IEMS.L vs. EMB
IEMS.L (iShares MSCI Emerging Markets Small Cap UCITS ETF) and EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) are both exchange-traded funds - IEMS.L is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Small Cap, while EMB is a Emerging Markets Bonds fund tracking the JPMorgan EMBI Global Core Index. Both are passively managed. Over the past 10 years, IEMS.L returned 9.32%/yr vs 3.20%/yr for EMB. At a 0.38 correlation, their price movements are largely independent. IEMS.L charges 0.74%/yr vs 0.39%/yr for EMB.
Performance
IEMS.L vs. EMB - Performance Comparison
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Returns By Period
In the year-to-date period, IEMS.L achieves a 15.99% return, which is significantly higher than EMB's 1.27% return. Over the past 10 years, IEMS.L has outperformed EMB with an annualized return of 9.32%, while EMB has yielded a comparatively lower 3.20% annualized return.
IEMS.L
- 1D
- -0.70%
- 1M
- -1.03%
- YTD
- 15.99%
- 6M
- 16.76%
- 1Y
- 29.31%
- 3Y*
- 17.49%
- 5Y*
- 7.12%
- 10Y*
- 9.32%
EMB
- 1D
- -0.73%
- 1M
- -0.48%
- YTD
- 1.27%
- 6M
- 1.62%
- 1Y
- 10.84%
- 3Y*
- 9.36%
- 5Y*
- 1.75%
- 10Y*
- 3.20%
IEMS.L vs. EMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEMS.L iShares MSCI Emerging Markets Small Cap UCITS ETF | 15.99% | 19.35% | 2.60% | 23.28% | -18.98% | 19.00% | 18.41% | 10.59% | -19.12% | 34.91% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 1.27% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 5.42% | 15.48% | -5.47% | 10.28% |
Correlation
The correlation between IEMS.L and EMB is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2009 | 0.38 |
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Return for Risk
IEMS.L vs. EMB — Risk / Return Rank
IEMS.L
EMB
IEMS.L vs. EMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Small Cap UCITS ETF (IEMS.L) and iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB). 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.
| IEMS.L | EMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.38 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.05 | 2.41 | +0.64 |
| Martin ratioReturn relative to average drawdown | 10.31 | 10.31 | 0.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IEMS.L | EMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.62 | 1.95 | -0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 0.18 | +0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.32 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.43 | +0.10 |
Drawdowns
IEMS.L vs. EMB - Drawdown Comparison
The maximum IEMS.L drawdown since its inception was -49.94%, which is greater than EMB's maximum drawdown of -34.70%. Use the drawdown chart below to compare losses from any high point for IEMS.L and EMB.
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Drawdown Indicators
| IEMS.L | EMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.94% | -34.70% | -15.24% |
Max Drawdown (1Y)Largest decline over 1 year | -9.60% | -4.51% | -5.09% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -7.95% | -12.95% |
Max Drawdown (5Y)Largest decline over 5 years | -27.85% | -28.74% | +0.89% |
Max Drawdown (10Y)Largest decline over 10 years | -49.94% | -28.74% | -21.20% |
Current DrawdownCurrent decline from peak | -2.19% | -0.89% | -1.30% |
Average DrawdownAverage peak-to-trough decline | -11.38% | -5.06% | -6.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.85% | 1.05% | +1.80% |
Volatility
IEMS.L vs. EMB - Volatility Comparison
iShares MSCI Emerging Markets Small Cap UCITS ETF (IEMS.L) has a higher volatility of 7.31% compared to iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) at 1.80%. This indicates that IEMS.L's price experiences larger fluctuations and is considered to be riskier than EMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEMS.L | EMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.31% | 1.80% | +5.51% |
Volatility (6M)Calculated over the trailing 6-month period | 15.68% | 4.57% | +11.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.10% | 5.60% | +12.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.45% | 9.75% | +7.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.32% | 9.96% | +8.36% |
IEMS.L vs. EMB - Expense Ratio Comparison
IEMS.L has a 0.74% expense ratio, which is higher than EMB's 0.39% expense ratio.
Dividends
IEMS.L vs. EMB - Dividend Comparison
IEMS.L's dividend yield for the trailing twelve months is around 1.61%, less than EMB's 5.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.08% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
IEMS.L iShares MSCI Emerging Markets Small Cap UCITS ETF | 1.61% | 1.70% | 1.81% | 2.09% | 2.47% | 1.29% | 1.62% | 2.05% | 2.19% | 1.32% | 2.08% | 0.87% |
Frequently Asked Questions
IEMS.L and EMB have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMB is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMB is cheaper with a 0.39% expense ratio, compared with 0.74% for IEMS.L.
IEMS.L is categorized as Emerging Markets Equities, while EMB is Emerging Markets Bonds. IEMS.L tracks MSCI Emerging Markets Small Cap, while EMB tracks JPMorgan EMBI Global Core Index. Their fees differ too: 0.74% for IEMS.L and 0.39% for EMB.
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