FNF vs. IEMG

Last updated Jun 5, 2026

FNF (Fidelity National Financial, Inc.) is a stock, while IEMG (iShares Core MSCI Emerging Markets ETF) is Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). Over the past 10 years, FNF returned 10.75%/yr vs 10.22%/yr for IEMG. At a 0.34 correlation, their price movements are largely independent.

Performance

FNF vs. IEMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity National Financial, Inc. (FNF) and iShares Core MSCI Emerging Markets ETF (IEMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNF achieves a -14.75% return, which is significantly lower than IEMG's 24.98% return. Both investments have delivered pretty close results over the past 10 years, with FNF having a 10.75% annualized return and IEMG not far behind at 10.22%.

FNF

• 1D: 1.34%
• 1M: -10.06%
• YTD: -14.75%
• 6M: -16.57%
• 1Y: -8.42%
• 3Y*: 15.34%
• 5Y*: 5.13%
• 10Y*: 10.75%

IEMG

• 1D: -0.98%
• 1M: 4.82%
• YTD: 24.98%
• 6M: 27.43%
• 1Y: 49.24%
• 3Y*: 23.19%
• 5Y*: 7.36%
• 10Y*: 10.22%

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

FNF vs. IEMG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNF Fidelity National Financial, Inc.	-14.75%	4.35%	14.02%	42.18%	-21.64%	38.04%	-10.34%	48.75%	-17.22%	65.53%
IEMG iShares Core MSCI Emerging Markets ETF	24.98%	32.56%	6.50%	11.52%	-19.98%	-0.64%	17.87%	17.81%	-14.92%	37.38%

Correlation

The correlation between FNF and IEMG is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Oct 25, 2012	0.34

Over the past year, the correlation between FNF and IEMG has dropped to 0.13 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.

Return for Risk

FNF vs. IEMG — Risk / Return Rank

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

FNF

FNF Risk / Return Rank: 26
FNF Sharpe Ratio Rank: 27
FNF Sortino Ratio Rank: 24
FNF Omega Ratio Rank: 24
FNF Calmar Ratio Rank: 30
FNF Martin Ratio Rank: 24

IEMG

IEMG Risk / Return Rank: 77
IEMG Sharpe Ratio Rank: 80
IEMG Sortino Ratio Rank: 75
IEMG Omega Ratio Rank: 79
IEMG Calmar Ratio Rank: 76
IEMG Martin Ratio Rank: 76

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.

FNF vs. IEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity National Financial, Inc. (FNF) 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.

	FNF	IEMG	Difference
Sharpe ratio: Return per unit of total volatility	-0.33	2.55	-2.87
Sortino ratio: Return per unit of downside risk	-0.28	3.34	-3.62
Omega ratio: Gain probability vs. loss probability	0.97	1.47	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.35	3.74	-4.09
Martin ratio: Return relative to average drawdown	-0.90	14.39	-15.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNF vs. IEMG - Sharpe Ratio Comparison

The current FNF Sharpe Ratio is -0.33, which is lower than the IEMG Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of FNF and IEMG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FNF	IEMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.33	2.55	-2.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.40	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.51	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.35	-0.09

Drawdowns

FNF vs. IEMG - Drawdown Comparison

The maximum FNF drawdown since its inception was -72.49%, which is greater than IEMG's maximum drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for FNF and IEMG.

Drawdown Indicators

	FNF	IEMG	Difference
Max Drawdown Largest peak-to-trough decline	-72.49%	-38.71%	-33.78%
Max Drawdown (1Y) Largest decline over 1 year	-24.43%	-13.21%	-11.22%
Max Drawdown (3Y) Largest decline over 3 years	-30.06%	-17.21%	-12.85%
Max Drawdown (5Y) Largest decline over 5 years	-36.69%	-35.83%	-0.86%
Max Drawdown (10Y) Largest decline over 10 years	-56.21%	-38.71%	-17.50%
Current Drawdown Current decline from peak	-25.58%	-2.30%	-23.28%
Average Drawdown Average peak-to-trough decline	-17.12%	-12.97%	-4.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.37%	3.43%	+5.94%

Volatility

FNF vs. IEMG - Volatility Comparison

The current volatility for Fidelity National Financial, Inc. (FNF) is 7.32%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 8.24%. This indicates that FNF 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.

Volatility by Period

	FNF	IEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.32%	8.24%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	19.40%	16.97%	+2.43%
Volatility (1Y) Calculated over the trailing 1-year period	25.76%	19.47%	+6.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.07%	18.38%	+7.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.11%	20.03%	+8.08%

Dividends

FNF vs. IEMG - Dividend Comparison

FNF's dividend yield for the trailing twelve months is around 4.35%, more than IEMG's 2.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNF Fidelity National Financial, Inc.	4.35%	3.60%	3.46%	3.59%	4.57%	2.99%	3.45%	2.78%	3.82%	37.01%	2.59%	2.31%
IEMG iShares Core MSCI Emerging Markets ETF	2.20%	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

Can I hold both FNF and IEMG in my portfolio?

FNF and IEMG have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNF or IEMG?

IEMG has higher volatility (8.24%) compared to FNF (7.32%). In terms of maximum drawdown, FNF dropped -72.49% vs IEMG's -38.71%.

Which has better risk-adjusted returns?

IEMG currently has the higher Sharpe Ratio (2.55 vs -0.33), 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.