IEMGX vs. IEFA
IEMGX (Voya Multi-Manager Emerging Markets Equity Fund) and IEFA (iShares Core MSCI EAFE ETF) are both funds - IEMGX is a Emerging Markets Diversified fund managed by BlackRock, while IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net). Over the past 10 years, IEMGX returned 12.15%/yr vs 10.18%/yr for IEFA. A 0.74 correlation means they provide meaningful diversification when combined. IEMGX charges 1.15%/yr vs 0.07%/yr for IEFA.
Performance
IEMGX vs. IEFA - Performance Comparison
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Returns By Period
In the year-to-date period, IEMGX achieves a 40.34% return, which is significantly higher than IEFA's 10.65% return. Over the past 10 years, IEMGX has outperformed IEFA with an annualized return of 12.15%, while IEFA has yielded a comparatively lower 10.18% annualized return.
IEMGX
- 1D
- 3.92%
- 1M
- 10.01%
- YTD
- 40.34%
- 6M
- 44.04%
- 1Y
- 76.34%
- 3Y*
- 28.80%
- 5Y*
- 10.54%
- 10Y*
- 12.15%
IEFA
- 1D
- 0.10%
- 1M
- 1.81%
- YTD
- 10.65%
- 6M
- 11.01%
- 1Y
- 25.52%
- 3Y*
- 17.62%
- 5Y*
- 8.87%
- 10Y*
- 10.18%
IEMGX vs. IEFA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEMGX Voya Multi-Manager Emerging Markets Equity Fund | 40.34% | 46.12% | 0.76% | 15.09% | -24.13% | -2.91% | 16.80% | 25.23% | -19.85% | 44.53% |
IEFA iShares Core MSCI EAFE ETF | 10.65% | 32.08% | 3.26% | 17.95% | -15.24% | 11.63% | 8.18% | 22.64% | -14.14% | 26.57% |
Correlation
The correlation between IEMGX and IEFA is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2012 | 0.74 |
The correlation between IEMGX and IEFA shifts across timeframes, from 0.61 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IEMGX vs. IEFA — Risk / Return Rank
IEMGX
IEFA
IEMGX vs. IEFA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Voya Multi-Manager Emerging Markets Equity Fund (IEMGX) and iShares Core MSCI EAFE ETF (IEFA). 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.
| IEMGX | IEFA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.84 | ||
| Sortino ratioReturn per unit of downside risk | +1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.30 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 5.50 | 2.23 | +3.27 |
| Martin ratioReturn relative to average drawdown | 19.88 | 8.48 | +11.39 |
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Drawdowns
IEMGX vs. IEFA - Drawdown Comparison
The maximum IEMGX drawdown since its inception was -41.87%, which is greater than IEFA's maximum drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for IEMGX and IEFA.
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Drawdown Indicators
| IEMGX | IEFA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.87% | -34.78% | -7.09% |
Max Drawdown (1Y)Largest decline over 1 year | -15.85% | -11.50% | -4.35% |
Max Drawdown (3Y)Largest decline over 3 years | -17.58% | -13.76% | -3.82% |
Max Drawdown (5Y)Largest decline over 5 years | -39.36% | -30.41% | -8.95% |
Max Drawdown (10Y)Largest decline over 10 years | -41.87% | -34.78% | -7.09% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -15.06% | -6.67% | -8.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.17% | 3.02% | +1.15% |
Volatility
IEMGX vs. IEFA - Volatility Comparison
Voya Multi-Manager Emerging Markets Equity Fund (IEMGX) has a higher volatility of 13.17% compared to iShares Core MSCI EAFE ETF (IEFA) at 4.85%. This indicates that IEMGX's price experiences larger fluctuations and is considered to be riskier than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEMGX | IEFA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.17% | 4.85% | +8.32% |
Volatility (6M)Calculated over the trailing 6-month period | 21.88% | 13.07% | +8.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.92% | 15.44% | +9.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.85% | 16.59% | +2.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.67% | 17.27% | +1.40% |
IEMGX vs. IEFA - Expense Ratio Comparison
IEMGX has a 1.15% expense ratio, which is higher than IEFA's 0.07% expense ratio.
Dividends
IEMGX vs. IEFA - Dividend Comparison
IEMGX's dividend yield for the trailing twelve months is around 4.28%, more than IEFA's 3.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEFA iShares Core MSCI EAFE ETF | 3.38% | 3.55% | 3.47% | 3.20% | 2.70% | 3.32% | 1.90% | 3.18% | 3.46% | 2.57% | 2.96% | 2.63% |
IEMGX Voya Multi-Manager Emerging Markets Equity Fund | 4.28% | 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
IEMGX and IEFA have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMGX has higher volatility (13.17%) compared to IEFA (4.85%). In terms of maximum drawdown, IEMGX dropped -41.87% vs IEFA's -34.78%.
IEMGX currently has the higher Sharpe Ratio (3.50 vs 1.66), 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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