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IEMS.L vs. ISDE.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEMS.L vs. ISDE.L

Last updated Jun 6, 2026

IEMS.L (iShares MSCI Emerging Markets Small Cap UCITS ETF) and ISDE.L (iShares MSCI EM Islamic UCITS ETF USD (Dist)) are both Emerging Markets Equities funds from iShares - IEMS.L tracks the MSCI Emerging Markets Small Cap while ISDE.L tracks the MSCI Emerging Markets Islamic Index. Both are passively managed. Over the past 10 years, IEMS.L returned 8.79%/yr vs 12.11%/yr for ISDE.L. Their correlation of 0.80 suggests significant overlap in exposure. IEMS.L charges 0.74%/yr vs 0.85%/yr for ISDE.L.

Performance

IEMS.L vs. ISDE.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 iShares MSCI EM Islamic UCITS ETF USD (Dist) (ISDE.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IEMS.L achieves a 11.80% return, which is significantly lower than ISDE.L's 49.87% return. Over the past 10 years, IEMS.L has underperformed ISDE.L with an annualized return of 8.79%, while ISDE.L has yielded a comparatively higher 12.11% annualized return.

IEMS.L

1D
-3.61%
1M
-4.60%
YTD
11.80%
6M
12.55%
1Y
24.64%
3Y*
15.82%
5Y*
6.33%
10Y*
8.79%

ISDE.L

1D
-6.38%
1M
2.33%
YTD
49.87%
6M
52.76%
1Y
90.70%
3Y*
28.23%
5Y*
11.11%
10Y*
12.11%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEMS.L vs. ISDE.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEMS.L
iShares MSCI Emerging Markets Small Cap UCITS ETF		11.80%19.35%2.60%23.28%-18.99%19.02%18.31%10.68%-19.11%34.91%
ISDE.L
iShares MSCI EM Islamic UCITS ETF USD (Dist)		49.87%39.00%-3.54%14.04%-22.75%2.66%22.18%19.37%-17.23%41.70%

Correlation

The correlation between IEMS.L and ISDE.L is 0.76, 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

0.76

Correlation (3Y)
Calculated over the trailing 3-year period

0.74

Correlation (5Y)
Calculated over the trailing 5-year period

0.79

Correlation (10Y)
Calculated over the trailing 10-year period

0.82

Correlation (All Time)
Calculated using the full available price history since Mar 6, 2009

0.80

The correlation between IEMS.L and ISDE.L has been stable across timeframes, ranging from 0.74 to 0.82 - a consistent structural relationship.

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

Sectors
IEMS.L
ISDE.L

Technology

22.6%
48.0%

Industrials

18.6%
8.6%

Financial Services

10.9%
3.7%

Consumer Cyclical

9.8%
5.3%

Basic Materials

9.5%
12.2%

Healthcare

9.4%
4.8%

Real Estate

6.0%
0.9%

Consumer Defensive

5.3%
3.3%

Communication Services

2.9%
0.9%

Utilities

2.7%
2.3%

Energy

2.3%
10.1%

Technology

IEMS.L
22.6%
ISDE.L
48.0%

Industrials

IEMS.L
18.6%
ISDE.L
8.6%

Financial Services

IEMS.L
10.9%
ISDE.L
3.7%

Consumer Cyclical

IEMS.L
9.8%
ISDE.L
5.3%

Basic Materials

IEMS.L
9.5%
ISDE.L
12.2%

Healthcare

IEMS.L
9.4%
ISDE.L
4.8%

Real Estate

IEMS.L
6.0%
ISDE.L
0.9%

Consumer Defensive

IEMS.L
5.3%
ISDE.L
3.3%

Communication Services

IEMS.L
2.9%
ISDE.L
0.9%

Utilities

IEMS.L
2.7%
ISDE.L
2.3%

Energy

IEMS.L
2.3%
ISDE.L
10.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Emerging Markets Small Cap UCITS ETF

iShares MSCI EM Islamic UCITS ETF USD (Dist)

Often compared with IEMS.L:
IEMS.L vs. AVEMIEMS.L vs. IEMGIEMS.L vs. HEEMIEMS.L vs. BKEMIEMS.L vs. EEMSIEMS.L vs. EMSM.LIEMS.L vs. IAAAX
Often compared with ISDE.L:
ISDE.L vs. VFEG.LISDE.L vs. JRDM.LISDE.L vs. VDEM.LISDE.L vs. LEML.LISDE.L vs. EDG2.LISDE.L vs. PRAM.LISDE.L vs. EMVL.L

Return for Risk

IEMS.L vs. ISDE.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: 4747
Overall Rank
IEMS.L Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
IEMS.L Sortino Ratio Rank: 4242
Sortino Ratio Rank
IEMS.L Omega Ratio Rank: 4444
Omega Ratio Rank
IEMS.L Calmar Ratio Rank: 5656
Calmar Ratio Rank
IEMS.L Martin Ratio Rank: 5454
Martin Ratio Rank
ISDE.L
ISDE.L Risk / Return Rank: 9494
Overall Rank
ISDE.L Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
ISDE.L Sortino Ratio Rank: 9292
Sortino Ratio Rank
ISDE.L Omega Ratio Rank: 9494
Omega Ratio Rank
ISDE.L Calmar Ratio Rank: 9494
Calmar Ratio Rank
ISDE.L Martin Ratio Rank: 9494
Martin Ratio Rank
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. ISDE.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 iShares MSCI EM Islamic UCITS ETF USD (Dist) (ISDE.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.LISDE.LDifference
Sharpe ratioReturn per unit of total volatility
1.33
3.50

-2.18

Sortino ratioReturn per unit of downside risk
1.93
4.07

-2.14

Omega ratioGain probability vs. loss probability

1.26

1.62

-0.36

Calmar ratioReturn relative to maximum drawdown

2.56

6.33

-3.77

Martin ratioReturn relative to average drawdown

8.57

23.85

-15.28

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. ISDE.L - Sharpe Ratio Comparison

The current IEMS.L Sharpe Ratio is 1.33, which is lower than the ISDE.L Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of IEMS.L and ISDE.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.

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Sharpe Ratios by Period

IEMS.LISDE.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.33

3.50

-2.18

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.36

0.57

-0.21

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.48

0.61

-0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

0.15

+0.37

Drawdowns

IEMS.L vs. ISDE.L - Drawdown Comparison

The maximum IEMS.L drawdown since its inception was -49.94%, smaller than the maximum ISDE.L drawdown of -65.53%. Use the drawdown chart below to compare losses from any high point for IEMS.L and ISDE.L.

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Drawdown Indicators

IEMS.LISDE.LDifference

Max Drawdown

Largest peak-to-trough decline

-49.94%

-65.53%

+15.59%

Max Drawdown (1Y)

Largest decline over 1 year

-9.60%

-14.25%

+4.65%

Max Drawdown (3Y)

Largest decline over 3 years

-20.89%

-21.83%

+0.94%

Max Drawdown (5Y)

Largest decline over 5 years

-27.84%

-32.16%

+4.32%

Max Drawdown (10Y)

Largest decline over 10 years

-49.94%

-36.64%

-13.30%

Current Drawdown

Current decline from peak

-5.72%

-9.83%

+4.11%

Average Drawdown

Average peak-to-trough decline

-12.54%

-22.87%

+10.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.87%

3.79%

-0.92%

Volatility

IEMS.L vs. ISDE.L - Volatility Comparison

The current volatility for iShares MSCI Emerging Markets Small Cap UCITS ETF (IEMS.L) is 8.09%, while iShares MSCI EM Islamic UCITS ETF USD (Dist) (ISDE.L) has a volatility of 13.65%. This indicates that IEMS.L experiences smaller price fluctuations and is considered to be less risky than ISDE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEMS.LISDE.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.09%

13.65%

-5.56%

Volatility (6M)

Calculated over the trailing 6-month period

16.10%

23.32%

-7.22%

Volatility (1Y)

Calculated over the trailing 1-year period

18.46%

25.78%

-7.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.52%

19.44%

-1.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.30%

19.95%

-1.65%

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

IEMS.L has a 0.74% expense ratio, which is lower than ISDE.L's 0.85% expense ratio.

Dividends

IEMS.L vs. ISDE.L - Dividend Comparison

IEMS.L's dividend yield for the trailing twelve months is around 1.67%, more than ISDE.L's 1.15% yield.

PositionTTM20252024202320222021202020192018201720162015
IEMS.L
iShares MSCI Emerging Markets Small Cap UCITS ETF		1.67%1.70%1.81%2.09%2.47%1.29%1.62%2.05%2.19%1.32%2.08%0.87%
ISDE.L
iShares MSCI EM Islamic UCITS ETF USD (Dist)		1.15%1.06%2.51%2.77%2.10%1.79%0.98%1.55%1.64%1.02%1.07%2.32%

Frequently Asked Questions

IEMS.L and ISDE.L have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IEMS.L is cheaper at 0.74% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IEMS.L is cheaper with a 0.74% expense ratio, compared with 0.85% for ISDE.L.

IEMS.L tracks MSCI Emerging Markets Small Cap, while ISDE.L tracks MSCI Emerging Markets Islamic Index. Their fees differ too: 0.74% for IEMS.L and 0.85% for ISDE.L.

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