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FEM.L vs. IEEM.L
Performance
Return for Risk
Dividends
Drawdowns
Volatility

FEM.L vs. IEEM.L

Last updated Apr 2, 2026

Compare and contrast key facts about First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L) and iShares MSCI EM UCITS ETF (Dist) (IEEM.L).

FEM.L and IEEM.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FEM.L is a passively managed fund by First Trust that tracks the performance of the MSCI EM NR USD. It was launched on Apr 9, 2013. IEEM.L is a passively managed fund by iShares that tracks the performance of the MSCI EM NR USD. It was launched on Nov 18, 2005. Both FEM.L and IEEM.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FEM.L vs. IEEM.L - Performance Comparison

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

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

2026 (YTD)202520242023202220212020201920182017
FEM.L
First Trust Emerging Markets AlphaDEX UCITS ETF Acc		11.44%18.46%5.12%4.21%-3.80%8.72%-3.95%15.10%-11.29%27.59%
IEEM.L
iShares MSCI EM UCITS ETF (Dist)		5.73%26.66%9.88%3.86%-9.90%-1.38%15.96%12.64%-9.08%25.04%

Returns By Period

In the year-to-date period, FEM.L achieves a 11.44% return, which is significantly higher than IEEM.L's 5.73% return. Both investments have delivered pretty close results over the past 10 years, with FEM.L having a 9.02% annualized return and IEEM.L not far ahead at 9.44%.

FEM.L

1D
2.05%
1M
-2.65%
YTD
11.44%
6M
14.12%
1Y
30.88%
3Y*
14.03%
5Y*
7.63%
10Y*
9.02%

IEEM.L

1D
3.23%
1M
-5.62%
YTD
5.73%
6M
10.01%
1Y
31.59%
3Y*
14.52%
5Y*
5.72%
10Y*
9.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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First Trust Emerging Markets AlphaDEX UCITS ETF Acc

iShares MSCI EM UCITS ETF (Dist)

Often compared with FEM.L:
FEM.L vs. EMXC.LFEM.L vs. FEMD.LFEM.L vs. FEMQ.LFEM.L vs. AEMU.LFEM.L vs. MXFP.LFEM.L vs. AEME.LFEM.L vs. JMRE.L
Often compared with IEEM.L:
IEEM.L vs. EIMI.LIEEM.L vs. VFEM.DEIEEM.L vs. HMEF.LIEEM.L vs. ISP6.LIEEM.L vs. 36B5.DEIEEM.L vs. VFEG.LIEEM.L vs. SWDA.L

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

FEM.L has a 0.80% expense ratio, which is higher than IEEM.L's 0.18% expense ratio.

FEM.L
First Trust Emerging Markets AlphaDEX UCITS ETF Acc
IEEM.L
iShares MSCI EM UCITS ETF (Dist)

Return for Risk

FEM.L vs. IEEM.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FEM.L
FEM.L Risk / Return Rank: 8787
Overall Rank
FEM.L Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
FEM.L Sortino Ratio Rank: 8383
Sortino Ratio Rank
FEM.L Omega Ratio Rank: 8484
Omega Ratio Rank
FEM.L Calmar Ratio Rank: 9090
Calmar Ratio Rank
FEM.L Martin Ratio Rank: 8989
Martin Ratio Rank
IEEM.L
IEEM.L Risk / Return Rank: 8686
Overall Rank
IEEM.L Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
IEEM.L Sortino Ratio Rank: 8686
Sortino Ratio Rank
IEEM.L Omega Ratio Rank: 8686
Omega Ratio Rank
IEEM.L Calmar Ratio Rank: 8787
Calmar Ratio Rank
IEEM.L Martin Ratio Rank: 8484
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.

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

This table presents a comparison of risk-adjusted performance metrics for First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L) and iShares MSCI EM UCITS ETF (Dist) (IEEM.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.

FEM.LIEEM.LDifference

Sharpe ratio

Return per unit of total volatility

1.85

1.87

-0.02

Sortino ratio

Return per unit of downside risk

2.31

2.41

-0.10

Omega ratio

Gain probability vs. loss probability

1.35

1.36

-0.01

Calmar ratio

Return relative to maximum drawdown

3.45

2.89

+0.56

Martin ratio

Return relative to average drawdown

12.64

10.23

+2.41

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

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

The current FEM.L Sharpe Ratio is 1.85, which is comparable to the IEEM.L Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of FEM.L and IEEM.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

FEM.LIEEM.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.85

1.87

-0.02

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.48

0.36

+0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.48

0.52

-0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.32

0.37

-0.05

Correlation

The correlation between FEM.L and IEEM.L is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FEM.L vs. IEEM.L - Dividend Comparison

FEM.L has not paid dividends to shareholders, while IEEM.L's dividend yield for the trailing twelve months is around 2.40%.

TTM20252024202320222021202020192018201720162015
FEM.L
First Trust Emerging Markets AlphaDEX UCITS ETF Acc		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
IEEM.L
iShares MSCI EM UCITS ETF (Dist)		2.40%2.48%2.86%2.91%3.40%2.74%1.98%2.32%2.51%1.86%2.09%3.38%

Drawdowns

FEM.L vs. IEEM.L - Drawdown Comparison

The maximum FEM.L drawdown since its inception was -35.42%, smaller than the maximum IEEM.L drawdown of -53.22%. Use the drawdown chart below to compare losses from any high point for FEM.L and IEEM.L.

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Drawdown Indicators

FEM.LIEEM.LDifference

Max Drawdown

Largest peak-to-trough decline

-35.42%

-53.22%

+17.80%

Max Drawdown (1Y)

Largest decline over 1 year

-11.09%

-11.12%

+0.03%

Max Drawdown (5Y)

Largest decline over 5 years

-17.83%

-23.27%

+5.44%

Max Drawdown (10Y)

Largest decline over 10 years

-35.42%

-26.63%

-8.79%

Current Drawdown

Current decline from peak

-2.65%

-7.69%

+5.04%

Average Drawdown

Average peak-to-trough decline

-9.09%

-10.48%

+1.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.50%

3.14%

-0.64%

Volatility

FEM.L vs. IEEM.L - Volatility Comparison

The current volatility for First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L) is 5.83%, while iShares MSCI EM UCITS ETF (Dist) (IEEM.L) has a volatility of 7.25%. This indicates that FEM.L experiences smaller price fluctuations and is considered to be less risky than IEEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FEM.LIEEM.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.83%

7.25%

-1.42%

Volatility (6M)

Calculated over the trailing 6-month period

12.58%

12.74%

-0.16%

Volatility (1Y)

Calculated over the trailing 1-year period

16.63%

16.81%

-0.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.89%

15.93%

-0.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.71%

17.95%

+0.76%