EMV.L vs. FEM.L

Last updated Jun 26, 2026

EMV.L (iShares Edge MSCI EM Minimum Volatility UCITS ETF) and FEM.L (First Trust Emerging Markets AlphaDEX UCITS ETF Acc) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from iShares and First Trust respectively. Both are passively managed. Over the past 10 years, EMV.L returned 7.04%/yr vs 9.64%/yr for FEM.L. A 0.80 correlation means they provide meaningful diversification when combined. EMV.L charges 0.40%/yr vs 0.80%/yr for FEM.L.

Performance

EMV.L vs. FEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Edge MSCI EM Minimum Volatility UCITS ETF (EMV.L) and First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMV.L achieves a 20.76% return, which is significantly higher than FEM.L's 18.12% return. Over the past 10 years, EMV.L has underperformed FEM.L with an annualized return of 7.04%, while FEM.L has yielded a comparatively higher 9.64% annualized return.

EMV.L

• 1D: -0.09%
• 1M: 3.26%
• YTD: 20.76%
• 6M: 21.16%
• 1Y: 27.88%
• 3Y*: 13.23%
• 5Y*: 6.86%
• 10Y*: 7.04%

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%

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

EMV.L vs. FEM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMV.L iShares Edge MSCI EM Minimum Volatility UCITS ETF	20.76%	5.04%	10.84%	1.45%	-4.20%	5.93%	4.08%	3.48%	-0.20%	15.47%
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 EMV.L and FEM.L is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Apr 9, 2013	0.80

The correlation between EMV.L and FEM.L shifts across timeframes, from 0.65 (5 years) to 0.80 (all time), reflecting how their relationship changes across market environments.

EMV.L vs. FEM.L - Sectors Allocation Comparison

Sectors	EMV.L	FEM.L
Technology	34.8%	29.0%
Financial Services	19.0%	7.0%
Communication Services	10.5%	4.8%
Consumer Cyclical	6.6%	5.5%
Industrials	6.2%	19.6%
Consumer Defensive	5.8%	3.0%
Healthcare	5.5%	2.6%
Utilities	4.5%	6.0%
Energy	3.8%	12.3%
Basic Materials	2.8%	7.6%
Real Estate	0.6%	2.5%

Return for Risk

EMV.L vs. FEM.L — Risk / Return Rank

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

EMV.L

EMV.L Risk / Return Rank: 78
EMV.L Sharpe Ratio Rank: 81
EMV.L Sortino Ratio Rank: 78
EMV.L Omega Ratio Rank: 83
EMV.L Calmar Ratio Rank: 77
EMV.L Martin Ratio Rank: 72

FEM.L

FEM.L Risk / Return Rank: 84
FEM.L Sharpe Ratio Rank: 83
FEM.L Sortino Ratio Rank: 77
FEM.L Omega Ratio Rank: 79
FEM.L Calmar Ratio Rank: 92
FEM.L Martin Ratio Rank: 87

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.

EMV.L vs. FEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI EM Minimum Volatility UCITS ETF (EMV.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.

	EMV.L	FEM.L	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.32	-0.07
Sortino ratio: Return per unit of downside risk	3.05	3.02	+0.04
Omega ratio: Gain probability vs. loss probability	1.44	1.41	+0.02
Calmar ratio: Return relative to maximum drawdown	3.50	5.35	-1.85
Martin ratio: Return relative to average drawdown	11.63	16.21	-4.58

EMV.L vs. FEM.L - Sharpe Ratio Comparison

The current EMV.L Sharpe Ratio is 2.24, which is comparable to the FEM.L Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of EMV.L and FEM.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.

Drawdowns

EMV.L vs. FEM.L - Drawdown Comparison

The maximum EMV.L drawdown since its inception was -44.99%, smaller than the maximum FEM.L drawdown of -54.05%. Use the drawdown chart below to compare losses from any high point for EMV.L and FEM.L.

Drawdown Indicators

	EMV.L	FEM.L	Difference
Max Drawdown Largest peak-to-trough decline	-44.99%	-54.05%	+9.06%
Max Drawdown (1Y) Largest decline over 1 year	-7.93%	-6.96%	-0.97%
Max Drawdown (3Y) Largest decline over 3 years	-21.33%	-17.83%	-3.50%
Max Drawdown (5Y) Largest decline over 5 years	-21.33%	-17.83%	-3.50%
Max Drawdown (10Y) Largest decline over 10 years	-22.59%	-35.42%	+12.83%
Current Drawdown Current decline from peak	-2.34%	-3.24%	+0.90%
Average Drawdown Average peak-to-trough decline	-16.51%	-17.79%	+1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	2.30%	+0.09%

Volatility

EMV.L vs. FEM.L - Volatility Comparison

iShares Edge MSCI EM Minimum Volatility UCITS ETF (EMV.L) and First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L) have volatilities of 5.87% and 6.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMV.L	FEM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.87%	6.07%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	10.87%	12.96%	-2.09%
Volatility (1Y) Calculated over the trailing 1-year period	12.38%	16.09%	-3.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.99%	16.13%	+1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.60%	18.66%	-2.06%

EMV.L vs. FEM.L - Expense Ratio Comparison

EMV.L has a 0.40% expense ratio, which is lower than FEM.L's 0.80% expense ratio.

Dividends

EMV.L vs. FEM.L - Dividend Comparison

Neither EMV.L nor FEM.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EMV.L and FEM.L in my portfolio?

EMV.L and FEM.L have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EMV.L or FEM.L?

On fees, EMV.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EMV.L or FEM.L?

EMV.L is cheaper with a 0.40% expense ratio, compared with 0.80% for FEM.L.

What is the main difference between EMV.L and FEM.L?

Both ETFs track MSCI EM NR USD. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.40% for EMV.L and 0.80% for FEM.L.