IS3N.DE vs. AYEM.DE
IS3N.DE (iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)) and AYEM.DE (iShares MSCI EM IMI ESG Screened UCITS ETF USD (Acc)) are both Emerging Markets Equities funds from iShares - IS3N.DE tracks the MSCI Emerging Markets Investable Market (IMI) while AYEM.DE tracks the MSCI Emerging Markets IMI ESG Screened. Both are passively managed. Over the past 5 years, IS3N.DE returned 8.61%/yr vs 8.30%/yr for AYEM.DE. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.18% expense ratio.
Performance
IS3N.DE vs. AYEM.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with IS3N.DE having a 25.82% return and AYEM.DE slightly higher at 26.90%.
IS3N.DE
- 1D
- -1.45%
- 1M
- 3.11%
- YTD
- 25.82%
- 6M
- 26.34%
- 1Y
- 45.77%
- 3Y*
- 19.99%
- 5Y*
- 8.61%
- 10Y*
- 10.00%
AYEM.DE
- 1D
- -1.29%
- 1M
- 4.35%
- YTD
- 26.90%
- 6M
- 27.17%
- 1Y
- 46.15%
- 3Y*
- 20.23%
- 5Y*
- 8.30%
- 10Y*
- —
IS3N.DE vs. AYEM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IS3N.DE iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) | 25.82% | 17.14% | 13.87% | 7.20% | -14.09% | 7.38% | 7.07% | 21.01% | 1.79% |
AYEM.DE iShares MSCI EM IMI ESG Screened UCITS ETF USD (Acc) | 26.90% | 17.51% | 14.02% | 6.81% | -14.64% | 6.10% | 7.92% | 21.67% | 1.83% |
Correlation
The correlation between IS3N.DE and AYEM.DE is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2018 | 0.98 |
The correlation between IS3N.DE and AYEM.DE has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
IS3N.DE vs. AYEM.DE — Risk / Return Rank
IS3N.DE
AYEM.DE
IS3N.DE vs. AYEM.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (IS3N.DE) and iShares MSCI EM IMI ESG Screened UCITS ETF USD (Acc) (AYEM.DE). 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.
| IS3N.DE | AYEM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.48 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 4.42 | 4.30 | +0.12 |
| Martin ratioReturn relative to average drawdown | 16.00 | 15.83 | +0.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IS3N.DE | AYEM.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.69 | 2.68 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 0.50 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.58 | -0.15 |
Drawdowns
IS3N.DE vs. AYEM.DE - Drawdown Comparison
The maximum IS3N.DE drawdown since its inception was -35.06%, which is greater than AYEM.DE's maximum drawdown of -31.19%. Use the drawdown chart below to compare losses from any high point for IS3N.DE and AYEM.DE.
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Drawdown Indicators
| IS3N.DE | AYEM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.06% | -31.19% | -3.87% |
Max Drawdown (1Y)Largest decline over 1 year | -10.52% | -11.01% | +0.49% |
Max Drawdown (3Y)Largest decline over 3 years | -19.17% | -19.14% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -22.01% | -23.38% | +1.37% |
Max Drawdown (10Y)Largest decline over 10 years | -32.51% | — | — |
Current DrawdownCurrent decline from peak | -2.49% | -2.20% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -9.30% | -8.38% | -0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.91% | 3.00% | -0.09% |
Volatility
IS3N.DE vs. AYEM.DE - Volatility Comparison
iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (IS3N.DE) and iShares MSCI EM IMI ESG Screened UCITS ETF USD (Acc) (AYEM.DE) have volatilities of 7.16% and 7.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IS3N.DE | AYEM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.16% | 7.02% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 14.69% | 14.89% | -0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.32% | 17.68% | -0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.19% | 16.40% | -0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 18.62% | -0.58% |
IS3N.DE vs. AYEM.DE - Expense Ratio Comparison
Both IS3N.DE and AYEM.DE have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
IS3N.DE vs. AYEM.DE - Dividend Comparison
Neither IS3N.DE nor AYEM.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, IS3N.DE and AYEM.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IS3N.DE and AYEM.DE have the same expense ratio: 0.18% per year.
IS3N.DE tracks MSCI Emerging Markets Investable Market (IMI), while AYEM.DE tracks MSCI Emerging Markets IMI ESG Screened.
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