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 2.72%/yr vs 18.63%/yr for IEMG. A 0.71 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 -12.29% return, which is significantly lower than IEMG's 17.13% return.
FMQQ
- 1D
- -1.11%
- 1M
- 4.15%
- 6M
- -10.48%
- YTD
- -12.29%
- 1Y
- -17.84%
- 3Y*
- 2.72%
- 5Y*
- —
- 10Y*
- —
IEMG
- 1D
- -1.97%
- 1M
- -6.06%
- 6M
- 10.62%
- YTD
- 17.13%
- 1Y
- 31.69%
- 3Y*
- 18.63%
- 5Y*
- 6.68%
- 10Y*
- 8.90%
FMQQ vs. IEMG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF | -12.29% | 10.77% | 12.45% | 15.15% | -54.03% | -16.57% |
IEMG iShares Core MSCI Emerging Markets ETF | 17.13% | 32.56% | 6.50% | 11.52% | -19.98% | -2.36% |
Correlation
The correlation between FMQQ and IEMG is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021 | 0.71 |
The correlation between FMQQ and IEMG has been stable across timeframes, ranging from 0.65 to 0.71 - 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 | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -3.14 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.27 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.58 | 2.41 | -2.99 |
| Martin ratioReturn relative to average drawdown | -1.03 | 8.05 | -9.08 |
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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 | — | -33.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.71% | — |
Current DrawdownCurrent decline from peak | -52.59% | -9.17% | -43.42% |
Average DrawdownAverage peak-to-trough decline | -49.46% | -12.90% | -36.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.34% | 3.95% | +13.39% |
Volatility
FMQQ vs. IEMG - Volatility Comparison
The current volatility for FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) is 4.24%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 9.60%. 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 | 4.24% | 9.60% | -5.36% |
Volatility (6M)Calculated over the trailing 6-month period | 16.28% | 21.04% | -4.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.24% | 22.96% | -3.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.70% | 19.18% | +5.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.70% | 20.23% | +4.47% |
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 0.70%, less than IEMG's 2.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF | 0.70% | 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 | 2.30% | 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 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMG has higher volatility (9.60%) compared to FMQQ (4.24%). In terms of maximum drawdown, FMQQ dropped -64.51% vs IEMG's -38.71%.
On 3-year performance, IEMG leads with 18.63% vs 2.72% for FMQQ. On fees, IEMG is cheaper at 0.09% per year. On volatility, FMQQ has been the lower-risk option at 4.24%. 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 18.63% return vs 2.72%. 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 2.30%, compared with 0.70% 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 (1.39 vs -0.93), 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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