IEMG vs. DIEM
IEMG (iShares Core MSCI Emerging Markets ETF) and DIEM (Franklin Emerging Market Core Dividend Tilt Index ETF) are both Emerging Markets Diversified funds - IEMG tracks the MSCI Emerging Markets Investable Market Index (USD) (Net) while DIEM tracks the Morningstar Emerging Markets Dividend Enhanced Select Index. Both are passively managed. Over the past 10 years, IEMG returned 10.40%/yr vs 9.21%/yr for DIEM. Their correlation of 0.93 suggests significant overlap in exposure. IEMG charges 0.09%/yr vs 0.19%/yr for DIEM.
Performance
IEMG vs. DIEM - Performance Comparison
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Returns By Period
In the year-to-date period, IEMG achieves a 22.14% return, which is significantly lower than DIEM's 29.14% return. Over the past 10 years, IEMG has outperformed DIEM with an annualized return of 10.40%, while DIEM has yielded a comparatively lower 9.21% annualized return.
IEMG
- 1D
- 0.16%
- 1M
- 1.90%
- YTD
- 22.14%
- 6M
- 22.65%
- 1Y
- 40.36%
- 3Y*
- 22.21%
- 5Y*
- 6.93%
- 10Y*
- 10.40%
DIEM
- 1D
- -0.55%
- 1M
- 4.22%
- YTD
- 29.14%
- 6M
- 29.82%
- 1Y
- 48.92%
- 3Y*
- 27.02%
- 5Y*
- 11.36%
- 10Y*
- 9.21%
IEMG vs. DIEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 22.14% | 32.56% | 6.50% | 11.52% | -19.98% | -0.64% | 17.87% | 17.81% | -14.92% | 37.38% |
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF | 29.14% | 30.81% | 12.29% | 15.41% | -20.61% | 6.92% | 1.27% | 12.23% | -11.29% | 27.61% |
Correlation
The correlation between IEMG and DIEM is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2016 | 0.93 |
The correlation between IEMG and DIEM has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
IEMG vs. DIEM — Risk / Return Rank
IEMG
DIEM
IEMG vs. DIEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) and Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM). 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 | DIEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.46 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.07 | 3.99 | -0.92 |
| Martin ratioReturn relative to average drawdown | 11.18 | 15.36 | -4.18 |
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Drawdowns
IEMG vs. DIEM - Drawdown Comparison
The maximum IEMG drawdown since its inception was -38.71%, roughly equal to the maximum DIEM drawdown of -38.61%. Use the drawdown chart below to compare losses from any high point for IEMG and DIEM.
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Drawdown Indicators
| IEMG | DIEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.71% | -38.61% | -0.10% |
Max Drawdown (1Y)Largest decline over 1 year | -13.21% | -12.33% | -0.88% |
Max Drawdown (3Y)Largest decline over 3 years | -17.21% | -16.82% | -0.39% |
Max Drawdown (5Y)Largest decline over 5 years | -35.75% | -33.34% | -2.41% |
Max Drawdown (10Y)Largest decline over 10 years | -38.71% | -38.61% | -0.10% |
Current DrawdownCurrent decline from peak | -5.29% | -5.49% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -12.93% | -9.68% | -3.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.62% | 3.19% | +0.43% |
Volatility
IEMG vs. DIEM - Volatility Comparison
iShares Core MSCI Emerging Markets ETF (IEMG) and Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) have volatilities of 12.22% and 12.23%, 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.
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Volatility by Period
| IEMG | DIEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.22% | 12.23% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 20.12% | 19.23% | +0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.11% | 20.99% | +1.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.99% | 17.58% | +1.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.19% | 17.91% | +2.28% |
IEMG vs. DIEM - Expense Ratio Comparison
IEMG has a 0.09% expense ratio, which is lower than DIEM's 0.19% 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. DIEM - Dividend Comparison
IEMG's dividend yield for the trailing twelve months is around 2.21%, more than DIEM's 1.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF | 1.64% | 2.99% | 4.92% | 4.45% | 6.31% | 4.06% | 2.75% | 5.98% | 3.87% | 2.61% | 0.35% | 0.00% |
IEMG iShares Core MSCI Emerging Markets ETF | 2.21% | 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
With a correlation of 0.96, IEMG and DIEM 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.
DIEM has higher volatility (12.23%) compared to IEMG (12.22%). In terms of maximum drawdown, IEMG dropped -38.71% vs DIEM's -38.61%.
On 10-year performance, IEMG leads with 10.40% vs 9.21% for DIEM. On fees, IEMG is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IEMG has performed better with a 10.40% return vs 9.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEMG is cheaper with a 0.09% expense ratio, compared with 0.19% for DIEM.
IEMG has the higher dividend yield at 2.21%, compared with 1.64% for DIEM.
IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net), while DIEM tracks Morningstar Emerging Markets Dividend Enhanced Select Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.09% for IEMG and 0.19% for DIEM.
DIEM currently has the higher Sharpe Ratio (2.35 vs 1.84), 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.
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