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

IWLD.AX vs. IEM.AX

Last updated Jul 18, 2026
Documentation

IWLD.AX (iShares Core MSCI World Ex Australia ESG ETF) and IEM.AX (iShares MSCI Emerging Markets ETF (AU)) are both exchange-traded funds - IWLD.AX is a Global Equities fund tracking the iShares Core MSCI World Ex Australia ESG 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, IWLD.AX returned 13.93%/yr vs 8.49%/yr for IEM.AX. At a 0.47 correlation, their price movements are largely independent.

Performance

IWLD.AX vs. IEM.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in iShares Core MSCI World Ex Australia ESG ETF (IWLD.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, IWLD.AX achieves a 3.21% return, which is significantly lower than IEM.AX's 10.38% return. Over the past 10 years, IWLD.AX has outperformed IEM.AX with an annualized return of 13.93%, while IEM.AX has yielded a comparatively lower 8.49% annualized return.

IWLD.AX

1D
-1.24%
1M
0.41%
6M
2.15%
YTD
3.21%
1Y
11.08%
3Y*
17.14%
5Y*
13.01%
10Y*
13.93%

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)

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

2026 (YTD)202520242023202220212020201920182017
IWLD.AX
iShares Core MSCI World Ex Australia ESG ETF		3.21%12.19%31.18%27.88%-16.19%38.02%3.84%27.93%-0.22%12.45%
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 IWLD.AX and IEM.AX is 0.51, 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

0.51

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

0.48

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

0.46

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

0.47

Correlation (All Time)
Calculated using the full available price history since Apr 22, 2016

0.47

The correlation between IWLD.AX and IEM.AX has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.

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iShares Core MSCI World Ex Australia ESG ETF

iShares MSCI Emerging Markets ETF (AU)

Often compared with IWLD.AX:
IWLD.AX vs. AUMF.AXIWLD.AX vs. BILL.AXIWLD.AX vs. CORE.AXIWLD.AX vs. ESGI.AXIWLD.AX vs. ESTX.AXIWLD.AX vs. F100.AXIWLD.AX vs. GLDN.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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWLD.AX
IWLD.AX Risk / Return Rank: 3232
Overall Rank
IWLD.AX Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
IWLD.AX Sortino Ratio Rank: 3434
Sortino Ratio Rank
IWLD.AX Omega Ratio Rank: 3838
Omega Ratio Rank
IWLD.AX Calmar Ratio Rank: 2424
Calmar Ratio Rank
IWLD.AX Martin Ratio Rank: 2626
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI World Ex Australia ESG ETF (IWLD.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.

IWLD.AXIEM.AXDifference
Sharpe ratioReturn per unit of total volatility
1.00
1.06

-0.06

Sortino ratioReturn per unit of downside risk
1.43
1.50

-0.07

Omega ratioGain probability vs. loss probability

1.20

1.21

-0.01

Calmar ratioReturn relative to maximum drawdown

0.87

1.74

-0.87

Martin ratioReturn relative to average drawdown

2.57

5.52

-2.95

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

The current IWLD.AX Sharpe Ratio is 1.00, which is comparable to the IEM.AX Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of IWLD.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

IWLD.AX vs. IEM.AX - Drawdown Comparison

The maximum IWLD.AX drawdown since its inception was -24.85%, smaller than the maximum IEM.AX drawdown of -43.82%. Use the drawdown chart below to compare losses from any high point for IWLD.AX and IEM.AX.

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Drawdown Indicators

IWLD.AXIEM.AXDifference

Max Drawdown

Largest peak-to-trough decline

-24.85%

-43.82%

+18.97%

Max Drawdown (1Y)

Largest decline over 1 year

-12.19%

-11.25%

-0.94%

Max Drawdown (3Y)

Largest decline over 3 years

-15.95%

-11.25%

-4.70%

Max Drawdown (5Y)

Largest decline over 5 years

-23.34%

-25.26%

+1.92%

Max Drawdown (10Y)

Largest decline over 10 years

-24.85%

-27.57%

+2.72%

Current Drawdown

Current decline from peak

-1.66%

-11.15%

+9.49%

Average Drawdown

Average peak-to-trough decline

-4.48%

-12.22%

+7.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.21%

3.60%

+0.61%

Volatility

IWLD.AX vs. IEM.AX - Volatility Comparison

The current volatility for iShares Core MSCI World Ex Australia ESG ETF (IWLD.AX) is 2.65%, while iShares MSCI Emerging Markets ETF (AU) (IEM.AX) has a volatility of 8.99%. This indicates that IWLD.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

IWLD.AXIEM.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.65%

8.99%

-6.34%

Volatility (6M)

Calculated over the trailing 6-month period

8.44%

17.22%

-8.78%

Volatility (1Y)

Calculated over the trailing 1-year period

10.68%

18.47%

-7.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.78%

15.60%

-1.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.87%

15.53%

-1.66%

Dividends

IWLD.AX vs. IEM.AX - Dividend Comparison

IWLD.AX's dividend yield for the trailing twelve months is around 0.94%, more than IEM.AX's 0.84% yield.

PositionTTM202520242023202220212020201920182017
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%
IWLD.AX
iShares Core MSCI World Ex Australia ESG ETF		0.94%1.21%1.15%2.36%0.77%13.52%2.08%3.20%2.52%1.41%

Frequently Asked Questions

IWLD.AX and IEM.AX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWLD.AX is categorized as Global Equities, while IEM.AX is Emerging Markets Equities. IWLD.AX tracks iShares Core MSCI World Ex Australia ESG Index, while IEM.AX tracks iShares MSCI Emerging Markets Index.

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