IEMG vs. SGOV
IEMG (iShares Core MSCI Emerging Markets ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, IEMG returned 6.93%/yr vs 3.58%/yr for SGOV. At a 0.00 correlation, their price movements are largely independent. Both charge a 0.09% expense ratio.
Performance
IEMG vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, IEMG achieves a 22.14% return, which is significantly higher than SGOV's 1.72% return.
IEMG
- 1D
- 0.16%
- 1M
- 1.90%
- YTD
- 22.14%
- 6M
- 22.65%
- 1Y
- 40.36%
- 3Y*
- 22.21%
- 5Y*
- 6.93%
- 10Y*
- 10.40%
SGOV
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.72%
- 6M
- 1.79%
- 1Y
- 3.92%
- 3Y*
- 4.69%
- 5Y*
- 3.58%
- 10Y*
- —
IEMG vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 22.14% | 32.56% | 6.50% | 11.52% | -19.98% | -0.64% | 41.91% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.72% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between IEMG and SGOV is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | 0.00 |
The correlation between IEMG and SGOV shifts across timeframes, from -0.12 (1 year) to 0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IEMG vs. SGOV — Risk / Return Rank
IEMG
SGOV
IEMG vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.48 | ||
| Sortino ratioReturn per unit of downside risk | -271.16 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 194.05 | -192.69 |
| Calmar ratioReturn relative to maximum drawdown | 3.07 | 395.07 | -392.00 |
| Martin ratioReturn relative to average drawdown | 11.18 | 4,426.92 | -4,415.74 |
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Drawdowns
IEMG vs. SGOV - Drawdown Comparison
The maximum IEMG drawdown since its inception was -38.71%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for IEMG and SGOV.
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Drawdown Indicators
| IEMG | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.71% | -0.03% | -38.68% |
Max Drawdown (1Y)Largest decline over 1 year | -13.21% | -0.01% | -13.20% |
Max Drawdown (3Y)Largest decline over 3 years | -17.21% | -0.01% | -17.20% |
Max Drawdown (5Y)Largest decline over 5 years | -35.75% | -0.03% | -35.72% |
Max Drawdown (10Y)Largest decline over 10 years | -38.71% | — | — |
Current DrawdownCurrent decline from peak | -5.29% | 0.00% | -5.29% |
Average DrawdownAverage peak-to-trough decline | -12.93% | -0.00% | -12.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.62% | 0.00% | +3.62% |
Volatility
IEMG vs. SGOV - Volatility Comparison
iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 12.22% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.04%. This indicates that IEMG's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEMG | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.22% | 0.04% | +12.18% |
Volatility (6M)Calculated over the trailing 6-month period | 20.12% | 0.13% | +19.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.11% | 0.19% | +21.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.99% | 0.24% | +18.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.19% | 0.24% | +19.95% |
IEMG vs. SGOV - Expense Ratio Comparison
Both IEMG and SGOV have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
IEMG vs. SGOV - Dividend Comparison
IEMG's dividend yield for the trailing twelve months is around 2.21%, less than SGOV's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IEMG and SGOV have a correlation of -0.12, 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 SGOV (0.04%). In terms of maximum drawdown, IEMG dropped -38.71% vs SGOV's -0.03%.
On 5-year performance, IEMG leads with 6.93% vs 3.58% for SGOV. Both ETFs have the same 0.09% expense ratio. On volatility, SGOV has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IEMG has performed better with a 6.93% return vs 3.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEMG and SGOV have the same expense ratio: 0.09% per year.
SGOV has the higher dividend yield at 3.85%, compared with 2.21% for IEMG.
IEMG is categorized as Emerging Markets Diversified, while SGOV is Ultrashort Bond. IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net), while SGOV tracks ICE 0-3 Month US Treasury Securities Index.
SGOV currently has the higher Sharpe Ratio (20.32 vs 1.84), 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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