IEMG vs. AIA

Last updated Jun 4, 2026

IEMG (iShares Core MSCI Emerging Markets ETF) and AIA (iShares Asia 50 ETF) are both exchange-traded funds - IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index, while AIA is a Asia Pacific Equities fund tracking the S&P Asia 50. Both are passively managed. Over the past 10 years, IEMG returned 10.41%/yr vs 15.48%/yr for AIA. Their correlation of 0.92 suggests significant overlap in exposure. IEMG charges 0.09%/yr vs 0.50%/yr for AIA.

Performance

IEMG vs. AIA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Emerging Markets ETF (IEMG) and iShares Asia 50 ETF (AIA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEMG achieves a 26.21% return, which is significantly lower than AIA's 52.67% return. Over the past 10 years, IEMG has underperformed AIA with an annualized return of 10.41%, while AIA has yielded a comparatively higher 15.48% annualized return.

IEMG

• 1D: -1.34%
• 1M: 7.97%
• YTD: 26.21%
• 6M: 28.63%
• 1Y: 52.58%
• 3Y*: 23.55%
• 5Y*: 7.58%
• 10Y*: 10.41%

AIA

• 1D: -1.19%
• 1M: 18.04%
• YTD: 52.67%
• 6M: 57.46%
• 1Y: 100.69%
• 3Y*: 38.58%
• 5Y*: 12.42%
• 10Y*: 15.48%

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

IEMG vs. AIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEMG iShares Core MSCI Emerging Markets ETF	26.21%	32.56%	6.50%	11.52%	-19.98%	-0.64%	17.87%	17.81%	-14.92%	37.38%
AIA iShares Asia 50 ETF	52.67%	47.79%	20.26%	4.32%	-24.08%	-10.91%	33.73%	22.21%	-14.22%	45.00%

Correlation

The correlation between IEMG and AIA is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 25, 2012	0.92

The correlation between IEMG and AIA has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

IEMG vs. AIA - Sectors Allocation Comparison

Sectors	IEMG	AIA
Technology	35.0%	56.8%
Financial Services	18.4%	19.3%
Consumer Cyclical	9.5%	10.1%
Industrials	9.0%	2.6%
Basic Materials	6.9%	-
Communication Services	6.4%	8.9%
Energy	3.8%	0.7%
Healthcare	3.7%	0.9%
Consumer Defensive	3.3%	-
Utilities	2.2%	-
Real Estate	1.7%	0.6%

Return for Risk

IEMG vs. AIA — Risk / Return Rank

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

IEMG

IEMG Risk / Return Rank: 79
IEMG Sharpe Ratio Rank: 82
IEMG Sortino Ratio Rank: 77
IEMG Omega Ratio Rank: 81
IEMG Calmar Ratio Rank: 77
IEMG Martin Ratio Rank: 78

AIA

AIA Risk / Return Rank: 93
AIA Sharpe Ratio Rank: 95
AIA Sortino Ratio Rank: 92
AIA Omega Ratio Rank: 92
AIA Calmar Ratio Rank: 94
AIA Martin Ratio Rank: 94

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. AIA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) and iShares Asia 50 ETF (AIA). 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	AIA	Difference
Sharpe ratio Return per unit of total volatility	2.72	3.94	-1.22
Sortino ratio Return per unit of downside risk	3.53	4.57	-1.05
Omega ratio Gain probability vs. loss probability	1.50	1.64	-0.14
Calmar ratio Return relative to maximum drawdown	4.00	7.16	-3.16
Martin ratio Return relative to average drawdown	15.38	26.55	-11.16
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. AIA - Sharpe Ratio Comparison

The current IEMG Sharpe Ratio is 2.72, which is lower than the AIA Sharpe Ratio of 3.94. The chart below compares the historical Sharpe Ratios of IEMG and AIA, 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	AIA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	3.94	-1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.49	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.66	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.32	+0.03

Drawdowns

IEMG vs. AIA - Drawdown Comparison

The maximum IEMG drawdown since its inception was -38.71%, smaller than the maximum AIA drawdown of -60.89%. Use the drawdown chart below to compare losses from any high point for IEMG and AIA.

Drawdown Indicators

	IEMG	AIA	Difference
Max Drawdown Largest peak-to-trough decline	-38.71%	-60.89%	+22.18%
Max Drawdown (1Y) Largest decline over 1 year	-13.21%	-14.15%	+0.94%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	-21.64%	+4.43%
Max Drawdown (5Y) Largest decline over 5 years	-35.83%	-50.17%	+14.34%
Max Drawdown (10Y) Largest decline over 10 years	-38.71%	-54.64%	+15.93%
Current Drawdown Current decline from peak	-1.34%	-1.19%	-0.15%
Average Drawdown Average peak-to-trough decline	-12.97%	-16.68%	+3.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	3.81%	-0.38%

Volatility

IEMG vs. AIA - Volatility Comparison

The current volatility for iShares Core MSCI Emerging Markets ETF (IEMG) is 8.31%, while iShares Asia 50 ETF (AIA) has a volatility of 11.22%. This indicates that IEMG experiences smaller price fluctuations and is considered to be less risky than AIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEMG	AIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.31%	11.22%	-2.91%
Volatility (6M) Calculated over the trailing 6-month period	16.93%	21.71%	-4.78%
Volatility (1Y) Calculated over the trailing 1-year period	19.43%	25.70%	-6.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.38%	25.51%	-7.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.03%	23.55%	-3.52%

IEMG vs. AIA - Expense Ratio Comparison

IEMG has a 0.09% expense ratio, which is lower than AIA's 0.50% expense ratio.

Dividends

IEMG vs. AIA - Dividend Comparison

IEMG's dividend yield for the trailing twelve months is around 2.18%, more than AIA's 1.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIA iShares Asia 50 ETF	1.64%	2.50%	2.78%	2.07%	2.59%	1.54%	1.11%	2.24%	2.49%	1.45%	2.29%	2.88%
IEMG iShares Core MSCI Emerging Markets ETF	2.18%	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 AIA in my portfolio?

With a correlation of 0.95, IEMG and AIA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IEMG or AIA?

AIA has higher volatility (11.22%) compared to IEMG (8.31%). In terms of maximum drawdown, IEMG dropped -38.71% vs AIA's -60.89%.

Which ETF is better, IEMG or AIA?

On 10-year performance, AIA leads with 15.48% vs 10.41% for IEMG. On fees, IEMG is cheaper at 0.09% per year. On volatility, IEMG has been the lower-risk option at 8.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEMG or AIA?

Over the 10-year period, AIA has performed better with a 15.48% return vs 10.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEMG or AIA?

IEMG is cheaper with a 0.09% expense ratio, compared with 0.50% for AIA.

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

IEMG has the higher dividend yield at 2.18%, compared with 1.64% for AIA.

What is the main difference between IEMG and AIA?

IEMG is categorized as Emerging Markets Diversified, while AIA is Asia Pacific Equities. IEMG tracks MSCI Emerging Markets Investable Market Index, while AIA tracks S&P Asia 50. Their fees differ too: 0.09% for IEMG and 0.50% for AIA.

Which has better risk-adjusted returns?

AIA currently has the higher Sharpe Ratio (3.94 vs 2.72), 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.