NSI vs. IEMG
NSI (National Security Emerging Markets Index ETF) and IEMG (iShares Core MSCI Emerging Markets ETF) are both Emerging Markets Diversified funds - NSI tracks the Alerian National Security Emerging Markets Index while IEMG tracks the MSCI Emerging Markets Investable Market Index (USD) (Net). Both are passively managed. Over the past year, NSI returned 34.20% vs 43.66% for IEMG. Their correlation of 0.93 suggests significant overlap in exposure. NSI charges 1.00%/yr vs 0.09%/yr for IEMG.
Performance
NSI vs. IEMG - Performance Comparison
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Returns By Period
In the year-to-date period, NSI achieves a 12.82% return, which is significantly lower than IEMG's 21.95% return.
NSI
- 1D
- -3.73%
- 1M
- -0.13%
- YTD
- 12.82%
- 6M
- 13.56%
- 1Y
- 34.20%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IEMG
- 1D
- -5.44%
- 1M
- 1.74%
- YTD
- 21.95%
- 6M
- 22.64%
- 1Y
- 43.66%
- 3Y*
- 22.14%
- 5Y*
- 7.05%
- 10Y*
- 10.38%
NSI vs. IEMG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NSI National Security Emerging Markets Index ETF | 12.82% | 35.94% | -1.21% | 4.94% |
IEMG iShares Core MSCI Emerging Markets ETF | 21.95% | 32.56% | 6.50% | 5.11% |
Correlation
The correlation between NSI and IEMG is 0.95, 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 | 0.95 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2023 | 0.93 |
The correlation between NSI and IEMG has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.
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Return for Risk
NSI vs. IEMG — Risk / Return Rank
NSI
IEMG
NSI vs. IEMG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for National Security Emerging Markets Index ETF (NSI) 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.
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.
| NSI | IEMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.38 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 3.32 | -0.81 |
| Martin ratioReturn relative to average drawdown | 8.95 | 12.15 | -3.20 |
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Drawdowns
NSI vs. IEMG - Drawdown Comparison
The maximum NSI drawdown since its inception was -18.77%, smaller than the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for NSI and IEMG.
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Drawdown Indicators
| NSI | IEMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.77% | -38.71% | +19.94% |
Max Drawdown (1Y)Largest decline over 1 year | -13.66% | -13.21% | -0.45% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.21% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.75% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.71% | — |
Current DrawdownCurrent decline from peak | -5.47% | -5.44% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -3.66% | -12.93% | +9.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.83% | 3.61% | +0.22% |
Volatility
NSI vs. IEMG - Volatility Comparison
The current volatility for National Security Emerging Markets Index ETF (NSI) is 9.61%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 12.22%. This indicates that NSI experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NSI | IEMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.61% | 12.22% | -2.61% |
Volatility (6M)Calculated over the trailing 6-month period | 17.60% | 20.14% | -2.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.16% | 22.12% | -1.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.78% | 18.99% | -0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.78% | 20.20% | -1.42% |
NSI vs. IEMG - Expense Ratio Comparison
NSI has a 1.00% expense ratio, which is higher than IEMG's 0.09% expense ratio.
Dividends
NSI vs. IEMG - Dividend Comparison
NSI's dividend yield for the trailing twelve months is around 1.22%, less than IEMG's 2.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 2.21% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
NSI National Security Emerging Markets Index ETF | 1.22% | 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
With a correlation of 0.95, NSI 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.
IEMG has higher volatility (12.22%) compared to NSI (9.61%). In terms of maximum drawdown, NSI dropped -18.77% vs IEMG's -38.71%.
On 1-year performance, IEMG leads with 43.66% vs 34.20% for NSI. On fees, IEMG is cheaper at 0.09% per year. On volatility, NSI has been the lower-risk option at 9.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IEMG has performed better with a 43.66% return vs 34.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEMG is cheaper with a 0.09% expense ratio, compared with 1.00% for NSI.
IEMG has the higher dividend yield at 2.21%, compared with 1.22% for NSI.
NSI tracks Alerian National Security Emerging Markets Index, while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). They also come from different issuers: Tuttle and iShares. Their fees differ too: 1.00% for NSI and 0.09% for IEMG.
IEMG currently has the higher Sharpe Ratio (1.98 vs 1.71), 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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