EMGF vs. EMEQ

Last updated Aug 4, 2026

EMGF (iShares Edge MSCI Multifactor Emerging Markets ETF) and EMEQ (Nomura Focused Emerging Markets Equity ETF) are both Emerging Markets Equities funds. EMGF is passively managed, while EMEQ is actively managed. Over the past year, EMGF returned 34.88% vs 113.64% for EMEQ. Their correlation of 0.90 means they have usually moved in the same direction. EMGF charges 0.45%/yr vs 0.86%/yr for EMEQ.

Performance

EMGF vs. EMEQ - Performance Comparison

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

Returns By Period

In the year-to-date period, EMGF achieves a 19.41% return, which is significantly lower than EMEQ's 55.77% return.

EMGF

• 1D: 0.66%
• 1M: -2.70%
• 6M: 9.84%
• YTD: 19.41%
• 1Y: 34.88%
• 3Y*: 21.74%
• 5Y*: 9.15%
• 10Y*: 9.48%
• ALL TIME*: 10.09%

EMEQ

• 1D: 1.31%
• 1M: -7.03%
• 6M: 33.20%
• YTD: 55.77%
• 1Y: 113.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 65.83%

*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)
EMEQ Nomura Focused Emerging Markets Equity ETF	$8.80M	$8.80M	$11.41M
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	$9.70M	$12.21M	$11.83M

EMGF vs. EMEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	19.41%	31.41%	-0.05%
EMEQ Nomura Focused Emerging Markets Equity ETF	55.77%	69.78%	-0.73%

Correlation

The correlation between EMGF and EMEQ is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.90

The correlation between EMGF and EMEQ has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

EMGF vs. EMEQ - Sectors Allocation Comparison

Sectors	EMGF	EMEQ
Technology	42.6%	58.0%
Financial Services	17.8%	11.6%
Consumer Cyclical	8.2%	6.2%
Industrials	7.5%	6.2%
Communication Services	6.4%	5.5%
Basic Materials	5.0%	1.6%
Energy	3.4%	7.2%
Consumer Defensive	3.1%	2.7%
Healthcare	2.7%	1.0%
Utilities	2.2%	0.9%
Real Estate	1.0%	-

Return for Risk

EMGF vs. EMEQ — Risk / Return Rank

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

EMGF

EMGF Risk / Return Rank: 60
EMGF Sharpe Ratio Rank: 59
EMGF Sortino Ratio Rank: 54
EMGF Omega Ratio Rank: 61
EMGF Calmar Ratio Rank: 66
EMGF Martin Ratio Rank: 60

EMEQ

EMEQ Risk / Return Rank: 92
EMEQ Sharpe Ratio Rank: 95
EMEQ Sortino Ratio Rank: 89
EMEQ Omega Ratio Rank: 91
EMEQ Calmar Ratio Rank: 92
EMEQ Martin Ratio Rank: 91

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.

EMGF vs. EMEQ - Risk-Adjusted Trends Comparison

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

	EMGF	EMEQ	Difference
Sharpe ratio: Return per unit of total volatility	1.45	2.83	-1.38
Sortino ratio: Return per unit of downside risk	1.97	3.10	-1.12
Omega ratio: Gain probability vs. loss probability	1.27	1.44	-0.17
Calmar ratio: Return relative to maximum drawdown	2.40	4.35	-1.96
Martin ratio: Return relative to average drawdown	7.41	15.65	-8.24

EMGF vs. EMEQ - Sharpe Ratio Comparison

The current EMGF Sharpe Ratio is 1.45, which is lower than the EMEQ Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of EMGF and EMEQ, 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

EMGF vs. EMEQ - Drawdown Comparison

The maximum EMGF drawdown since its inception was -40.23%, which is greater than EMEQ's maximum drawdown of -26.25%. Use the drawdown chart below to compare losses from any high point for EMGF and EMEQ.

Drawdown Indicators

	EMGF	EMEQ	Difference
Max Drawdown Largest peak-to-trough decline	-40.23%	-26.25%	-13.98%
Max Drawdown (1Y) Largest decline over 1 year	-14.63%	-26.25%	+11.62%
Max Drawdown (3Y) Largest decline over 3 years	-17.65%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.17%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.23%	—	—
Current Drawdown Current decline from peak	-10.20%	-19.83%	+9.63%
Average Drawdown Average peak-to-trough decline	-10.01%	-4.70%	-5.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.72%	7.29%	-2.57%

Volatility

EMGF vs. EMEQ - Volatility Comparison

The current volatility for iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) is 8.57%, while Nomura Focused Emerging Markets Equity ETF (EMEQ) has a volatility of 14.69%. This indicates that EMGF experiences smaller price fluctuations and is considered to be less risky than EMEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMGF	EMEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.57%	14.69%	-6.12%
Volatility (6M) Calculated over the trailing 6-month period	22.19%	37.55%	-15.36%
Volatility (1Y) Calculated over the trailing 1-year period	24.23%	40.45%	-16.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.66%	34.13%	-15.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.77%	34.13%	-14.36%

EMGF vs. EMEQ - Expense Ratio Comparison

EMGF has a 0.45% expense ratio, which is lower than EMEQ's 0.86% expense ratio.

Dividends

EMGF vs. EMEQ - Dividend Comparison

EMGF's dividend yield for the trailing twelve months is around 2.11%, more than EMEQ's 1.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EMEQ Nomura Focused Emerging Markets Equity ETF	1.77%	2.76%	0.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	2.11%	2.52%	3.42%	5.94%	4.04%	2.48%	1.95%	2.63%	2.73%	1.94%	2.04%

Frequently Asked Questions

Can I hold both EMGF and EMEQ in my portfolio?

With a correlation of 0.92, EMGF and EMEQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EMGF or EMEQ?

EMEQ has higher volatility (14.69%) compared to EMGF (8.57%). In terms of maximum drawdown, EMGF dropped -40.23% vs EMEQ's -26.25%.

Which ETF is better, EMGF or EMEQ?

On 1-year performance, EMEQ leads with 113.64% vs 34.88% for EMGF. On fees, EMGF is cheaper at 0.45% per year. On volatility, EMGF has been the lower-risk option at 8.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMGF or EMEQ?

Over the 1-year period, EMEQ has performed better with a 113.64% return vs 34.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMGF or EMEQ?

EMGF is cheaper with a 0.45% expense ratio, compared with 0.86% for EMEQ.

Which ETF pays a higher dividend yield, EMGF or EMEQ?

EMGF has the higher dividend yield at 2.11%, compared with 1.77% for EMEQ.

What is the main difference between EMGF and EMEQ?

They also come from different issuers: iShares and Nomura. Their fees differ too: 0.45% for EMGF and 0.86% for EMEQ.

Which has better risk-adjusted returns?

EMEQ currently has the higher Sharpe Ratio (2.83 vs 1.45), 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.