IEMS.L vs. EMHD.L

Last updated Jun 5, 2026

IEMS.L (iShares MSCI Emerging Markets Small Cap UCITS ETF) and EMHD.L (Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF Dist) are both Emerging Markets Equities funds - IEMS.L tracks the MSCI Emerging Markets Small Cap while EMHD.L tracks the FTSE Emerging High Dividend Low Volatility Net Tax Index. Both are passively managed. Over the past 10 years, IEMS.L returned 9.32%/yr vs 7.13%/yr for EMHD.L. A 0.75 correlation means they provide meaningful diversification when combined. IEMS.L charges 0.74%/yr vs 0.49%/yr for EMHD.L.

Performance

IEMS.L vs. EMHD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Small Cap UCITS ETF (IEMS.L) and Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF Dist (EMHD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEMS.L achieves a 15.99% return, which is significantly higher than EMHD.L's 8.13% return. Over the past 10 years, IEMS.L has outperformed EMHD.L with an annualized return of 9.32%, while EMHD.L has yielded a comparatively lower 7.13% 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%

EMHD.L

• 1D: -0.03%
• 1M: -3.39%
• YTD: 8.13%
• 6M: 7.85%
• 1Y: 24.65%
• 3Y*: 14.98%
• 5Y*: 5.68%
• 10Y*: 7.13%

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

IEMS.L vs. EMHD.L - 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%
EMHD.L Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF Dist	8.13%	26.93%	2.28%	10.88%	-17.26%	13.69%	-6.85%	15.04%	-6.42%	25.33%

Correlation

The correlation between IEMS.L and EMHD.L is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jun 1, 2016	0.75

The correlation between IEMS.L and EMHD.L shifts across timeframes, from 0.62 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

IEMS.L vs. EMHD.L - Sectors Allocation Comparison

Sectors	IEMS.L	EMHD.L
Technology	22.6%	3.2%
Industrials	18.6%	10.7%
Financial Services	10.9%	23.6%
Consumer Cyclical	9.8%	7.4%
Basic Materials	9.5%	5.7%
Healthcare	9.4%	1.7%
Real Estate	6.0%	4.4%
Consumer Defensive	5.3%	6.7%
Communication Services	2.9%	6.0%
Utilities	2.7%	11.7%
Energy	2.3%	18.9%

Return for Risk

IEMS.L vs. EMHD.L — Risk / Return Rank

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

IEMS.L

IEMS.L Risk / Return Rank: 54
IEMS.L Sharpe Ratio Rank: 48
IEMS.L Sortino Ratio Rank: 48
IEMS.L Omega Ratio Rank: 51
IEMS.L Calmar Ratio Rank: 63
IEMS.L Martin Ratio Rank: 59

EMHD.L

EMHD.L Risk / Return Rank: 63
EMHD.L Sharpe Ratio Rank: 59
EMHD.L Sortino Ratio Rank: 64
EMHD.L Omega Ratio Rank: 55
EMHD.L Calmar Ratio Rank: 78
EMHD.L Martin Ratio Rank: 61

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.

IEMS.L vs. EMHD.L - 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 Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF Dist (EMHD.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.

	IEMS.L	EMHD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.96	-0.34
Sortino ratio: Return per unit of downside risk	2.34	2.94	-0.60
Omega ratio: Gain probability vs. loss probability	1.31	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	3.05	3.89	-0.84
Martin ratio: Return relative to average drawdown	10.31	10.79	-0.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEMS.L vs. EMHD.L - Sharpe Ratio Comparison

The current IEMS.L Sharpe Ratio is 1.62, which is comparable to the EMHD.L Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of IEMS.L and EMHD.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

	IEMS.L	EMHD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	1.96	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.38	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.43	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.44	+0.09

Drawdowns

IEMS.L vs. EMHD.L - Drawdown Comparison

The maximum IEMS.L drawdown since its inception was -49.94%, which is greater than EMHD.L's maximum drawdown of -38.32%. Use the drawdown chart below to compare losses from any high point for IEMS.L and EMHD.L.

Drawdown Indicators

	IEMS.L	EMHD.L	Difference
Max Drawdown Largest peak-to-trough decline	-49.94%	-38.32%	-11.62%
Max Drawdown (1Y) Largest decline over 1 year	-9.60%	-6.20%	-3.40%
Max Drawdown (3Y) Largest decline over 3 years	-20.90%	-13.97%	-6.93%
Max Drawdown (5Y) Largest decline over 5 years	-27.85%	-30.43%	+2.58%
Max Drawdown (10Y) Largest decline over 10 years	-49.94%	-38.32%	-11.62%
Current Drawdown Current decline from peak	-2.19%	-4.89%	+2.70%
Average Drawdown Average peak-to-trough decline	-11.38%	-9.75%	-1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	2.25%	+0.60%

Volatility

IEMS.L vs. EMHD.L - Volatility Comparison

iShares MSCI Emerging Markets Small Cap UCITS ETF (IEMS.L) has a higher volatility of 7.31% compared to Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF Dist (EMHD.L) at 3.77%. This indicates that IEMS.L's price experiences larger fluctuations and is considered to be riskier than EMHD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEMS.L	EMHD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.31%	3.77%	+3.54%
Volatility (6M) Calculated over the trailing 6-month period	15.68%	9.33%	+6.35%
Volatility (1Y) Calculated over the trailing 1-year period	18.10%	12.32%	+5.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	15.04%	+2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.32%	16.85%	+1.47%

IEMS.L vs. EMHD.L - Expense Ratio Comparison

IEMS.L has a 0.74% expense ratio, which is higher than EMHD.L's 0.49% expense ratio.

Dividends

IEMS.L vs. EMHD.L - Dividend Comparison

IEMS.L's dividend yield for the trailing twelve months is around 1.61%, less than EMHD.L's 4.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMHD.L Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF Dist	4.89%	5.17%	5.78%	5.99%	9.02%	6.08%	4.02%	5.04%	5.51%	4.92%	2.37%	0.00%
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

Can I hold both IEMS.L and EMHD.L in my portfolio?

IEMS.L and EMHD.L have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IEMS.L or EMHD.L?

On fees, EMHD.L is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IEMS.L or EMHD.L?

EMHD.L is cheaper with a 0.49% expense ratio, compared with 0.74% for IEMS.L.

What is the main difference between IEMS.L and EMHD.L?

IEMS.L tracks MSCI Emerging Markets Small Cap, while EMHD.L tracks FTSE Emerging High Dividend Low Volatility Net Tax Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.74% for IEMS.L and 0.49% for EMHD.L.