EMGF vs. EEM

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) and iShares MSCI Emerging Markets ETF (EEM).

EMGF and EEM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMGF is a passively managed fund by iShares that tracks the performance of the MSCI Emerging Markets Diversified Multiple-Factor Index. It was launched on Dec 8, 2015. EEM is a passively managed fund by iShares that tracks the performance of the MSCI Emerging Markets Index. It was launched on Apr 11, 2003. Both EMGF and EEM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EMGF vs. EEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) and iShares MSCI Emerging Markets ETF (EEM). The values are adjusted to include any dividend payments, if applicable.

EMGF vs. EEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	4.46%	31.41%	9.06%	10.86%	-16.55%	6.65%	10.27%	20.96%	-19.71%	42.37%
EEM iShares MSCI Emerging Markets ETF	3.80%	33.98%	6.49%	8.95%	-20.56%	-3.63%	17.02%	18.22%	-15.31%	37.26%

Returns By Period

In the year-to-date period, EMGF achieves a 4.46% return, which is significantly higher than EEM's 3.80% return. Over the past 10 years, EMGF has outperformed EEM with an annualized return of 8.81%, while EEM has yielded a comparatively lower 7.58% annualized return.

EMGF

• 1D: 3.78%
• 1M: -9.16%
• YTD: 4.46%
• 6M: 8.38%
• 1Y: 32.72%
• 3Y*: 17.94%
• 5Y*: 6.70%
• 10Y*: 8.81%

EEM

• 1D: 3.73%
• 1M: -9.25%
• YTD: 3.80%
• 6M: 7.87%
• 1Y: 33.09%
• 3Y*: 15.72%
• 5Y*: 3.45%
• 10Y*: 7.58%

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

EMGF vs. EEM - Expense Ratio Comparison

EMGF has a 0.45% expense ratio, which is lower than EEM's 0.72% expense ratio.

EEM

iShares MSCI Emerging Markets ETF

EMGF

iShares Edge MSCI Multifactor Emerging Markets ETF

Return for Risk

EMGF vs. EEM — Risk / Return Rank

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

EMGF

EMGF Risk / Return Rank: 84
EMGF Sharpe Ratio Rank: 84
EMGF Sortino Ratio Rank: 85
EMGF Omega Ratio Rank: 84
EMGF Calmar Ratio Rank: 84
EMGF Martin Ratio Rank: 84

EEM

EEM Risk / Return Rank: 86
EEM Sharpe Ratio Rank: 85
EEM Sortino Ratio Rank: 86
EEM Omega Ratio Rank: 85
EEM Calmar Ratio Rank: 86
EEM Martin Ratio Rank: 86

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.

EMGF vs. EEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) and iShares MSCI Emerging Markets ETF (EEM). 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.

	EMGF	EEM	Difference
Sharpe ratio Return per unit of total volatility	1.65	1.64	+0.01
Sortino ratio Return per unit of downside risk	2.23	2.23	+0.01
Omega ratio Gain probability vs. loss probability	1.32	1.33	0.00
Calmar ratio Return relative to maximum drawdown	2.40	2.43	-0.04
Martin ratio Return relative to average drawdown	9.27	9.41	-0.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMGF vs. EEM - Sharpe Ratio Comparison

The current EMGF Sharpe Ratio is 1.65, which is comparable to the EEM Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of EMGF and EEM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EMGF	EEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	1.64	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.19	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.37	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.35	+0.12

Correlation

The correlation between EMGF and EEM is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

EMGF vs. EEM - Dividend Comparison

EMGF's dividend yield for the trailing twelve months is around 2.41%, more than EEM's 2.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	2.41%	2.52%	3.42%	5.94%	4.04%	2.48%	1.95%	2.63%	2.73%	1.94%	2.04%	0.00%
EEM iShares MSCI Emerging Markets ETF	2.14%	2.22%	2.43%	2.63%	2.50%	1.99%	1.45%	2.76%	2.24%	1.89%	1.89%	2.49%

Drawdowns

EMGF vs. EEM - Drawdown Comparison

The maximum EMGF drawdown since its inception was -40.23%, smaller than the maximum EEM drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for EMGF and EEM.

Drawdown Indicators

	EMGF	EEM	Difference
Max Drawdown Largest peak-to-trough decline	-40.23%	-66.43%	+26.20%
Max Drawdown (1Y) Largest decline over 1 year	-13.54%	-13.52%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-28.60%	-37.82%	+9.22%
Max Drawdown (10Y) Largest decline over 10 years	-40.23%	-39.82%	-0.41%
Current Drawdown Current decline from peak	-10.27%	-10.30%	+0.03%
Average Drawdown Average peak-to-trough decline	-10.19%	-16.12%	+5.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	3.49%	+0.01%

Volatility

EMGF vs. EEM - Volatility Comparison

iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) and iShares MSCI Emerging Markets ETF (EEM) have volatilities of 10.58% and 10.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMGF	EEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.58%	10.70%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	14.81%	15.12%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	19.90%	20.23%	-0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.08%	18.43%	-1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.23%	20.32%	-1.09%