EMGF vs. FRDM

Last updated Jun 4, 2026

EMGF (iShares Edge MSCI Multifactor Emerging Markets ETF) and FRDM (Freedom 100 Emerging Markets ETF) are both exchange-traded funds - EMGF is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Diversified Multiple-Factor Index, while FRDM is a Emerging Markets Diversified fund tracking the Life + Liberty Freedom 100 Emerging Markets Index. Both are passively managed. Over the past 5 years, EMGF returned 10.38%/yr vs 19.30%/yr for FRDM. Their correlation of 0.84 suggests significant overlap in exposure. EMGF charges 0.45%/yr vs 0.49%/yr for FRDM.

Performance

EMGF vs. FRDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) and Freedom 100 Emerging Markets ETF (FRDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMGF achieves a 30.01% return, which is significantly lower than FRDM's 44.61% return.

EMGF

• 1D: -1.20%
• 1M: 9.65%
• YTD: 30.01%
• 6M: 32.52%
• 1Y: 55.31%
• 3Y*: 26.88%
• 5Y*: 10.38%
• 10Y*: 11.48%

FRDM

• 1D: -1.30%
• 1M: 17.06%
• YTD: 44.61%
• 6M: 53.16%
• 1Y: 97.46%
• 3Y*: 37.08%
• 5Y*: 19.30%
• 10Y*: —

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

EMGF vs. FRDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	30.01%	31.41%	9.06%	10.86%	-16.55%	6.65%	10.27%	19.44%
FRDM Freedom 100 Emerging Markets ETF	44.61%	61.27%	1.70%	22.77%	-14.45%	6.13%	16.90%	12.33%

Correlation

The correlation between EMGF and FRDM is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since May 24, 2019	0.84

The correlation between EMGF and FRDM has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.

EMGF vs. FRDM - Sectors Allocation Comparison

Sectors	EMGF	FRDM
Technology	34.7%	41.1%
Financial Services	19.2%	22.1%
Consumer Cyclical	10.4%	7.8%
Industrials	7.8%	8.6%
Communication Services	7.4%	3.9%
Basic Materials	5.8%	7.4%
Energy	4.3%	0.1%
Consumer Defensive	3.8%	2.2%
Healthcare	2.9%	1.8%
Utilities	2.5%	2.6%
Real Estate	1.1%	2.5%

Return for Risk

EMGF vs. FRDM — Risk / Return Rank

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

EMGF

EMGF Risk / Return Rank: 81
EMGF Sharpe Ratio Rank: 84
EMGF Sortino Ratio Rank: 80
EMGF Omega Ratio Rank: 83
EMGF Calmar Ratio Rank: 79
EMGF Martin Ratio Rank: 80

FRDM

FRDM Risk / Return Rank: 93
FRDM Sharpe Ratio Rank: 95
FRDM Sortino Ratio Rank: 93
FRDM Omega Ratio Rank: 93
FRDM Calmar Ratio Rank: 91
FRDM Martin Ratio Rank: 92

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. FRDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) and Freedom 100 Emerging Markets ETF (FRDM). 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	FRDM	Difference
Sharpe ratio: Return per unit of total volatility	2.78	4.00	-1.22
Sortino ratio: Return per unit of downside risk	3.62	4.65	-1.03
Omega ratio: Gain probability vs. loss probability	1.51	1.67	-0.16
Calmar ratio: Return relative to maximum drawdown	4.11	5.81	-1.70
Martin ratio: Return relative to average drawdown	15.84	23.37	-7.53
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. FRDM - Sharpe Ratio Comparison

The current EMGF Sharpe Ratio is 2.78, which is lower than the FRDM Sharpe Ratio of 4.00. The chart below compares the historical Sharpe Ratios of EMGF and FRDM, 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

	EMGF	FRDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	4.00	-1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.93	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.85	-0.29

Drawdowns

EMGF vs. FRDM - Drawdown Comparison

The maximum EMGF drawdown since its inception was -40.23%, roughly equal to the maximum FRDM drawdown of -40.49%. Use the drawdown chart below to compare losses from any high point for EMGF and FRDM.

Drawdown Indicators

	EMGF	FRDM	Difference
Max Drawdown Largest peak-to-trough decline	-40.23%	-40.49%	+0.26%
Max Drawdown (1Y) Largest decline over 1 year	-13.54%	-16.87%	+3.33%
Max Drawdown (3Y) Largest decline over 3 years	-17.65%	-16.87%	-0.78%
Max Drawdown (5Y) Largest decline over 5 years	-28.60%	-29.25%	+0.65%
Max Drawdown (10Y) Largest decline over 10 years	-40.23%	—	—
Current Drawdown Current decline from peak	-1.20%	-1.30%	+0.10%
Average Drawdown Average peak-to-trough decline	-10.05%	-7.09%	-2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	4.18%	-0.68%

Volatility

EMGF vs. FRDM - Volatility Comparison

The current volatility for iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) is 9.20%, while Freedom 100 Emerging Markets ETF (FRDM) has a volatility of 11.03%. This indicates that EMGF experiences smaller price fluctuations and is considered to be less risky than FRDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMGF	FRDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.20%	11.03%	-1.83%
Volatility (6M) Calculated over the trailing 6-month period	17.50%	21.65%	-4.15%
Volatility (1Y) Calculated over the trailing 1-year period	19.99%	24.50%	-4.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	20.80%	-3.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.48%	22.77%	-3.29%

EMGF vs. FRDM - Expense Ratio Comparison

EMGF has a 0.45% expense ratio, which is lower than FRDM's 0.49% expense ratio.

Dividends

EMGF vs. FRDM - Dividend Comparison

EMGF's dividend yield for the trailing twelve months is around 1.94%, more than FRDM's 1.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	1.94%	2.52%	3.42%	5.94%	4.04%	2.48%	1.95%	2.63%	2.73%	1.94%	2.04%
FRDM Freedom 100 Emerging Markets ETF	1.51%	2.26%	2.53%	2.66%	2.72%	2.17%	1.11%	1.07%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMGF and FRDM in my portfolio?

With a correlation of 0.92, EMGF and FRDM 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 FRDM?

FRDM has higher volatility (11.03%) compared to EMGF (9.20%). In terms of maximum drawdown, EMGF dropped -40.23% vs FRDM's -40.49%.

Which ETF is better, EMGF or FRDM?

On 5-year performance, FRDM leads with 19.30% vs 10.38% for EMGF. On fees, EMGF is cheaper at 0.45% per year. On volatility, EMGF has been the lower-risk option at 9.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMGF or FRDM?

Over the 5-year period, FRDM has performed better with a 19.30% return vs 10.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMGF or FRDM?

EMGF is cheaper with a 0.45% expense ratio, compared with 0.49% for FRDM.

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

EMGF has the higher dividend yield at 1.94%, compared with 1.51% for FRDM.

What is the main difference between EMGF and FRDM?

EMGF is categorized as Emerging Markets Equities, while FRDM is Emerging Markets Diversified. EMGF tracks MSCI Emerging Markets Diversified Multiple-Factor Index, while FRDM tracks Life + Liberty Freedom 100 Emerging Markets Index. They also come from different issuers: iShares and Freedom Funds. Their fees differ too: 0.45% for EMGF and 0.49% for FRDM.

Which has better risk-adjusted returns?

FRDM currently has the higher Sharpe Ratio (4.00 vs 2.78), 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.