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IEM.AX vs. EMKT.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEM.AX vs. EMKT.AX

Last updated Jul 16, 2026
Documentation

IEM.AX (iShares MSCI Emerging Markets ETF (AU)) and EMKT.AX (VanEck MSCI Multifactor Emerging Markets Equity ETF) are both Emerging Markets Equities funds - IEM.AX tracks the iShares MSCI Emerging Markets Index while EMKT.AX tracks the MSCI Emerging Markets Multi-Factor Select Index. Both are passively managed. Over the past 5 years, IEM.AX returned 6.95%/yr vs 15.12%/yr for EMKT.AX. A 0.69 correlation means they provide meaningful diversification when combined.

Performance

IEM.AX vs. EMKT.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares MSCI Emerging Markets ETF (AU) (IEM.AX) and VanEck MSCI Multifactor Emerging Markets Equity ETF (EMKT.AX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IEM.AX achieves a 14.97% return, which is significantly lower than EMKT.AX's 26.61% return.

IEM.AX

1D
-2.08%
1M
-4.44%
6M
8.61%
YTD
14.97%
1Y
26.47%
3Y*
17.23%
5Y*
6.95%
10Y*
9.10%

EMKT.AX

1D
-3.02%
1M
-5.25%
6M
18.61%
YTD
26.61%
1Y
37.00%
3Y*
25.77%
5Y*
15.12%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEM.AX vs. EMKT.AX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
IEM.AX
iShares MSCI Emerging Markets ETF (AU)		14.97%22.71%14.85%6.42%-13.41%1.75%7.24%17.26%-7.50%
EMKT.AX
VanEck MSCI Multifactor Emerging Markets Equity ETF		26.61%21.60%25.43%18.32%-10.53%12.71%0.07%21.05%-13.96%

Correlation

The correlation between IEM.AX and EMKT.AX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.82

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

0.75

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

0.72

Correlation (All Time)
Calculated using the full available price history since Apr 10, 2018

0.69

The correlation between IEM.AX and EMKT.AX shifts across timeframes, from 0.69 (all time) to 0.82 (1 year), reflecting how their relationship changes across market environments.

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iShares MSCI Emerging Markets ETF (AU)

VanEck MSCI Multifactor Emerging Markets Equity ETF

Return for Risk

IEM.AX vs. EMKT.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEM.AX
IEM.AX Risk / Return Rank: 5151
Overall Rank
IEM.AX Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
IEM.AX Sortino Ratio Rank: 4646
Sortino Ratio Rank
IEM.AX Omega Ratio Rank: 5252
Omega Ratio Rank
IEM.AX Calmar Ratio Rank: 5555
Calmar Ratio Rank
IEM.AX Martin Ratio Rank: 5252
Martin Ratio Rank
EMKT.AX
EMKT.AX Risk / Return Rank: 5555
Overall Rank
EMKT.AX Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
EMKT.AX Sortino Ratio Rank: 4848
Sortino Ratio Rank
EMKT.AX Omega Ratio Rank: 5454
Omega Ratio Rank
EMKT.AX Calmar Ratio Rank: 6363
Calmar Ratio Rank
EMKT.AX Martin Ratio Rank: 5959
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.

IEM.AX vs. EMKT.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ETF (AU) (IEM.AX) and VanEck MSCI Multifactor Emerging Markets Equity ETF (EMKT.AX). 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.

IEM.AXEMKT.AXDifference
Sharpe ratioReturn per unit of total volatility
1.41
1.46

-0.05

Sortino ratioReturn per unit of downside risk
1.95
2.01

-0.06

Omega ratioGain probability vs. loss probability

1.27

1.28

-0.01

Calmar ratioReturn relative to maximum drawdown

2.26

2.57

-0.31

Martin ratioReturn relative to average drawdown

7.30

8.39

-1.09

IEM.AX vs. EMKT.AX - Sharpe Ratio Comparison

The current IEM.AX Sharpe Ratio is 1.41, which is comparable to the EMKT.AX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of IEM.AX and EMKT.AX, 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

IEM.AX vs. EMKT.AX - Drawdown Comparison

The maximum IEM.AX drawdown since its inception was -43.82%, which is greater than EMKT.AX's maximum drawdown of -23.26%. Use the drawdown chart below to compare losses from any high point for IEM.AX and EMKT.AX.

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Drawdown Indicators

IEM.AXEMKT.AXDifference

Max Drawdown

Largest peak-to-trough decline

-43.82%

-23.26%

-20.56%

Max Drawdown (1Y)

Largest decline over 1 year

-11.25%

-13.55%

+2.30%

Max Drawdown (3Y)

Largest decline over 3 years

-11.25%

-13.55%

+2.30%

Max Drawdown (5Y)

Largest decline over 5 years

-25.97%

-18.03%

-7.94%

Max Drawdown (10Y)

Largest decline over 10 years

-27.57%

—

—

Current Drawdown

Current decline from peak

-7.45%

-7.87%

+0.42%

Average Drawdown

Average peak-to-trough decline

-12.22%

-5.78%

-6.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.53%

4.23%

-0.70%

Volatility

IEM.AX vs. EMKT.AX - Volatility Comparison

The current volatility for iShares MSCI Emerging Markets ETF (AU) (IEM.AX) is 8.29%, while VanEck MSCI Multifactor Emerging Markets Equity ETF (EMKT.AX) has a volatility of 11.32%. This indicates that IEM.AX experiences smaller price fluctuations and is considered to be less risky than EMKT.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEM.AXEMKT.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.29%

11.32%

-3.03%

Volatility (6M)

Calculated over the trailing 6-month period

16.73%

22.45%

-5.72%

Volatility (1Y)

Calculated over the trailing 1-year period

18.03%

23.92%

-5.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.51%

16.21%

-0.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.48%

16.18%

-0.70%

Dividends

IEM.AX vs. EMKT.AX - Dividend Comparison

IEM.AX's dividend yield for the trailing twelve months is around 0.80%, less than EMKT.AX's 13.38% yield.

PositionTTM202520242023202220212020201920182017
EMKT.AX
VanEck MSCI Multifactor Emerging Markets Equity ETF		13.38%2.92%2.48%5.28%4.20%1.67%2.40%1.41%0.52%0.00%
IEM.AX
iShares MSCI Emerging Markets ETF (AU)		0.80%0.89%0.66%1.16%3.38%2.36%1.28%3.45%1.06%2.28%

Frequently Asked Questions

IEM.AX and EMKT.AX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IEM.AX tracks iShares MSCI Emerging Markets Index, while EMKT.AX tracks MSCI Emerging Markets Multi-Factor Select Index. They also come from different issuers: iShares and VanEck.

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