OAKMX vs. IEMG
OAKMX (Oakmark Fund Investor Class) and IEMG (iShares Core MSCI Emerging Markets ETF) are both funds - OAKMX is a Large Cap Value Equities fund managed by Oakmark, while IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). Over the past 10 years, OAKMX returned 13.52%/yr vs 10.42%/yr for IEMG. A 0.64 correlation means they provide meaningful diversification when combined. OAKMX charges 0.91%/yr vs 0.09%/yr for IEMG.
Performance
OAKMX vs. IEMG - Performance Comparison
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Returns By Period
In the year-to-date period, OAKMX achieves a -1.16% return, which is significantly lower than IEMG's 22.84% return. Over the past 10 years, OAKMX has outperformed IEMG with an annualized return of 13.52%, while IEMG has yielded a comparatively lower 10.42% annualized return.
OAKMX
- 1D
- 0.57%
- 1M
- 1.33%
- YTD
- -1.16%
- 6M
- -1.64%
- 1Y
- 10.14%
- 3Y*
- 14.13%
- 5Y*
- 9.52%
- 10Y*
- 13.52%
IEMG
- 1D
- 0.61%
- 1M
- 0.34%
- YTD
- 22.84%
- 6M
- 25.59%
- 1Y
- 44.83%
- 3Y*
- 21.33%
- 5Y*
- 7.15%
- 10Y*
- 10.42%
OAKMX vs. IEMG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OAKMX Oakmark Fund Investor Class | -1.16% | 14.13% | 16.02% | 30.92% | -13.38% | 34.85% | 12.90% | 27.14% | -12.76% | 21.12% |
IEMG iShares Core MSCI Emerging Markets ETF | 22.84% | 32.56% | 6.50% | 11.52% | -19.98% | -0.64% | 17.87% | 17.81% | -14.92% | 37.38% |
Correlation
The correlation between OAKMX and IEMG is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2012 | 0.64 |
Over the past year, the correlation between OAKMX and IEMG has dropped to 0.38 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.
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Return for Risk
OAKMX vs. IEMG — Risk / Return Rank
OAKMX
IEMG
OAKMX vs. IEMG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Oakmark Fund Investor Class (OAKMX) 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.
| OAKMX | IEMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.35 | ||
| Sortino ratioReturn per unit of downside risk | -1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.39 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.27 | 3.23 | -1.96 |
| Martin ratioReturn relative to average drawdown | 3.18 | 11.89 | -8.71 |
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Drawdowns
OAKMX vs. IEMG - Drawdown Comparison
The maximum OAKMX drawdown since its inception was -56.19%, which is greater than IEMG's maximum drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for OAKMX and IEMG.
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Drawdown Indicators
| OAKMX | IEMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.19% | -38.71% | -17.48% |
Max Drawdown (1Y)Largest decline over 1 year | -6.98% | -13.21% | +6.23% |
Max Drawdown (3Y)Largest decline over 3 years | -17.05% | -17.21% | +0.16% |
Max Drawdown (5Y)Largest decline over 5 years | -23.68% | -35.75% | +12.07% |
Max Drawdown (10Y)Largest decline over 10 years | -41.43% | -38.71% | -2.72% |
Current DrawdownCurrent decline from peak | -3.69% | -3.98% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -6.39% | -12.95% | +6.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 3.59% | -0.80% |
Volatility
OAKMX vs. IEMG - Volatility Comparison
The current volatility for Oakmark Fund Investor Class (OAKMX) is 3.66%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 10.60%. This indicates that OAKMX 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
| OAKMX | IEMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.66% | 10.60% | -6.94% |
Volatility (6M)Calculated over the trailing 6-month period | 9.57% | 18.89% | -9.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.13% | 21.08% | -7.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.32% | 18.73% | -0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.40% | 20.17% | +0.23% |
OAKMX vs. IEMG - Expense Ratio Comparison
OAKMX has a 0.91% expense ratio, which is higher than IEMG's 0.09% expense ratio.
Dividends
OAKMX vs. IEMG - Dividend Comparison
OAKMX's dividend yield for the trailing twelve months is around 0.93%, less than IEMG's 2.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 2.24% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
OAKMX Oakmark Fund Investor Class | 0.93% | 0.92% | 1.12% | 1.02% | 0.92% | 1.94% | 0.17% | 8.33% | 8.13% | 4.06% | 2.58% | 1.43% |
Frequently Asked Questions
OAKMX and IEMG have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMG has higher volatility (10.60%) compared to OAKMX (3.66%). In terms of maximum drawdown, OAKMX dropped -56.19% vs IEMG's -38.71%.
IEMG currently has the higher Sharpe Ratio (2.03 vs 0.68), 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.
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