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 Equities 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 9.90%/yr vs 9.53%/yr for IEFA. Their 0.74 correlation means they have sometimes moved together and sometimes differently. IEMGX charges 1.15%/yr vs 0.07%/yr for IEFA.
Performance
IEMGX vs. IEFA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IEMGX achieves a 22.74% return, which is significantly higher than IEFA's 11.62% return. Both investments have delivered pretty close results over the past 10 years, with IEMGX having a 9.90% annualized return and IEFA not far behind at 9.53%.
IEMGX
- 1D
- 4.16%
- 1M
- -5.97%
- 6M
- 9.37%
- YTD
- 22.74%
- 1Y
- 50.07%
- 3Y*
- 22.24%
- 5Y*
- 8.70%
- 10Y*
- 9.90%
- ALL TIME*
- 6.71%
IEFA
- 1D
- -0.64%
- 1M
- 0.98%
- 6M
- 6.18%
- YTD
- 11.62%
- 1Y
- 24.58%
- 3Y*
- 16.46%
- 5Y*
- 8.91%
- 10Y*
- 9.53%
- ALL TIME*
- 8.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $832.02M | $871.11M | $936.56M | |
| $0.00 | $0.00 | $0.00 |
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 | 22.74% | 46.12% | 0.76% | 15.09% | -24.13% | -2.91% | 16.80% | 25.23% | -19.85% | 44.53% |
IEFA iShares Core MSCI EAFE ETF | 11.62% | 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 0.63, 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. | 0.63 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.71 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 0.63 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.28 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.07 | 2.13 | +0.95 |
| Martin ratioReturn relative to average drawdown | 9.86 | 8.15 | +1.70 |
Loading charts...
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.
Loading charts...
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 | -17.64% | -11.50% | -6.14% |
Max Drawdown (3Y)Largest decline over 3 years | -17.64% | -13.76% | -3.88% |
Max Drawdown (5Y)Largest decline over 5 years | -37.33% | -30.41% | -6.92% |
Max Drawdown (10Y)Largest decline over 10 years | -41.87% | -34.78% | -7.09% |
Current DrawdownCurrent decline from peak | -14.21% | -0.64% | -13.57% |
Average DrawdownAverage peak-to-trough decline | -15.02% | -6.63% | -8.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.31% | 2.99% | +2.32% |
Volatility
IEMGX vs. IEFA - Volatility Comparison
Voya Multi-Manager Emerging Markets Equity Fund (IEMGX) has a higher volatility of 10.84% compared to iShares Core MSCI EAFE ETF (IEFA) at 4.75%. 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.
Loading charts...
Volatility by Period
| IEMGX | IEFA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.84% | 4.75% | +6.09% |
Volatility (6M)Calculated over the trailing 6-month period | 24.96% | 13.63% | +11.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.72% | 15.69% | +12.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.56% | 16.63% | +2.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.98% | 17.03% | +1.95% |
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 4.89%, more than IEFA's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEFA iShares Core MSCI EAFE ETF | 3.35% | 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 | 4.89% | 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 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMGX has higher volatility (10.84%) compared to IEFA (4.75%). In terms of maximum drawdown, IEMGX dropped -41.87% vs IEFA's -34.78%.
IEMGX currently has the higher Sharpe Ratio (1.96 vs 1.56), 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.
Find the right allocation for IEMGX and IEFA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer