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GQGIX vs. IEMG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GQGIX vs. IEMG

Last updated Jun 24, 2026

GQGIX (GQG Partners Emerging Markets Equity Fund Institutional Shares) and IEMG (iShares Core MSCI Emerging Markets ETF) are both funds - GQGIX is a Emerging Markets Equities fund managed by GQG Partners, while IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). Over the past 5 years, GQGIX returned 3.59%/yr vs 7.05%/yr for IEMG. A 0.77 correlation means they provide meaningful diversification when combined. GQGIX charges 0.98%/yr vs 0.09%/yr for IEMG.

Performance

GQGIX vs. IEMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GQG Partners Emerging Markets Equity Fund Institutional Shares (GQGIX) and iShares Core MSCI Emerging Markets ETF (IEMG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GQGIX achieves a 6.12% return, which is significantly lower than IEMG's 21.95% return.

GQGIX

1D
0.69%
1M
-0.74%
YTD
6.12%
6M
6.31%
1Y
14.37%
3Y*
12.27%
5Y*
3.59%
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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GQGIX vs. IEMG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GQGIX
GQG Partners Emerging Markets Equity Fund Institutional Shares		6.12%9.92%6.19%28.81%-20.85%-2.37%33.98%21.08%-14.70%30.20%
IEMG
iShares Core MSCI Emerging Markets ETF		21.95%32.56%6.50%11.52%-19.98%-0.64%17.87%17.81%-14.92%37.38%

Correlation

The correlation between GQGIX and IEMG is 0.72, 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

0.72

Correlation (3Y)
Calculated over the trailing 3-year period

0.73

Correlation (5Y)
Calculated over the trailing 5-year period

0.76

Correlation (All Time)
Calculated using the full available price history since Jan 3, 2017

0.77

The correlation between GQGIX and IEMG has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

GQG Partners Emerging Markets Equity Fund Institutional Shares

iShares Core MSCI Emerging Markets ETF

Often compared with GQGIX:
GQGIX vs. FPADXGQGIX vs. VWOGQGIX vs. VUGGQGIX vs. FXAIXGQGIX vs. LZEMXGQGIX vs. SCHGGQGIX vs. VOO
Often compared with IEMG:
IEMG vs. VWOIEMG vs. EEMIEMG vs. IEFAIEMG vs. EMXCIEMG vs. SCHEIEMG vs. IXUSIEMG vs. SPY

Return for Risk

GQGIX vs. IEMG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GQGIX
GQGIX Risk / Return Rank: 2121
Overall Rank
GQGIX Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
GQGIX Sortino Ratio Rank: 2222
Sortino Ratio Rank
GQGIX Omega Ratio Rank: 2121
Omega Ratio Rank
GQGIX Calmar Ratio Rank: 2121
Calmar Ratio Rank
GQGIX Martin Ratio Rank: 2121
Martin Ratio Rank
IEMG
IEMG Risk / Return Rank: 6464
Overall Rank
IEMG Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
IEMG Sortino Ratio Rank: 5555
Sortino Ratio Rank
IEMG Omega Ratio Rank: 6666
Omega Ratio Rank
IEMG Calmar Ratio Rank: 6969
Calmar Ratio Rank
IEMG Martin Ratio Rank: 6868
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.

GQGIX vs. IEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GQG Partners Emerging Markets Equity Fund Institutional Shares (GQGIX) 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.

GQGIXIEMGDifference
Sharpe ratioReturn per unit of total volatility
1.24
1.98

-0.74

Sortino ratioReturn per unit of downside risk
1.82
2.56

-0.74

Omega ratioGain probability vs. loss probability

1.22

1.38

-0.16

Calmar ratioReturn relative to maximum drawdown

1.57

3.32

-1.75

Martin ratioReturn relative to average drawdown

4.91

12.15

-7.24

GQGIX vs. IEMG - Sharpe Ratio Comparison

The current GQGIX Sharpe Ratio is 1.24, which is lower than the IEMG Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of GQGIX 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.

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Drawdowns

GQGIX vs. IEMG - Drawdown Comparison

The maximum GQGIX drawdown since its inception was -33.50%, smaller than the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for GQGIX and IEMG.

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Drawdown Indicators

GQGIXIEMGDifference

Max Drawdown

Largest peak-to-trough decline

-33.50%

-38.71%

+5.21%

Max Drawdown (1Y)

Largest decline over 1 year

-9.11%

-13.21%

+4.10%

Max Drawdown (3Y)

Largest decline over 3 years

-18.74%

-17.21%

-1.53%

Max Drawdown (5Y)

Largest decline over 5 years

-29.14%

-35.75%

+6.61%

Max Drawdown (10Y)

Largest decline over 10 years

—

-38.71%

—

Current Drawdown

Current decline from peak

-4.40%

-5.44%

+1.04%

Average Drawdown

Average peak-to-trough decline

-11.33%

-12.93%

+1.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.91%

3.61%

-0.70%

Volatility

GQGIX vs. IEMG - Volatility Comparison

The current volatility for GQG Partners Emerging Markets Equity Fund Institutional Shares (GQGIX) is 3.25%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 12.22%. This indicates that GQGIX 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

GQGIXIEMGDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.25%

12.22%

-8.97%

Volatility (6M)

Calculated over the trailing 6-month period

9.68%

20.14%

-10.46%

Volatility (1Y)

Calculated over the trailing 1-year period

11.55%

22.12%

-10.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.73%

18.99%

-4.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.91%

20.20%

-4.29%

GQGIX vs. IEMG - Expense Ratio Comparison

GQGIX has a 0.98% expense ratio, which is higher than IEMG's 0.09% expense ratio.

Dividends

GQGIX vs. IEMG - Dividend Comparison

GQGIX's dividend yield for the trailing twelve months is around 2.00%, less than IEMG's 2.21% yield.

PositionTTM20252024202320222021202020192018201720162015
GQGIX
GQG Partners Emerging Markets Equity Fund Institutional Shares		2.00%2.13%1.70%2.71%5.67%3.91%0.24%1.16%0.81%0.25%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

GQGIX and IEMG have a correlation of 0.72, 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 GQGIX (3.25%). In terms of maximum drawdown, GQGIX dropped -33.50% vs IEMG's -38.71%.

IEMG currently has the higher Sharpe Ratio (1.98 vs 1.24), 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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