IKO.AX vs. IEM.AX
IKO.AX (iShares MSCI South Korea ETF (AU)) and IEM.AX (iShares MSCI Emerging Markets ETF (AU)) are both exchange-traded funds - IKO.AX is a Global Equities fund tracking the iShares MSCI South Korea Index, while IEM.AX is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Index. Both are passively managed. Over the past 10 years, IKO.AX returned 14.45%/yr vs 8.82%/yr for IEM.AX. Their 0.56 correlation means they have sometimes moved together and sometimes differently. IKO.AX charges 0.45%/yr vs 0.69%/yr for IEM.AX.
Performance
IKO.AX vs. IEM.AX - Performance Comparison
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Returns By Period
In the year-to-date period, IKO.AX achieves a 63.43% return, which is significantly higher than IEM.AX's 14.42% return. Over the past 10 years, IKO.AX has outperformed IEM.AX with an annualized return of 14.45%, while IEM.AX has yielded a comparatively lower 8.82% annualized return.
IKO.AX
- 1D
- 15.70%
- 1M
- -12.89%
- 6M
- 31.67%
- YTD
- 63.43%
- 1Y
- 122.83%
- 3Y*
- 35.70%
- 5Y*
- 17.20%
- 10Y*
- 14.45%
- ALL TIME*
- 7.71%
IEM.AX
- 1D
- 5.80%
- 1M
- -4.29%
- 6M
- 8.55%
- YTD
- 14.42%
- 1Y
- 24.82%
- 3Y*
- 15.46%
- 5Y*
- 7.91%
- 10Y*
- 8.82%
- ALL TIME*
- 5.01%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| A$3.57M | A$3.23M | A$4.07M | |
| A$3.63M | A$3.13M | A$2.77M |
IKO.AX vs. IEM.AX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IKO.AX iShares MSCI South Korea ETF (AU) | 63.43% | 80.87% | -12.63% | 16.96% | -20.13% | -2.25% | 29.64% | 7.29% | -11.42% | 30.24% |
IEM.AX iShares MSCI Emerging Markets ETF (AU) | 14.42% | 22.71% | 14.85% | 6.42% | -13.41% | 1.75% | 7.24% | 17.26% | -5.17% | 26.57% |
Correlation
The correlation between IKO.AX and IEM.AX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.60 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2007 | 0.56 |
Over the past year, IKO.AX and IEM.AX have become more correlated (0.78) than their long-term average of 0.56, meaning their price movements have been converging.
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Return for Risk
IKO.AX vs. IEM.AX — Risk / Return Rank
IKO.AX
IEM.AX
IKO.AX vs. IEM.AX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (AU) (IKO.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.
| IKO.AX | IEM.AX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.23 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 1.77 | +1.45 |
| Martin ratioReturn relative to average drawdown | 12.19 | 5.65 | +6.54 |
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Drawdowns
IKO.AX vs. IEM.AX - Drawdown Comparison
The maximum IKO.AX drawdown since its inception was -57.74%, 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 IKO.AX and IEM.AX.
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Drawdown Indicators
| IKO.AX | IEM.AX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.74% | -43.82% | -13.92% |
Max Drawdown (1Y)Largest decline over 1 year | -33.98% | -12.94% | -21.04% |
Max Drawdown (3Y)Largest decline over 3 years | -33.98% | -12.94% | -21.04% |
Max Drawdown (5Y)Largest decline over 5 years | -39.03% | -25.12% | -13.91% |
Max Drawdown (10Y)Largest decline over 10 years | -39.50% | -27.57% | -11.93% |
Current DrawdownCurrent decline from peak | -22.53% | -7.89% | -14.64% |
Average DrawdownAverage peak-to-trough decline | -17.31% | -12.22% | -5.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.12% | 4.11% | +5.01% |
Volatility
IKO.AX vs. IEM.AX - Volatility Comparison
iShares MSCI South Korea ETF (AU) (IKO.AX) has a higher volatility of 26.54% compared to iShares MSCI Emerging Markets ETF (AU) (IEM.AX) at 10.22%. This indicates that IKO.AX's price experiences larger fluctuations and is considered to be riskier 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
| IKO.AX | IEM.AX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 26.54% | 10.22% | +16.32% |
Volatility (6M)Calculated over the trailing 6-month period | 46.33% | 18.55% | +27.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.96% | 19.91% | +30.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.56% | 15.82% | +12.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.31% | 15.71% | +8.60% |
IKO.AX vs. IEM.AX - Expense Ratio Comparison
IKO.AX has a 0.45% expense ratio, which is lower than IEM.AX's 0.69% expense ratio.
Dividends
IKO.AX vs. IEM.AX - Dividend Comparison
IKO.AX's dividend yield for the trailing twelve months is around 5.88%, more than IEM.AX's 0.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEM.AX iShares MSCI Emerging Markets ETF (AU) | 0.81% | 0.89% | 0.66% | 1.16% | 3.38% | 2.36% | 1.28% | 3.45% | 1.06% | 2.28% | 0.00% | 0.00% |
IKO.AX iShares MSCI South Korea ETF (AU) | 5.88% | 0.93% | 3.03% | 1.08% | 1.86% | 0.87% | 1.84% | 1.44% | 0.00% | 0.75% | 1.85% | 1.07% |
Frequently Asked Questions
IKO.AX and IEM.AX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IKO.AX is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IKO.AX is cheaper with a 0.45% expense ratio, compared with 0.69% for IEM.AX.
IKO.AX is categorized as Global Equities, while IEM.AX is Emerging Markets Equities. IKO.AX tracks iShares MSCI South Korea Index, while IEM.AX tracks MSCI Emerging Markets Index. Their fees differ too: 0.45% for IKO.AX and 0.69% for IEM.AX.
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