IEMG vs. BKEM

Last updated Aug 4, 2026

IEMG (iShares Core MSCI Emerging Markets ETF) and BKEM (BNY Mellon Emerging Markets Equity ETF) are both Emerging Markets Equities funds - IEMG tracks the MSCI Emerging Markets Investable Market Index (USD) (Net) while BKEM tracks the Morningstar Emerging Markets Large Cap Index. Both are passively managed. Over the past 5 years, IEMG returned 7.08%/yr vs 6.90%/yr for BKEM. Their 0.98 correlation means they have historically moved very closely together. IEMG charges 0.09%/yr vs 0.11%/yr for BKEM.

Performance

IEMG vs. BKEM - Performance Comparison

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

Returns By Period

In the year-to-date period, IEMG achieves a 17.13% return, which is significantly lower than BKEM's 19.61% return.

IEMG

• 1D: 0.64%
• 1M: -2.17%
• 6M: 8.11%
• YTD: 17.13%
• 1Y: 33.73%
• 3Y*: 19.02%
• 5Y*: 7.08%
• 10Y*: 8.70%
• ALL TIME*: 6.15%

BKEM

• 1D: 0.10%
• 1M: -2.18%
• 6M: 9.90%
• YTD: 19.61%
• 1Y: 36.20%
• 3Y*: 19.15%
• 5Y*: 6.90%
• 10Y*: —
• ALL TIME*: 12.53%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BKEM BNY Mellon Emerging Markets Equity ETF	$481.37K	$317.95K	$245.58K
IEMG iShares Core MSCI Emerging Markets ETF	$832.99M	$964.62M	$1.10B

IEMG vs. BKEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
IEMG iShares Core MSCI Emerging Markets ETF	17.13%	32.56%	6.50%	11.52%	-19.98%	-0.64%	49.27%
BKEM BNY Mellon Emerging Markets Equity ETF	19.61%	30.55%	7.53%	8.68%	-19.43%	-3.91%	48.44%

Correlation

The correlation between IEMG and BKEM is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (All Time) Calculated using the full available price history since Apr 24, 2020	0.98

The correlation between IEMG and BKEM has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

IEMG vs. BKEM - Sectors Allocation Comparison

Sectors	IEMG	BKEM
Technology	43.6%	44.5%
Financial Services	17.3%	17.5%
Consumer Cyclical	7.7%	7.7%
Industrials	7.7%	7.6%
Basic Materials	5.8%	5.4%
Communication Services	5.6%	5.8%
Healthcare	3.2%	2.7%
Energy	3.0%	3.1%
Consumer Defensive	2.8%	2.6%
Utilities	1.9%	2.0%
Real Estate	1.5%	1.1%

Return for Risk

IEMG vs. BKEM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IEMG

IEMG Risk / Return Rank: 62
IEMG Sharpe Ratio Rank: 60
IEMG Sortino Ratio Rank: 55
IEMG Omega Ratio Rank: 63
IEMG Calmar Ratio Rank: 70
IEMG Martin Ratio Rank: 61

BKEM

BKEM Risk / Return Rank: 64
BKEM Sharpe Ratio Rank: 63
BKEM Sortino Ratio Rank: 57
BKEM Omega Ratio Rank: 64
BKEM Calmar Ratio Rank: 72
BKEM Martin Ratio Rank: 64

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IEMG vs. BKEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) and BNY Mellon Emerging Markets Equity ETF (BKEM). 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	BKEM	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.53	-0.10
Sortino ratio: Return per unit of downside risk	1.94	2.05	-0.11
Omega ratio: Gain probability vs. loss probability	1.27	1.28	-0.01
Calmar ratio: Return relative to maximum drawdown	2.46	2.62	-0.16
Martin ratio: Return relative to average drawdown	7.50	8.01	-0.51

IEMG vs. BKEM - Sharpe Ratio Comparison

The current IEMG Sharpe Ratio is 1.43, which is comparable to the BKEM Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of IEMG and BKEM, 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. BKEM - Drawdown Comparison

The maximum IEMG drawdown since its inception was -38.71%, roughly equal to the maximum BKEM drawdown of -39.48%. Use the drawdown chart below to compare losses from any high point for IEMG and BKEM.

Drawdown Indicators

	IEMG	BKEM	Difference
Max Drawdown Largest peak-to-trough decline	-38.71%	-39.48%	+0.77%
Max Drawdown (1Y) Largest decline over 1 year	-13.78%	-13.91%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	-18.38%	+1.17%
Max Drawdown (5Y) Largest decline over 5 years	-33.61%	-33.28%	-0.33%
Max Drawdown (10Y) Largest decline over 10 years	-38.71%	—	—
Current Drawdown Current decline from peak	-9.17%	-9.43%	+0.26%
Average Drawdown Average peak-to-trough decline	-12.89%	-15.75%	+2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	4.53%	-0.02%

Volatility

IEMG vs. BKEM - Volatility Comparison

iShares Core MSCI Emerging Markets ETF (IEMG) and BNY Mellon Emerging Markets Equity ETF (BKEM) have volatilities of 8.73% and 9.11%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEMG	BKEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.73%	9.11%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	21.65%	21.78%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	23.74%	23.88%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.27%	19.61%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.32%	19.75%	+0.57%

IEMG vs. BKEM - Expense Ratio Comparison

IEMG has a 0.09% expense ratio, which is lower than BKEM's 0.11% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IEMG vs. BKEM - Dividend Comparison

IEMG's dividend yield for the trailing twelve months is around 2.30%, more than BKEM's 1.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKEM BNY Mellon Emerging Markets Equity ETF	1.96%	2.25%	2.76%	3.02%	3.15%	2.22%	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%
IEMG iShares Core MSCI Emerging Markets ETF	2.30%	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 BKEM in my portfolio?

With a correlation of 0.97, IEMG and BKEM 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 BKEM?

BKEM has higher volatility (9.11%) compared to IEMG (8.73%). In terms of maximum drawdown, IEMG dropped -38.71% vs BKEM's -39.48%.

Which ETF is better, IEMG or BKEM?

On 5-year performance, IEMG leads with 7.08% vs 6.90% for BKEM. On fees, IEMG is cheaper at 0.09% per year. On volatility, IEMG has been the lower-risk option at 8.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEMG or BKEM?

Over the 5-year period, IEMG has performed better with a 7.08% return vs 6.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEMG or BKEM?

IEMG is cheaper with a 0.09% expense ratio, compared with 0.11% for BKEM.

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

IEMG has the higher dividend yield at 2.30%, compared with 1.96% for BKEM.

What is the main difference between IEMG and BKEM?

IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net), while BKEM tracks Morningstar Emerging Markets Large Cap Index. They also come from different issuers: iShares and BNY Mellon. Their fees differ too: 0.09% for IEMG and 0.11% for BKEM.

Which has better risk-adjusted returns?

BKEM currently has the higher Sharpe Ratio (1.53 vs 1.43), 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.