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EMDV.L vs. EMV.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMDV.L vs. EMV.L

Last updated Jun 5, 2026

EMDV.L (SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist)) and EMV.L (iShares Edge MSCI EM Minimum Volatility UCITS ETF) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from State Street and iShares respectively. Both are passively managed. Over the past 10 years, EMDV.L returned 6.88%/yr vs 7.24%/yr for EMV.L. Their correlation of 0.82 suggests significant overlap in exposure. EMDV.L charges 0.55%/yr vs 0.40%/yr for EMV.L.

Performance

EMDV.L vs. EMV.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist) (EMDV.L) and iShares Edge MSCI EM Minimum Volatility UCITS ETF (EMV.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

EMDV.L is traded in GBP, while EMV.L is traded in GBp. To make them comparable, the EMV.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, EMDV.L achieves a 3.89% return, which is significantly lower than EMV.L's 17.59% return. Over the past 10 years, EMDV.L has underperformed EMV.L with an annualized return of 6.88%, while EMV.L has yielded a comparatively higher 7.24% annualized return.

EMDV.L

1D
-0.29%
1M
-1.07%
YTD
3.89%
6M
2.18%
1Y
9.77%
3Y*
8.73%
5Y*
5.38%
10Y*
6.88%

EMV.L

1D
-1.01%
1M
5.53%
YTD
17.59%
6M
17.45%
1Y
26.13%
3Y*
11.29%
5Y*
6.63%
10Y*
7.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMDV.L vs. EMV.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EMDV.L
SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist)		3.89%8.10%16.29%-0.66%1.92%0.14%-5.08%7.32%-0.61%16.71%
EMV.L
iShares Edge MSCI EM Minimum Volatility UCITS ETF		17.59%5.04%10.84%1.45%-4.20%5.93%4.08%3.48%-0.20%15.47%

Correlation

The correlation between EMDV.L and EMV.L is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.61

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

0.67

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

0.70

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

0.80

Correlation (All Time)
Calculated using the full available price history since Dec 14, 2012

0.82

Over the past year, the correlation between EMDV.L and EMV.L has dropped to 0.61 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

EMDV.L vs. EMV.L - Sectors Allocation Comparison

Sectors
EMDV.L
EMV.L

Financial Services

32.9%
18.9%

Consumer Cyclical

13.2%
6.7%

Communication Services

12.9%
11.0%

Industrials

12.4%
6.2%

Real Estate

7.0%
0.6%

Technology

6.7%
32.4%

Energy

5.3%
3.6%

Consumer Defensive

2.8%
6.9%

Healthcare

2.6%
6.1%

Basic Materials

2.2%
2.9%

Utilities

2.0%
4.7%

Financial Services

EMDV.L
32.9%
EMV.L
18.9%

Consumer Cyclical

EMDV.L
13.2%
EMV.L
6.7%

Communication Services

EMDV.L
12.9%
EMV.L
11.0%

Industrials

EMDV.L
12.4%
EMV.L
6.2%

Real Estate

EMDV.L
7.0%
EMV.L
0.6%

Technology

EMDV.L
6.7%
EMV.L
32.4%

Energy

EMDV.L
5.3%
EMV.L
3.6%

Consumer Defensive

EMDV.L
2.8%
EMV.L
6.9%

Healthcare

EMDV.L
2.6%
EMV.L
6.1%

Basic Materials

EMDV.L
2.2%
EMV.L
2.9%

Utilities

EMDV.L
2.0%
EMV.L
4.7%

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SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist)

iShares Edge MSCI EM Minimum Volatility UCITS ETF

Often compared with EMDV.L:
EMDV.L vs. TLTEMDV.L vs. HEMC.LEMDV.L vs. XEMD.LEMDV.L vs. EMGU.LEMDV.L vs. IEMA.LEMDV.L vs. AEME.LEMDV.L vs. HMEF.L
Often compared with EMV.L:
EMV.L vs. CEA1.LEMV.L vs. EMIM.LEMV.L vs. NDIA.LEMV.L vs. XDEQ.LEMV.L vs. FEMQ.LEMV.L vs. ZEM.TOEMV.L vs. MXFP.L

Return for Risk

EMDV.L vs. EMV.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMDV.L
EMDV.L Risk / Return Rank: 2323
Overall Rank
EMDV.L Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
EMDV.L Sortino Ratio Rank: 2323
Sortino Ratio Rank
EMDV.L Omega Ratio Rank: 2323
Omega Ratio Rank
EMDV.L Calmar Ratio Rank: 2525
Calmar Ratio Rank
EMDV.L Martin Ratio Rank: 2222
Martin Ratio Rank
EMV.L
EMV.L Risk / Return Rank: 6969
Overall Rank
EMV.L Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
EMV.L Sortino Ratio Rank: 7171
Sortino Ratio Rank
EMV.L Omega Ratio Rank: 7474
Omega Ratio Rank
EMV.L Calmar Ratio Rank: 6767
Calmar Ratio Rank
EMV.L Martin Ratio Rank: 6262
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.

EMDV.L vs. EMV.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist) (EMDV.L) and iShares Edge MSCI EM Minimum Volatility UCITS ETF (EMV.L). 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.

EMDV.LEMV.LDifference
Sharpe ratioReturn per unit of total volatility
0.83
2.29

-1.46

Sortino ratioReturn per unit of downside risk
1.20
3.17

-1.97

Omega ratioGain probability vs. loss probability

1.15

1.43

-0.28

Calmar ratioReturn relative to maximum drawdown

1.16

3.28

-2.12

Martin ratioReturn relative to average drawdown

2.64

11.15

-8.51

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMDV.L vs. EMV.L - Sharpe Ratio Comparison

The current EMDV.L Sharpe Ratio is 0.83, which is lower than the EMV.L Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of EMDV.L and EMV.L, 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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Sharpe Ratios by Period

EMDV.LEMV.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.83

2.29

-1.46

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.37

0.61

-0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.41

0.54

-0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.41

-0.17

Drawdowns

EMDV.L vs. EMV.L - Drawdown Comparison

The maximum EMDV.L drawdown since its inception was -48.26%, which is greater than EMV.L's maximum drawdown of -28.68%. Use the drawdown chart below to compare losses from any high point for EMDV.L and EMV.L.

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Drawdown Indicators

EMDV.LEMV.LDifference

Max Drawdown

Largest peak-to-trough decline

-48.26%

-28.68%

-19.58%

Max Drawdown (1Y)

Largest decline over 1 year

-8.38%

-7.93%

-0.45%

Max Drawdown (3Y)

Largest decline over 3 years

-13.20%

-11.19%

-2.01%

Max Drawdown (5Y)

Largest decline over 5 years

-15.31%

-11.19%

-4.12%

Max Drawdown (10Y)

Largest decline over 10 years

-34.93%

-22.59%

-12.34%

Current Drawdown

Current decline from peak

-5.29%

-1.54%

-3.75%

Average Drawdown

Average peak-to-trough decline

-13.49%

-5.90%

-7.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.70%

2.34%

+1.36%

Volatility

EMDV.L vs. EMV.L - Volatility Comparison

The current volatility for SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist) (EMDV.L) is 3.75%, while iShares Edge MSCI EM Minimum Volatility UCITS ETF (EMV.L) has a volatility of 4.60%. This indicates that EMDV.L experiences smaller price fluctuations and is considered to be less risky than EMV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMDV.LEMV.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.75%

4.60%

-0.85%

Volatility (6M)

Calculated over the trailing 6-month period

8.56%

9.74%

-1.18%

Volatility (1Y)

Calculated over the trailing 1-year period

11.78%

11.37%

+0.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.56%

10.94%

+3.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.96%

13.28%

+3.68%

EMDV.L vs. EMV.L - Expense Ratio Comparison

EMDV.L has a 0.55% expense ratio, which is higher than EMV.L's 0.40% expense ratio.

Dividends

EMDV.L vs. EMV.L - Dividend Comparison

Neither EMDV.L nor EMV.L has paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EMDV.L
SPDR S&P Emerging Markets Dividend Aristocrats UCITS ETF (Dist)		0.00%1.29%4.08%4.98%4.45%3.28%3.19%3.83%3.49%2.89%4.15%5.95%
EMV.L
iShares Edge MSCI EM Minimum Volatility UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

EMDV.L and EMV.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EMV.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EMV.L is cheaper with a 0.40% expense ratio, compared with 0.55% for EMDV.L.

Both ETFs track MSCI EM NR USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.55% for EMDV.L and 0.40% for EMV.L.

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