ITKY.L vs. DEM.L

Last updated Jul 21, 2026

ITKY.L (iShares MSCI Turkey UCITS ETF USD (Dist)) and DEM.L (WisdomTree Emerging Markets Equity Income UCITS ETF) are both Emerging Markets Equities funds - ITKY.L tracks the MSCI Turkey - Net Returns while DEM.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 10 years, ITKY.L returned 2.11%/yr vs 7.89%/yr for DEM.L. At a 0.38 correlation, their price movements are largely independent. ITKY.L charges 0.74%/yr vs 0.46%/yr for DEM.L.

Performance

ITKY.L vs. DEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Turkey UCITS ETF USD (Dist) (ITKY.L) and WisdomTree Emerging Markets Equity Income UCITS ETF (DEM.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ITKY.L achieves a 18.65% return, which is significantly higher than DEM.L's 16.34% return. Over the past 10 years, ITKY.L has underperformed DEM.L with an annualized return of 2.11%, while DEM.L has yielded a comparatively higher 7.89% annualized return.

ITKY.L

• 1D: 2.78%
• 1M: -5.57%
• 6M: 2.99%
• YTD: 18.65%
• 1Y: 21.24%
• 3Y*: 10.98%
• 5Y*: 17.06%
• 10Y*: 2.11%
• ALL TIME*: 2.80%

DEM.L

• 1D: 1.28%
• 1M: -3.65%
• 6M: 13.38%
• YTD: 16.34%
• 1Y: 20.31%
• 3Y*: 14.87%
• 5Y*: 10.74%
• 10Y*: 7.89%
• ALL TIME*: 3.08%

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

ITKY.L vs. DEM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ITKY.L iShares MSCI Turkey UCITS ETF USD (Dist)	18.65%	-10.34%	19.76%	-11.97%	112.20%	-27.00%	-12.58%	7.20%	-38.24%	24.95%
DEM.L WisdomTree Emerging Markets Equity Income UCITS ETF	16.34%	12.71%	6.85%	14.78%	-2.59%	15.16%	-9.47%	11.19%	-6.09%	13.87%

Correlation

The correlation between ITKY.L and DEM.L is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Nov 14, 2014	0.38

The correlation between ITKY.L and DEM.L shifts across timeframes, from 0.20 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

ITKY.L vs. DEM.L - Sectors Allocation Comparison

Sectors	ITKY.L	DEM.L
Industrials	33.3%	11.0%
Financial Services	26.0%	23.8%
Consumer Defensive	16.2%	8.4%
Energy	12.2%	4.2%
Basic Materials	6.5%	5.4%
Communication Services	5.7%	5.0%
Consumer Cyclical	-	7.9%
Healthcare	-	1.7%
Real Estate	-	4.6%
Technology	-	23.9%
Utilities	-	4.2%

Return for Risk

ITKY.L vs. DEM.L — Risk / Return Rank

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

ITKY.L

ITKY.L Risk / Return Rank: 32
ITKY.L Sharpe Ratio Rank: 29
ITKY.L Sortino Ratio Rank: 30
ITKY.L Omega Ratio Rank: 30
ITKY.L Calmar Ratio Rank: 39
ITKY.L Martin Ratio Rank: 33

DEM.L

DEM.L Risk / Return Rank: 63
DEM.L Sharpe Ratio Rank: 59
DEM.L Sortino Ratio Rank: 58
DEM.L Omega Ratio Rank: 55
DEM.L Calmar Ratio Rank: 78
DEM.L Martin Ratio Rank: 67

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.

ITKY.L vs. DEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Turkey UCITS ETF USD (Dist) (ITKY.L) and WisdomTree Emerging Markets Equity Income UCITS ETF (DEM.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.

	ITKY.L	DEM.L	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.48	-0.69
Sortino ratio: Return per unit of downside risk	1.26	2.08	-0.82
Omega ratio: Gain probability vs. loss probability	1.16	1.26	-0.10
Calmar ratio: Return relative to maximum drawdown	1.49	3.01	-1.51
Martin ratio: Return relative to average drawdown	3.51	8.80	-5.29

ITKY.L vs. DEM.L - Sharpe Ratio Comparison

The current ITKY.L Sharpe Ratio is 0.78, which is lower than the DEM.L Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of ITKY.L and DEM.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

ITKY.L vs. DEM.L - Drawdown Comparison

The maximum ITKY.L drawdown since its inception was -75.60%, which is greater than DEM.L's maximum drawdown of -55.11%. Use the drawdown chart below to compare losses from any high point for ITKY.L and DEM.L.

Drawdown Indicators

	ITKY.L	DEM.L	Difference
Max Drawdown Largest peak-to-trough decline	-75.60%	-55.11%	-20.49%
Max Drawdown (1Y) Largest decline over 1 year	-14.15%	-6.72%	-7.43%
Max Drawdown (3Y) Largest decline over 3 years	-36.43%	-12.37%	-24.06%
Max Drawdown (5Y) Largest decline over 5 years	-36.43%	-14.48%	-21.95%
Max Drawdown (10Y) Largest decline over 10 years	-68.75%	-30.09%	-38.66%
Current Drawdown Current decline from peak	-30.56%	-5.23%	-25.33%
Average Drawdown Average peak-to-trough decline	-41.38%	-17.55%	-23.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.04%	2.30%	+3.74%

Volatility

ITKY.L vs. DEM.L - Volatility Comparison

iShares MSCI Turkey UCITS ETF USD (Dist) (ITKY.L) has a higher volatility of 6.41% compared to WisdomTree Emerging Markets Equity Income UCITS ETF (DEM.L) at 5.15%. This indicates that ITKY.L's price experiences larger fluctuations and is considered to be riskier than DEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ITKY.L	DEM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	5.15%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	21.19%	11.32%	+9.87%
Volatility (1Y) Calculated over the trailing 1-year period	27.01%	13.69%	+13.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.79%	13.32%	+22.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.81%	15.90%	+18.91%

ITKY.L vs. DEM.L - Expense Ratio Comparison

ITKY.L has a 0.74% expense ratio, which is higher than DEM.L's 0.46% expense ratio.

Dividends

ITKY.L vs. DEM.L - Dividend Comparison

ITKY.L's dividend yield for the trailing twelve months is around 1.83%, less than DEM.L's 3.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEM.L WisdomTree Emerging Markets Equity Income UCITS ETF	3.70%	4.47%	7.67%	7.00%	7.05%	4.14%	4.77%	1.46%	0.00%	2.15%	1.49%	4.55%
ITKY.L iShares MSCI Turkey UCITS ETF USD (Dist)	1.83%	1.78%	2.44%	3.21%	1.94%	3.67%	0.64%	2.52%	4.59%	1.97%	1.83%	2.49%

Frequently Asked Questions

Can I hold both ITKY.L and DEM.L in my portfolio?

ITKY.L and DEM.L have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ITKY.L or DEM.L?

On fees, DEM.L is cheaper at 0.46% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ITKY.L or DEM.L?

DEM.L is cheaper with a 0.46% expense ratio, compared with 0.74% for ITKY.L.

What is the main difference between ITKY.L and DEM.L?

ITKY.L tracks MSCI Turkey - Net Returns, while DEM.L tracks MSCI EM NR USD. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.74% for ITKY.L and 0.46% for DEM.L.