EMIM.L vs. FEM.L
EMIM.L (iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)) and FEM.L (First Trust Emerging Markets AlphaDEX UCITS ETF Acc) are both Emerging Markets Equities funds - EMIM.L tracks the MSCI Emerging Markets Investable Market Index (IMI) while FEM.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 10 years, EMIM.L returned 10.76%/yr vs 9.64%/yr for FEM.L. Their correlation of 0.85 suggests significant overlap in exposure. EMIM.L charges 0.18%/yr vs 0.80%/yr for FEM.L.
Performance
EMIM.L vs. FEM.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMIM.L achieves a 25.00% return, which is significantly higher than FEM.L's 18.12% return. Over the past 10 years, EMIM.L has outperformed FEM.L with an annualized return of 10.76%, while FEM.L has yielded a comparatively lower 9.64% annualized return.
EMIM.L
- 1D
- 0.33%
- 1M
- 1.67%
- YTD
- 25.00%
- 6M
- 26.54%
- 1Y
- 46.29%
- 3Y*
- 21.10%
- 5Y*
- 8.53%
- 10Y*
- 10.76%
FEM.L
- 1D
- 0.02%
- 1M
- -1.97%
- YTD
- 18.12%
- 6M
- 18.26%
- 1Y
- 37.44%
- 3Y*
- 17.30%
- 5Y*
- 7.84%
- 10Y*
- 9.64%
EMIM.L vs. FEM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMIM.L iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) | 25.00% | 23.35% | 9.18% | 4.93% | -10.17% | 0.74% | 14.91% | 12.69% | -9.32% | 24.72% |
FEM.L First Trust Emerging Markets AlphaDEX UCITS ETF Acc | 18.12% | 18.46% | 5.12% | 4.21% | -3.80% | 8.72% | -3.95% | 15.10% | -11.29% | 27.59% |
Correlation
The correlation between EMIM.L and FEM.L is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jun 9, 2014 | 0.85 |
The correlation between EMIM.L and FEM.L has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.
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Return for Risk
EMIM.L vs. FEM.L — Risk / Return Rank
EMIM.L
FEM.L
EMIM.L vs. FEM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (EMIM.L) and First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.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.
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.
| EMIM.L | FEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.41 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 4.22 | 5.35 | -1.14 |
| Martin ratioReturn relative to average drawdown | 14.30 | 16.21 | -1.90 |
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Drawdowns
EMIM.L vs. FEM.L - Drawdown Comparison
The maximum EMIM.L drawdown since its inception was -31.70%, smaller than the maximum FEM.L drawdown of -54.05%. Use the drawdown chart below to compare losses from any high point for EMIM.L and FEM.L.
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Drawdown Indicators
| EMIM.L | FEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.70% | -54.05% | +22.35% |
Max Drawdown (1Y)Largest decline over 1 year | -10.92% | -6.96% | -3.96% |
Max Drawdown (3Y)Largest decline over 3 years | -15.56% | -17.83% | +2.27% |
Max Drawdown (5Y)Largest decline over 5 years | -21.98% | -17.83% | -4.15% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -35.42% | +8.96% |
Current DrawdownCurrent decline from peak | -4.02% | -3.24% | -0.78% |
Average DrawdownAverage peak-to-trough decline | -8.68% | -17.79% | +9.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.23% | 2.30% | +0.93% |
Volatility
EMIM.L vs. FEM.L - Volatility Comparison
iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (EMIM.L) has a higher volatility of 8.53% compared to First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L) at 6.07%. This indicates that EMIM.L's price experiences larger fluctuations and is considered to be riskier than FEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMIM.L | FEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.53% | 6.07% | +2.46% |
Volatility (6M)Calculated over the trailing 6-month period | 15.94% | 12.96% | +2.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.08% | 16.09% | +1.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.18% | 16.13% | +0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.92% | 18.66% | -0.74% |
EMIM.L vs. FEM.L - Expense Ratio Comparison
EMIM.L has a 0.18% expense ratio, which is lower than FEM.L's 0.80% expense ratio.
Dividends
EMIM.L vs. FEM.L - Dividend Comparison
Neither EMIM.L nor FEM.L has paid dividends to shareholders.
Frequently Asked Questions
EMIM.L and FEM.L have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMIM.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMIM.L is cheaper with a 0.18% expense ratio, compared with 0.80% for FEM.L.
EMIM.L tracks MSCI Emerging Markets Investable Market Index (IMI), while FEM.L tracks MSCI EM NR USD. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.18% for EMIM.L and 0.80% for FEM.L.
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