IEMG vs. EJAN

Last updated Aug 4, 2026

IEMG (iShares Core MSCI Emerging Markets ETF) and EJAN (Innovator Emerging Markets Power Buffer ETF January) are both exchange-traded funds - IEMG is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), while EJAN is a Defined Outcome fund tracking the MSCI Emerging Markets Index. Both are passively managed. Over the past 5 years, IEMG returned 7.08%/yr vs 3.35%/yr for EJAN. Their correlation of 0.91 means they have usually moved in the same direction. IEMG charges 0.09%/yr vs 0.89%/yr for EJAN.

Performance

IEMG vs. EJAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Emerging Markets ETF (IEMG) and Innovator Emerging Markets Power Buffer ETF January (EJAN). 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 higher than EJAN's 6.41% 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%

EJAN

• 1D: 0.25%
• 1M: 1.00%
• 6M: 3.37%
• YTD: 6.41%
• 1Y: 11.78%
• 3Y*: 7.54%
• 5Y*: 3.35%
• 10Y*: —
• ALL TIME*: 4.36%

*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)
EJAN Innovator Emerging Markets Power Buffer ETF January	$255.76K	$192.84K	$472.80K
IEMG iShares Core MSCI Emerging Markets ETF	$832.99M	$964.62M	$1.10B

IEMG vs. EJAN - 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%	17.87%
EJAN Innovator Emerging Markets Power Buffer ETF January	6.41%	14.78%	2.69%	5.37%	-8.01%	-1.53%	10.64%

Correlation

The correlation between IEMG and EJAN is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020	0.91

The correlation between IEMG and EJAN has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

IEMG vs. EJAN - Sectors Allocation Comparison

Sectors	IEMG	EJAN
Technology	43.6%	45.2%
Financial Services	17.3%	18.5%
Consumer Cyclical	7.7%	7.5%
Industrials	7.7%	6.3%
Basic Materials	5.8%	5.5%
Communication Services	5.6%	6.0%
Healthcare	3.2%	2.5%
Energy	3.0%	3.2%
Consumer Defensive	2.8%	2.6%
Utilities	1.9%	1.8%
Real Estate	1.5%	1.0%

Return for Risk

IEMG vs. EJAN — 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

EJAN

EJAN Risk / Return Rank: 55
EJAN Sharpe Ratio Rank: 51
EJAN Sortino Ratio Rank: 51
EJAN Omega Ratio Rank: 65
EJAN Calmar Ratio Rank: 46
EJAN Martin Ratio Rank: 60

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. EJAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) and Innovator Emerging Markets Power Buffer ETF January (EJAN). 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	EJAN	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.37	+0.06
Sortino ratio: Return per unit of downside risk	1.94	1.97	-0.03
Omega ratio: Gain probability vs. loss probability	1.27	1.30	-0.03
Calmar ratio: Return relative to maximum drawdown	2.46	1.78	+0.68
Martin ratio: Return relative to average drawdown	7.50	7.81	-0.31

IEMG vs. EJAN - Sharpe Ratio Comparison

The current IEMG Sharpe Ratio is 1.43, which is comparable to the EJAN Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of IEMG and EJAN, 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. EJAN - Drawdown Comparison

The maximum IEMG drawdown since its inception was -38.71%, which is greater than EJAN's maximum drawdown of -22.23%. Use the drawdown chart below to compare losses from any high point for IEMG and EJAN.

Drawdown Indicators

	IEMG	EJAN	Difference
Max Drawdown Largest peak-to-trough decline	-38.71%	-22.23%	-16.48%
Max Drawdown (1Y) Largest decline over 1 year	-13.78%	-6.63%	-7.15%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	-11.75%	-5.46%
Max Drawdown (5Y) Largest decline over 5 years	-33.61%	-20.84%	-12.77%
Max Drawdown (10Y) Largest decline over 10 years	-38.71%	—	—
Current Drawdown Current decline from peak	-9.17%	-0.56%	-8.61%
Average Drawdown Average peak-to-trough decline	-12.89%	-5.67%	-7.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	1.51%	+3.00%

Volatility

IEMG vs. EJAN - Volatility Comparison

iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 8.73% compared to Innovator Emerging Markets Power Buffer ETF January (EJAN) at 2.74%. This indicates that IEMG's price experiences larger fluctuations and is considered to be riskier than EJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEMG	EJAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.73%	2.74%	+5.99%
Volatility (6M) Calculated over the trailing 6-month period	21.65%	8.18%	+13.47%
Volatility (1Y) Calculated over the trailing 1-year period	23.74%	8.65%	+15.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.27%	11.15%	+8.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.32%	12.63%	+7.69%

IEMG vs. EJAN - Expense Ratio Comparison

IEMG has a 0.09% expense ratio, which is lower than EJAN's 0.89% expense ratio.

Dividends

IEMG vs. EJAN - Dividend Comparison

IEMG's dividend yield for the trailing twelve months is around 2.30%, while EJAN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EJAN Innovator Emerging Markets Power Buffer ETF January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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 EJAN in my portfolio?

IEMG and EJAN have a correlation of 0.87, 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 EJAN?

IEMG has higher volatility (8.73%) compared to EJAN (2.74%). In terms of maximum drawdown, IEMG dropped -38.71% vs EJAN's -22.23%.

Which ETF is better, IEMG or EJAN?

On 5-year performance, IEMG leads with 7.08% vs 3.35% for EJAN. On fees, IEMG is cheaper at 0.09% per year. On volatility, EJAN has been the lower-risk option at 2.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEMG or EJAN?

Over the 5-year period, IEMG has performed better with a 7.08% return vs 3.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEMG or EJAN?

IEMG is cheaper with a 0.09% expense ratio, compared with 0.89% for EJAN.

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

IEMG has the higher dividend yield at 2.30%, compared with 0.00% for EJAN.

What is the main difference between IEMG and EJAN?

IEMG is categorized as Emerging Markets Equities, while EJAN is Defined Outcome. IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net), while EJAN tracks MSCI Emerging Markets Index. They also come from different issuers: iShares and Innovator. Their fees differ too: 0.09% for IEMG and 0.89% for EJAN.

Which has better risk-adjusted returns?

IEMG currently has the higher Sharpe Ratio (1.43 vs 1.37), 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.