fund tracking the MSCI Emerging Markets Index (-200%), while IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). Both are passively managed. Over the past 10 years, EEV returned -22.12%/yr vs 9.04%/yr for IEMG. At a correlation of -0.99, they often move in opposite directions. EEV charges 0.95%/yr vs 0.09%/yr for IEMG.

Performance

EEV vs. IEMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI Emerging Markets (EEV) and iShares Core MSCI Emerging Markets ETF (IEMG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EEV achieves a -35.24% return, which is significantly lower than IEMG's 17.70% return. Over the past 10 years, EEV has underperformed IEMG with an annualized return of -22.12%, while IEMG has yielded a comparatively higher 9.04% annualized return.

EEV

1D
7.43%
1M
7.34%
6M
-27.37%
YTD
-35.24%
1Y
-49.99%
3Y*
-29.87%
5Y*
-14.73%
10Y*
-22.12%

IEMG

1D
-3.48%
1M
-4.18%
6M
11.50%
YTD
17.70%
1Y
34.02%
3Y*
18.90%
5Y*
6.68%
10Y*
9.04%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EEV vs. IEMG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EEV
ProShares UltraShort MSCI Emerging Markets		-35.24%-43.35%-8.08%-13.08%37.05%-4.99%-48.93%-30.87%24.06%-49.03%
IEMG
iShares Core MSCI Emerging Markets ETF		17.70%32.56%6.50%11.52%-19.98%-0.64%17.87%17.81%-14.92%37.38%

Correlation

The correlation between EEV and IEMG is -0.99, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.99

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

-0.99

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

-0.99

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

-0.99

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2012

-0.99

The correlation between EEV and IEMG has been stable across timeframes, ranging from -0.99 to -0.99 - a consistent structural relationship.

EEV vs. IEMG - Sectors Allocation Comparison

Sectors
EEV
IEMG

Technology

43.6%
42.1%

Consumer Cyclical

8.1%
8.5%

Financial Services

7.2%
16.7%

Industrials

6.2%
8.0%

Basic Materials

6.1%
6.3%

Communication Services

5.7%
5.6%

Energy

3.3%
3.3%

Consumer Defensive

2.7%
2.8%

Healthcare

2.5%
3.2%

Utilities

2.0%
1.9%

Real Estate

0.9%
1.6%

Technology

EEV
43.6%
IEMG
42.1%

Consumer Cyclical

EEV
8.1%
IEMG
8.5%

Financial Services

EEV
7.2%
IEMG
16.7%

Industrials

EEV
6.2%
IEMG
8.0%

Basic Materials

EEV
6.1%
IEMG
6.3%

Communication Services

EEV
5.7%
IEMG
5.6%

Energy

EEV
3.3%
IEMG
3.3%

Consumer Defensive

EEV
2.7%
IEMG
2.8%

Healthcare

EEV
2.5%
IEMG
3.2%

Utilities

EEV
2.0%
IEMG
1.9%

Real Estate

EEV
0.9%
IEMG
1.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort MSCI Emerging Markets

iShares Core MSCI Emerging Markets ETF

Often compared with EEV:
EEV vs. EFUEEV vs. SHRTEEV vs. ULEEEV vs. UJBEEV vs. SSGVXEEV vs. USTEEV vs. AMDG
Often compared with IEMG:
IEMG vs. VWOIEMG vs. EEMIEMG vs. IEFAIEMG vs. EMXCIEMG vs. SCHEIEMG vs. IXUSIEMG vs. SPY

Return for Risk

EEV vs. IEMG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EEV
EEV Risk / Return Rank: 11
Overall Rank
EEV Sharpe Ratio Rank: 11
Sharpe Ratio Rank
EEV Sortino Ratio Rank: 11
Sortino Ratio Rank
EEV Omega Ratio Rank: 11
Omega Ratio Rank
EEV Calmar Ratio Rank: 22
Calmar Ratio Rank
EEV Martin Ratio Rank: 11
Martin Ratio Rank
IEMG
IEMG Risk / Return Rank: 5959
Overall Rank
IEMG Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
IEMG Sortino Ratio Rank: 5050
Sortino Ratio Rank
IEMG Omega Ratio Rank: 6060
Omega Ratio Rank
IEMG Calmar Ratio Rank: 6565
Calmar Ratio Rank
IEMG Martin Ratio Rank: 6363
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.

EEV vs. IEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Emerging Markets (EEV) and iShares Core MSCI Emerging Markets ETF (IEMG). 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.

EEVIEMGDifference
Sharpe ratioReturn per unit of total volatility
-1.05
1.50

-2.55

Sortino ratioReturn per unit of downside risk
-1.72
2.00

-3.72

Omega ratioGain probability vs. loss probability

0.80

1.29

-0.49

Calmar ratioReturn relative to maximum drawdown

-0.86

2.59

-3.44

Martin ratioReturn relative to average drawdown

-1.52

8.86

-10.38

EEV vs. IEMG - Sharpe Ratio Comparison

The current EEV Sharpe Ratio is -1.05, which is lower than the IEMG Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of EEV and IEMG, 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

EEV vs. IEMG - Drawdown Comparison

The maximum EEV drawdown since its inception was -99.88%, which is greater than IEMG's maximum drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for EEV and IEMG.

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Drawdown Indicators

EEVIEMGDifference

Max Drawdown

Largest peak-to-trough decline

-99.88%

-38.71%

-61.17%

Max Drawdown (1Y)

Largest decline over 1 year

-58.51%

-13.21%

-45.30%

Max Drawdown (3Y)

Largest decline over 3 years

-77.51%

-17.21%

-60.30%

Max Drawdown (5Y)

Largest decline over 5 years

-81.14%

-34.19%

-46.95%

Max Drawdown (10Y)

Largest decline over 10 years

-93.39%

-38.71%

-54.68%

Current Drawdown

Current decline from peak

-99.86%

-8.73%

-91.13%

Average Drawdown

Average peak-to-trough decline

-93.02%

-12.91%

-80.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

33.00%

3.85%

+29.15%

Volatility

EEV vs. IEMG - Volatility Comparison

ProShares UltraShort MSCI Emerging Markets (EEV) has a higher volatility of 22.55% compared to iShares Core MSCI Emerging Markets ETF (IEMG) at 10.84%. This indicates that EEV's price experiences larger fluctuations and is considered to be riskier than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EEVIEMGDifference

Volatility (1M)

Calculated over the trailing 1-month period

22.55%

10.84%

+11.71%

Volatility (6M)

Calculated over the trailing 6-month period

43.38%

20.94%

+22.44%

Volatility (1Y)

Calculated over the trailing 1-year period

47.68%

22.88%

+24.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.86%

19.15%

+20.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

41.55%

20.22%

+21.33%

EEV vs. IEMG - Expense Ratio Comparison

EEV has a 0.95% expense ratio, which is higher than IEMG's 0.09% expense ratio.

Dividends

EEV vs. IEMG - Dividend Comparison

EEV's dividend yield for the trailing twelve months is around 7.23%, more than IEMG's 2.29% yield.

PositionTTM20252024202320222021202020192018201720162015
EEV
ProShares UltraShort MSCI Emerging Markets		7.23%5.40%4.45%3.45%0.27%0.00%0.14%1.34%0.38%0.00%0.00%0.00%
IEMG
iShares Core MSCI Emerging Markets ETF		2.29%2.75%3.20%2.89%2.71%3.06%1.87%3.15%2.76%2.35%2.28%2.53%

Frequently Asked Questions

EEV and IEMG have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EEV has higher volatility (22.55%) compared to IEMG (10.84%). In terms of maximum drawdown, EEV dropped -99.88% vs IEMG's -38.71%.

On 10-year performance, IEMG leads with 9.04% vs -22.12% for EEV. On fees, IEMG is cheaper at 0.09% per year. On volatility, IEMG has been the lower-risk option at 10.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IEMG has performed better with a 9.04% return vs -22.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEMG is cheaper with a 0.09% expense ratio, compared with 0.95% for EEV.

EEV has the higher dividend yield at 7.23%, compared with 2.29% for IEMG.

EEV is categorized as Leveraged Equities, while IEMG is Emerging Markets Diversified. EEV tracks MSCI Emerging Markets Index (-200%), while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for EEV and 0.09% for IEMG.

IEMG currently has the higher Sharpe Ratio (1.50 vs -1.05), 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.

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