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MEMX vs. IAK
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MEMX vs. IAK

Last updated Aug 4, 2026
Documentation

MEMX (Matthews Emerging Markets Ex China Active ETF) and IAK (iShares U.S. Insurance ETF) are both exchange-traded funds - MEMX is a Emerging Markets Equities fund actively managed by Matthews, while IAK is a Financials Equities fund tracking the Dow Jones U.S. Select Insurance Index. MEMX is actively managed, while IAK is passively managed. Over the past 3 years, MEMX returned 22.14%/yr vs 19.67%/yr for IAK. Their 0.11 correlation means their historical movements had little consistent relationship. MEMX charges 0.79%/yr vs 0.38%/yr for IAK.

Performance

MEMX vs. IAK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Ex China Active ETF (MEMX) and iShares U.S. Insurance ETF (IAK). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MEMX achieves a 21.74% return, which is significantly higher than IAK's 10.11% return.

MEMX

1D
1.23%
1M
-4.65%
6M
10.24%
YTD
21.74%
1Y
47.38%
3Y*
22.14%
5Y*
—
10Y*
—
ALL TIME*
20.51%

IAK

1D
0.03%
1M
-0.03%
6M
12.56%
YTD
10.11%
1Y
19.67%
3Y*
19.67%
5Y*
15.99%
10Y*
13.18%
ALL TIME*
7.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IAK

iShares U.S. Insurance ETF
$15.27M$20.59M$12.29M

MEMX

Matthews Emerging Markets Ex China Active ETF
$131.78K$155.67K$152.87K

MEMX vs. IAK - Yearly Performance Comparison

2026 (YTD)202520242023
MEMX
Matthews Emerging Markets Ex China Active ETF		21.74%35.88%5.50%11.33%
IAK
iShares U.S. Insurance ETF		10.11%9.50%28.25%9.02%

Correlation

The correlation between MEMX and IAK is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

-0.22

Correlation (3Y)
Balances recent behavior with more history.

0.05

Correlation (All Time)
Calculated using the full available price history since Jan 11, 2023

0.11

The correlation between MEMX and IAK shifts across timeframes, from -0.22 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

MEMX vs. IAK - Sectors Allocation Comparison

Sectors
MEMX
IAK

Technology

52.1%

-

Financial Services

21.4%
99.3%

Consumer Cyclical

7.2%

-

Industrials

7.1%

-

Basic Materials

2.9%

-

Healthcare

2.6%
0.7%

Energy

2.0%

-

Communication Services

1.7%

-

Consumer Defensive

1.3%

-

Real Estate

0.9%

-

Utilities

0.9%

-

Technology

MEMX
52.1%
IAK

-

Financial Services

MEMX
21.4%
IAK
99.3%

Consumer Cyclical

MEMX
7.2%
IAK

-

Industrials

MEMX
7.1%
IAK

-

Basic Materials

MEMX
2.9%
IAK

-

Healthcare

MEMX
2.6%
IAK
0.7%

Energy

MEMX
2.0%
IAK

-

Communication Services

MEMX
1.7%
IAK

-

Consumer Defensive

MEMX
1.3%
IAK

-

Real Estate

MEMX
0.9%
IAK

-

Utilities

MEMX
0.9%
IAK

-

Compare stocks, funds, or ETFs

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Matthews Emerging Markets Ex China Active ETF

iShares U.S. Insurance ETF

Often compared with MEMX:
MEMX vs. EMFIXMEMX vs. SGRTMEMX vs. MEMMEMX vs. NTSEMEMX vs. SMHMEMX vs. IMOMMEMX vs. DODEX
Often compared with IAK:
IAK vs. KIEIAK vs. KBWPIAK vs. IHEIAK vs. DIVBIAK vs. INFLIAK vs. ^SP500TRIAK vs. VYM

Return for Risk

MEMX vs. IAK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
MEMX
MEMX Risk / Return Rank: 7373
Overall Rank
MEMX Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
MEMX Sortino Ratio Rank: 6969
Sortino Ratio Rank
MEMX Omega Ratio Rank: 7575
Omega Ratio Rank
MEMX Calmar Ratio Rank: 7676
Calmar Ratio Rank
MEMX Martin Ratio Rank: 7272
Martin Ratio Rank
IAK
IAK Risk / Return Rank: 5454
Overall Rank
IAK Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
IAK Sortino Ratio Rank: 4949
Sortino Ratio Rank
IAK Omega Ratio Rank: 4747
Omega Ratio Rank
IAK Calmar Ratio Rank: 7272
Calmar Ratio Rank
IAK Martin Ratio Rank: 5252
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MEMX vs. IAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Ex China Active ETF (MEMX) and iShares U.S. Insurance ETF (IAK). 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.

MEMXIAKDifference
Sharpe ratioReturn per unit of total volatility
1.80
1.24

+0.56

Sortino ratioReturn per unit of downside risk
2.35
1.81

+0.55

Omega ratioGain probability vs. loss probability

1.33

1.22

+0.11

Calmar ratioReturn relative to maximum drawdown

2.83

2.59

+0.24

Martin ratioReturn relative to average drawdown

9.42

6.29

+3.12

MEMX vs. IAK - Sharpe Ratio Comparison

The current MEMX Sharpe Ratio is 1.80, which is higher than the IAK Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of MEMX and IAK, 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

MEMX vs. IAK - Drawdown Comparison

The maximum MEMX drawdown since its inception was -19.27%, smaller than the maximum IAK drawdown of -77.38%. Use the drawdown chart below to compare losses from any high point for MEMX and IAK.

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Drawdown Indicators

MEMXIAKDifference

Max Drawdown

Largest peak-to-trough decline

-19.27%

-77.38%

+58.11%

Max Drawdown (1Y)

Largest decline over 1 year

-16.84%

-7.62%

-9.22%

Max Drawdown (3Y)

Largest decline over 3 years

-19.27%

-11.58%

-7.69%

Max Drawdown (5Y)

Largest decline over 5 years

—

-14.76%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-44.95%

—

Current Drawdown

Current decline from peak

-11.49%

-3.20%

-8.29%

Average Drawdown

Average peak-to-trough decline

-3.67%

-16.01%

+12.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.05%

3.13%

+1.92%

Volatility

MEMX vs. IAK - Volatility Comparison

Matthews Emerging Markets Ex China Active ETF (MEMX) has a higher volatility of 9.92% compared to iShares U.S. Insurance ETF (IAK) at 6.56%. This indicates that MEMX's price experiences larger fluctuations and is considered to be riskier than IAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MEMXIAKDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.92%

6.56%

+3.36%

Volatility (6M)

Calculated over the trailing 6-month period

24.45%

12.42%

+12.03%

Volatility (1Y)

Calculated over the trailing 1-year period

26.55%

15.99%

+10.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.76%

18.13%

+0.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.76%

20.92%

-2.16%

MEMX vs. IAK - Expense Ratio Comparison

MEMX has a 0.79% expense ratio, which is higher than IAK's 0.38% expense ratio.

Dividends

MEMX vs. IAK - Dividend Comparison

MEMX's dividend yield for the trailing twelve months is around 4.01%, more than IAK's 2.42% yield.

PositionTTM20252024202320222021202020192018201720162015
IAK
iShares U.S. Insurance ETF		2.42%1.69%1.49%1.44%1.69%2.26%2.07%1.84%2.33%1.62%1.68%1.62%
MEMX
Matthews Emerging Markets Ex China Active ETF		4.01%4.88%0.99%1.13%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

MEMX and IAK have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MEMX has higher volatility (9.92%) compared to IAK (6.56%). In terms of maximum drawdown, MEMX dropped -19.27% vs IAK's -77.38%.

On 3-year performance, MEMX leads with 22.14% vs 19.67% for IAK. On fees, IAK is cheaper at 0.38% per year. On volatility, IAK has been the lower-risk option at 6.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, MEMX has performed better with a 22.14% return vs 19.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IAK is cheaper with a 0.38% expense ratio, compared with 0.79% for MEMX.

MEMX has the higher dividend yield at 4.01%, compared with 2.42% for IAK.

MEMX is categorized as Emerging Markets Equities, while IAK is Financials Equities. They also come from different issuers: Matthews and iShares. Their fees differ too: 0.79% for MEMX and 0.38% for IAK.

MEMX currently has the higher Sharpe Ratio (1.80 vs 1.24), 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.

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