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EMGF vs. VWO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMGF vs. VWO

Last updated Jun 23, 2026

EMGF (iShares Edge MSCI Multifactor Emerging Markets ETF) and VWO (Vanguard FTSE Emerging Markets ETF) are both Emerging Markets Equities funds - EMGF tracks the MSCI Emerging Markets Diversified Multiple-Factor Index while VWO tracks the FTSE Emerging Index. Both are passively managed. Over the past 10 years, EMGF returned 11.88%/yr vs 9.31%/yr for VWO. Their correlation of 0.90 suggests significant overlap in exposure. EMGF charges 0.45%/yr vs 0.08%/yr for VWO.

Performance

EMGF vs. VWO - Performance Comparison

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

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Returns By Period

In the year-to-date period, EMGF achieves a 32.97% return, which is significantly higher than VWO's 14.05% return. Over the past 10 years, EMGF has outperformed VWO with an annualized return of 11.88%, while VWO has yielded a comparatively lower 9.31% annualized return.

EMGF

1D
0.55%
1M
8.68%
YTD
32.97%
6M
34.74%
1Y
55.99%
3Y*
27.87%
5Y*
11.39%
10Y*
11.88%

VWO

1D
0.77%
1M
3.96%
YTD
14.05%
6M
14.71%
1Y
32.13%
3Y*
18.64%
5Y*
5.90%
10Y*
9.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMGF vs. VWO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EMGF
iShares Edge MSCI Multifactor Emerging Markets ETF		32.97%31.41%9.06%10.86%-16.55%6.65%10.27%20.96%-19.71%42.37%
VWO
Vanguard FTSE Emerging Markets ETF		14.05%25.60%10.59%9.25%-17.98%1.26%15.17%20.75%-14.76%31.49%

Correlation

The correlation between EMGF and VWO is 0.94, 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

0.94

Correlation (3Y)
Calculated over the trailing 3-year period

0.96

Correlation (5Y)
Calculated over the trailing 5-year period

0.96

Correlation (10Y)
Calculated over the trailing 10-year period

0.93

Correlation (All Time)
Calculated using the full available price history since Dec 10, 2015

0.90

The correlation between EMGF and VWO has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

EMGF vs. VWO - Sectors Allocation Comparison

Sectors
EMGF
VWO

Technology

41.4%
31.6%

Financial Services

17.4%
16.8%

Consumer Cyclical

9.6%
8.7%

Industrials

7.2%
6.8%

Communication Services

6.5%
5.8%

Basic Materials

5.3%
7.0%

Energy

3.6%
3.6%

Consumer Defensive

3.4%
3.1%

Healthcare

2.4%
3.4%

Utilities

2.3%
2.4%

Real Estate

1.0%
1.8%

Technology

EMGF
41.4%
VWO
31.6%

Financial Services

EMGF
17.4%
VWO
16.8%

Consumer Cyclical

EMGF
9.6%
VWO
8.7%

Industrials

EMGF
7.2%
VWO
6.8%

Communication Services

EMGF
6.5%
VWO
5.8%

Basic Materials

EMGF
5.3%
VWO
7.0%

Energy

EMGF
3.6%
VWO
3.6%

Consumer Defensive

EMGF
3.4%
VWO
3.1%

Healthcare

EMGF
2.4%
VWO
3.4%

Utilities

EMGF
2.3%
VWO
2.4%

Real Estate

EMGF
1.0%
VWO
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Edge MSCI Multifactor Emerging Markets ETF

Vanguard FTSE Emerging Markets ETF

Often compared with EMGF:
EMGF vs. EEMEMGF vs. SPEMEMGF vs. AVESEMGF vs. FDEMEMGF vs. XCEMEMGF vs. SPYEMGF vs. DEM
Often compared with VWO:
VWO vs. VEAVWO vs. IEMGVWO vs. VXUSVWO vs. EEMVWO vs. VOOVWO vs. VTIVWO vs. VEMAX

Return for Risk

EMGF vs. VWO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMGF
EMGF Risk / Return Rank: 8181
Overall Rank
EMGF Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
EMGF Sortino Ratio Rank: 7777
Sortino Ratio Rank
EMGF Omega Ratio Rank: 8383
Omega Ratio Rank
EMGF Calmar Ratio Rank: 8282
Calmar Ratio Rank
EMGF Martin Ratio Rank: 8080
Martin Ratio Rank
VWO
VWO Risk / Return Rank: 6060
Overall Rank
VWO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
VWO Sortino Ratio Rank: 5858
Sortino Ratio Rank
VWO Omega Ratio Rank: 6161
Omega Ratio Rank
VWO Calmar Ratio Rank: 6060
Calmar Ratio Rank
VWO Martin Ratio Rank: 5959
Martin Ratio Rank
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. VWO - Risk-Adjusted Trends Comparison

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

EMGFVWODifference
Sharpe ratioReturn per unit of total volatility
2.56
1.94

+0.62

Sortino ratioReturn per unit of downside risk
3.28
2.66

+0.62

Omega ratioGain probability vs. loss probability

1.48

1.36

+0.12

Calmar ratioReturn relative to maximum drawdown

4.16

2.89

+1.26

Martin ratioReturn relative to average drawdown

15.36

10.19

+5.17

EMGF vs. VWO - Sharpe Ratio Comparison

The current EMGF Sharpe Ratio is 2.56, which is higher than the VWO Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of EMGF and VWO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EMGF vs. VWO - Drawdown Comparison

The maximum EMGF drawdown since its inception was -40.23%, smaller than the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for EMGF and VWO.

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Drawdown Indicators

EMGFVWODifference

Max Drawdown

Largest peak-to-trough decline

-40.23%

-67.68%

+27.45%

Max Drawdown (1Y)

Largest decline over 1 year

-13.54%

-11.17%

-2.37%

Max Drawdown (3Y)

Largest decline over 3 years

-17.65%

-17.37%

-0.28%

Max Drawdown (5Y)

Largest decline over 5 years

-28.20%

-32.60%

+4.40%

Max Drawdown (10Y)

Largest decline over 10 years

-40.23%

-36.39%

-3.84%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-10.02%

-15.79%

+5.77%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.66%

3.16%

+0.50%

Volatility

EMGF vs. VWO - Volatility Comparison

iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) has a higher volatility of 11.17% compared to Vanguard FTSE Emerging Markets ETF (VWO) at 6.57%. This indicates that EMGF's price experiences larger fluctuations and is considered to be riskier than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMGFVWODifference

Volatility (1M)

Calculated over the trailing 1-month period

11.17%

6.57%

+4.60%

Volatility (6M)

Calculated over the trailing 6-month period

19.89%

14.28%

+5.61%

Volatility (1Y)

Calculated over the trailing 1-year period

22.01%

16.67%

+5.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.18%

17.53%

+0.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.63%

19.24%

+0.39%

EMGF vs. VWO - Expense Ratio Comparison

EMGF has a 0.45% expense ratio, which is higher than VWO's 0.08% expense ratio.

Dividends

EMGF vs. VWO - Dividend Comparison

EMGF's dividend yield for the trailing twelve months is around 1.89%, less than VWO's 2.26% yield.

PositionTTM20252024202320222021202020192018201720162015
EMGF
iShares Edge MSCI Multifactor Emerging Markets ETF		1.89%2.52%3.42%5.94%4.04%2.48%1.95%2.63%2.73%1.94%2.04%0.00%
VWO
Vanguard FTSE Emerging Markets ETF		2.26%2.79%3.20%3.52%4.11%2.63%1.91%3.23%2.88%2.30%2.52%3.26%

Frequently Asked Questions

With a correlation of 0.94, EMGF and VWO 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.

EMGF has higher volatility (11.17%) compared to VWO (6.57%). In terms of maximum drawdown, EMGF dropped -40.23% vs VWO's -67.68%.

On 10-year performance, EMGF leads with 11.88% vs 9.31% for VWO. On fees, VWO is cheaper at 0.08% per year. On volatility, VWO has been the lower-risk option at 6.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EMGF has performed better with a 11.88% return vs 9.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VWO is cheaper with a 0.08% expense ratio, compared with 0.45% for EMGF.

VWO has the higher dividend yield at 2.26%, compared with 1.89% for EMGF.

EMGF tracks MSCI Emerging Markets Diversified Multiple-Factor Index, while VWO tracks FTSE Emerging Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.45% for EMGF and 0.08% for VWO.

EMGF currently has the higher Sharpe Ratio (2.56 vs 1.94), 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.

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