IEMG vs. GLD
IEMG (iShares Core MSCI Emerging Markets ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, IEMG returned 10.42%/yr vs 12.15%/yr for GLD. At a 0.18 correlation, their price movements are largely independent. IEMG charges 0.09%/yr vs 0.40%/yr for GLD.
Performance
IEMG vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, IEMG achieves a 22.84% return, which is significantly higher than GLD's -2.47% return. Over the past 10 years, IEMG has underperformed GLD with an annualized return of 10.42%, while GLD has yielded a comparatively higher 12.15% annualized return.
IEMG
- 1D
- 0.61%
- 1M
- 0.34%
- YTD
- 22.84%
- 6M
- 25.59%
- 1Y
- 44.83%
- 3Y*
- 21.33%
- 5Y*
- 7.15%
- 10Y*
- 10.42%
GLD
- 1D
- 0.06%
- 1M
- -9.52%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
IEMG vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 22.84% | 32.56% | 6.50% | 11.52% | -19.98% | -0.64% | 17.87% | 17.81% | -14.92% | 37.38% |
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between IEMG and GLD is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2012 | 0.18 |
Over the past year, IEMG and GLD have become more correlated (0.38) than their long-term average of 0.18, meaning their price movements have been converging.
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Return for Risk
IEMG vs. GLD — Risk / Return Rank
IEMG
GLD
IEMG vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.18 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 3.23 | 0.98 | +2.25 |
| Martin ratioReturn relative to average drawdown | 11.89 | 2.81 | +9.08 |
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Drawdowns
IEMG vs. GLD - Drawdown Comparison
The maximum IEMG drawdown since its inception was -38.71%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for IEMG and GLD.
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Drawdown Indicators
| IEMG | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.71% | -45.56% | +6.85% |
Max Drawdown (1Y)Largest decline over 1 year | -13.21% | -24.46% | +11.25% |
Max Drawdown (3Y)Largest decline over 3 years | -17.21% | -24.46% | +7.25% |
Max Drawdown (5Y)Largest decline over 5 years | -35.75% | -24.46% | -11.29% |
Max Drawdown (10Y)Largest decline over 10 years | -38.71% | -24.46% | -14.25% |
Current DrawdownCurrent decline from peak | -3.98% | -22.05% | +18.07% |
Average DrawdownAverage peak-to-trough decline | -12.95% | -16.16% | +3.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.59% | 8.49% | -4.90% |
Volatility
IEMG vs. GLD - Volatility Comparison
iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 10.60% compared to SPDR Gold Shares (GLD) at 7.79%. This indicates that IEMG's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEMG | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.60% | 7.79% | +2.81% |
Volatility (6M)Calculated over the trailing 6-month period | 18.89% | 24.10% | -5.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.08% | 27.37% | -6.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.73% | 18.22% | +0.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.17% | 16.08% | +4.09% |
IEMG vs. GLD - Expense Ratio Comparison
IEMG has a 0.09% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
IEMG vs. GLD - Dividend Comparison
IEMG's dividend yield for the trailing twelve months is around 2.24%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 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 | 2.24% | 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 GLD have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMG has higher volatility (10.60%) compared to GLD (7.79%). In terms of maximum drawdown, IEMG dropped -38.71% vs GLD's -45.56%.
On 10-year performance, GLD leads with 12.15% vs 10.42% for IEMG. On fees, IEMG is cheaper at 0.09% per year. On volatility, GLD has been the lower-risk option at 7.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 12.15% return vs 10.42%. 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 0.40% for GLD.
IEMG has the higher dividend yield at 2.24%, compared with 0.00% for GLD.
IEMG is categorized as Emerging Markets Diversified, while GLD is Gold. IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net), while GLD tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street. Their fees differ too: 0.09% for IEMG and 0.40% for GLD.
IEMG currently has the higher Sharpe Ratio (2.03 vs 0.87), 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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