HYGI vs. IEMG

Last updated Jun 9, 2026

HYGI (iShares Inflation Hedged High Yield Bond ETF) and IEMG (iShares Core MSCI Emerging Markets ETF) are both exchange-traded funds - HYGI is a Inflation-Protected Bonds fund tracking the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross, while IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). Both are passively managed. At a 0.49 correlation, their price movements are largely independent. HYGI charges 0.52%/yr vs 0.09%/yr for IEMG.

Performance

HYGI vs. IEMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Inflation Hedged High Yield Bond ETF (HYGI) and iShares Core MSCI Emerging Markets ETF (IEMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HYGI

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IEMG

• 1D: 1.70%
• 1M: -3.66%
• YTD: 18.97%
• 6M: 20.80%
• 1Y: 40.80%
• 3Y*: 20.51%
• 5Y*: 6.57%
• 10Y*: 9.88%

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

HYGI vs. IEMG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYGI iShares Inflation Hedged High Yield Bond ETF	0.00%	6.20%	9.16%	11.71%	0.65%
IEMG iShares Core MSCI Emerging Markets ETF	18.97%	32.56%	6.50%	11.52%	-4.88%

Correlation

The correlation between HYGI and IEMG is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jun 27, 2022	0.49

Over the past year, the correlation between HYGI and IEMG has dropped to 0.14 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

HYGI vs. IEMG - Sectors Allocation Comparison

Sectors	HYGI	IEMG
Utilities	99.6%	2.2%
Real Estate	0.4%	1.7%
Basic Materials	-	6.9%
Communication Services	-	6.4%
Consumer Cyclical	-	9.5%
Consumer Defensive	-	3.3%
Energy	-	3.8%
Financial Services	-	18.4%
Healthcare	-	3.7%
Industrials	-	9.0%
Technology	-	35.0%

Return for Risk

HYGI vs. IEMG — Risk / Return Rank

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

IEMG

IEMG Risk / Return Rank: 67
IEMG Sharpe Ratio Rank: 67
IEMG Sortino Ratio Rank: 61
IEMG Omega Ratio Rank: 71
IEMG Calmar Ratio Rank: 68
IEMG Martin Ratio Rank: 69

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.

HYGI vs. IEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Inflation Hedged High Yield Bond ETF (HYGI) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	HYGI	IEMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.99	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.35	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.33	—

Drawdowns

Drawdown Indicators

	HYGI	IEMG	Difference
Max Drawdown Largest peak-to-trough decline	—	-38.71%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-13.21%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-17.21%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.71%	—
Current Drawdown Current decline from peak	—	-7.00%	—
Average Drawdown Average peak-to-trough decline	—	-12.97%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.50%	—

Volatility

Volatility by Period

	HYGI	IEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.33%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.35%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	20.62%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	18.62%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	20.14%	—

HYGI vs. IEMG - Expense Ratio Comparison

HYGI has a 0.52% expense ratio, which is higher than IEMG's 0.09% expense ratio.

Dividends

HYGI vs. IEMG - Dividend Comparison

HYGI has not paid dividends to shareholders, while IEMG's dividend yield for the trailing twelve months is around 2.31%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYGI iShares Inflation Hedged High Yield Bond ETF	0.97%	3.41%	6.08%	6.22%	3.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IEMG iShares Core MSCI Emerging Markets ETF	2.31%	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 HYGI and IEMG in my portfolio?

HYGI and IEMG have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYGI or IEMG?

On fees, IEMG is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HYGI or IEMG?

IEMG is cheaper with a 0.09% expense ratio, compared with 0.52% for HYGI.

Which ETF pays a higher dividend yield, HYGI or IEMG?

IEMG has the higher dividend yield at 2.31%, compared with 0.97% for HYGI.

What is the main difference between HYGI and IEMG?

HYGI is categorized as Inflation-Protected Bonds, while IEMG is Emerging Markets Diversified. HYGI tracks BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross, while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). Their fees differ too: 0.52% for HYGI and 0.09% for IEMG.