IEMG vs. EUAD

Last updated Jun 9, 2026

IEMG (iShares Core MSCI Emerging Markets ETF) and EUAD (Select STOXX Europe Aerospace & Defense ETF) are both exchange-traded funds - IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), while EUAD is a Aerospace & Defense fund tracking the STOXX Europe Total Market Aerospace & Defense Index. Both are passively managed. Over the past year, IEMG returned 40.80% vs -1.29% for EUAD. At a 0.35 correlation, their price movements are largely independent. IEMG charges 0.09%/yr vs 0.50%/yr for EUAD.

Performance

IEMG vs. EUAD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Emerging Markets ETF (IEMG) and Select STOXX Europe Aerospace & Defense ETF (EUAD). 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 EUAD's -4.49% 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%

EUAD

• 1D: 0.00%
• 1M: -1.88%
• YTD: -4.49%
• 6M: -3.71%
• 1Y: -1.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IEMG vs. EUAD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IEMG iShares Core MSCI Emerging Markets ETF	18.97%	32.56%	-6.12%
EUAD Select STOXX Europe Aerospace & Defense ETF	-4.49%	74.51%	-3.62%

Correlation

The correlation between IEMG and EUAD is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Oct 23, 2024	0.35

IEMG vs. EUAD - Sectors Allocation Comparison

Sectors	IEMG	EUAD
Technology	35.0%	-
Financial Services	18.4%	-
Consumer Cyclical	9.5%	-
Industrials	9.0%	99.4%
Basic Materials	6.9%	-
Communication Services	6.4%	-
Energy	3.8%	-
Healthcare	3.7%	0.1%
Consumer Defensive	3.3%	-
Utilities	2.2%	-
Real Estate	1.7%	-

Return for Risk

IEMG vs. EUAD — 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

EUAD

EUAD Risk / Return Rank: 9
EUAD Sharpe Ratio Rank: 9
EUAD Sortino Ratio Rank: 9
EUAD Omega Ratio Rank: 9
EUAD Calmar Ratio Rank: 9
EUAD Martin Ratio Rank: 9

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. EUAD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) and Select STOXX Europe Aerospace & Defense ETF (EUAD). 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	EUAD	Difference
Sharpe ratio: Return per unit of total volatility	1.99	-0.04	+2.04
Sortino ratio: Return per unit of downside risk	2.58	0.15	+2.43
Omega ratio: Gain probability vs. loss probability	1.38	1.02	+0.36
Calmar ratio: Return relative to maximum drawdown	3.10	-0.06	+3.16
Martin ratio: Return relative to average drawdown	11.68	-0.14	+11.82
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. EUAD - Sharpe Ratio Comparison

The current IEMG Sharpe Ratio is 1.99, which is higher than the EUAD Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of IEMG and EUAD, 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	EUAD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	-0.04	+2.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	1.15	-0.82

Drawdowns

IEMG vs. EUAD - Drawdown Comparison

The maximum IEMG drawdown since its inception was -38.71%, which is greater than EUAD's maximum drawdown of -22.04%. Use the drawdown chart below to compare losses from any high point for IEMG and EUAD.

Drawdown Indicators

	IEMG	EUAD	Difference
Max Drawdown Largest peak-to-trough decline	-38.71%	-22.04%	-16.67%
Max Drawdown (1Y) Largest decline over 1 year	-13.21%	-22.04%	+8.83%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.71%	—	—
Current Drawdown Current decline from peak	-7.00%	-16.65%	+9.65%
Average Drawdown Average peak-to-trough decline	-12.97%	-5.70%	-7.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	9.14%	-5.64%

Volatility

IEMG vs. EUAD - Volatility Comparison

iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 10.33% compared to Select STOXX Europe Aerospace & Defense ETF (EUAD) at 9.32%. This indicates that IEMG's price experiences larger fluctuations and is considered to be riskier than EUAD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEMG	EUAD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.33%	9.32%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	18.35%	24.23%	-5.88%
Volatility (1Y) Calculated over the trailing 1-year period	20.62%	29.23%	-8.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	29.79%	-11.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.14%	29.79%	-9.65%

IEMG vs. EUAD - Expense Ratio Comparison

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

Dividends

IEMG vs. EUAD - Dividend Comparison

IEMG's dividend yield for the trailing twelve months is around 2.31%, more than EUAD's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EUAD Select STOXX Europe Aerospace & Defense ETF	0.42%	0.40%	0.10%	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	2.31%	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 EUAD in my portfolio?

IEMG and EUAD have a correlation of 0.40, 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 EUAD?

IEMG has higher volatility (10.33%) compared to EUAD (9.32%). In terms of maximum drawdown, IEMG dropped -38.71% vs EUAD's -22.04%.

Which ETF is better, IEMG or EUAD?

On 1-year performance, IEMG leads with 40.80% vs -1.29% for EUAD. On fees, IEMG is cheaper at 0.09% per year. On volatility, EUAD has been the lower-risk option at 9.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEMG or EUAD?

Over the 1-year period, IEMG has performed better with a 40.80% return vs -1.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEMG or EUAD?

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

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

IEMG has the higher dividend yield at 2.31%, compared with 0.42% for EUAD.

What is the main difference between IEMG and EUAD?

IEMG is categorized as Emerging Markets Diversified, while EUAD is Aerospace & Defense. IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net), while EUAD tracks STOXX Europe Total Market Aerospace & Defense Index. They also come from different issuers: iShares and Select Funds. Their fees differ too: 0.09% for IEMG and 0.50% for EUAD.

Which has better risk-adjusted returns?

IEMG currently has the higher Sharpe Ratio (1.99 vs -0.04), 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.