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

IEM.AX vs. IKO.AX

Last updated Jul 18, 2026
Documentation

IEM.AX (iShares MSCI Emerging Markets ETF (AU)) and IKO.AX (iShares MSCI South Korea ETF (AU)) are both exchange-traded funds - IEM.AX is a Emerging Markets Equities fund tracking the iShares MSCI Emerging Markets Index, while IKO.AX is a Global Equities fund tracking the iShares MSCI South Korea Index. Both are passively managed. Over the past 10 years, IEM.AX returned 8.49%/yr vs 14.32%/yr for IKO.AX. A 0.56 correlation means they provide meaningful diversification when combined.

Performance

IEM.AX vs. IKO.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 iShares MSCI South Korea ETF (AU) (IKO.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 10.38% return, which is significantly lower than IKO.AX's 56.61% return. Over the past 10 years, IEM.AX has underperformed IKO.AX with an annualized return of 8.49%, while IKO.AX has yielded a comparatively higher 14.32% annualized return.

IEM.AX

1D
-4.00%
1M
-9.12%
6M
3.79%
YTD
10.38%
1Y
20.26%
3Y*
15.74%
5Y*
6.08%
10Y*
8.49%

IKO.AX

1D
-4.69%
1M
-23.45%
6M
37.47%
YTD
56.61%
1Y
108.64%
3Y*
35.31%
5Y*
15.55%
10Y*
14.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
IEM.AX
iShares MSCI Emerging Markets ETF (AU)		10.38%22.71%14.85%6.42%-13.41%1.75%7.24%17.26%-5.17%26.57%
IKO.AX
iShares MSCI South Korea ETF (AU)		56.61%80.87%-12.63%16.96%-20.13%-2.25%29.64%7.29%-11.42%30.24%

Correlation

The correlation between IEM.AX and IKO.AX is 0.77, 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

0.77

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

0.61

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

0.60

Correlation (10Y)
Calculated over the trailing 10-year period

0.63

Correlation (All Time)
Calculated using the full available price history since Nov 15, 2007

0.56

Over the past year, IEM.AX and IKO.AX have become more correlated (0.77) than their long-term average of 0.56, meaning their price movements have been converging.

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iShares MSCI Emerging Markets ETF (AU)

iShares MSCI South Korea ETF (AU)

Often compared with IEM.AX:
IEM.AX vs. EMKT.AXIEM.AX vs. FEMX.AXIEM.AX vs. AUMF.AXIEM.AX vs. BILL.AXIEM.AX vs. IHCB.AXIEM.AX vs. ILB.AXIEM.AX vs. MVOL.AX
Often compared with IKO.AX:
IKO.AX vs. CORE.AXIKO.AX vs. ESGI.AXIKO.AX vs. ESTX.AXIKO.AX vs. F100.AXIKO.AX vs. GLIN.AXIKO.AX vs. HGEN.AXIKO.AX vs. HJPN.AX

Return for Risk

IEM.AX vs. IKO.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: 4141
Overall Rank
IEM.AX Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
IEM.AX Sortino Ratio Rank: 3636
Sortino Ratio Rank
IEM.AX Omega Ratio Rank: 4040
Omega Ratio Rank
IEM.AX Calmar Ratio Rank: 4545
Calmar Ratio Rank
IEM.AX Martin Ratio Rank: 4545
Martin Ratio Rank
IKO.AX
IKO.AX Risk / Return Rank: 8585
Overall Rank
IKO.AX Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
IKO.AX Sortino Ratio Rank: 7777
Sortino Ratio Rank
IKO.AX Omega Ratio Rank: 8282
Omega Ratio Rank
IKO.AX Calmar Ratio Rank: 8989
Calmar Ratio Rank
IKO.AX Martin Ratio Rank: 8888
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. IKO.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 iShares MSCI South Korea ETF (AU) (IKO.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.AXIKO.AXDifference
Sharpe ratioReturn per unit of total volatility
1.06
2.26

-1.20

Sortino ratioReturn per unit of downside risk
1.50
2.60

-1.10

Omega ratioGain probability vs. loss probability

1.21

1.37

-0.16

Calmar ratioReturn relative to maximum drawdown

1.74

4.01

-2.27

Martin ratioReturn relative to average drawdown

5.52

13.84

-8.31

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

The current IEM.AX Sharpe Ratio is 1.06, which is lower than the IKO.AX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of IEM.AX and IKO.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. IKO.AX - Drawdown Comparison

The maximum IEM.AX drawdown since its inception was -43.82%, smaller than the maximum IKO.AX drawdown of -57.74%. Use the drawdown chart below to compare losses from any high point for IEM.AX and IKO.AX.

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Drawdown Indicators

IEM.AXIKO.AXDifference

Max Drawdown

Largest peak-to-trough decline

-43.82%

-57.74%

+13.92%

Max Drawdown (1Y)

Largest decline over 1 year

-11.25%

-25.76%

+14.51%

Max Drawdown (3Y)

Largest decline over 3 years

-11.25%

-25.76%

+14.51%

Max Drawdown (5Y)

Largest decline over 5 years

-25.26%

-39.03%

+13.77%

Max Drawdown (10Y)

Largest decline over 10 years

-27.57%

-39.50%

+11.93%

Current Drawdown

Current decline from peak

-11.15%

-25.76%

+14.61%

Average Drawdown

Average peak-to-trough decline

-12.22%

-17.29%

+5.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.60%

7.57%

-3.97%

Volatility

IEM.AX vs. IKO.AX - Volatility Comparison

The current volatility for iShares MSCI Emerging Markets ETF (AU) (IEM.AX) is 8.99%, while iShares MSCI South Korea ETF (AU) (IKO.AX) has a volatility of 21.96%. This indicates that IEM.AX experiences smaller price fluctuations and is considered to be less risky than IKO.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.AXIKO.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.99%

21.96%

-12.97%

Volatility (6M)

Calculated over the trailing 6-month period

17.22%

42.76%

-25.54%

Volatility (1Y)

Calculated over the trailing 1-year period

18.47%

45.79%

-27.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.60%

27.07%

-11.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.53%

23.43%

-7.90%

Dividends

IEM.AX vs. IKO.AX - Dividend Comparison

IEM.AX's dividend yield for the trailing twelve months is around 0.84%, less than IKO.AX's 6.14% yield.

PositionTTM20252024202320222021202020192018201720162015
IEM.AX
iShares MSCI Emerging Markets ETF (AU)		0.84%0.89%0.66%1.16%3.38%2.36%1.28%3.45%1.06%2.28%0.00%0.00%
IKO.AX
iShares MSCI South Korea ETF (AU)		6.14%0.93%3.03%1.08%1.86%0.87%1.84%1.44%0.00%0.75%1.85%1.07%

Frequently Asked Questions

IEM.AX and IKO.AX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IEM.AX is categorized as Emerging Markets Equities, while IKO.AX is Global Equities. IEM.AX tracks iShares MSCI Emerging Markets Index, while IKO.AX tracks iShares MSCI South Korea Index.

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