IAUM vs. EMEQ

Last updated Aug 1, 2026

IAUM (iShares Gold Trust Micro) and EMEQ (Nomura Focused Emerging Markets Equity ETF) are both exchange-traded funds - IAUM is a Gold fund tracking the LBMA Gold Price PM, while EMEQ is a Emerging Markets Equities fund actively managed by Nomura. IAUM is passively managed, while EMEQ is actively managed. Over the past year, IAUM returned 23.04% vs 107.90% for EMEQ. Their 0.27 correlation means their historical movements had little consistent relationship. IAUM charges 0.09%/yr vs 0.86%/yr for EMEQ.

Performance

IAUM vs. EMEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Gold Trust Micro (IAUM) and Nomura Focused Emerging Markets Equity ETF (EMEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IAUM achieves a -6.09% return, which is significantly lower than EMEQ's 53.76% return.

IAUM

• 1D: -1.46%
• 1M: 0.27%
• 6M: -16.73%
• YTD: -6.09%
• 1Y: 23.04%
• 3Y*: 27.63%
• 5Y*: 17.35%
• 10Y*: —
• ALL TIME*: 17.70%

EMEQ

• 1D: 1.33%
• 1M: -11.21%
• 6M: 30.45%
• YTD: 53.76%
• 1Y: 107.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 65.06%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EMEQ Nomura Focused Emerging Markets Equity ETF	$8.75M	$9.16M	$11.52M
IAUM iShares Gold Trust Micro	$77.48M	$77.88M	$93.44M

IAUM vs. EMEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IAUM iShares Gold Trust Micro	-6.09%	64.27%	5.18%
EMEQ Nomura Focused Emerging Markets Equity ETF	53.76%	69.78%	-0.73%

Correlation

The correlation between IAUM and EMEQ is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.34
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.27

Return for Risk

IAUM vs. EMEQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IAUM

IAUM Risk / Return Rank: 31
IAUM Sharpe Ratio Rank: 34
IAUM Sortino Ratio Rank: 31
IAUM Omega Ratio Rank: 36
IAUM Calmar Ratio Rank: 28
IAUM Martin Ratio Rank: 25

EMEQ

EMEQ Risk / Return Rank: 91
EMEQ Sharpe Ratio Rank: 95
EMEQ Sortino Ratio Rank: 88
EMEQ Omega Ratio Rank: 90
EMEQ Calmar Ratio Rank: 92
EMEQ Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IAUM vs. EMEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust Micro (IAUM) and Nomura Focused Emerging Markets Equity ETF (EMEQ). 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.

	IAUM	EMEQ	Difference
Sharpe ratio: Return per unit of total volatility	0.83	2.69	-1.85
Sortino ratio: Return per unit of downside risk	1.19	2.99	-1.80
Omega ratio: Gain probability vs. loss probability	1.17	1.43	-0.25
Calmar ratio: Return relative to maximum drawdown	0.88	4.13	-3.25
Martin ratio: Return relative to average drawdown	1.90	15.08	-13.18

IAUM vs. EMEQ - Sharpe Ratio Comparison

The current IAUM Sharpe Ratio is 0.83, which is lower than the EMEQ Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of IAUM and EMEQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IAUM vs. EMEQ - Drawdown Comparison

The maximum IAUM drawdown since its inception was -26.31%, roughly equal to the maximum EMEQ drawdown of -26.25%. Use the drawdown chart below to compare losses from any high point for IAUM and EMEQ.

Drawdown Indicators

	IAUM	EMEQ	Difference
Max Drawdown Largest peak-to-trough decline	-26.31%	-26.25%	-0.06%
Max Drawdown (1Y) Largest decline over 1 year	-26.31%	-26.25%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-26.31%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.31%	—	—
Current Drawdown Current decline from peak	-24.95%	-20.86%	-4.09%
Average Drawdown Average peak-to-trough decline	-5.87%	-4.67%	-1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.14%	7.18%	+4.96%

Volatility

IAUM vs. EMEQ - Volatility Comparison

The current volatility for iShares Gold Trust Micro (IAUM) is 6.29%, while Nomura Focused Emerging Markets Equity ETF (EMEQ) has a volatility of 14.87%. This indicates that IAUM experiences smaller price fluctuations and is considered to be less risky than EMEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAUM	EMEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.29%	14.87%	-8.58%
Volatility (6M) Calculated over the trailing 6-month period	23.21%	37.54%	-14.33%
Volatility (1Y) Calculated over the trailing 1-year period	27.81%	40.39%	-12.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.33%	34.15%	-15.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.19%	34.15%	-15.96%

IAUM vs. EMEQ - Expense Ratio Comparison

IAUM has a 0.09% expense ratio, which is lower than EMEQ's 0.86% expense ratio.

Dividends

IAUM vs. EMEQ - Dividend Comparison

IAUM has not paid dividends to shareholders, while EMEQ's dividend yield for the trailing twelve months is around 1.79%.

Position	TTM	2025	2024
EMEQ Nomura Focused Emerging Markets Equity ETF	1.79%	2.76%	0.84%
IAUM iShares Gold Trust Micro	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IAUM and EMEQ in my portfolio?

IAUM and EMEQ have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAUM or EMEQ?

EMEQ has higher volatility (14.87%) compared to IAUM (6.29%). In terms of maximum drawdown, IAUM dropped -26.31% vs EMEQ's -26.25%.

Which ETF is better, IAUM or EMEQ?

On 1-year performance, EMEQ leads with 107.90% vs 23.04% for IAUM. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 6.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAUM or EMEQ?

Over the 1-year period, EMEQ has performed better with a 107.90% return vs 23.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAUM or EMEQ?

IAUM is cheaper with a 0.09% expense ratio, compared with 0.86% for EMEQ.

Which ETF pays a higher dividend yield, IAUM or EMEQ?

EMEQ has the higher dividend yield at 1.79%, compared with 0.00% for IAUM.

What is the main difference between IAUM and EMEQ?

IAUM is categorized as Gold, while EMEQ is Emerging Markets Equities. They also come from different issuers: iShares and Nomura. Their fees differ too: 0.09% for IAUM and 0.86% for EMEQ.

Which has better risk-adjusted returns?

EMEQ currently has the higher Sharpe Ratio (2.69 vs 0.83), 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.