IEMG vs. IEMGX
IEMG (iShares Core MSCI Emerging Markets ETF) and IEMGX (Voya Multi-Manager Emerging Markets Equity Fund) are both Emerging Markets Diversified funds. Over the past 10 years, IEMG returned 10.62%/yr vs 11.99%/yr for IEMGX. Their correlation of 0.91 suggests significant overlap in exposure. IEMG charges 0.09%/yr vs 1.15%/yr for IEMGX.
Performance
IEMG vs. IEMGX - Performance Comparison
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Returns By Period
In the year-to-date period, IEMG achieves a 23.22% return, which is significantly lower than IEMGX's 35.44% return. Over the past 10 years, IEMG has underperformed IEMGX with an annualized return of 10.62%, while IEMGX has yielded a comparatively higher 11.99% annualized return.
IEMG
- 1D
- 0.88%
- 1M
- -0.88%
- YTD
- 23.22%
- 6M
- 23.74%
- 1Y
- 41.51%
- 3Y*
- 22.40%
- 5Y*
- 7.12%
- 10Y*
- 10.62%
IEMGX
- 1D
- 0.29%
- 1M
- 3.08%
- YTD
- 35.44%
- 6M
- 37.58%
- 1Y
- 63.83%
- 3Y*
- 28.87%
- 5Y*
- 9.34%
- 10Y*
- 11.99%
IEMG vs. IEMGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 23.22% | 32.56% | 6.50% | 11.52% | -19.98% | -0.64% | 17.87% | 17.81% | -14.92% | 37.38% |
IEMGX Voya Multi-Manager Emerging Markets Equity Fund | 35.44% | 46.12% | 0.76% | 15.09% | -24.13% | -2.91% | 16.80% | 25.23% | -19.85% | 44.53% |
Correlation
The correlation between IEMG and IEMGX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2012 | 0.91 |
The correlation between IEMG and IEMGX has been stable across timeframes, ranging from 0.81 to 0.91 - a consistent structural relationship.
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Return for Risk
IEMG vs. IEMGX — Risk / Return Rank
IEMG
IEMGX
IEMG vs. IEMGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) and Voya Multi-Manager Emerging Markets Equity Fund (IEMGX). 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 | IEMGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.52 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.16 | 4.61 | -1.45 |
| Martin ratioReturn relative to average drawdown | 11.46 | 16.57 | -5.11 |
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Drawdowns
IEMG vs. IEMGX - Drawdown Comparison
The maximum IEMG drawdown since its inception was -38.71%, smaller than the maximum IEMGX drawdown of -41.87%. Use the drawdown chart below to compare losses from any high point for IEMG and IEMGX.
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Drawdown Indicators
| IEMG | IEMGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.71% | -41.87% | +3.16% |
Max Drawdown (1Y)Largest decline over 1 year | -13.21% | -15.85% | +2.64% |
Max Drawdown (3Y)Largest decline over 3 years | -17.21% | -17.58% | +0.37% |
Max Drawdown (5Y)Largest decline over 5 years | -35.75% | -39.36% | +3.61% |
Max Drawdown (10Y)Largest decline over 10 years | -38.71% | -41.87% | +3.16% |
Current DrawdownCurrent decline from peak | -4.45% | -5.33% | +0.88% |
Average DrawdownAverage peak-to-trough decline | -12.93% | -15.05% | +2.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.63% | 4.20% | -0.57% |
Volatility
IEMG vs. IEMGX - Volatility Comparison
The current volatility for iShares Core MSCI Emerging Markets ETF (IEMG) is 11.67%, while Voya Multi-Manager Emerging Markets Equity Fund (IEMGX) has a volatility of 14.51%. This indicates that IEMG experiences smaller price fluctuations and is considered to be less risky than IEMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEMG | IEMGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.67% | 14.51% | -2.84% |
Volatility (6M)Calculated over the trailing 6-month period | 20.13% | 22.69% | -2.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.00% | 25.67% | -3.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.99% | 19.04% | -0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.19% | 18.71% | +1.48% |
IEMG vs. IEMGX - Expense Ratio Comparison
IEMG has a 0.09% expense ratio, which is lower than IEMGX's 1.15% expense ratio.
Dividends
IEMG vs. IEMGX - Dividend Comparison
IEMG's dividend yield for the trailing twelve months is around 2.19%, less than IEMGX's 4.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 2.19% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
IEMGX Voya Multi-Manager Emerging Markets Equity Fund | 4.44% | 6.01% | 4.66% | 1.99% | 4.22% | 19.49% | 3.91% | 2.69% | 1.01% | 1.39% | 1.17% | 1.53% |
Frequently Asked Questions
IEMG and IEMGX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMGX has higher volatility (14.51%) compared to IEMG (11.67%). In terms of maximum drawdown, IEMG dropped -38.71% vs IEMGX's -41.87%.
IEMGX currently has the higher Sharpe Ratio (2.86 vs 1.90), 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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