IEMS.L vs. IAGG
IEMS.L (iShares MSCI Emerging Markets Small Cap UCITS ETF) and IAGG (iShares Core International Aggregate Bond ETF) are both exchange-traded funds - IEMS.L is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Small Cap, while IAGG is a Global Bonds fund tracking the Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index. Both are passively managed. Over the past 10 years, IEMS.L returned 9.32%/yr vs 2.16%/yr for IAGG. At a 0.03 correlation, their price movements are largely independent. IEMS.L charges 0.74%/yr vs 0.07%/yr for IAGG.
Performance
IEMS.L vs. IAGG - 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 IAGG's 0.86% return. Over the past 10 years, IEMS.L has outperformed IAGG with an annualized return of 9.32%, while IAGG has yielded a comparatively lower 2.16% 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%
IAGG
- 1D
- -0.16%
- 1M
- 0.04%
- YTD
- 0.86%
- 6M
- 0.85%
- 1Y
- 2.38%
- 3Y*
- 4.58%
- 5Y*
- 1.10%
- 10Y*
- 2.16%
IEMS.L vs. IAGG - 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% |
IAGG iShares Core International Aggregate Bond ETF | 0.86% | 3.26% | 4.51% | 8.49% | -10.86% | -1.87% | 4.63% | 7.99% | 3.38% | 2.09% |
Correlation
The correlation between IEMS.L and IAGG is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2015 | 0.03 |
Over the past year, IEMS.L and IAGG have become more correlated (0.31) than their long-term average of 0.03, meaning their price movements have been converging.
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Return for Risk
IEMS.L vs. IAGG — Risk / Return Rank
IEMS.L
IAGG
IEMS.L vs. IAGG - 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 Core International Aggregate Bond ETF (IAGG). 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 | IAGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.15 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.05 | 1.03 | +2.02 |
| Martin ratioReturn relative to average drawdown | 10.31 | 3.08 | +7.23 |
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 | IAGG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.62 | 0.84 | +0.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 0.24 | +0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.54 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.61 | -0.08 |
Drawdowns
IEMS.L vs. IAGG - Drawdown Comparison
The maximum IEMS.L drawdown since its inception was -49.94%, which is greater than IAGG's maximum drawdown of -13.88%. Use the drawdown chart below to compare losses from any high point for IEMS.L and IAGG.
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Drawdown Indicators
| IEMS.L | IAGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.94% | -13.88% | -36.06% |
Max Drawdown (1Y)Largest decline over 1 year | -9.60% | -2.32% | -7.28% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -2.32% | -18.58% |
Max Drawdown (5Y)Largest decline over 5 years | -27.85% | -13.57% | -14.28% |
Max Drawdown (10Y)Largest decline over 10 years | -49.94% | -13.88% | -36.06% |
Current DrawdownCurrent decline from peak | -2.19% | -1.04% | -1.15% |
Average DrawdownAverage peak-to-trough decline | -11.38% | -2.85% | -8.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.85% | 0.78% | +2.07% |
Volatility
IEMS.L vs. IAGG - Volatility Comparison
iShares MSCI Emerging Markets Small Cap UCITS ETF (IEMS.L) has a higher volatility of 7.31% compared to iShares Core International Aggregate Bond ETF (IAGG) at 1.09%. This indicates that IEMS.L's price experiences larger fluctuations and is considered to be riskier than IAGG 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 | IAGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.31% | 1.09% | +6.22% |
Volatility (6M)Calculated over the trailing 6-month period | 15.68% | 2.41% | +13.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.10% | 2.84% | +15.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.45% | 4.51% | +12.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.32% | 4.05% | +14.27% |
IEMS.L vs. IAGG - Expense Ratio Comparison
IEMS.L has a 0.74% expense ratio, which is higher than IAGG's 0.07% expense ratio.
Dividends
IEMS.L vs. IAGG - Dividend Comparison
IEMS.L's dividend yield for the trailing twelve months is around 1.61%, less than IAGG's 3.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAGG iShares Core International Aggregate Bond ETF | 3.66% | 3.08% | 4.28% | 3.55% | 2.27% | 1.16% | 1.95% | 2.82% | 3.02% | 1.74% | 1.56% | 0.13% |
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 IAGG have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IAGG is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IAGG is cheaper with a 0.07% expense ratio, compared with 0.74% for IEMS.L.
IEMS.L is categorized as Emerging Markets Equities, while IAGG is Global Bonds. IEMS.L tracks MSCI Emerging Markets Small Cap, while IAGG tracks Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index. Their fees differ too: 0.74% for IEMS.L and 0.07% for IAGG.
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