IEMG vs. ADIV

Last updated Jul 22, 2026

IEMG (iShares Core MSCI Emerging Markets ETF) and ADIV (SmartETFs Asia Pacific Dividend Builder ETF) are both exchange-traded funds - IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), while ADIV is a Asia Pacific Equities fund actively managed by Guinness Atkinson Asset Management. IEMG is passively managed, while ADIV is actively managed. Over the past 5 years, IEMG returned 7.09%/yr vs 7.13%/yr for ADIV. Their correlation of 0.86 suggests significant overlap in exposure. IEMG charges 0.09%/yr vs 0.78%/yr for ADIV.

Performance

IEMG vs. ADIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Emerging Markets ETF (IEMG) and SmartETFs Asia Pacific Dividend Builder ETF (ADIV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEMG achieves a 18.92% return, which is significantly higher than ADIV's 8.15% return.

IEMG

• 1D: 2.71%
• 1M: -7.39%
• 6M: 13.60%
• YTD: 18.92%
• 1Y: 32.41%
• 3Y*: 19.86%
• 5Y*: 7.09%
• 10Y*: 9.06%
• ALL TIME*: 6.29%

ADIV

• 1D: 1.07%
• 1M: 0.34%
• 6M: 6.45%
• YTD: 8.15%
• 1Y: 10.02%
• 3Y*: 16.87%
• 5Y*: 7.13%
• 10Y*: —
• ALL TIME*: 6.66%

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

IEMG vs. ADIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IEMG iShares Core MSCI Emerging Markets ETF	18.92%	32.56%	6.50%	11.52%	-19.98%	-4.04%
ADIV SmartETFs Asia Pacific Dividend Builder ETF	8.15%	21.86%	14.47%	12.28%	-18.00%	1.41%

Correlation

The correlation between IEMG and ADIV is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Mar 29, 2021	0.86

The correlation between IEMG and ADIV has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

IEMG vs. ADIV - Sectors Allocation Comparison

Sectors	IEMG	ADIV
Technology	43.6%	25.8%
Financial Services	17.3%	32.2%
Consumer Cyclical	7.7%	15.9%
Industrials	7.7%	2.5%
Basic Materials	5.8%	-
Communication Services	5.6%	3.5%
Healthcare	3.2%	5.2%
Energy	3.0%	-
Consumer Defensive	2.8%	4.8%
Utilities	1.9%	2.0%
Real Estate	1.5%	8.1%

Return for Risk

IEMG vs. ADIV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IEMG

IEMG Risk / Return Rank: 59
IEMG Sharpe Ratio Rank: 56
IEMG Sortino Ratio Rank: 51
IEMG Omega Ratio Rank: 60
IEMG Calmar Ratio Rank: 67
IEMG Martin Ratio Rank: 62

ADIV

ADIV Risk / Return Rank: 27
ADIV Sharpe Ratio Rank: 27
ADIV Sortino Ratio Rank: 26
ADIV Omega Ratio Rank: 26
ADIV Calmar Ratio Rank: 27
ADIV Martin Ratio Rank: 30

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.

IEMG vs. ADIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) and SmartETFs Asia Pacific Dividend Builder ETF (ADIV). 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.

	IEMG	ADIV	Difference
Sharpe ratio: Return per unit of total volatility	1.41	0.71	+0.69
Sortino ratio: Return per unit of downside risk	1.90	1.08	+0.82
Omega ratio: Gain probability vs. loss probability	1.27	1.13	+0.14
Calmar ratio: Return relative to maximum drawdown	2.46	0.99	+1.47
Martin ratio: Return relative to average drawdown	7.96	3.06	+4.90

IEMG vs. ADIV - Sharpe Ratio Comparison

The current IEMG Sharpe Ratio is 1.41, which is higher than the ADIV Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of IEMG and ADIV, 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

IEMG vs. ADIV - Drawdown Comparison

The maximum IEMG drawdown since its inception was -38.71%, which is greater than ADIV's maximum drawdown of -31.55%. Use the drawdown chart below to compare losses from any high point for IEMG and ADIV.

Drawdown Indicators

	IEMG	ADIV	Difference
Max Drawdown Largest peak-to-trough decline	-38.71%	-31.55%	-7.16%
Max Drawdown (1Y) Largest decline over 1 year	-13.21%	-10.15%	-3.06%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	-18.53%	+1.32%
Max Drawdown (5Y) Largest decline over 5 years	-33.61%	-31.55%	-2.06%
Max Drawdown (10Y) Largest decline over 10 years	-38.71%	—	—
Current Drawdown Current decline from peak	-7.79%	-1.06%	-6.73%
Average Drawdown Average peak-to-trough decline	-12.90%	-8.31%	-4.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	3.28%	+0.80%

Volatility

IEMG vs. ADIV - Volatility Comparison

iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 9.46% compared to SmartETFs Asia Pacific Dividend Builder ETF (ADIV) at 4.41%. This indicates that IEMG's price experiences larger fluctuations and is considered to be riskier than ADIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEMG	ADIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	4.41%	+5.05%
Volatility (6M) Calculated over the trailing 6-month period	21.25%	11.56%	+9.69%
Volatility (1Y) Calculated over the trailing 1-year period	23.16%	14.10%	+9.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.21%	16.61%	+2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.26%	16.37%	+3.89%

IEMG vs. ADIV - Expense Ratio Comparison

IEMG has a 0.09% expense ratio, which is lower than ADIV's 0.78% expense ratio.

Dividends

IEMG vs. ADIV - Dividend Comparison

IEMG's dividend yield for the trailing twelve months is around 2.27%, less than ADIV's 2.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADIV SmartETFs Asia Pacific Dividend Builder ETF	2.91%	2.77%	4.83%	4.55%	2.98%	13.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IEMG iShares Core MSCI Emerging Markets ETF	2.27%	2.75%	3.20%	2.89%	2.71%	3.06%	1.87%	3.15%	2.76%	2.35%	2.28%	2.53%

Frequently Asked Questions

Can I hold both IEMG and ADIV in my portfolio?

IEMG and ADIV have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEMG or ADIV?

IEMG has higher volatility (9.46%) compared to ADIV (4.41%). In terms of maximum drawdown, IEMG dropped -38.71% vs ADIV's -31.55%.

Which ETF is better, IEMG or ADIV?

On 5-year performance, ADIV leads with 7.13% vs 7.09% for IEMG. On fees, IEMG is cheaper at 0.09% per year. On volatility, ADIV has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEMG or ADIV?

Over the 5-year period, ADIV has performed better with a 7.13% return vs 7.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEMG or ADIV?

IEMG is cheaper with a 0.09% expense ratio, compared with 0.78% for ADIV.

Which ETF pays a higher dividend yield, IEMG or ADIV?

ADIV has the higher dividend yield at 2.91%, compared with 2.27% for IEMG.

What is the main difference between IEMG and ADIV?

IEMG is categorized as Emerging Markets Diversified, while ADIV is Asia Pacific Equities. They also come from different issuers: iShares and Guinness Atkinson Asset Management. Their fees differ too: 0.09% for IEMG and 0.78% for ADIV.

Which has better risk-adjusted returns?

IEMG currently has the higher Sharpe Ratio (1.41 vs 0.71), 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.