EMGF vs. IAK

Last updated Aug 4, 2026

EMGF (iShares Edge MSCI Multifactor Emerging Markets ETF) and IAK (iShares U.S. Insurance ETF) are both exchange-traded funds - EMGF is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Diversified Multiple-Factor Index, while IAK is a Financials Equities fund tracking the Dow Jones U.S. Select Insurance Index. Both are passively managed. Over the past 10 years, EMGF returned 9.48%/yr vs 13.18%/yr for IAK. Their 0.30 correlation means their historical movements had little consistent relationship. EMGF charges 0.45%/yr vs 0.38%/yr for IAK.

Performance

EMGF vs. IAK - 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 U.S. Insurance ETF (IAK). 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 higher than IAK's 10.11% return. Over the past 10 years, EMGF has underperformed IAK with an annualized return of 9.48%, while IAK has yielded a comparatively higher 13.18% annualized 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%

IAK

• 1D: 0.03%
• 1M: -0.03%
• 6M: 12.56%
• YTD: 10.11%
• 1Y: 19.67%
• 3Y*: 19.67%
• 5Y*: 15.99%
• 10Y*: 13.18%
• ALL TIME*: 7.39%

*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)
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	$9.70M	$12.21M	$11.83M
IAK iShares U.S. Insurance ETF	$15.27M	$20.59M	$12.29M

EMGF vs. IAK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	19.41%	31.41%	9.06%	10.86%	-16.55%	6.65%	10.27%	20.96%	-19.71%	42.37%
IAK iShares U.S. Insurance ETF	10.11%	9.50%	28.25%	11.28%	11.33%	26.84%	-2.86%	25.94%	-11.48%	14.18%

Correlation

The correlation between EMGF and IAK is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.24
Correlation (3Y) Balances recent behavior with more history.	0.02
Correlation (5Y) Shows whether the relationship held over a longer period.	0.19
Correlation (10Y) Provides a long-term view across more market conditions.	0.29
Correlation (All Time) Calculated using the full available price history since Dec 10, 2015	0.30

The correlation between EMGF and IAK shifts across timeframes, from -0.24 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.

EMGF vs. IAK - Sectors Allocation Comparison

Sectors	EMGF	IAK
Technology	42.6%	-
Financial Services	17.8%	99.3%
Consumer Cyclical	8.2%	-
Industrials	7.5%	-
Communication Services	6.4%	-
Basic Materials	5.0%	-
Energy	3.4%	-
Consumer Defensive	3.1%	-
Healthcare	2.7%	0.7%
Utilities	2.2%	-
Real Estate	1.0%	-

Return for Risk

EMGF vs. IAK — 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

IAK

IAK Risk / Return Rank: 54
IAK Sharpe Ratio Rank: 49
IAK Sortino Ratio Rank: 49
IAK Omega Ratio Rank: 47
IAK Calmar Ratio Rank: 72
IAK Martin Ratio Rank: 52

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. IAK - 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 U.S. Insurance ETF (IAK). 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	IAK	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.24	+0.21
Sortino ratio: Return per unit of downside risk	1.97	1.81	+0.16
Omega ratio: Gain probability vs. loss probability	1.27	1.22	+0.05
Calmar ratio: Return relative to maximum drawdown	2.40	2.59	-0.20
Martin ratio: Return relative to average drawdown	7.41	6.29	+1.12

EMGF vs. IAK - Sharpe Ratio Comparison

The current EMGF Sharpe Ratio is 1.45, which is comparable to the IAK Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of EMGF and IAK, 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. IAK - Drawdown Comparison

The maximum EMGF drawdown since its inception was -40.23%, smaller than the maximum IAK drawdown of -77.38%. Use the drawdown chart below to compare losses from any high point for EMGF and IAK.

Drawdown Indicators

	EMGF	IAK	Difference
Max Drawdown Largest peak-to-trough decline	-40.23%	-77.38%	+37.15%
Max Drawdown (1Y) Largest decline over 1 year	-14.63%	-7.62%	-7.01%
Max Drawdown (3Y) Largest decline over 3 years	-17.65%	-11.58%	-6.07%
Max Drawdown (5Y) Largest decline over 5 years	-28.17%	-14.76%	-13.41%
Max Drawdown (10Y) Largest decline over 10 years	-40.23%	-44.95%	+4.72%
Current Drawdown Current decline from peak	-10.20%	-3.20%	-7.00%
Average Drawdown Average peak-to-trough decline	-10.01%	-16.01%	+6.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.72%	3.13%	+1.59%

Volatility

EMGF vs. IAK - Volatility Comparison

iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) has a higher volatility of 8.57% compared to iShares U.S. Insurance ETF (IAK) at 6.56%. This indicates that EMGF's price experiences larger fluctuations and is considered to be riskier than IAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMGF	IAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.57%	6.56%	+2.01%
Volatility (6M) Calculated over the trailing 6-month period	22.19%	12.42%	+9.77%
Volatility (1Y) Calculated over the trailing 1-year period	24.23%	15.99%	+8.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.66%	18.13%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.77%	20.92%	-1.15%

EMGF vs. IAK - Expense Ratio Comparison

EMGF has a 0.45% expense ratio, which is higher than IAK's 0.38% expense ratio.

Dividends

EMGF vs. IAK - Dividend Comparison

EMGF's dividend yield for the trailing twelve months is around 2.11%, less than IAK's 2.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
IAK iShares U.S. Insurance ETF	2.42%	1.69%	1.49%	1.44%	1.69%	2.26%	2.07%	1.84%	2.33%	1.62%	1.68%	1.62%

Frequently Asked Questions

Can I hold both EMGF and IAK in my portfolio?

EMGF and IAK have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMGF or IAK?

EMGF has higher volatility (8.57%) compared to IAK (6.56%). In terms of maximum drawdown, EMGF dropped -40.23% vs IAK's -77.38%.

Which ETF is better, EMGF or IAK?

On 10-year performance, IAK leads with 13.18% vs 9.48% for EMGF. On fees, IAK is cheaper at 0.38% per year. On volatility, IAK has been the lower-risk option at 6.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMGF or IAK?

Over the 10-year period, IAK has performed better with a 13.18% return vs 9.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMGF or IAK?

IAK is cheaper with a 0.38% expense ratio, compared with 0.45% for EMGF.

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

IAK has the higher dividend yield at 2.42%, compared with 2.11% for EMGF.

What is the main difference between EMGF and IAK?

EMGF is categorized as Emerging Markets Equities, while IAK is Financials Equities. EMGF tracks MSCI Emerging Markets Diversified Multiple-Factor Index, while IAK tracks Dow Jones U.S. Select Insurance Index. Their fees differ too: 0.45% for EMGF and 0.38% for IAK.

Which has better risk-adjusted returns?

EMGF currently has the higher Sharpe Ratio (1.45 vs 1.24), 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.