IRSA.L vs. FEM.L

Last updated Jul 21, 2026

IRSA.L (iShares MSCI South Africa UCITS ETF USD (Acc)) and FEM.L (First Trust Emerging Markets AlphaDEX UCITS ETF Acc) are both Emerging Markets Equities funds - IRSA.L tracks the MSCI South Africa 20/35 Index while FEM.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 10 years, IRSA.L returned 6.11%/yr vs 8.06%/yr for FEM.L. A 0.68 correlation means they provide meaningful diversification when combined. IRSA.L charges 0.65%/yr vs 0.80%/yr for FEM.L.

Performance

IRSA.L vs. FEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Africa UCITS ETF USD (Acc) (IRSA.L) and First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IRSA.L is traded in USD, while FEM.L is traded in GBp. To make them comparable, the FEM.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, IRSA.L achieves a -8.47% return, which is significantly lower than FEM.L's 14.35% return. Over the past 10 years, IRSA.L has underperformed FEM.L with an annualized return of 6.11%, while FEM.L has yielded a comparatively higher 8.06% annualized return.

IRSA.L

• 1D: -1.05%
• 1M: -4.86%
• 6M: -13.79%
• YTD: -8.47%
• 1Y: 22.03%
• 3Y*: 20.15%
• 5Y*: 10.32%
• 10Y*: 6.11%
• ALL TIME*: 5.08%

FEM.L

• 1D: 1.86%
• 1M: -3.49%
• 6M: 8.36%
• YTD: 14.35%
• 1Y: 26.86%
• 3Y*: 15.37%
• 5Y*: 7.07%
• 10Y*: 8.06%
• ALL TIME*: 1.76%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IRSA.L vs. FEM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IRSA.L iShares MSCI South Africa UCITS ETF USD (Acc)	-8.47%	76.74%	7.84%	0.20%	-3.75%	3.99%	-2.70%	8.62%	-24.11%	34.90%
FEM.L First Trust Emerging Markets AlphaDEX UCITS ETF Acc	14.35%	27.40%	3.37%	9.71%	-14.08%	7.73%	-1.00%	19.72%	-16.32%	39.74%

Correlation

The correlation between IRSA.L and FEM.L is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Apr 9, 2013	0.68

The correlation between IRSA.L and FEM.L has been stable across timeframes, ranging from 0.66 to 0.71 - a consistent structural relationship.

IRSA.L vs. FEM.L - Sectors Allocation Comparison

Sectors	IRSA.L	FEM.L
Financial Services	36.1%	7.5%
Basic Materials	34.8%	7.2%
Communication Services	19.2%	4.6%
Consumer Cyclical	3.5%	5.4%
Consumer Defensive	2.5%	2.9%
Real Estate	1.5%	2.5%
Industrials	1.3%	19.1%
Healthcare	0.9%	2.7%
Energy	-	12.2%
Technology	-	29.9%
Utilities	-	6.0%

Return for Risk

IRSA.L vs. FEM.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IRSA.L

IRSA.L Risk / Return Rank: 25
IRSA.L Sharpe Ratio Rank: 25
IRSA.L Sortino Ratio Rank: 26
IRSA.L Omega Ratio Rank: 25
IRSA.L Calmar Ratio Rank: 27
IRSA.L Martin Ratio Rank: 23

FEM.L

FEM.L Risk / Return Rank: 69
FEM.L Sharpe Ratio Rank: 66
FEM.L Sortino Ratio Rank: 61
FEM.L Omega Ratio Rank: 63
FEM.L Calmar Ratio Rank: 83
FEM.L Martin Ratio Rank: 76

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.

IRSA.L vs. FEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa UCITS ETF USD (Acc) (IRSA.L) and First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.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.

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.

	IRSA.L	FEM.L	Difference
Sharpe ratio: Return per unit of total volatility	0.68	1.43	-0.76
Sortino ratio: Return per unit of downside risk	1.11	1.94	-0.83
Omega ratio: Gain probability vs. loss probability	1.13	1.25	-0.12
Calmar ratio: Return relative to maximum drawdown	0.96	3.19	-2.23
Martin ratio: Return relative to average drawdown	2.02	8.36	-6.34

IRSA.L vs. FEM.L - Sharpe Ratio Comparison

The current IRSA.L Sharpe Ratio is 0.68, which is lower than the FEM.L Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of IRSA.L and FEM.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.

Drawdowns

IRSA.L vs. FEM.L - Drawdown Comparison

The maximum IRSA.L drawdown since its inception was -61.84%, which is greater than FEM.L's maximum drawdown of -56.43%. Use the drawdown chart below to compare losses from any high point for IRSA.L and FEM.L.

Drawdown Indicators

	IRSA.L	FEM.L	Difference
Max Drawdown Largest peak-to-trough decline	-61.84%	-56.43%	-5.41%
Max Drawdown (1Y) Largest decline over 1 year	-22.87%	-8.39%	-14.48%
Max Drawdown (3Y) Largest decline over 3 years	-22.87%	-17.77%	-5.10%
Max Drawdown (5Y) Largest decline over 5 years	-34.44%	-31.03%	-3.41%
Max Drawdown (10Y) Largest decline over 10 years	-61.84%	-45.92%	-15.92%
Current Drawdown Current decline from peak	-22.87%	-6.43%	-16.44%
Average Drawdown Average peak-to-trough decline	-17.86%	-25.55%	+7.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.88%	3.20%	+7.68%

Volatility

IRSA.L vs. FEM.L - Volatility Comparison

The current volatility for iShares MSCI South Africa UCITS ETF USD (Acc) (IRSA.L) is 6.71%, while First Trust Emerging Markets AlphaDEX UCITS ETF Acc (FEM.L) has a volatility of 7.36%. This indicates that IRSA.L experiences smaller price fluctuations and is considered to be less risky than FEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IRSA.L	FEM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	7.36%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	27.34%	15.44%	+11.90%
Volatility (1Y) Calculated over the trailing 1-year period	32.56%	18.70%	+13.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.67%	18.63%	+10.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.78%	19.99%	+9.79%

IRSA.L vs. FEM.L - Expense Ratio Comparison

IRSA.L has a 0.65% expense ratio, which is lower than FEM.L's 0.80% expense ratio.

Dividends

IRSA.L vs. FEM.L - Dividend Comparison

Neither IRSA.L nor FEM.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IRSA.L and FEM.L in my portfolio?

IRSA.L and FEM.L have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IRSA.L or FEM.L?

On fees, IRSA.L is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IRSA.L or FEM.L?

IRSA.L is cheaper with a 0.65% expense ratio, compared with 0.80% for FEM.L.

What is the main difference between IRSA.L and FEM.L?

IRSA.L tracks MSCI South Africa 20/35 Index, while FEM.L tracks MSCI EM NR USD. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.65% for IRSA.L and 0.80% for FEM.L.