IEMG vs. GBIL
IEMG (iShares Core MSCI Emerging Markets ETF) and GBIL (Goldman Sachs Access Treasury 0-1 Year ETF) are both exchange-traded funds - IEMG is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), while GBIL is a Government Bonds fund tracking the FTSE US Treasury 0-1 Year Composite Select Index. Both are passively managed. Over the past 5 years, IEMG returned 6.77%/yr vs 3.42%/yr for GBIL. Their -0.01 correlation means they have often moved in opposite directions in the past. IEMG charges 0.09%/yr vs 0.12%/yr for GBIL.
Performance
IEMG vs. GBIL - Performance Comparison
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Returns By Period
In the year-to-date period, IEMG achieves a 15.55% return, which is significantly higher than GBIL's 1.90% return.
IEMG
- 1D
- -1.78%
- 1M
- -6.23%
- 6M
- 7.28%
- YTD
- 15.55%
- 1Y
- 28.48%
- 3Y*
- 17.89%
- 5Y*
- 6.77%
- 10Y*
- 8.78%
- ALL TIME*
- 6.06%
GBIL
- 1D
- 0.03%
- 1M
- 0.29%
- 6M
- 1.70%
- YTD
- 1.90%
- 1Y
- 3.77%
- 3Y*
- 4.57%
- 5Y*
- 3.42%
- 10Y*
- —
- ALL TIME*
- 2.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $51.18M | $55.98M | $72.80M | |
| $959.90M | $1.12B | $1.07B |
IEMG vs. GBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 15.55% | 32.56% | 6.50% | 11.52% | -19.98% | -0.64% | 17.87% | 17.81% | -14.92% | 37.38% |
GBIL Goldman Sachs Access Treasury 0-1 Year ETF | 1.90% | 4.12% | 5.24% | 4.91% | 1.05% | -0.08% | 0.79% | 2.31% | 1.78% | 0.69% |
Correlation
The correlation between IEMG and GBIL is 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.02 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2016 | -0.01 |
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Return for Risk
IEMG vs. GBIL — Risk / Return Rank
IEMG
GBIL
IEMG vs. GBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) and Goldman Sachs Access Treasury 0-1 Year ETF (GBIL). 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 | GBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -15.88 | ||
| Sortino ratioReturn per unit of downside risk | -140.23 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 75.95 | -74.71 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 191.66 | -189.53 |
| Martin ratioReturn relative to average drawdown | 6.72 | 2,147.30 | -2,140.58 |
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Drawdowns
IEMG vs. GBIL - Drawdown Comparison
The maximum IEMG drawdown since its inception was -38.71%, which is greater than GBIL's maximum drawdown of -0.76%. Use the drawdown chart below to compare losses from any high point for IEMG and GBIL.
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Drawdown Indicators
| IEMG | GBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.71% | -0.76% | -37.95% |
Max Drawdown (1Y)Largest decline over 1 year | -13.21% | -0.02% | -13.19% |
Max Drawdown (3Y)Largest decline over 3 years | -17.21% | -0.76% | -16.45% |
Max Drawdown (5Y)Largest decline over 5 years | -33.61% | -0.76% | -32.85% |
Max Drawdown (10Y)Largest decline over 10 years | -38.71% | — | — |
Current DrawdownCurrent decline from peak | -10.41% | 0.00% | -10.41% |
Average DrawdownAverage peak-to-trough decline | -12.90% | -0.04% | -12.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.19% | 0.00% | +4.19% |
Volatility
IEMG vs. GBIL - Volatility Comparison
iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 7.86% compared to Goldman Sachs Access Treasury 0-1 Year ETF (GBIL) at 0.06%. This indicates that IEMG's price experiences larger fluctuations and is considered to be riskier than GBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEMG | GBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.86% | 0.06% | +7.80% |
Volatility (6M)Calculated over the trailing 6-month period | 21.27% | 0.14% | +21.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.23% | 0.23% | +23.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.21% | 0.58% | +18.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.26% | 0.47% | +19.79% |
IEMG vs. GBIL - Expense Ratio Comparison
IEMG has a 0.09% expense ratio, which is lower than GBIL's 0.12% 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. GBIL - Dividend Comparison
IEMG's dividend yield for the trailing twelve months is around 2.33%, less than GBIL's 3.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBIL Goldman Sachs Access Treasury 0-1 Year ETF | 3.71% | 4.02% | 4.93% | 4.77% | 1.37% | 0.00% | 0.81% | 2.20% | 1.70% | 0.74% | 0.11% | 0.00% |
IEMG iShares Core MSCI Emerging Markets ETF | 2.33% | 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
IEMG and GBIL have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMG has higher volatility (7.86%) compared to GBIL (0.06%). In terms of maximum drawdown, IEMG dropped -38.71% vs GBIL's -0.76%.
On 5-year performance, IEMG leads with 6.77% vs 3.42% for GBIL. On fees, IEMG is cheaper at 0.09% per year. On volatility, GBIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IEMG has performed better with a 6.77% return vs 3.42%. 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 0.12% for GBIL.
GBIL has the higher dividend yield at 3.71%, compared with 2.33% for IEMG.
IEMG is categorized as Emerging Markets Equities, while GBIL is Government Bonds. IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net), while GBIL tracks FTSE US Treasury 0-1 Year Composite Select Index. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.09% for IEMG and 0.12% for GBIL.
GBIL currently has the higher Sharpe Ratio (17.10 vs 1.21), 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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