EMIF vs. RNEM

Last updated Jul 14, 2026

EMIF (iShares Emerging Markets Infrastructure ETF) and RNEM (First Trust Emerging Markets Equity Select ETF) are both Emerging Markets Equities funds - EMIF tracks the S&P Emerging Markets Infrastructure Index while RNEM tracks the Nasdaq Riskalyze Emerging Markets Equity Select Index. Both are passively managed. Over the past 5 years, EMIF returned 4.79%/yr vs 4.79%/yr for RNEM. A 0.57 correlation means they provide meaningful diversification when combined. Both charge a 0.75% expense ratio.

Performance

EMIF vs. RNEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Emerging Markets Infrastructure ETF (EMIF) and First Trust Emerging Markets Equity Select ETF (RNEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMIF achieves a -1.12% return, which is significantly lower than RNEM's 0.25% return.

EMIF

• 1D: -1.21%
• 1M: -2.81%
• 6M: -2.95%
• YTD: -1.12%
• 1Y: 13.82%
• 3Y*: 9.47%
• 5Y*: 4.79%
• 10Y*: 1.65%

RNEM

• 1D: -1.44%
• 1M: -0.16%
• 6M: -1.96%
• YTD: 0.25%
• 1Y: 2.60%
• 3Y*: 6.03%
• 5Y*: 4.79%
• 10Y*: —

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

EMIF vs. RNEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMIF iShares Emerging Markets Infrastructure ETF	-1.12%	33.90%	1.21%	5.67%	-12.59%	3.76%	-19.98%	16.36%	-13.70%	6.60%
RNEM First Trust Emerging Markets Equity Select ETF	0.25%	15.58%	-1.47%	23.43%	-8.75%	6.16%	-8.16%	12.76%	-9.34%	11.97%

Correlation

The correlation between EMIF and RNEM is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	0.57

The correlation between EMIF and RNEM has been stable across timeframes, ranging from 0.57 to 0.66 - a consistent structural relationship.

EMIF vs. RNEM - Sectors Allocation Comparison

Sectors	EMIF	RNEM
Industrials	42.0%	3.9%
Utilities	38.7%	3.5%
Energy	19.3%	7.0%
Basic Materials	-	14.2%
Communication Services	-	8.7%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	6.0%
Financial Services	-	35.0%
Healthcare	-	4.5%
Real Estate	-	0.8%
Technology	-	6.4%

Return for Risk

EMIF vs. RNEM — Risk / Return Rank

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

EMIF

EMIF Risk / Return Rank: 27
EMIF Sharpe Ratio Rank: 29
EMIF Sortino Ratio Rank: 29
EMIF Omega Ratio Rank: 29
EMIF Calmar Ratio Rank: 23
EMIF Martin Ratio Rank: 23

RNEM

RNEM Risk / Return Rank: 12
RNEM Sharpe Ratio Rank: 13
RNEM Sortino Ratio Rank: 12
RNEM Omega Ratio Rank: 11
RNEM Calmar Ratio Rank: 13
RNEM Martin Ratio Rank: 13

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.

EMIF vs. RNEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Infrastructure ETF (EMIF) and First Trust Emerging Markets Equity Select ETF (RNEM). 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.

	EMIF	RNEM	Difference
Sharpe ratio: Return per unit of total volatility	0.86	0.21	+0.65
Sortino ratio: Return per unit of downside risk	1.31	0.39	+0.92
Omega ratio: Gain probability vs. loss probability	1.16	1.05	+0.12
Calmar ratio: Return relative to maximum drawdown	0.89	0.24	+0.65
Martin ratio: Return relative to average drawdown	2.27	0.65	+1.62

EMIF vs. RNEM - Sharpe Ratio Comparison

The current EMIF Sharpe Ratio is 0.86, which is higher than the RNEM Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of EMIF and RNEM, 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

EMIF vs. RNEM - Drawdown Comparison

The maximum EMIF drawdown since its inception was -48.02%, which is greater than RNEM's maximum drawdown of -38.38%. Use the drawdown chart below to compare losses from any high point for EMIF and RNEM.

Drawdown Indicators

	EMIF	RNEM	Difference
Max Drawdown Largest peak-to-trough decline	-48.02%	-38.38%	-9.64%
Max Drawdown (1Y) Largest decline over 1 year	-15.57%	-10.71%	-4.86%
Max Drawdown (3Y) Largest decline over 3 years	-16.70%	-13.09%	-3.61%
Max Drawdown (5Y) Largest decline over 5 years	-23.29%	-21.41%	-1.88%
Max Drawdown (10Y) Largest decline over 10 years	-48.02%	—	—
Current Drawdown Current decline from peak	-14.91%	-5.81%	-9.10%
Average Drawdown Average peak-to-trough decline	-15.89%	-9.26%	-6.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.10%	3.99%	+2.11%

Volatility

EMIF vs. RNEM - Volatility Comparison

iShares Emerging Markets Infrastructure ETF (EMIF) has a higher volatility of 5.34% compared to First Trust Emerging Markets Equity Select ETF (RNEM) at 3.75%. This indicates that EMIF's price experiences larger fluctuations and is considered to be riskier than RNEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMIF	RNEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	3.75%	+1.59%
Volatility (6M) Calculated over the trailing 6-month period	13.53%	10.93%	+2.60%
Volatility (1Y) Calculated over the trailing 1-year period	16.12%	12.51%	+3.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.72%	14.48%	+5.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.54%	17.18%	+3.36%

EMIF vs. RNEM - Expense Ratio Comparison

Both EMIF and RNEM have an expense ratio of 0.75%.

Dividends

EMIF vs. RNEM - Dividend Comparison

EMIF's dividend yield for the trailing twelve months is around 4.28%, more than RNEM's 2.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMIF iShares Emerging Markets Infrastructure ETF	4.28%	4.96%	4.12%	2.64%	3.08%	3.94%	2.54%	2.07%	2.64%	2.58%	3.16%	2.07%
RNEM First Trust Emerging Markets Equity Select ETF	2.37%	2.75%	3.45%	1.63%	2.99%	3.20%	3.01%	2.85%	2.85%	2.28%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMIF and RNEM in my portfolio?

EMIF and RNEM have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMIF or RNEM?

EMIF has higher volatility (5.34%) compared to RNEM (3.75%). In terms of maximum drawdown, EMIF dropped -48.02% vs RNEM's -38.38%.

Which ETF is better, EMIF or RNEM?

On 5-year performance, RNEM leads with 4.79% vs 4.79% for EMIF. Both ETFs have the same 0.75% expense ratio. On volatility, RNEM has been the lower-risk option at 3.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMIF or RNEM?

Over the 5-year period, RNEM has performed better with a 4.79% return vs 4.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMIF or RNEM?

EMIF and RNEM have the same expense ratio: 0.75% per year.

Which ETF pays a higher dividend yield, EMIF or RNEM?

EMIF has the higher dividend yield at 4.28%, compared with 2.37% for RNEM.

What is the main difference between EMIF and RNEM?

EMIF tracks S&P Emerging Markets Infrastructure Index, while RNEM tracks Nasdaq Riskalyze Emerging Markets Equity Select Index. They also come from different issuers: iShares and First Trust.

Which has better risk-adjusted returns?

EMIF currently has the higher Sharpe Ratio (0.86 vs 0.21), 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.