MEMA vs. IEMG

Last updated Jun 5, 2026

MEMA (Man Active Emerging Markets Alternative ETF) and IEMG (iShares Core MSCI Emerging Markets ETF) are both Emerging Markets Diversified funds. MEMA is actively managed, while IEMG is passively managed. With a 0.96 correlation, they move nearly in lockstep. MEMA charges 0.85%/yr vs 0.09%/yr for IEMG.

Performance

MEMA vs. IEMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Man Active Emerging Markets Alternative ETF (MEMA) and iShares Core MSCI Emerging Markets ETF (IEMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MEMA having a 25.10% return and IEMG slightly lower at 24.98%.

MEMA

• 1D: -0.72%
• 1M: 3.58%
• YTD: 25.10%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IEMG

• 1D: -0.98%
• 1M: 4.82%
• YTD: 24.98%
• 6M: 27.43%
• 1Y: 49.24%
• 3Y*: 23.19%
• 5Y*: 7.36%
• 10Y*: 10.22%

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

MEMA vs. IEMG - Yearly Performance Comparison

	2026 (YTD)	2025
MEMA Man Active Emerging Markets Alternative ETF	25.10%	2.94%
IEMG iShares Core MSCI Emerging Markets ETF	24.98%	3.86%

Correlation

The correlation between MEMA and IEMG is 0.96 - 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 (All Time) Calculated using the full available price history since Dec 18, 2025	0.96

Return for Risk

MEMA vs. IEMG — Risk / Return Rank

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

IEMG

IEMG Risk / Return Rank: 77
IEMG Sharpe Ratio Rank: 80
IEMG Sortino Ratio Rank: 75
IEMG Omega Ratio Rank: 79
IEMG Calmar Ratio Rank: 76
IEMG Martin Ratio Rank: 76

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.

MEMA vs. IEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Man Active Emerging Markets Alternative ETF (MEMA) and iShares Core MSCI Emerging Markets ETF (IEMG). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MEMA	IEMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.55	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.40	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.89	0.35	+2.54

Drawdowns

MEMA vs. IEMG - Drawdown Comparison

The maximum MEMA drawdown since its inception was -13.12%, smaller than the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for MEMA and IEMG.

Drawdown Indicators

	MEMA	IEMG	Difference
Max Drawdown Largest peak-to-trough decline	-13.12%	-38.71%	+25.59%
Max Drawdown (1Y) Largest decline over 1 year	—	-13.21%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-17.21%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.83%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.71%	—
Current Drawdown Current decline from peak	-2.37%	-2.30%	-0.07%
Average Drawdown Average peak-to-trough decline	-2.70%	-12.97%	+10.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.43%	—

Volatility

Volatility by Period

	MEMA	IEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	16.97%	—
Volatility (1Y) Calculated over the trailing 1-year period	25.73%	19.47%	+6.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.73%	18.38%	+7.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.73%	20.03%	+5.70%

MEMA vs. IEMG - Expense Ratio Comparison

MEMA has a 0.85% expense ratio, which is higher than IEMG's 0.09% expense ratio.

Dividends

MEMA vs. IEMG - Dividend Comparison

MEMA has not paid dividends to shareholders, while IEMG's dividend yield for the trailing twelve months is around 2.20%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEMG iShares Core MSCI Emerging Markets ETF	2.20%	2.75%	3.20%	2.89%	2.71%	3.06%	1.87%	3.15%	2.76%	2.35%	2.28%	2.53%
MEMA Man Active Emerging Markets Alternative 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

Can I hold both MEMA and IEMG in my portfolio?

With a correlation of 0.96, MEMA and IEMG 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.

Which ETF is better, MEMA or IEMG?

On fees, IEMG is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MEMA or IEMG?

IEMG is cheaper with a 0.09% expense ratio, compared with 0.85% for MEMA.

Which ETF pays a higher dividend yield, MEMA or IEMG?

IEMG has the higher dividend yield at 2.20%, compared with 0.00% for MEMA.

What is the main difference between MEMA and IEMG?

They also come from different issuers: Man Group and iShares. Their fees differ too: 0.85% for MEMA and 0.09% for IEMG.