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IWSZ.L vs. IEEM.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWSZ.L vs. IEEM.L

Last updated Jun 5, 2026

IWSZ.L (iShares MSCI World Mid-Cap Equal Weight UCITS ETF) and IEEM.L (iShares MSCI EM UCITS ETF (Dist)) are both exchange-traded funds - IWSZ.L is a Mid Cap Blend Equities fund tracking the MSCI World Mid-Cap Equal Weighted Index, while IEEM.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 10 years, IWSZ.L returned 8.20%/yr vs 10.72%/yr for IEEM.L. A 0.70 correlation means they provide meaningful diversification when combined. IWSZ.L charges 0.30%/yr vs 0.18%/yr for IEEM.L.

Performance

IWSZ.L vs. IEEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI World Mid-Cap Equal Weight UCITS ETF (IWSZ.L) and iShares MSCI EM UCITS ETF (Dist) (IEEM.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, IWSZ.L achieves a 6.23% return, which is significantly lower than IEEM.L's 25.59% return. Over the past 10 years, IWSZ.L has underperformed IEEM.L with an annualized return of 8.20%, while IEEM.L has yielded a comparatively higher 10.72% annualized return.

IWSZ.L

1D
0.37%
1M
1.26%
YTD
6.23%
6M
8.11%
1Y
16.93%
3Y*
14.68%
5Y*
5.43%
10Y*
8.20%

IEEM.L

1D
-1.29%
1M
5.72%
YTD
25.59%
6M
28.99%
1Y
53.66%
3Y*
24.79%
5Y*
8.09%
10Y*
10.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWSZ.L vs. IEEM.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWSZ.L
iShares MSCI World Mid-Cap Equal Weight UCITS ETF		6.23%21.40%5.93%16.04%-17.96%12.56%10.79%23.39%-14.41%24.35%
IEEM.L
iShares MSCI EM UCITS ETF (Dist)		25.59%36.22%8.04%9.34%-19.53%-2.28%19.51%17.16%-14.23%36.94%

Correlation

The correlation between IWSZ.L and IEEM.L is 0.62, 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

0.62

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

0.64

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

0.66

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

0.68

Correlation (All Time)
Calculated using the full available price history since Oct 7, 2014

0.70

The correlation between IWSZ.L and IEEM.L has been stable across timeframes, ranging from 0.62 to 0.70 - a consistent structural relationship.

IWSZ.L vs. IEEM.L - Sectors Allocation Comparison

Sectors
IWSZ.L
IEEM.L

Industrials

21.7%
7.5%

Financial Services

14.1%
19.5%

Technology

11.5%
36.8%

Consumer Cyclical

9.8%
9.5%

Healthcare

7.2%
2.9%

Basic Materials

7.1%
6.5%

Real Estate

6.9%
1.1%

Consumer Defensive

6.6%
3.0%

Utilities

6.5%
2.1%

Communication Services

4.7%
6.9%

Energy

3.8%
4.1%

Industrials

IWSZ.L
21.7%
IEEM.L
7.5%

Financial Services

IWSZ.L
14.1%
IEEM.L
19.5%

Technology

IWSZ.L
11.5%
IEEM.L
36.8%

Consumer Cyclical

IWSZ.L
9.8%
IEEM.L
9.5%

Healthcare

IWSZ.L
7.2%
IEEM.L
2.9%

Basic Materials

IWSZ.L
7.1%
IEEM.L
6.5%

Real Estate

IWSZ.L
6.9%
IEEM.L
1.1%

Consumer Defensive

IWSZ.L
6.6%
IEEM.L
3.0%

Utilities

IWSZ.L
6.5%
IEEM.L
2.1%

Communication Services

IWSZ.L
4.7%
IEEM.L
6.9%

Energy

IWSZ.L
3.8%
IEEM.L
4.1%

Compare stocks, funds, or ETFs

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iShares MSCI World Mid-Cap Equal Weight UCITS ETF

iShares MSCI EM UCITS ETF (Dist)

Often compared with IWSZ.L:
IWSZ.L vs. IWMO.LIWSZ.L vs. JEPQ.LIWSZ.L vs. IWQU.LIWSZ.L vs. IWVL.LIWSZ.L vs. SGLN.LIWSZ.L vs. CNDX.LIWSZ.L vs. MVOL.L
Often compared with IEEM.L:
IEEM.L vs. EIMI.LIEEM.L vs. VFEM.DEIEEM.L vs. HMEF.LIEEM.L vs. ISP6.LIEEM.L vs. 36B5.DEIEEM.L vs. VFEG.LIEEM.L vs. VOO

Return for Risk

IWSZ.L vs. IEEM.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWSZ.L
IWSZ.L Risk / Return Rank: 4141
Overall Rank
IWSZ.L Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
IWSZ.L Sortino Ratio Rank: 4444
Sortino Ratio Rank
IWSZ.L Omega Ratio Rank: 4141
Omega Ratio Rank
IWSZ.L Calmar Ratio Rank: 3636
Calmar Ratio Rank
IWSZ.L Martin Ratio Rank: 4242
Martin Ratio Rank
IEEM.L
IEEM.L Risk / Return Rank: 8989
Overall Rank
IEEM.L Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
IEEM.L Sortino Ratio Rank: 9090
Sortino Ratio Rank
IEEM.L Omega Ratio Rank: 9191
Omega Ratio Rank
IEEM.L Calmar Ratio Rank: 8787
Calmar Ratio Rank
IEEM.L Martin Ratio Rank: 8585
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.

IWSZ.L vs. IEEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World Mid-Cap Equal Weight UCITS ETF (IWSZ.L) and iShares MSCI EM UCITS ETF (Dist) (IEEM.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.

IWSZ.LIEEM.LDifference
Sharpe ratioReturn per unit of total volatility
1.45
2.81

-1.36

Sortino ratioReturn per unit of downside risk
2.16
3.69

-1.53

Omega ratioGain probability vs. loss probability

1.26

1.50

-0.24

Calmar ratioReturn relative to maximum drawdown

1.76

4.07

-2.31

Martin ratioReturn relative to average drawdown

6.67

15.01

-8.34

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWSZ.L vs. IEEM.L - Sharpe Ratio Comparison

The current IWSZ.L Sharpe Ratio is 1.45, which is lower than the IEEM.L Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of IWSZ.L and IEEM.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.

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Sharpe Ratios by Period

IWSZ.LIEEM.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.45

2.81

-1.36

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.34

0.43

-0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.50

0.55

-0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.46

0.22

+0.24

Drawdowns

IWSZ.L vs. IEEM.L - Drawdown Comparison

The maximum IWSZ.L drawdown since its inception was -38.11%, smaller than the maximum IEEM.L drawdown of -64.50%. Use the drawdown chart below to compare losses from any high point for IWSZ.L and IEEM.L.

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Drawdown Indicators

IWSZ.LIEEM.LDifference

Max Drawdown

Largest peak-to-trough decline

-38.11%

-64.50%

+26.39%

Max Drawdown (1Y)

Largest decline over 1 year

-9.59%

-13.13%

+3.54%

Max Drawdown (3Y)

Largest decline over 3 years

-14.12%

-16.46%

+2.34%

Max Drawdown (5Y)

Largest decline over 5 years

-30.13%

-36.58%

+6.45%

Max Drawdown (10Y)

Largest decline over 10 years

-38.11%

-39.40%

+1.29%

Current Drawdown

Current decline from peak

-0.96%

-2.73%

+1.77%

Average Drawdown

Average peak-to-trough decline

-6.93%

-16.09%

+9.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.53%

3.57%

-1.04%

Volatility

IWSZ.L vs. IEEM.L - Volatility Comparison

The current volatility for iShares MSCI World Mid-Cap Equal Weight UCITS ETF (IWSZ.L) is 3.55%, while iShares MSCI EM UCITS ETF (Dist) (IEEM.L) has a volatility of 8.24%. This indicates that IWSZ.L experiences smaller price fluctuations and is considered to be less risky than IEEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWSZ.LIEEM.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.55%

8.24%

-4.69%

Volatility (6M)

Calculated over the trailing 6-month period

8.91%

16.33%

-7.42%

Volatility (1Y)

Calculated over the trailing 1-year period

11.61%

19.02%

-7.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.01%

18.77%

-2.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.53%

19.59%

-3.06%

IWSZ.L vs. IEEM.L - Expense Ratio Comparison

IWSZ.L has a 0.30% expense ratio, which is higher than IEEM.L's 0.18% expense ratio.

Dividends

IWSZ.L vs. IEEM.L - Dividend Comparison

IWSZ.L has not paid dividends to shareholders, while IEEM.L's dividend yield for the trailing twelve months is around 2.01%.

PositionTTM20252024202320222021202020192018201720162015
IEEM.L
iShares MSCI EM UCITS ETF (Dist)		2.01%2.48%2.86%2.91%3.40%2.74%1.98%2.32%2.51%1.86%2.09%3.38%
IWSZ.L
iShares MSCI World Mid-Cap Equal Weight UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

IWSZ.L and IEEM.L have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IEEM.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IEEM.L is cheaper with a 0.18% expense ratio, compared with 0.30% for IWSZ.L.

IWSZ.L is categorized as Mid Cap Blend Equities, while IEEM.L is Emerging Markets Equities. IWSZ.L tracks MSCI World Mid-Cap Equal Weighted Index, while IEEM.L tracks MSCI EM NR USD. Their fees differ too: 0.30% for IWSZ.L and 0.18% for IEEM.L.

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