IEMG vs. ADP

Last updated Jun 9, 2026

IEMG (iShares Core MSCI Emerging Markets ETF) is Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), while ADP (Automatic Data Processing, Inc.) is a stock. Over the past 10 years, IEMG returned 9.88%/yr vs 12.50%/yr for ADP. At a 0.38 correlation, their price movements are largely independent.

Performance

IEMG vs. ADP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Emerging Markets ETF (IEMG) and Automatic Data Processing, Inc. (ADP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEMG achieves a 18.97% return, which is significantly higher than ADP's -10.21% return. Over the past 10 years, IEMG has underperformed ADP with an annualized return of 9.88%, while ADP has yielded a comparatively higher 12.50% annualized return.

IEMG

• 1D: 1.70%
• 1M: -3.66%
• YTD: 18.97%
• 6M: 20.80%
• 1Y: 40.80%
• 3Y*: 20.51%
• 5Y*: 6.57%
• 10Y*: 9.88%

ADP

• 1D: -1.24%
• 1M: 7.55%
• YTD: -10.21%
• 6M: -10.14%
• 1Y: -28.14%
• 3Y*: 4.26%
• 5Y*: 5.16%
• 10Y*: 12.50%

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

IEMG vs. ADP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEMG iShares Core MSCI Emerging Markets ETF	18.97%	32.56%	6.50%	11.52%	-19.98%	-0.64%	17.87%	17.81%	-14.92%	37.38%
ADP Automatic Data Processing, Inc.	-10.21%	-10.18%	28.41%	-0.25%	-1.29%	42.60%	5.86%	32.71%	14.25%	16.54%

Correlation

The correlation between IEMG and ADP is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Oct 25, 2012	0.38

The correlation between IEMG and ADP shifts across timeframes, from -0.12 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IEMG vs. ADP — Risk / Return Rank

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

IEMG

IEMG Risk / Return Rank: 67
IEMG Sharpe Ratio Rank: 67
IEMG Sortino Ratio Rank: 61
IEMG Omega Ratio Rank: 71
IEMG Calmar Ratio Rank: 68
IEMG Martin Ratio Rank: 69

ADP

ADP Risk / Return Rank: 8
ADP Sharpe Ratio Rank: 2
ADP Sortino Ratio Rank: 4
ADP Omega Ratio Rank: 6
ADP Calmar Ratio Rank: 15
ADP Martin Ratio Rank: 11

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. ADP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) and Automatic Data Processing, Inc. (ADP). 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.

	IEMG	ADP	Difference
Sharpe ratio: Return per unit of total volatility	1.99	-1.16	+3.15
Sortino ratio: Return per unit of downside risk	2.58	-1.68	+4.26
Omega ratio: Gain probability vs. loss probability	1.38	0.80	+0.58
Calmar ratio: Return relative to maximum drawdown	3.10	-0.72	+3.82
Martin ratio: Return relative to average drawdown	11.68	-1.33	+13.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEMG vs. ADP - Sharpe Ratio Comparison

The current IEMG Sharpe Ratio is 1.99, which is higher than the ADP Sharpe Ratio of -1.16. The chart below compares the historical Sharpe Ratios of IEMG and ADP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IEMG	ADP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	-1.16	+3.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.24	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.51	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.54	-0.21

Drawdowns

IEMG vs. ADP - Drawdown Comparison

The maximum IEMG drawdown since its inception was -38.71%, smaller than the maximum ADP drawdown of -59.51%. Use the drawdown chart below to compare losses from any high point for IEMG and ADP.

Drawdown Indicators

	IEMG	ADP	Difference
Max Drawdown Largest peak-to-trough decline	-38.71%	-59.51%	+20.80%
Max Drawdown (1Y) Largest decline over 1 year	-13.21%	-39.25%	+26.04%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	-40.78%	+23.57%
Max Drawdown (5Y) Largest decline over 5 years	-35.75%	-40.78%	+5.03%
Max Drawdown (10Y) Largest decline over 10 years	-38.71%	-40.78%	+2.07%
Current Drawdown Current decline from peak	-7.00%	-28.14%	+21.14%
Average Drawdown Average peak-to-trough decline	-12.97%	-12.59%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	22.88%	-19.38%

Volatility

IEMG vs. ADP - Volatility Comparison

iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 10.33% compared to Automatic Data Processing, Inc. (ADP) at 9.30%. This indicates that IEMG's price experiences larger fluctuations and is considered to be riskier than ADP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEMG	ADP	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.33%	9.30%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	18.35%	20.42%	-2.07%
Volatility (1Y) Calculated over the trailing 1-year period	20.62%	24.35%	-3.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	22.05%	-3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.14%	24.48%	-4.34%

Dividends

IEMG vs. ADP - Dividend Comparison

IEMG's dividend yield for the trailing twelve months is around 2.31%, less than ADP's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADP Automatic Data Processing, Inc.	2.83%	2.46%	1.96%	2.21%	1.83%	1.55%	2.08%	1.92%	2.14%	2.00%	2.10%	2.36%
IEMG iShares Core MSCI Emerging Markets ETF	2.31%	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 ADP in my portfolio?

IEMG and ADP have a correlation of -0.12, 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 ADP?

IEMG has higher volatility (10.33%) compared to ADP (9.30%). In terms of maximum drawdown, IEMG dropped -38.71% vs ADP's -59.51%.

Which has better risk-adjusted returns?

IEMG currently has the higher Sharpe Ratio (1.99 vs -1.16), 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.