FMQQ vs. IEMG
FMQQ (FMQQ The Next Frontier Internet & Ecommerce ETF) and IEMG (iShares Core MSCI Emerging Markets ETF) are both Emerging Markets Diversified funds - FMQQ tracks the FMQQ The Next Frontier Internet & Ecommerce Index - Benchmark TR Net while IEMG tracks the MSCI Emerging Markets Investable Market Index (USD) (Net). Both are passively managed. Over the past 3 years, FMQQ returned 2.61%/yr vs 22.14%/yr for IEMG. A 0.72 correlation means they provide meaningful diversification when combined. FMQQ charges 0.86%/yr vs 0.09%/yr for IEMG.
Performance
FMQQ vs. IEMG - Performance Comparison
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Returns By Period
In the year-to-date period, FMQQ achieves a -17.33% return, which is significantly lower than IEMG's 21.95% return.
FMQQ
- 1D
- -1.59%
- 1M
- 0.22%
- YTD
- -17.33%
- 6M
- -17.61%
- 1Y
- -20.84%
- 3Y*
- 2.61%
- 5Y*
- —
- 10Y*
- —
IEMG
- 1D
- -5.44%
- 1M
- 1.74%
- YTD
- 21.95%
- 6M
- 22.64%
- 1Y
- 43.66%
- 3Y*
- 22.14%
- 5Y*
- 7.05%
- 10Y*
- 10.38%
FMQQ vs. IEMG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF | -17.33% | 10.77% | 12.45% | 15.15% | -54.03% | -16.57% |
IEMG iShares Core MSCI Emerging Markets ETF | 21.95% | 32.56% | 6.50% | 11.52% | -19.98% | -2.36% |
Correlation
The correlation between FMQQ and IEMG is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021 | 0.72 |
The correlation between FMQQ and IEMG has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.
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Return for Risk
FMQQ vs. IEMG — Risk / Return Rank
FMQQ
IEMG
FMQQ vs. IEMG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) and iShares Core MSCI Emerging Markets ETF (IEMG). 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.
| FMQQ | IEMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.07 | ||
| Sortino ratioReturn per unit of downside risk | -4.09 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.38 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 3.32 | -4.00 |
| Martin ratioReturn relative to average drawdown | -1.28 | 12.15 | -13.42 |
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Drawdowns
FMQQ vs. IEMG - Drawdown Comparison
The maximum FMQQ drawdown since its inception was -64.51%, which is greater than IEMG's maximum drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for FMQQ and IEMG.
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Drawdown Indicators
| FMQQ | IEMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.51% | -38.71% | -25.80% |
Max Drawdown (1Y)Largest decline over 1 year | -30.82% | -13.21% | -17.61% |
Max Drawdown (3Y)Largest decline over 3 years | -30.82% | -17.21% | -13.61% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.75% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.71% | — |
Current DrawdownCurrent decline from peak | -55.31% | -5.44% | -49.87% |
Average DrawdownAverage peak-to-trough decline | -49.41% | -12.93% | -36.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.34% | 3.61% | +12.73% |
Volatility
FMQQ vs. IEMG - Volatility Comparison
The current volatility for FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) is 6.10%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 12.22%. This indicates that FMQQ experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMQQ | IEMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.10% | 12.22% | -6.12% |
Volatility (6M)Calculated over the trailing 6-month period | 16.16% | 20.14% | -3.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.25% | 22.12% | -2.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.80% | 18.99% | +5.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.80% | 20.20% | +4.60% |
FMQQ vs. IEMG - Expense Ratio Comparison
FMQQ has a 0.86% expense ratio, which is higher than IEMG's 0.09% expense ratio.
Dividends
FMQQ vs. IEMG - Dividend Comparison
FMQQ's dividend yield for the trailing twelve months is around 0.74%, less than IEMG's 2.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF | 0.74% | 0.61% | 0.45% | 0.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IEMG iShares Core MSCI Emerging Markets ETF | 2.21% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
Frequently Asked Questions
FMQQ and IEMG have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMG has higher volatility (12.22%) compared to FMQQ (6.10%). In terms of maximum drawdown, FMQQ dropped -64.51% vs IEMG's -38.71%.
On 3-year performance, IEMG leads with 22.14% vs 2.61% for FMQQ. On fees, IEMG is cheaper at 0.09% per year. On volatility, FMQQ has been the lower-risk option at 6.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IEMG has performed better with a 22.14% return vs 2.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEMG is cheaper with a 0.09% expense ratio, compared with 0.86% for FMQQ.
IEMG has the higher dividend yield at 2.21%, compared with 0.74% for FMQQ.
FMQQ tracks FMQQ The Next Frontier Internet & Ecommerce Index - Benchmark TR Net, while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). They also come from different issuers: EMQQ and iShares. Their fees differ too: 0.86% for FMQQ and 0.09% for IEMG.
IEMG currently has the higher Sharpe Ratio (1.98 vs -1.09), 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.
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