EMDM vs. AIA

Last updated Jun 3, 2026

EMDM (First Trust Bloomberg Emerging Market Democracies ETF) and AIA (iShares Asia 50 ETF) are both exchange-traded funds - EMDM is a Emerging Markets Diversified fund tracking the Bloomberg Emerging Market Democracies Index - Benchmark TR Net, while AIA is a Asia Pacific Equities fund tracking the S&P Asia 50. Both are passively managed. Over the past 3 years, EMDM returned 33.55%/yr vs 39.14%/yr for AIA. Their correlation of 0.82 suggests significant overlap in exposure. EMDM charges 0.75%/yr vs 0.50%/yr for AIA.

Performance

EMDM vs. AIA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Bloomberg Emerging Market Democracies ETF (EMDM) 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, EMDM achieves a 40.89% return, which is significantly lower than AIA's 54.52% return.

EMDM

• 1D: 0.81%
• 1M: 12.12%
• YTD: 40.89%
• 6M: 47.96%
• 1Y: 93.35%
• 3Y*: 33.55%
• 5Y*: —
• 10Y*: —

AIA

• 1D: 1.91%
• 1M: 20.27%
• YTD: 54.52%
• 6M: 59.65%
• 1Y: 104.35%
• 3Y*: 39.14%
• 5Y*: 12.94%
• 10Y*: 15.62%

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

EMDM vs. AIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EMDM First Trust Bloomberg Emerging Market Democracies ETF	40.89%	59.68%	-4.93%	14.21%
AIA iShares Asia 50 ETF	54.52%	47.79%	20.26%	-2.69%

Correlation

The correlation between EMDM and AIA is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	0.82

The correlation between EMDM and AIA has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.

EMDM vs. AIA - Sectors Allocation Comparison

Sectors	EMDM	AIA
Technology	32.1%	56.8%
Financial Services	27.2%	19.3%
Basic Materials	15.1%	-
Energy	6.3%	0.7%
Consumer Cyclical	6.0%	10.1%
Communication Services	4.3%	8.9%
Consumer Defensive	3.4%	-
Industrials	3.3%	2.6%
Utilities	1.9%	-
Healthcare	0.5%	0.9%
Real Estate	-	0.6%

Return for Risk

EMDM vs. AIA — Risk / Return Rank

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

EMDM

EMDM Risk / Return Rank: 93
EMDM Sharpe Ratio Rank: 95
EMDM Sortino Ratio Rank: 93
EMDM Omega Ratio Rank: 94
EMDM Calmar Ratio Rank: 91
EMDM Martin Ratio Rank: 93

AIA

AIA Risk / Return Rank: 94
AIA Sharpe Ratio Rank: 96
AIA Sortino Ratio Rank: 93
AIA Omega Ratio Rank: 93
AIA Calmar Ratio Rank: 94
AIA Martin Ratio Rank: 94

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.

EMDM vs. AIA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Bloomberg Emerging Market Democracies ETF (EMDM) 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.

	EMDM	AIA	Difference
Sharpe ratio Return per unit of total volatility	4.02	4.09	-0.07
Sortino ratio Return per unit of downside risk	4.65	4.70	-0.05
Omega ratio Gain probability vs. loss probability	1.68	1.66	+0.01
Calmar ratio Return relative to maximum drawdown	6.08	7.60	-1.51
Martin ratio Return relative to average drawdown	25.25	28.23	-2.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMDM vs. AIA - Sharpe Ratio Comparison

The current EMDM Sharpe Ratio is 4.02, which is comparable to the AIA Sharpe Ratio of 4.09. The chart below compares the historical Sharpe Ratios of EMDM 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.

Sharpe Ratios by Period

	EMDM	AIA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.02	4.09	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.51	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.61	0.33	+1.28

Drawdowns

EMDM vs. AIA - Drawdown Comparison

The maximum EMDM drawdown since its inception was -18.81%, smaller than the maximum AIA drawdown of -60.89%. Use the drawdown chart below to compare losses from any high point for EMDM and AIA.

Drawdown Indicators

	EMDM	AIA	Difference
Max Drawdown Largest peak-to-trough decline	-18.81%	-60.89%	+42.08%
Max Drawdown (1Y) Largest decline over 1 year	-15.65%	-14.15%	-1.50%
Max Drawdown (3Y) Largest decline over 3 years	-18.81%	-21.64%	+2.83%
Max Drawdown (5Y) Largest decline over 5 years	—	-50.17%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-54.64%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.07%	-16.68%	+12.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.77%	3.81%	-0.04%

Volatility

EMDM vs. AIA - Volatility Comparison

The current volatility for First Trust Bloomberg Emerging Market Democracies ETF (EMDM) is 9.47%, while iShares Asia 50 ETF (AIA) has a volatility of 11.02%. This indicates that EMDM 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

	EMDM	AIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.47%	11.02%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	20.73%	21.66%	-0.93%
Volatility (1Y) Calculated over the trailing 1-year period	23.38%	25.69%	-2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.78%	25.51%	-5.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.78%	23.55%	-3.77%

EMDM vs. AIA - Expense Ratio Comparison

EMDM has a 0.75% expense ratio, which is higher than AIA's 0.50% expense ratio.

Dividends

EMDM vs. AIA - Dividend Comparison

EMDM's dividend yield for the trailing twelve months is around 2.53%, more than AIA's 1.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIA iShares Asia 50 ETF	1.62%	2.50%	2.78%	2.07%	2.59%	1.54%	1.11%	2.24%	2.49%	1.45%	2.29%	2.88%
EMDM First Trust Bloomberg Emerging Market Democracies ETF	2.53%	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 EMDM and AIA in my portfolio?

EMDM and AIA have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMDM or AIA?

AIA has higher volatility (11.02%) compared to EMDM (9.47%). In terms of maximum drawdown, EMDM dropped -18.81% vs AIA's -60.89%.

Which ETF is better, EMDM or AIA?

On 3-year performance, AIA leads with 39.14% vs 33.55% for EMDM. On fees, AIA is cheaper at 0.50% per year. On volatility, EMDM has been the lower-risk option at 9.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMDM or AIA?

Over the 3-year period, AIA has performed better with a 39.14% return vs 33.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMDM or AIA?

AIA is cheaper with a 0.50% expense ratio, compared with 0.75% for EMDM.

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

EMDM has the higher dividend yield at 2.53%, compared with 1.62% for AIA.

What is the main difference between EMDM and AIA?

EMDM is categorized as Emerging Markets Diversified, while AIA is Asia Pacific Equities. EMDM tracks Bloomberg Emerging Market Democracies Index - Benchmark TR Net, while AIA tracks S&P Asia 50. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.75% for EMDM and 0.50% for AIA.

Which has better risk-adjusted returns?

AIA currently has the higher Sharpe Ratio (4.09 vs 4.02), 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.