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

IEM.AX vs. IVE.AX

Last updated Jul 18, 2026
Documentation

IEM.AX (iShares MSCI Emerging Markets ETF (AU)) and IVE.AX (iShares MSCI EAFE ETF (AU)) are both exchange-traded funds - IEM.AX is a Emerging Markets Equities fund tracking the iShares MSCI Emerging Markets Index, while IVE.AX is a Global Equities fund tracking the iShares MSCI EAFE Index. Both are passively managed. Over the past 10 years, IEM.AX returned 8.49%/yr vs 9.87%/yr for IVE.AX. A 0.56 correlation means they provide meaningful diversification when combined.

Performance

IEM.AX vs. IVE.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 EAFE ETF (AU) (IVE.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 higher than IVE.AX's 3.52% return. Over the past 10 years, IEM.AX has underperformed IVE.AX with an annualized return of 8.49%, while IVE.AX has yielded a comparatively higher 9.87% 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%

IVE.AX

1D
-1.72%
1M
-1.09%
6M
0.19%
YTD
3.52%
1Y
10.92%
3Y*
12.87%
5Y*
9.77%
10Y*
9.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEM.AX vs. IVE.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%
IVE.AX
iShares MSCI EAFE ETF (AU)		3.52%21.53%11.29%16.82%-6.23%16.98%-0.38%22.82%-3.05%14.57%

Correlation

The correlation between IEM.AX and IVE.AX is 0.57, 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

0.57

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

0.50

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

0.52

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

0.54

Correlation (All Time)
Calculated using the full available price history since Oct 10, 2007

0.57

The correlation between IEM.AX and IVE.AX has been stable across timeframes, ranging from 0.50 to 0.57 - a consistent structural relationship.

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iShares MSCI Emerging Markets ETF (AU)

iShares MSCI EAFE 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 IVE.AX:
IVE.AX vs. AUMF.AXIVE.AX vs. BILL.AXIVE.AX vs. CORE.AXIVE.AX vs. ESGI.AXIVE.AX vs. ESTX.AXIVE.AX vs. F100.AXIVE.AX vs. GLDN.AX

Return for Risk

IEM.AX vs. IVE.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
IVE.AX
IVE.AX Risk / Return Rank: 3030
Overall Rank
IVE.AX Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
IVE.AX Sortino Ratio Rank: 3030
Sortino Ratio Rank
IVE.AX Omega Ratio Rank: 3131
Omega Ratio Rank
IVE.AX Calmar Ratio Rank: 2727
Calmar Ratio Rank
IVE.AX Martin Ratio Rank: 3131
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. IVE.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 EAFE ETF (AU) (IVE.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.AXIVE.AXDifference
Sharpe ratioReturn per unit of total volatility
1.06
0.85

+0.21

Sortino ratioReturn per unit of downside risk
1.50
1.26

+0.24

Omega ratioGain probability vs. loss probability

1.21

1.17

+0.04

Calmar ratioReturn relative to maximum drawdown

1.74

0.99

+0.75

Martin ratioReturn relative to average drawdown

5.52

3.36

+2.16

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

The current IEM.AX Sharpe Ratio is 1.06, which is comparable to the IVE.AX Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of IEM.AX and IVE.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. IVE.AX - Drawdown Comparison

The maximum IEM.AX drawdown since its inception was -43.82%, roughly equal to the maximum IVE.AX drawdown of -45.63%. Use the drawdown chart below to compare losses from any high point for IEM.AX and IVE.AX.

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Drawdown Indicators

IEM.AXIVE.AXDifference

Max Drawdown

Largest peak-to-trough decline

-43.82%

-45.63%

+1.81%

Max Drawdown (1Y)

Largest decline over 1 year

-11.25%

-10.66%

-0.59%

Max Drawdown (3Y)

Largest decline over 3 years

-11.25%

-10.66%

-0.59%

Max Drawdown (5Y)

Largest decline over 5 years

-25.26%

-19.28%

-5.98%

Max Drawdown (10Y)

Largest decline over 10 years

-27.57%

-24.20%

-3.37%

Current Drawdown

Current decline from peak

-11.15%

-3.35%

-7.80%

Average Drawdown

Average peak-to-trough decline

-12.22%

-13.68%

+1.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.60%

3.18%

+0.42%

Volatility

IEM.AX vs. IVE.AX - Volatility Comparison

iShares MSCI Emerging Markets ETF (AU) (IEM.AX) has a higher volatility of 8.99% compared to iShares MSCI EAFE ETF (AU) (IVE.AX) at 3.31%. This indicates that IEM.AX's price experiences larger fluctuations and is considered to be riskier than IVE.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.AXIVE.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.99%

3.31%

+5.68%

Volatility (6M)

Calculated over the trailing 6-month period

17.22%

10.99%

+6.23%

Volatility (1Y)

Calculated over the trailing 1-year period

18.47%

12.52%

+5.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.60%

12.14%

+3.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.53%

12.77%

+2.76%

Dividends

IEM.AX vs. IVE.AX - Dividend Comparison

IEM.AX's dividend yield for the trailing twelve months is around 0.84%, less than IVE.AX's 3.65% yield.

PositionTTM202520242023202220212020201920182017
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%
IVE.AX
iShares MSCI EAFE ETF (AU)		3.65%3.54%1.59%2.76%3.74%3.49%2.53%4.82%3.37%1.17%

Frequently Asked Questions

IEM.AX and IVE.AX have a correlation of 0.57, 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 IVE.AX is Global Equities. IEM.AX tracks iShares MSCI Emerging Markets Index, while IVE.AX tracks iShares MSCI EAFE Index.

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