JPEM vs. EMGF

Last updated Jun 24, 2026

JPEM (J.P. Morgan Diversified Return Emerging Markets Equity ETF) and EMGF (iShares Edge MSCI Multifactor Emerging Markets ETF) are both Emerging Markets Equities funds - JPEM tracks the JPMorgan Diversified Factor Emerging Markets Equity Index while EMGF tracks the MSCI Emerging Markets Diversified Multiple-Factor Index. Both are passively managed. Over the past 10 years, JPEM returned 7.89%/yr vs 11.25%/yr for EMGF. Their correlation of 0.85 suggests significant overlap in exposure. JPEM charges 0.44%/yr vs 0.45%/yr for EMGF.

Performance

JPEM vs. EMGF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) and iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPEM achieves a 4.39% return, which is significantly lower than EMGF's 25.77% return. Over the past 10 years, JPEM has underperformed EMGF with an annualized return of 7.89%, while EMGF has yielded a comparatively higher 11.25% annualized return.

JPEM

• 1D: -2.89%
• 1M: -1.63%
• YTD: 4.39%
• 6M: 4.70%
• 1Y: 19.65%
• 3Y*: 12.93%
• 5Y*: 5.78%
• 10Y*: 7.89%

EMGF

• 1D: -5.41%
• 1M: 2.79%
• YTD: 25.77%
• 6M: 26.91%
• 1Y: 46.43%
• 3Y*: 25.52%
• 5Y*: 9.98%
• 10Y*: 11.25%

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

JPEM vs. EMGF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF	4.39%	22.90%	4.23%	11.01%	-9.03%	8.11%	-0.46%	16.21%	-10.55%	28.80%
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	25.77%	31.41%	9.06%	10.86%	-16.55%	6.65%	10.27%	20.96%	-19.71%	42.37%

Correlation

The correlation between JPEM and EMGF is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Dec 10, 2015	0.85

The correlation between JPEM and EMGF has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.

JPEM vs. EMGF - Sectors Allocation Comparison

Sectors	JPEM	EMGF
Financial Services	19.2%	17.4%
Industrials	12.7%	7.2%
Basic Materials	11.4%	5.3%
Consumer Cyclical	9.9%	9.6%
Utilities	9.1%	2.3%
Consumer Defensive	8.5%	3.4%
Communication Services	8.3%	6.5%
Technology	7.8%	41.4%
Energy	7.1%	3.6%
Healthcare	4.2%	2.4%
Real Estate	1.8%	1.0%

Return for Risk

JPEM vs. EMGF — Risk / Return Rank

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

JPEM

JPEM Risk / Return Rank: 43
JPEM Sharpe Ratio Rank: 43
JPEM Sortino Ratio Rank: 41
JPEM Omega Ratio Rank: 45
JPEM Calmar Ratio Rank: 41
JPEM Martin Ratio Rank: 44

EMGF

EMGF Risk / Return Rank: 68
EMGF Sharpe Ratio Rank: 67
EMGF Sortino Ratio Rank: 60
EMGF Omega Ratio Rank: 70
EMGF Calmar Ratio Rank: 72
EMGF Martin Ratio Rank: 72

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.

JPEM vs. EMGF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) and iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF). 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.

	JPEM	EMGF	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.06	-0.62
Sortino ratio: Return per unit of downside risk	1.99	2.66	-0.67
Omega ratio: Gain probability vs. loss probability	1.27	1.39	-0.12
Calmar ratio: Return relative to maximum drawdown	1.91	3.45	-1.53
Martin ratio: Return relative to average drawdown	6.82	12.68	-5.86

JPEM vs. EMGF - Sharpe Ratio Comparison

The current JPEM Sharpe Ratio is 1.44, which is lower than the EMGF Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of JPEM and EMGF, 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

JPEM vs. EMGF - Drawdown Comparison

The maximum JPEM drawdown since its inception was -40.22%, roughly equal to the maximum EMGF drawdown of -40.23%. Use the drawdown chart below to compare losses from any high point for JPEM and EMGF.

Drawdown Indicators

	JPEM	EMGF	Difference
Max Drawdown Largest peak-to-trough decline	-40.22%	-40.23%	+0.01%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-13.54%	+3.22%
Max Drawdown (3Y) Largest decline over 3 years	-14.30%	-17.65%	+3.35%
Max Drawdown (5Y) Largest decline over 5 years	-21.57%	-28.20%	+6.63%
Max Drawdown (10Y) Largest decline over 10 years	-40.22%	-40.23%	+0.01%
Current Drawdown Current decline from peak	-5.61%	-5.41%	-0.20%
Average Drawdown Average peak-to-trough decline	-9.44%	-10.02%	+0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	3.67%	-0.78%

Volatility

JPEM vs. EMGF - Volatility Comparison

The current volatility for J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) is 5.57%, while iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) has a volatility of 12.64%. This indicates that JPEM experiences smaller price fluctuations and is considered to be less risky than EMGF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPEM	EMGF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	12.64%	-7.07%
Volatility (6M) Calculated over the trailing 6-month period	12.20%	20.71%	-8.51%
Volatility (1Y) Calculated over the trailing 1-year period	13.72%	22.67%	-8.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.64%	18.34%	-4.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	19.67%	-2.70%

JPEM vs. EMGF - Expense Ratio Comparison

JPEM has a 0.44% expense ratio, which is lower than EMGF's 0.45% expense ratio.

Dividends

JPEM vs. EMGF - Dividend Comparison

JPEM's dividend yield for the trailing twelve months is around 4.52%, more than EMGF's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	2.00%	2.52%	3.42%	5.94%	4.04%	2.48%	1.95%	2.63%	2.73%	1.94%	2.04%	0.00%
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF	4.52%	4.65%	5.12%	4.46%	4.71%	4.40%	2.85%	3.47%	2.79%	2.14%	1.28%	3.22%

Frequently Asked Questions

Can I hold both JPEM and EMGF in my portfolio?

JPEM and EMGF have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPEM or EMGF?

EMGF has higher volatility (12.64%) compared to JPEM (5.57%). In terms of maximum drawdown, JPEM dropped -40.22% vs EMGF's -40.23%.

Which ETF is better, JPEM or EMGF?

On 10-year performance, EMGF leads with 11.25% vs 7.89% for JPEM. On fees, JPEM is cheaper at 0.44% per year. On volatility, JPEM has been the lower-risk option at 5.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPEM or EMGF?

Over the 10-year period, EMGF has performed better with a 11.25% return vs 7.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPEM or EMGF?

JPEM is cheaper with a 0.44% expense ratio, compared with 0.45% for EMGF.

Which ETF pays a higher dividend yield, JPEM or EMGF?

JPEM has the higher dividend yield at 4.52%, compared with 2.00% for EMGF.

What is the main difference between JPEM and EMGF?

JPEM tracks JPMorgan Diversified Factor Emerging Markets Equity Index, while EMGF tracks MSCI Emerging Markets Diversified Multiple-Factor Index. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.44% for JPEM and 0.45% for EMGF.

Which has better risk-adjusted returns?

EMGF currently has the higher Sharpe Ratio (2.06 vs 1.44), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.