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IEEM.L vs. EMGU.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEEM.L vs. EMGU.L

Last updated Jun 5, 2026

IEEM.L (iShares MSCI EM UCITS ETF (Dist)) and EMGU.L (iShares Core MSCI Emerging Markets IMI UCITS ETF) are both Emerging Markets Equities funds from iShares tracking the MSCI EM NR USD. Both are passively managed. Over the past 5 years, IEEM.L returned 9.24%/yr vs 8.74%/yr for EMGU.L. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.18% expense ratio.

Performance

IEEM.L vs. EMGU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI EM UCITS ETF (Dist) (IEEM.L) and iShares Core MSCI Emerging Markets IMI UCITS ETF (EMGU.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

IEEM.L is traded in GBp, while EMGU.L is traded in GBP. To make them comparable, the EMGU.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IEEM.L achieves a 25.90% return, which is significantly higher than EMGU.L's 24.44% return.

IEEM.L

1D
-1.34%
1M
3.99%
YTD
25.90%
6M
26.73%
1Y
54.02%
3Y*
21.65%
5Y*
9.24%
10Y*
11.54%

EMGU.L

1D
-1.41%
1M
5.55%
YTD
24.44%
6M
26.29%
1Y
50.77%
3Y*
20.11%
5Y*
8.74%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEEM.L vs. EMGU.L - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
IEEM.L
iShares MSCI EM UCITS ETF (Dist)		25.90%26.66%9.88%3.86%-9.90%-1.38%15.96%3.80%
EMGU.L
iShares Core MSCI Emerging Markets IMI UCITS ETF		24.44%22.98%9.19%4.92%-10.05%0.64%14.80%3.98%

Correlation

The correlation between IEEM.L and EMGU.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.99

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

0.99

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

0.99

Correlation (All Time)
Calculated using the full available price history since Nov 25, 2019

0.98

The correlation between IEEM.L and EMGU.L has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

IEEM.L vs. EMGU.L - Sectors Allocation Comparison

Sectors
IEEM.L
EMGU.L

Technology

36.8%
39.4%

Financial Services

19.5%
17.3%

Consumer Cyclical

9.5%
9.1%

Industrials

7.5%
8.4%

Communication Services

6.9%
5.9%

Basic Materials

6.5%
6.4%

Energy

4.1%
3.5%

Consumer Defensive

3.0%
3.1%

Healthcare

2.9%
3.5%

Utilities

2.1%
2.0%

Real Estate

1.1%
1.6%

Technology

IEEM.L
36.8%
EMGU.L
39.4%

Financial Services

IEEM.L
19.5%
EMGU.L
17.3%

Consumer Cyclical

IEEM.L
9.5%
EMGU.L
9.1%

Industrials

IEEM.L
7.5%
EMGU.L
8.4%

Communication Services

IEEM.L
6.9%
EMGU.L
5.9%

Basic Materials

IEEM.L
6.5%
EMGU.L
6.4%

Energy

IEEM.L
4.1%
EMGU.L
3.5%

Consumer Defensive

IEEM.L
3.0%
EMGU.L
3.1%

Healthcare

IEEM.L
2.9%
EMGU.L
3.5%

Utilities

IEEM.L
2.1%
EMGU.L
2.0%

Real Estate

IEEM.L
1.1%
EMGU.L
1.6%

Compare stocks, funds, or ETFs

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

iShares MSCI EM UCITS ETF (Dist)

iShares Core MSCI Emerging Markets IMI UCITS ETF

Often compared with IEEM.L:
IEEM.L vs. EIMI.LIEEM.L vs. VFEM.DEIEEM.L vs. HMEF.LIEEM.L vs. ISP6.LIEEM.L vs. 36B5.DEIEEM.L vs. VFEG.LIEEM.L vs. VOO
Often compared with EMGU.L:
EMGU.L vs. 0823.HKEMGU.L vs. AIAEMGU.L vs. SPEMEMGU.L vs. EMDV.LEMGU.L vs. EMHD.LEMGU.L vs. E127.LEMGU.L vs. CSP1.L

Return for Risk

IEEM.L vs. EMGU.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEEM.L
IEEM.L Risk / Return Rank: 8989
Overall Rank
IEEM.L Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
IEEM.L Sortino Ratio Rank: 9090
Sortino Ratio Rank
IEEM.L Omega Ratio Rank: 9191
Omega Ratio Rank
IEEM.L Calmar Ratio Rank: 8787
Calmar Ratio Rank
IEEM.L Martin Ratio Rank: 8585
Martin Ratio Rank
EMGU.L
EMGU.L Risk / Return Rank: 8888
Overall Rank
EMGU.L Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
EMGU.L Sortino Ratio Rank: 8989
Sortino Ratio Rank
EMGU.L Omega Ratio Rank: 9191
Omega Ratio Rank
EMGU.L Calmar Ratio Rank: 8585
Calmar Ratio Rank
EMGU.L Martin Ratio Rank: 8383
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.

IEEM.L vs. EMGU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EM UCITS ETF (Dist) (IEEM.L) and iShares Core MSCI Emerging Markets IMI UCITS ETF (EMGU.L). 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.

IEEM.LEMGU.LDifference
Sharpe ratioReturn per unit of total volatility
3.23
3.10

+0.12

Sortino ratioReturn per unit of downside risk
4.13
3.99

+0.14

Omega ratioGain probability vs. loss probability

1.60

1.58

+0.02

Calmar ratioReturn relative to maximum drawdown

4.93

4.65

+0.28

Martin ratioReturn relative to average drawdown

17.58

16.46

+1.12

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEEM.L vs. EMGU.L - Sharpe Ratio Comparison

The current IEEM.L Sharpe Ratio is 3.23, which is comparable to the EMGU.L Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of IEEM.L and EMGU.L, 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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Sharpe Ratios by Period

IEEM.LEMGU.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.23

3.10

+0.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.57

0.56

+0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.64

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.41

0.59

-0.18

Drawdowns

IEEM.L vs. EMGU.L - Drawdown Comparison

The maximum IEEM.L drawdown since its inception was -53.22%, which is greater than EMGU.L's maximum drawdown of -25.97%. Use the drawdown chart below to compare losses from any high point for IEEM.L and EMGU.L.

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Drawdown Indicators

IEEM.LEMGU.LDifference

Max Drawdown

Largest peak-to-trough decline

-53.22%

-25.97%

-27.25%

Max Drawdown (1Y)

Largest decline over 1 year

-11.12%

-10.86%

-0.26%

Max Drawdown (3Y)

Largest decline over 3 years

-15.47%

-15.41%

-0.06%

Max Drawdown (5Y)

Largest decline over 5 years

-23.27%

-22.05%

-1.22%

Max Drawdown (10Y)

Largest decline over 10 years

-26.63%

—

—

Current Drawdown

Current decline from peak

-2.43%

-2.34%

-0.09%

Average Drawdown

Average peak-to-trough decline

-10.41%

-9.03%

-1.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.13%

3.08%

+0.05%

Volatility

IEEM.L vs. EMGU.L - Volatility Comparison

iShares MSCI EM UCITS ETF (Dist) (IEEM.L) and iShares Core MSCI Emerging Markets IMI UCITS ETF (EMGU.L) have volatilities of 7.42% and 7.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEEM.LEMGU.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.42%

7.12%

+0.30%

Volatility (6M)

Calculated over the trailing 6-month period

14.55%

13.90%

+0.65%

Volatility (1Y)

Calculated over the trailing 1-year period

17.03%

16.30%

+0.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.32%

15.60%

+0.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.11%

17.58%

+0.53%

IEEM.L vs. EMGU.L - Expense Ratio Comparison

Both IEEM.L and EMGU.L have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IEEM.L vs. EMGU.L - Dividend Comparison

IEEM.L's dividend yield for the trailing twelve months is around 2.01%, more than EMGU.L's 1.61% yield.

PositionTTM20252024202320222021202020192018201720162015
EMGU.L
iShares Core MSCI Emerging Markets IMI UCITS ETF		1.61%1.93%2.26%2.51%3.16%1.86%1.81%0.00%0.00%0.00%0.00%0.00%
IEEM.L
iShares MSCI EM UCITS ETF (Dist)		2.01%2.48%2.86%2.91%3.40%2.74%1.98%2.32%2.51%1.86%2.09%3.38%

Frequently Asked Questions

With a correlation of 0.99, IEEM.L and EMGU.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

IEEM.L and EMGU.L have the same expense ratio: 0.18% per year.

Both ETFs track MSCI EM NR USD.

Portfolio Optimizer

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