IEMG vs. HDV

Last updated Jul 26, 2026

IEMG (iShares Core MSCI Emerging Markets ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - IEMG is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, IEMG returned 8.78%/yr vs 9.50%/yr for HDV. Their 0.50 correlation means they have sometimes moved together and sometimes differently. IEMG charges 0.09%/yr vs 0.08%/yr for HDV.

Performance

IEMG vs. HDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Emerging Markets ETF (IEMG) and iShares Core High Dividend ETF (HDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEMG achieves a 15.55% return, which is significantly lower than HDV's 20.12% return. Over the past 10 years, IEMG has underperformed HDV with an annualized return of 8.78%, while HDV has yielded a comparatively higher 9.50% annualized 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%

HDV

• 1D: 1.23%
• 1M: 4.76%
• 6M: 13.60%
• YTD: 20.12%
• 1Y: 24.04%
• 3Y*: 15.34%
• 5Y*: 12.15%
• 10Y*: 9.50%
• ALL TIME*: 10.85%

*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)
HDV iShares Core High Dividend ETF	$163.75M	$142.23M	$95.79M
IEMG iShares Core MSCI Emerging Markets ETF	$959.90M	$1.12B	$1.07B

IEMG vs. HDV - 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%
HDV iShares Core High Dividend ETF	20.12%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	20.22%	-3.01%	13.40%

Correlation

The correlation between IEMG and HDV is -0.06, 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.	-0.06
Correlation (3Y) Balances recent behavior with more history.	0.21
Correlation (5Y) Shows whether the relationship held over a longer period.	0.33
Correlation (10Y) Provides a long-term view across more market conditions.	0.44
Correlation (All Time) Calculated using the full available price history since Oct 24, 2012	0.50

The correlation between IEMG and HDV shifts across timeframes, from -0.06 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.

IEMG vs. HDV - Sectors Allocation Comparison

Sectors	IEMG	HDV
Technology	43.6%	0.9%
Financial Services	17.3%	4.7%
Consumer Cyclical	7.7%	9.3%
Industrials	7.7%	2.8%
Basic Materials	5.8%	0.8%
Communication Services	5.6%	5.2%
Healthcare	3.2%	23.9%
Energy	3.0%	19.8%
Consumer Defensive	2.8%	24.3%
Utilities	1.9%	8.2%
Real Estate	1.5%	-

Return for Risk

IEMG vs. HDV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IEMG

IEMG Risk / Return Rank: 54
IEMG Sharpe Ratio Rank: 50
IEMG Sortino Ratio Rank: 47
IEMG Omega Ratio Rank: 54
IEMG Calmar Ratio Rank: 61
IEMG Martin Ratio Rank: 57

HDV

HDV Risk / Return Rank: 90
HDV Sharpe Ratio Rank: 91
HDV Sortino Ratio Rank: 93
HDV Omega Ratio Rank: 88
HDV Calmar Ratio Rank: 93
HDV Martin Ratio Rank: 87

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. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) and iShares Core High Dividend ETF (HDV). 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	HDV	Difference
Sharpe ratio: Return per unit of total volatility	1.21	2.24	-1.03
Sortino ratio: Return per unit of downside risk	1.69	3.39	-1.70
Omega ratio: Gain probability vs. loss probability	1.24	1.39	-0.15
Calmar ratio: Return relative to maximum drawdown	2.13	4.65	-2.52
Martin ratio: Return relative to average drawdown	6.72	12.72	-6.00

IEMG vs. HDV - Sharpe Ratio Comparison

The current IEMG Sharpe Ratio is 1.21, which is lower than the HDV Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of IEMG and HDV, 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. HDV - Drawdown Comparison

The maximum IEMG drawdown since its inception was -38.71%, roughly equal to the maximum HDV drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for IEMG and HDV.

Drawdown Indicators

	IEMG	HDV	Difference
Max Drawdown Largest peak-to-trough decline	-38.71%	-37.04%	-1.67%
Max Drawdown (1Y) Largest decline over 1 year	-13.21%	-5.18%	-8.03%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	-10.49%	-6.72%
Max Drawdown (5Y) Largest decline over 5 years	-33.61%	-15.42%	-18.19%
Max Drawdown (10Y) Largest decline over 10 years	-38.71%	-37.04%	-1.67%
Current Drawdown Current decline from peak	-10.41%	0.00%	-10.41%
Average Drawdown Average peak-to-trough decline	-12.90%	-3.07%	-9.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	1.89%	+2.30%

Volatility

IEMG vs. HDV - Volatility Comparison

iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 7.86% compared to iShares Core High Dividend ETF (HDV) at 4.88%. This indicates that IEMG's price experiences larger fluctuations and is considered to be riskier than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEMG	HDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.86%	4.88%	+2.98%
Volatility (6M) Calculated over the trailing 6-month period	21.27%	8.55%	+12.72%
Volatility (1Y) Calculated over the trailing 1-year period	23.23%	10.74%	+12.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.21%	12.93%	+6.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.26%	15.77%	+4.49%

IEMG vs. HDV - Expense Ratio Comparison

IEMG has a 0.09% expense ratio, which is higher than HDV's 0.08% expense ratio. However, 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. HDV - Dividend Comparison

IEMG's dividend yield for the trailing twelve months is around 2.33%, less than HDV's 3.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDV iShares Core High Dividend ETF	3.07%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%
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

Can I hold both IEMG and HDV in my portfolio?

IEMG and HDV have a correlation of -0.06, 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 HDV?

IEMG has higher volatility (7.86%) compared to HDV (4.88%). In terms of maximum drawdown, IEMG dropped -38.71% vs HDV's -37.04%.

Which ETF is better, IEMG or HDV?

On 10-year performance, HDV leads with 9.50% vs 8.78% for IEMG. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 4.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEMG or HDV?

Over the 10-year period, HDV has performed better with a 9.50% return vs 8.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEMG or HDV?

HDV is cheaper with a 0.08% expense ratio, compared with 0.09% for IEMG.

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

HDV has the higher dividend yield at 3.07%, compared with 2.33% for IEMG.

What is the main difference between IEMG and HDV?

IEMG is categorized as Emerging Markets Equities, while HDV is Dividend. IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net), while HDV tracks Morningstar Dividend Yield Focus Index. Their fees differ too: 0.09% for IEMG and 0.08% for HDV.

Which has better risk-adjusted returns?

HDV currently has the higher Sharpe Ratio (2.24 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.