IEMG vs. IAU
IEMG (iShares Core MSCI Emerging Markets ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, IEMG returned 10.38%/yr vs 11.76%/yr for IAU. At a 0.18 correlation, their price movements are largely independent. IEMG charges 0.09%/yr vs 0.25%/yr for IAU.
Performance
IEMG vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, IEMG achieves a 21.95% return, which is significantly higher than IAU's -4.73% return. Over the past 10 years, IEMG has underperformed IAU with an annualized return of 10.38%, while IAU has yielded a comparatively higher 11.76% annualized return.
IEMG
- 1D
- -5.44%
- 1M
- 1.74%
- YTD
- 21.95%
- 6M
- 22.64%
- 1Y
- 43.66%
- 3Y*
- 22.14%
- 5Y*
- 7.05%
- 10Y*
- 10.38%
IAU
- 1D
- -1.87%
- 1M
- -8.82%
- YTD
- -4.73%
- 6M
- -8.68%
- 1Y
- 21.45%
- 3Y*
- 28.61%
- 5Y*
- 18.02%
- 10Y*
- 11.76%
IEMG vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 21.95% | 32.56% | 6.50% | 11.52% | -19.98% | -0.64% | 17.87% | 17.81% | -14.92% | 37.38% |
IAU iShares Gold Trust | -4.73% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between IEMG and IAU 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 (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 IAU have become more correlated (0.40) than their long-term average of 0.18, meaning their price movements have been converging.
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Return for Risk
IEMG vs. IAU — Risk / Return Rank
IEMG
IAU
IEMG vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) and iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.20 | ||
| Sortino ratioReturn per unit of downside risk | +1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.17 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 3.32 | 0.88 | +2.44 |
| Martin ratioReturn relative to average drawdown | 12.15 | 2.37 | +9.77 |
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Drawdowns
IEMG vs. IAU - Drawdown Comparison
The maximum IEMG drawdown since its inception was -38.71%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for IEMG and IAU.
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Drawdown Indicators
| IEMG | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.71% | -45.14% | +6.43% |
Max Drawdown (1Y)Largest decline over 1 year | -13.21% | -24.40% | +11.19% |
Max Drawdown (3Y)Largest decline over 3 years | -17.21% | -24.40% | +7.19% |
Max Drawdown (5Y)Largest decline over 5 years | -35.75% | -24.40% | -11.35% |
Max Drawdown (10Y)Largest decline over 10 years | -38.71% | -24.40% | -14.31% |
Current DrawdownCurrent decline from peak | -5.44% | -23.87% | +18.43% |
Average DrawdownAverage peak-to-trough decline | -12.93% | -15.97% | +3.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.61% | 9.07% | -5.46% |
Volatility
IEMG vs. IAU - Volatility Comparison
iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 12.22% compared to iShares Gold Trust (IAU) at 8.10%. This indicates that IEMG's price experiences larger fluctuations and is considered to be riskier than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEMG | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.22% | 8.10% | +4.12% |
Volatility (6M)Calculated over the trailing 6-month period | 20.14% | 24.23% | -4.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.12% | 27.38% | -5.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.99% | 18.18% | +0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.20% | 15.98% | +4.22% |
IEMG vs. IAU - Expense Ratio Comparison
IEMG has a 0.09% expense ratio, which is lower than IAU's 0.25% 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. IAU - Dividend Comparison
IEMG's dividend yield for the trailing twelve months is around 2.21%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | 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 | 2.21% | 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 IAU 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.
IEMG has higher volatility (12.22%) compared to IAU (8.10%). In terms of maximum drawdown, IEMG dropped -38.71% vs IAU's -45.14%.
On 10-year performance, IAU leads with 11.76% vs 10.38% for IEMG. On fees, IEMG is cheaper at 0.09% per year. On volatility, IAU has been the lower-risk option at 8.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAU has performed better with a 11.76% return vs 10.38%. 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 0.25% for IAU.
IEMG has the higher dividend yield at 2.21%, compared with 0.00% for IAU.
IEMG is categorized as Emerging Markets Diversified, while IAU is Gold. IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net), while IAU tracks LBMA Gold Price. Their fees differ too: 0.09% for IEMG and 0.25% for IAU.
IEMG currently has the higher Sharpe Ratio (1.98 vs 0.79), 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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