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IJP.AX vs. IEM.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IJP.AX vs. IEM.AX

Last updated Jul 18, 2026
Documentation

IJP.AX (iShares MSCI Japan ETF (AU)) and IEM.AX (iShares MSCI Emerging Markets ETF (AU)) are both exchange-traded funds - IJP.AX is a Japan Equities fund tracking the iShares MSCI Japan Index, while IEM.AX is a Emerging Markets Equities fund tracking the iShares MSCI Emerging Markets Index. Both are passively managed. Over the past 10 years, IJP.AX returned 8.87%/yr vs 8.49%/yr for IEM.AX. At a 0.36 correlation, their price movements are largely independent.

Performance

IJP.AX vs. IEM.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares MSCI Japan ETF (AU) (IJP.AX) and iShares MSCI Emerging Markets ETF (AU) (IEM.AX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IJP.AX achieves a 6.55% return, which is significantly lower than IEM.AX's 10.38% return. Both investments have delivered pretty close results over the past 10 years, with IJP.AX having a 8.87% annualized return and IEM.AX not far behind at 8.49%.

IJP.AX

1D
-3.66%
1M
-4.81%
6M
0.15%
YTD
6.55%
1Y
15.03%
3Y*
12.06%
5Y*
8.14%
10Y*
8.87%

IEM.AX

1D
-4.00%
1M
-9.12%
6M
3.79%
YTD
10.38%
1Y
20.26%
3Y*
15.74%
5Y*
6.08%
10Y*
8.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IJP.AX vs. IEM.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IJP.AX
iShares MSCI Japan ETF (AU)		6.55%12.09%15.30%17.88%-10.71%7.32%5.22%20.14%-4.56%15.10%
IEM.AX
iShares MSCI Emerging Markets ETF (AU)		10.38%22.71%14.85%6.42%-13.41%1.75%7.24%17.26%-5.17%26.57%

Correlation

The correlation between IJP.AX and IEM.AX is 0.55, 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

0.55

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

0.41

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

0.40

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

0.40

Correlation (All Time)
Calculated using the full available price history since Oct 10, 2007

0.36

The correlation between IJP.AX and IEM.AX shifts across timeframes, from 0.36 (all time) to 0.55 (1 year), reflecting how their relationship changes across market environments.

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iShares MSCI Japan ETF (AU)

iShares MSCI Emerging Markets ETF (AU)

Often compared with IJP.AX:
IJP.AX vs. BILL.AXIJP.AX vs. IOZ.AXIJP.AX vs. GLDN.AXIJP.AX vs. GLIN.AXIJP.AX vs. IVV.AXIJP.AX vs. MVOL.AXIJP.AX vs. WVOL.AX
Often compared with IEM.AX:
IEM.AX vs. EMKT.AXIEM.AX vs. FEMX.AXIEM.AX vs. AUMF.AXIEM.AX vs. BILL.AXIEM.AX vs. IHCB.AXIEM.AX vs. ILB.AXIEM.AX vs. MVOL.AX

Return for Risk

IJP.AX vs. IEM.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IJP.AX
IJP.AX Risk / Return Rank: 2929
Overall Rank
IJP.AX Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
IJP.AX Sortino Ratio Rank: 2828
Sortino Ratio Rank
IJP.AX Omega Ratio Rank: 2727
Omega Ratio Rank
IJP.AX Calmar Ratio Rank: 3131
Calmar Ratio Rank
IJP.AX Martin Ratio Rank: 3232
Martin Ratio Rank
IEM.AX
IEM.AX Risk / Return Rank: 4141
Overall Rank
IEM.AX Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
IEM.AX Sortino Ratio Rank: 3636
Sortino Ratio Rank
IEM.AX Omega Ratio Rank: 4040
Omega Ratio Rank
IEM.AX Calmar Ratio Rank: 4545
Calmar Ratio Rank
IEM.AX Martin Ratio Rank: 4545
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.

IJP.AX vs. IEM.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan ETF (AU) (IJP.AX) and iShares MSCI Emerging Markets ETF (AU) (IEM.AX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

IJP.AXIEM.AXDifference
Sharpe ratioReturn per unit of total volatility
0.75
1.06

-0.31

Sortino ratioReturn per unit of downside risk
1.19
1.50

-0.31

Omega ratioGain probability vs. loss probability

1.15

1.21

-0.06

Calmar ratioReturn relative to maximum drawdown

1.18

1.74

-0.56

Martin ratioReturn relative to average drawdown

3.53

5.52

-1.99

IJP.AX vs. IEM.AX - Sharpe Ratio Comparison

The current IJP.AX Sharpe Ratio is 0.75, which is comparable to the IEM.AX Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of IJP.AX and IEM.AX, 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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Drawdowns

IJP.AX vs. IEM.AX - Drawdown Comparison

The maximum IJP.AX drawdown since its inception was -75.33%, which is greater than IEM.AX's maximum drawdown of -43.82%. Use the drawdown chart below to compare losses from any high point for IJP.AX and IEM.AX.

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Drawdown Indicators

IJP.AXIEM.AXDifference

Max Drawdown

Largest peak-to-trough decline

-75.33%

-43.82%

-31.51%

Max Drawdown (1Y)

Largest decline over 1 year

-12.39%

-11.25%

-1.14%

Max Drawdown (3Y)

Largest decline over 3 years

-19.42%

-11.25%

-8.17%

Max Drawdown (5Y)

Largest decline over 5 years

-25.75%

-25.26%

-0.49%

Max Drawdown (10Y)

Largest decline over 10 years

-75.33%

-27.57%

-47.76%

Current Drawdown

Current decline from peak

-42.39%

-11.15%

-31.24%

Average Drawdown

Average peak-to-trough decline

-44.05%

-12.22%

-31.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.17%

3.60%

+0.57%

Volatility

IJP.AX vs. IEM.AX - Volatility Comparison

The current volatility for iShares MSCI Japan ETF (AU) (IJP.AX) is 6.69%, while iShares MSCI Emerging Markets ETF (AU) (IEM.AX) has a volatility of 8.99%. This indicates that IJP.AX experiences smaller price fluctuations and is considered to be less risky than IEM.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IJP.AXIEM.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.69%

8.99%

-2.30%

Volatility (6M)

Calculated over the trailing 6-month period

15.68%

17.22%

-1.54%

Volatility (1Y)

Calculated over the trailing 1-year period

19.43%

18.47%

+0.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.88%

15.60%

+1.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

96.11%

15.53%

+80.58%

Dividends

IJP.AX vs. IEM.AX - Dividend Comparison

IJP.AX's dividend yield for the trailing twelve months is around 1.66%, more than IEM.AX's 0.84% yield.

PositionTTM20252024202320222021202020192018201720162015
IEM.AX
iShares MSCI Emerging Markets ETF (AU)		0.84%0.89%0.66%1.16%3.38%2.36%1.28%3.45%1.06%2.28%0.00%0.00%
IJP.AX
iShares MSCI Japan ETF (AU)		1.66%0.83%0.71%1.28%1.28%2.20%1.28%3.02%1.33%1.18%1.23%0.05%

Frequently Asked Questions

IJP.AX and IEM.AX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IJP.AX is categorized as Japan Equities, while IEM.AX is Emerging Markets Equities. IJP.AX tracks iShares MSCI Japan Index, while IEM.AX tracks iShares MSCI Emerging Markets Index.

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