IEMG vs. VEUA.L

Last updated Jun 7, 2026

IEMG (iShares Core MSCI Emerging Markets ETF) and VEUA.L (Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating) are both exchange-traded funds - IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), while VEUA.L is a Europe Equities fund tracking the MSCI Europe NR EUR. Both are passively managed. Over the past 5 years, IEMG returned 5.95%/yr vs 8.69%/yr for VEUA.L. A 0.59 correlation means they provide meaningful diversification when combined. IEMG charges 0.09%/yr vs 0.10%/yr for VEUA.L.

Performance

IEMG vs. VEUA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Emerging Markets ETF (IEMG) and Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VEUA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IEMG is traded in USD, while VEUA.L is traded in GBP. To make them comparable, the VEUA.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, IEMG achieves a 16.97% return, which is significantly higher than VEUA.L's 5.08% return.

IEMG

• 1D: -6.40%
• 1M: -3.49%
• YTD: 16.97%
• 6M: 18.63%
• 1Y: 38.44%
• 3Y*: 20.12%
• 5Y*: 5.95%
• 10Y*: 9.39%

VEUA.L

• 1D: -1.23%
• 1M: -0.17%
• YTD: 5.08%
• 6M: 8.35%
• 1Y: 16.64%
• 3Y*: 16.60%
• 5Y*: 8.69%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

IEMG vs. VEUA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IEMG iShares Core MSCI Emerging Markets ETF	16.97%	32.56%	6.50%	11.52%	-19.98%	-0.64%	17.87%	6.71%
VEUA.L Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating	5.08%	35.58%	2.75%	19.45%	-14.45%	15.77%	6.24%	-3.28%

Correlation

The correlation between IEMG and VEUA.L is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jul 24, 2019	0.59

The correlation between IEMG and VEUA.L has been stable across timeframes, ranging from 0.57 to 0.60 - a consistent structural relationship.

IEMG vs. VEUA.L - Sectors Allocation Comparison

Sectors	IEMG	VEUA.L
Technology	35.0%	8.5%
Financial Services	18.4%	24.0%
Consumer Cyclical	9.5%	6.6%
Industrials	9.0%	19.7%
Basic Materials	6.9%	5.6%
Communication Services	6.4%	3.0%
Energy	3.8%	5.3%
Healthcare	3.7%	12.9%
Consumer Defensive	3.3%	8.3%
Utilities	2.2%	5.0%
Real Estate	1.7%	1.1%

Return for Risk

IEMG vs. VEUA.L — Risk / Return Rank

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

IEMG

IEMG Risk / Return Rank: 59
IEMG Sharpe Ratio Rank: 58
IEMG Sortino Ratio Rank: 52
IEMG Omega Ratio Rank: 61
IEMG Calmar Ratio Rank: 61
IEMG Martin Ratio Rank: 64

VEUA.L

VEUA.L Risk / Return Rank: 45
VEUA.L Sharpe Ratio Rank: 48
VEUA.L Sortino Ratio Rank: 48
VEUA.L Omega Ratio Rank: 50
VEUA.L Calmar Ratio Rank: 39
VEUA.L Martin Ratio Rank: 42

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. VEUA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) and Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VEUA.L). 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.

	IEMG	VEUA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.14	+0.77
Sortino ratio: Return per unit of downside risk	2.49	1.69	+0.80
Omega ratio: Gain probability vs. loss probability	1.37	1.21	+0.15
Calmar ratio: Return relative to maximum drawdown	2.97	1.42	+1.54
Martin ratio: Return relative to average drawdown	11.26	5.04	+6.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEMG vs. VEUA.L - Sharpe Ratio Comparison

The current IEMG Sharpe Ratio is 1.91, which is higher than the VEUA.L Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of IEMG and VEUA.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IEMG	VEUA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	1.14	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.46	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.43	-0.11

Drawdowns

IEMG vs. VEUA.L - Drawdown Comparison

The maximum IEMG drawdown since its inception was -38.71%, roughly equal to the maximum VEUA.L drawdown of -37.85%. Use the drawdown chart below to compare losses from any high point for IEMG and VEUA.L.

Drawdown Indicators

	IEMG	VEUA.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.71%	-37.85%	-0.86%
Max Drawdown (1Y) Largest decline over 1 year	-13.21%	-11.65%	-1.56%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	-13.89%	-3.32%
Max Drawdown (5Y) Largest decline over 5 years	-35.75%	-31.84%	-3.91%
Max Drawdown (10Y) Largest decline over 10 years	-38.71%	—	—
Current Drawdown Current decline from peak	-8.56%	-2.97%	-5.59%
Average Drawdown Average peak-to-trough decline	-12.97%	-7.37%	-5.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	3.29%	+0.18%

Volatility

IEMG vs. VEUA.L - Volatility Comparison

iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 10.23% compared to Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating (VEUA.L) at 4.27%. This indicates that IEMG's price experiences larger fluctuations and is considered to be riskier than VEUA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEMG	VEUA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.23%	4.27%	+5.96%
Volatility (6M) Calculated over the trailing 6-month period	18.28%	12.07%	+6.21%
Volatility (1Y) Calculated over the trailing 1-year period	20.52%	14.55%	+5.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.60%	18.96%	-0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.13%	20.49%	-0.36%

IEMG vs. VEUA.L - Expense Ratio Comparison

IEMG has a 0.09% expense ratio, which is lower than VEUA.L's 0.10% 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. VEUA.L - Dividend Comparison

IEMG's dividend yield for the trailing twelve months is around 2.35%, while VEUA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEMG iShares Core MSCI Emerging Markets ETF	2.35%	2.75%	3.20%	2.89%	2.71%	3.06%	1.87%	3.15%	2.76%	2.35%	2.28%	2.53%
VEUA.L Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IEMG and VEUA.L in my portfolio?

IEMG and VEUA.L have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IEMG or VEUA.L?

On fees, IEMG is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IEMG or VEUA.L?

IEMG is cheaper with a 0.09% expense ratio, compared with 0.10% for VEUA.L.

What is the main difference between IEMG and VEUA.L?

IEMG is categorized as Emerging Markets Diversified, while VEUA.L is Europe Equities. IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net), while VEUA.L tracks MSCI Europe NR EUR. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.09% for IEMG and 0.10% for VEUA.L.