EMDV vs. IEMG

Last updated Aug 5, 2026

EMDV (ProShares MSCI Emerging Markets Dividend Growers ETF) and IEMG (iShares Core MSCI Emerging Markets ETF) are both Emerging Markets Equities funds - EMDV tracks the MSCI Emerging Markets Dividend Masters Index while IEMG tracks the MSCI Emerging Markets Investable Market Index (USD) (Net). Both are passively managed. Over the past 10 years, EMDV returned 1.91%/yr vs 8.99%/yr for IEMG. Their correlation of 0.81 means they have usually moved in the same direction. EMDV charges 0.60%/yr vs 0.09%/yr for IEMG.

Performance

EMDV vs. IEMG - Performance Comparison

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

Returns By Period

In the year-to-date period, EMDV achieves a 3.01% return, which is significantly lower than IEMG's 20.33% return. Over the past 10 years, EMDV has underperformed IEMG with an annualized return of 1.91%, while IEMG has yielded a comparatively higher 8.99% annualized return.

EMDV

• 1D: 0.81%
• 1M: 5.84%
• 6M: 0.85%
• YTD: 3.01%
• 1Y: 7.44%
• 3Y*: 2.57%
• 5Y*: -1.53%
• 10Y*: 1.91%
• ALL TIME*: 4.16%

IEMG

• 1D: 2.73%
• 1M: 0.50%
• 6M: 10.57%
• YTD: 20.33%
• 1Y: 35.95%
• 3Y*: 20.10%
• 5Y*: 7.69%
• 10Y*: 8.99%
• ALL TIME*: 6.36%

*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)
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	$3.61K	$6.26K	$10.27K
IEMG iShares Core MSCI Emerging Markets ETF	$869.90M	$963.54M	$1.10B

EMDV vs. IEMG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	3.01%	11.90%	0.06%	-1.03%	-18.19%	1.11%	-0.09%	14.93%	-7.52%	26.98%
IEMG iShares Core MSCI Emerging Markets ETF	20.33%	32.56%	6.50%	11.52%	-19.98%	-0.64%	17.87%	17.81%	-14.92%	37.38%

Correlation

The correlation between EMDV and IEMG is 0.69, 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.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.83
Correlation (All Time) Calculated using the full available price history since Jan 27, 2016	0.81

The correlation between EMDV and IEMG shifts across timeframes, from 0.69 (1 year) to 0.83 (10 years), reflecting how their relationship changes across market environments.

EMDV vs. IEMG - Sectors Allocation Comparison

Sectors	EMDV	IEMG
Financial Services	24.0%	17.3%
Technology	22.8%	43.6%
Consumer Defensive	14.4%	2.8%
Utilities	8.8%	1.9%
Healthcare	8.4%	3.2%
Consumer Cyclical	6.7%	7.7%
Industrials	6.7%	7.7%
Communication Services	5.8%	5.6%
Basic Materials	2.5%	5.8%
Energy	-	3.0%
Real Estate	-	1.5%

Return for Risk

EMDV vs. IEMG — Risk / Return Rank

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

EMDV

EMDV Risk / Return Rank: 26
EMDV Sharpe Ratio Rank: 25
EMDV Sortino Ratio Rank: 24
EMDV Omega Ratio Rank: 24
EMDV Calmar Ratio Rank: 29
EMDV Martin Ratio Rank: 27

IEMG

IEMG Risk / Return Rank: 59
IEMG Sharpe Ratio Rank: 55
IEMG Sortino Ratio Rank: 51
IEMG Omega Ratio Rank: 59
IEMG Calmar Ratio Rank: 67
IEMG Martin Ratio Rank: 60

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.

EMDV vs. IEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) 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.

	EMDV	IEMG	Difference
Sharpe ratio: Return per unit of total volatility	0.64	1.52	-0.88
Sortino ratio: Return per unit of downside risk	0.98	2.04	-1.06
Omega ratio: Gain probability vs. loss probability	1.12	1.29	-0.17
Calmar ratio: Return relative to maximum drawdown	1.03	2.62	-1.59
Martin ratio: Return relative to average drawdown	2.45	7.96	-5.51

EMDV vs. IEMG - Sharpe Ratio Comparison

The current EMDV Sharpe Ratio is 0.64, which is lower than the IEMG Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of EMDV 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.

Drawdowns

EMDV vs. IEMG - Drawdown Comparison

The maximum EMDV drawdown since its inception was -39.20%, roughly equal to the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for EMDV and IEMG.

Drawdown Indicators

	EMDV	IEMG	Difference
Max Drawdown Largest peak-to-trough decline	-39.20%	-38.71%	-0.49%
Max Drawdown (1Y) Largest decline over 1 year	-7.24%	-13.78%	+6.54%
Max Drawdown (3Y) Largest decline over 3 years	-20.71%	-17.21%	-3.50%
Max Drawdown (5Y) Largest decline over 5 years	-33.37%	-33.61%	+0.24%
Max Drawdown (10Y) Largest decline over 10 years	-39.20%	-38.71%	-0.49%
Current Drawdown Current decline from peak	-13.25%	-6.70%	-6.55%
Average Drawdown Average peak-to-trough decline	-13.59%	-12.89%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	4.53%	-1.49%

Volatility

EMDV vs. IEMG - Volatility Comparison

The current volatility for ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) is 3.12%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 8.74%. This indicates that EMDV experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMDV	IEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	8.74%	-5.62%
Volatility (6M) Calculated over the trailing 6-month period	9.91%	21.80%	-11.89%
Volatility (1Y) Calculated over the trailing 1-year period	11.69%	23.83%	-12.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.42%	19.31%	-3.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.98%	20.34%	-2.36%

EMDV vs. IEMG - Expense Ratio Comparison

EMDV has a 0.60% expense ratio, which is higher than IEMG's 0.09% expense ratio.

Dividends

EMDV vs. IEMG - Dividend Comparison

EMDV's dividend yield for the trailing twelve months is around 1.87%, less than IEMG's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	1.87%	2.46%	2.79%	1.88%	3.68%	2.12%	3.12%	2.38%	1.27%	2.09%	2.87%	0.00%
IEMG iShares Core MSCI Emerging Markets ETF	2.24%	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

Can I hold both EMDV and IEMG in my portfolio?

EMDV and IEMG have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMDV or IEMG?

IEMG has higher volatility (8.74%) compared to EMDV (3.12%). In terms of maximum drawdown, EMDV dropped -39.20% vs IEMG's -38.71%.

Which ETF is better, EMDV or IEMG?

On 10-year performance, IEMG leads with 8.99% vs 1.91% for EMDV. On fees, IEMG is cheaper at 0.09% per year. On volatility, EMDV has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMDV or IEMG?

Over the 10-year period, IEMG has performed better with a 8.99% return vs 1.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMDV or IEMG?

IEMG is cheaper with a 0.09% expense ratio, compared with 0.60% for EMDV.

Which ETF pays a higher dividend yield, EMDV or IEMG?

IEMG has the higher dividend yield at 2.24%, compared with 1.87% for EMDV.

What is the main difference between EMDV and IEMG?

EMDV tracks MSCI Emerging Markets Dividend Masters Index, while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). They also come from different issuers: ProShares and iShares. Their fees differ too: 0.60% for EMDV and 0.09% for IEMG.

Which has better risk-adjusted returns?

IEMG currently has the higher Sharpe Ratio (1.52 vs 0.64), 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.