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

IEMS.L vs. SCHD

Last updated Jun 5, 2026

IEMS.L (iShares MSCI Emerging Markets Small Cap UCITS ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - IEMS.L is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Small Cap, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 10 years, IEMS.L returned 9.32%/yr vs 12.64%/yr for SCHD. At a 0.40 correlation, their price movements are largely independent. IEMS.L charges 0.74%/yr vs 0.06%/yr for SCHD.

Performance

IEMS.L vs. SCHD - 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 Schwab U.S. Dividend Equity ETF (SCHD). 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 15.99% return, which is significantly lower than SCHD's 18.75% return. Over the past 10 years, IEMS.L has underperformed SCHD with an annualized return of 9.32%, while SCHD has yielded a comparatively higher 12.64% 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%

SCHD

1D
-0.89%
1M
2.02%
YTD
18.75%
6M
18.75%
1Y
27.90%
3Y*
15.14%
5Y*
8.31%
10Y*
12.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEMS.L vs. SCHD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SCHD
Schwab U.S. Dividend Equity ETF		18.75%4.34%11.66%4.54%-3.26%29.87%15.03%27.29%-5.56%20.85%

Correlation

The correlation between IEMS.L and SCHD is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.14

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

0.27

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

0.33

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

0.38

Correlation (All Time)
Calculated using the full available price history since Oct 21, 2011

0.40

Over the past year, the correlation between IEMS.L and SCHD has dropped to 0.14 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

IEMS.L vs. SCHD - Sectors Allocation Comparison

Sectors
IEMS.L
SCHD

Technology

22.6%
16.4%

Industrials

18.6%
7.5%

Financial Services

10.9%
9.3%

Consumer Cyclical

9.8%
6.3%

Basic Materials

9.5%
1.2%

Healthcare

9.4%
18.8%

Real Estate

6.0%

-

Consumer Defensive

5.3%
19.2%

Communication Services

2.9%
6.3%

Utilities

2.7%
0.0%

Energy

2.3%
16.2%

Technology

IEMS.L
22.6%
SCHD
16.4%

Industrials

IEMS.L
18.6%
SCHD
7.5%

Financial Services

IEMS.L
10.9%
SCHD
9.3%

Consumer Cyclical

IEMS.L
9.8%
SCHD
6.3%

Basic Materials

IEMS.L
9.5%
SCHD
1.2%

Healthcare

IEMS.L
9.4%
SCHD
18.8%

Real Estate

IEMS.L
6.0%
SCHD

-

Consumer Defensive

IEMS.L
5.3%
SCHD
19.2%

Communication Services

IEMS.L
2.9%
SCHD
6.3%

Utilities

IEMS.L
2.7%
SCHD
0.0%

Energy

IEMS.L
2.3%
SCHD
16.2%

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

Schwab U.S. Dividend Equity ETF

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 SCHD:
SCHD vs. VOOSCHD vs. VYMSCHD vs. SPYSCHD vs. SCHGSCHD vs. JEPISCHD vs. FDVVSCHD vs. VIG

Return for Risk

IEMS.L vs. SCHD — 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: 5454
Overall Rank
IEMS.L Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
IEMS.L Sortino Ratio Rank: 4848
Sortino Ratio Rank
IEMS.L Omega Ratio Rank: 5151
Omega Ratio Rank
IEMS.L Calmar Ratio Rank: 6363
Calmar Ratio Rank
IEMS.L Martin Ratio Rank: 5959
Martin Ratio Rank
SCHD
SCHD Risk / Return Rank: 8383
Overall Rank
SCHD Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
SCHD Sortino Ratio Rank: 8888
Sortino Ratio Rank
SCHD Omega Ratio Rank: 7878
Omega Ratio Rank
SCHD Calmar Ratio Rank: 9292
Calmar Ratio Rank
SCHD Martin Ratio Rank: 7878
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. SCHD - 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 Schwab U.S. Dividend Equity ETF (SCHD). 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.LSCHDDifference
Sharpe ratioReturn per unit of total volatility
1.62
2.55

-0.93

Sortino ratioReturn per unit of downside risk
2.34
3.94

-1.60

Omega ratioGain probability vs. loss probability

1.31

1.46

-0.14

Calmar ratioReturn relative to maximum drawdown

3.05

6.07

-3.02

Martin ratioReturn relative to average drawdown

10.31

14.90

-4.59

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. SCHD - Sharpe Ratio Comparison

The current IEMS.L Sharpe Ratio is 1.62, which is lower than the SCHD Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of IEMS.L and SCHD, 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.LSCHDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.62

2.55

-0.93

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.41

0.58

-0.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

0.76

-0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.86

-0.33

Drawdowns

IEMS.L vs. SCHD - Drawdown Comparison

The maximum IEMS.L drawdown since its inception was -49.94%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for IEMS.L and SCHD.

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Drawdown Indicators

IEMS.LSCHDDifference

Max Drawdown

Largest peak-to-trough decline

-49.94%

-33.37%

-16.57%

Max Drawdown (1Y)

Largest decline over 1 year

-9.60%

-4.61%

-4.99%

Max Drawdown (3Y)

Largest decline over 3 years

-20.90%

-16.13%

-4.77%

Max Drawdown (5Y)

Largest decline over 5 years

-27.85%

-16.85%

-11.00%

Max Drawdown (10Y)

Largest decline over 10 years

-49.94%

-33.37%

-16.57%

Current Drawdown

Current decline from peak

-2.19%

-1.61%

-0.58%

Average Drawdown

Average peak-to-trough decline

-11.38%

-3.32%

-8.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.85%

1.88%

+0.97%

Volatility

IEMS.L vs. SCHD - Volatility Comparison

iShares MSCI Emerging Markets Small Cap UCITS ETF (IEMS.L) has a higher volatility of 7.31% compared to Schwab U.S. Dividend Equity ETF (SCHD) at 2.87%. This indicates that IEMS.L's price experiences larger fluctuations and is considered to be riskier than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEMS.LSCHDDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.31%

2.87%

+4.44%

Volatility (6M)

Calculated over the trailing 6-month period

15.68%

7.61%

+8.07%

Volatility (1Y)

Calculated over the trailing 1-year period

18.10%

10.98%

+7.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.45%

14.38%

+3.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.32%

16.72%

+1.60%

IEMS.L vs. SCHD - Expense Ratio Comparison

IEMS.L has a 0.74% expense ratio, which is higher than SCHD's 0.06% expense ratio.

Dividends

IEMS.L vs. SCHD - Dividend Comparison

IEMS.L's dividend yield for the trailing twelve months is around 1.61%, less than SCHD's 3.27% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SCHD
Schwab U.S. Dividend Equity ETF		3.27%3.82%3.64%3.49%3.39%2.78%3.16%2.98%3.06%2.63%2.89%2.97%

Frequently Asked Questions

IEMS.L and SCHD have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SCHD is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SCHD is cheaper with a 0.06% expense ratio, compared with 0.74% for IEMS.L.

IEMS.L is categorized as Emerging Markets Equities, while SCHD is Dividend. IEMS.L tracks MSCI Emerging Markets Small Cap, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: iShares and Charles Schwab. Their fees differ too: 0.74% for IEMS.L and 0.06% for SCHD.

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