IEMG vs. MTUM

Last updated Jul 26, 2026

IEMG (iShares Core MSCI Emerging Markets ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - IEMG is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, IEMG returned 8.78%/yr vs 16.00%/yr for MTUM. Their 0.62 correlation means they have sometimes moved together and sometimes differently. IEMG charges 0.09%/yr vs 0.15%/yr for MTUM.

Performance

IEMG vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Emerging Markets ETF (IEMG) and iShares MSCI USA Momentum Factor ETF (MTUM). 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 MTUM's 22.65% return. Over the past 10 years, IEMG has underperformed MTUM with an annualized return of 8.78%, while MTUM has yielded a comparatively higher 16.00% 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%

MTUM

• 1D: -2.42%
• 1M: -9.70%
• 6M: 20.16%
• YTD: 22.65%
• 1Y: 27.88%
• 3Y*: 28.98%
• 5Y*: 13.15%
• 10Y*: 16.00%
• ALL TIME*: 15.84%

*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)
IEMG iShares Core MSCI Emerging Markets ETF	$959.90M	$1.12B	$1.07B
MTUM iShares MSCI USA Momentum Factor ETF	$620.00M	$622.73M	$495.72M

IEMG vs. MTUM - 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%
MTUM iShares MSCI USA Momentum Factor ETF	22.65%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%

Correlation

The correlation between IEMG and MTUM is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.62
Correlation (10Y) Provides a long-term view across more market conditions.	0.62
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.62

The correlation between IEMG and MTUM shifts across timeframes, from 0.62 (all time) to 0.76 (1 year), reflecting how their relationship changes across market environments.

IEMG vs. MTUM - Sectors Allocation Comparison

Sectors	IEMG	MTUM
Technology	43.6%	48.0%
Financial Services	17.3%	5.2%
Consumer Cyclical	7.7%	3.0%
Industrials	7.7%	15.3%
Basic Materials	5.8%	2.1%
Communication Services	5.6%	4.9%
Healthcare	3.2%	4.0%
Energy	3.0%	11.3%
Consumer Defensive	2.8%	3.9%
Utilities	1.9%	0.6%
Real Estate	1.5%	1.5%

Return for Risk

IEMG vs. MTUM — 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

MTUM

MTUM Risk / Return Rank: 55
MTUM Sharpe Ratio Rank: 49
MTUM Sortino Ratio Rank: 46
MTUM Omega Ratio Rank: 50
MTUM Calmar Ratio Rank: 66
MTUM Martin Ratio Rank: 62

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. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) and iShares MSCI USA Momentum Factor ETF (MTUM). 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	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.18	+0.03
Sortino ratio: Return per unit of downside risk	1.69	1.66	+0.03
Omega ratio: Gain probability vs. loss probability	1.24	1.22	+0.01
Calmar ratio: Return relative to maximum drawdown	2.13	2.31	-0.18
Martin ratio: Return relative to average drawdown	6.72	7.45	-0.73

IEMG vs. MTUM - Sharpe Ratio Comparison

The current IEMG Sharpe Ratio is 1.21, which is comparable to the MTUM Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of IEMG and MTUM, 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. MTUM - Drawdown Comparison

The maximum IEMG drawdown since its inception was -38.71%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for IEMG and MTUM.

Drawdown Indicators

	IEMG	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-38.71%	-34.08%	-4.63%
Max Drawdown (1Y) Largest decline over 1 year	-13.21%	-12.49%	-0.72%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	-20.99%	+3.78%
Max Drawdown (5Y) Largest decline over 5 years	-33.61%	-32.28%	-1.33%
Max Drawdown (10Y) Largest decline over 10 years	-38.71%	-34.08%	-4.63%
Current Drawdown Current decline from peak	-10.41%	-11.25%	+0.84%
Average Drawdown Average peak-to-trough decline	-12.90%	-6.20%	-6.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	3.87%	+0.32%

Volatility

IEMG vs. MTUM - Volatility Comparison

The current volatility for iShares Core MSCI Emerging Markets ETF (IEMG) is 7.86%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 11.65%. This indicates that IEMG experiences smaller price fluctuations and is considered to be less risky than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEMG	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.86%	11.65%	-3.79%
Volatility (6M) Calculated over the trailing 6-month period	21.27%	22.19%	-0.92%
Volatility (1Y) Calculated over the trailing 1-year period	23.23%	24.47%	-1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.21%	21.65%	-2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.26%	21.60%	-1.34%

IEMG vs. MTUM - Expense Ratio Comparison

IEMG has a 0.09% expense ratio, which is lower than MTUM's 0.15% 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. MTUM - Dividend Comparison

IEMG's dividend yield for the trailing twelve months is around 2.33%, more than MTUM's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MTUM iShares MSCI USA Momentum Factor ETF	0.60%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%

Frequently Asked Questions

Can I hold both IEMG and MTUM in my portfolio?

IEMG and MTUM have a correlation of 0.76, 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 MTUM?

MTUM has higher volatility (11.65%) compared to IEMG (7.86%). In terms of maximum drawdown, IEMG dropped -38.71% vs MTUM's -34.08%.

Which ETF is better, IEMG or MTUM?

On 10-year performance, MTUM leads with 16.00% vs 8.78% for IEMG. On fees, IEMG is cheaper at 0.09% per year. On volatility, IEMG has been the lower-risk option at 7.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEMG or MTUM?

Over the 10-year period, MTUM has performed better with a 16.00% 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 MTUM?

IEMG is cheaper with a 0.09% expense ratio, compared with 0.15% for MTUM.

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

IEMG has the higher dividend yield at 2.33%, compared with 0.60% for MTUM.

What is the main difference between IEMG and MTUM?

IEMG is categorized as Emerging Markets Equities, while MTUM is Momentum. IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net), while MTUM tracks MSCI USA Momentum SR Variant Index. Their fees differ too: 0.09% for IEMG and 0.15% for MTUM.

Which has better risk-adjusted returns?

IEMG currently has the higher Sharpe Ratio (1.21 vs 1.18), 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.