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EMGU.L vs. EIMI.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EMGU.L vs. EIMI.L

Last updated Jun 5, 2026

EMGU.L (iShares Core MSCI Emerging Markets IMI UCITS ETF) and EIMI.L (iShares Core MSCI EM IMI UCITS ETF) are both Emerging Markets Equities funds from iShares - EMGU.L tracks the MSCI EM NR USD while EIMI.L tracks the MSCI Emerging Markets Investable Market Index. Both are passively managed. Over the past 5 years, EMGU.L returned 8.74%/yr vs 8.77%/yr for EIMI.L. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.18% expense ratio.

Performance

EMGU.L vs. EIMI.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Core MSCI Emerging Markets IMI UCITS ETF (EMGU.L) and iShares Core MSCI EM IMI UCITS ETF (EIMI.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

EMGU.L is traded in GBP, while EIMI.L is traded in USD. To make them comparable, the EIMI.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with EMGU.L having a 24.44% return and EIMI.L slightly higher at 24.75%.

EMGU.L

1D
-1.41%
1M
5.55%
YTD
24.44%
6M
26.29%
1Y
50.77%
3Y*
20.11%
5Y*
8.74%
10Y*
—

EIMI.L

1D
-1.30%
1M
5.47%
YTD
24.75%
6M
26.33%
1Y
50.86%
3Y*
20.20%
5Y*
8.77%
10Y*
11.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EMGU.L vs. EIMI.L - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
EMGU.L
iShares Core MSCI Emerging Markets IMI UCITS ETF		24.44%22.98%9.19%4.92%-10.05%0.64%14.80%3.98%
EIMI.L
iShares Core MSCI EM IMI UCITS ETF		24.75%22.75%9.23%5.48%-10.12%0.29%15.31%3.55%

Correlation

The correlation between EMGU.L and EIMI.L 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

0.95

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

0.94

Correlation (All Time)
Calculated using the full available price history since Nov 25, 2019

0.94

The correlation between EMGU.L and EIMI.L has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

EMGU.L vs. EIMI.L - Sectors Allocation Comparison

Sectors
EMGU.L
EIMI.L

Technology

39.4%
35.0%

Financial Services

17.3%
18.4%

Consumer Cyclical

9.1%
9.6%

Industrials

8.4%
8.9%

Basic Materials

6.4%
6.9%

Communication Services

5.9%
6.4%

Energy

3.5%
3.9%

Healthcare

3.5%
3.7%

Consumer Defensive

3.1%
3.3%

Utilities

2.0%
2.2%

Real Estate

1.6%
1.7%

Technology

EMGU.L
39.4%
EIMI.L
35.0%

Financial Services

EMGU.L
17.3%
EIMI.L
18.4%

Consumer Cyclical

EMGU.L
9.1%
EIMI.L
9.6%

Industrials

EMGU.L
8.4%
EIMI.L
8.9%

Basic Materials

EMGU.L
6.4%
EIMI.L
6.9%

Communication Services

EMGU.L
5.9%
EIMI.L
6.4%

Energy

EMGU.L
3.5%
EIMI.L
3.9%

Healthcare

EMGU.L
3.5%
EIMI.L
3.7%

Consumer Defensive

EMGU.L
3.1%
EIMI.L
3.3%

Utilities

EMGU.L
2.0%
EIMI.L
2.2%

Real Estate

EMGU.L
1.6%
EIMI.L
1.7%

Compare stocks, funds, or ETFs

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iShares Core MSCI Emerging Markets IMI UCITS ETF

iShares Core MSCI EM IMI UCITS ETF

Often compared with EMGU.L:
EMGU.L vs. 0823.HKEMGU.L vs. AIAEMGU.L vs. SPEMEMGU.L vs. EMDV.LEMGU.L vs. IEEM.LEMGU.L vs. EMHD.LEMGU.L vs. CSP1.L
Often compared with EIMI.L:
EIMI.L vs. VFEA.DEEIMI.L vs. CSPX.LEIMI.L vs. AVEMEIMI.L vs. SWRD.LEIMI.L vs. VWOEIMI.L vs. VFEG.LEIMI.L vs. AEME.L

Return for Risk

EMGU.L vs. EIMI.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EMGU.L
EMGU.L Risk / Return Rank: 8888
Overall Rank
EMGU.L Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
EMGU.L Sortino Ratio Rank: 8989
Sortino Ratio Rank
EMGU.L Omega Ratio Rank: 9191
Omega Ratio Rank
EMGU.L Calmar Ratio Rank: 8585
Calmar Ratio Rank
EMGU.L Martin Ratio Rank: 8383
Martin Ratio Rank
EIMI.L
EIMI.L Risk / Return Rank: 7878
Overall Rank
EIMI.L Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
EIMI.L Sortino Ratio Rank: 7777
Sortino Ratio Rank
EIMI.L Omega Ratio Rank: 8080
Omega Ratio Rank
EIMI.L Calmar Ratio Rank: 7878
Calmar Ratio Rank
EIMI.L Martin Ratio Rank: 7575
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.

EMGU.L vs. EIMI.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets IMI UCITS ETF (EMGU.L) and iShares Core MSCI EM IMI UCITS ETF (EIMI.L). 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.

EMGU.LEIMI.LDifference
Sharpe ratioReturn per unit of total volatility
3.10
2.83

+0.27

Sortino ratioReturn per unit of downside risk
3.99
3.67

+0.31

Omega ratioGain probability vs. loss probability

1.58

1.53

+0.06

Calmar ratioReturn relative to maximum drawdown

4.65

4.78

-0.13

Martin ratioReturn relative to average drawdown

16.46

16.25

+0.21

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMGU.L vs. EIMI.L - Sharpe Ratio Comparison

The current EMGU.L Sharpe Ratio is 3.10, which is comparable to the EIMI.L Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of EMGU.L and EIMI.L, 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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Sharpe Ratios by Period

EMGU.LEIMI.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.10

2.83

+0.27

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.56

0.53

+0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.60

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.59

0.47

+0.11

Drawdowns

EMGU.L vs. EIMI.L - Drawdown Comparison

The maximum EMGU.L drawdown since its inception was -25.97%, smaller than the maximum EIMI.L drawdown of -31.70%. Use the drawdown chart below to compare losses from any high point for EMGU.L and EIMI.L.

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Drawdown Indicators

EMGU.LEIMI.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.97%

-31.70%

+5.73%

Max Drawdown (1Y)

Largest decline over 1 year

-10.86%

-10.58%

-0.28%

Max Drawdown (3Y)

Largest decline over 3 years

-15.41%

-15.79%

+0.38%

Max Drawdown (5Y)

Largest decline over 5 years

-22.05%

-22.27%

+0.22%

Max Drawdown (10Y)

Largest decline over 10 years

—

-26.10%

—

Current Drawdown

Current decline from peak

-2.34%

-2.29%

-0.05%

Average Drawdown

Average peak-to-trough decline

-9.03%

-8.72%

-0.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.08%

3.12%

-0.04%

Volatility

EMGU.L vs. EIMI.L - Volatility Comparison

The current volatility for iShares Core MSCI Emerging Markets IMI UCITS ETF (EMGU.L) is 7.12%, while iShares Core MSCI EM IMI UCITS ETF (EIMI.L) has a volatility of 7.58%. This indicates that EMGU.L experiences smaller price fluctuations and is considered to be less risky than EIMI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EMGU.LEIMI.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.12%

7.58%

-0.46%

Volatility (6M)

Calculated over the trailing 6-month period

13.90%

15.58%

-1.68%

Volatility (1Y)

Calculated over the trailing 1-year period

16.30%

17.91%

-1.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.60%

16.61%

-1.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.58%

18.39%

-0.81%

EMGU.L vs. EIMI.L - Expense Ratio Comparison

Both EMGU.L and EIMI.L have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

EMGU.L vs. EIMI.L - Dividend Comparison

EMGU.L's dividend yield for the trailing twelve months is around 1.61%, while EIMI.L has not paid dividends to shareholders.

PositionTTM202520242023202220212020
EIMI.L
iShares Core MSCI EM IMI UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EMGU.L
iShares Core MSCI Emerging Markets IMI UCITS ETF		1.61%1.93%2.26%2.51%3.16%1.86%1.81%

Frequently Asked Questions

With a correlation of 0.94, EMGU.L and EIMI.L 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.

Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

EMGU.L and EIMI.L have the same expense ratio: 0.18% per year.

EMGU.L tracks MSCI EM NR USD, while EIMI.L tracks MSCI Emerging Markets Investable Market Index.

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