NSI vs. EEMS

Last updated Jun 5, 2026

NSI (National Security Emerging Markets Index ETF) and EEMS (iShares MSCI Emerging Markets Small-Cap ETF) are both Emerging Markets Diversified funds - NSI tracks the Alerian National Security Emerging Markets Index while EEMS tracks the MSCI Emerging Markets Small Cap Index. Both are passively managed. Over the past year, NSI returned 40.26% vs 28.89% for EEMS. Their correlation of 0.80 suggests significant overlap in exposure. NSI charges 1.00%/yr vs 0.73%/yr for EEMS.

Performance

NSI vs. EEMS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in National Security Emerging Markets Index ETF (NSI) and iShares MSCI Emerging Markets Small-Cap ETF (EEMS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NSI achieves a 16.77% return, which is significantly higher than EEMS's 15.19% return.

NSI

• 1D: -0.58%
• 1M: 1.96%
• YTD: 16.77%
• 6M: 18.57%
• 1Y: 40.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EEMS

• 1D: 0.49%
• 1M: -0.06%
• YTD: 15.19%
• 6M: 17.20%
• 1Y: 28.89%
• 3Y*: 17.04%
• 5Y*: 7.03%
• 10Y*: 9.25%

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

NSI vs. EEMS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NSI National Security Emerging Markets Index ETF	16.77%	35.94%	-1.21%	4.68%
EEMS iShares MSCI Emerging Markets Small-Cap ETF	15.19%	19.78%	3.13%	3.32%

Correlation

The correlation between NSI and EEMS 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 (All Time) Calculated using the full available price history since Dec 8, 2023	0.80

The correlation between NSI and EEMS has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

NSI vs. EEMS - Sectors Allocation Comparison

Sectors	NSI	EEMS
Technology	34.0%	22.7%
Financial Services	20.2%	11.1%
Consumer Cyclical	13.5%	9.6%
Communication Services	10.1%	2.9%
Basic Materials	8.0%	9.3%
Energy	3.9%	2.4%
Industrials	2.9%	18.9%
Healthcare	2.9%	9.4%
Consumer Defensive	2.5%	5.2%
Utilities	1.5%	2.7%
Real Estate	0.6%	5.9%

Return for Risk

NSI vs. EEMS — Risk / Return Rank

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

NSI

NSI Risk / Return Rank: 64
NSI Sharpe Ratio Rank: 67
NSI Sortino Ratio Rank: 65
NSI Omega Ratio Rank: 66
NSI Calmar Ratio Rank: 61
NSI Martin Ratio Rank: 61

EEMS

EEMS Risk / Return Rank: 51
EEMS Sharpe Ratio Rank: 50
EEMS Sortino Ratio Rank: 47
EEMS Omega Ratio Rank: 50
EEMS Calmar Ratio Rank: 55
EEMS Martin Ratio Rank: 55

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.

NSI vs. EEMS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for National Security Emerging Markets Index ETF (NSI) and iShares MSCI Emerging Markets Small-Cap ETF (EEMS). 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.

	NSI	EEMS	Difference
Sharpe ratio: Return per unit of total volatility	2.19	1.68	+0.51
Sortino ratio: Return per unit of downside risk	2.98	2.28	+0.70
Omega ratio: Gain probability vs. loss probability	1.39	1.31	+0.08
Calmar ratio: Return relative to maximum drawdown	2.96	2.67	+0.29
Martin ratio: Return relative to average drawdown	10.94	9.39	+1.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NSI vs. EEMS - Sharpe Ratio Comparison

The current NSI Sharpe Ratio is 2.19, which is higher than the EEMS Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of NSI and EEMS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NSI	EEMS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	1.68	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.44	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	0.32	+0.90

Drawdowns

NSI vs. EEMS - Drawdown Comparison

The maximum NSI drawdown since its inception was -18.77%, smaller than the maximum EEMS drawdown of -48.89%. Use the drawdown chart below to compare losses from any high point for NSI and EEMS.

Drawdown Indicators

	NSI	EEMS	Difference
Max Drawdown Largest peak-to-trough decline	-18.77%	-48.89%	+30.12%
Max Drawdown (1Y) Largest decline over 1 year	-13.66%	-10.87%	-2.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.07%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.89%	—
Current Drawdown Current decline from peak	-2.16%	-1.93%	-0.23%
Average Drawdown Average peak-to-trough decline	-3.65%	-10.50%	+6.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	3.08%	+0.61%

Volatility

NSI vs. EEMS - Volatility Comparison

National Security Emerging Markets Index ETF (NSI) and iShares MSCI Emerging Markets Small-Cap ETF (EEMS) have volatilities of 7.09% and 6.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NSI	EEMS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.09%	6.80%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	15.61%	14.90%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	18.52%	17.30%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.21%	16.06%	+2.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.21%	17.99%	+0.22%

NSI vs. EEMS - Expense Ratio Comparison

NSI has a 1.00% expense ratio, which is higher than EEMS's 0.73% expense ratio.

Dividends

NSI vs. EEMS - Dividend Comparison

NSI's dividend yield for the trailing twelve months is around 1.18%, less than EEMS's 2.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEMS iShares MSCI Emerging Markets Small-Cap ETF	2.68%	3.09%	2.60%	2.69%	0.89%	3.56%	2.14%	2.64%	3.06%	2.47%	2.51%	2.33%
NSI National Security Emerging Markets Index ETF	1.18%	1.69%	3.39%	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NSI and EEMS in my portfolio?

NSI and EEMS 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, NSI or EEMS?

NSI has higher volatility (7.09%) compared to EEMS (6.80%). In terms of maximum drawdown, NSI dropped -18.77% vs EEMS's -48.89%.

Which ETF is better, NSI or EEMS?

On 1-year performance, NSI leads with 40.26% vs 28.89% for EEMS. On fees, EEMS is cheaper at 0.73% per year. On volatility, EEMS has been the lower-risk option at 6.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NSI or EEMS?

Over the 1-year period, NSI has performed better with a 40.26% return vs 28.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NSI or EEMS?

EEMS is cheaper with a 0.73% expense ratio, compared with 1.00% for NSI.

Which ETF pays a higher dividend yield, NSI or EEMS?

EEMS has the higher dividend yield at 2.68%, compared with 1.18% for NSI.

What is the main difference between NSI and EEMS?

NSI tracks Alerian National Security Emerging Markets Index, while EEMS tracks MSCI Emerging Markets Small Cap Index. They also come from different issuers: Tuttle and iShares. Their fees differ too: 1.00% for NSI and 0.73% for EEMS.

Which has better risk-adjusted returns?

NSI currently has the higher Sharpe Ratio (2.19 vs 1.68), 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.