ONEV vs. IEMG

Last updated Jul 21, 2026

ONEV (SPDR Russell 1000 Low Volatility Focus ETF) and IEMG (iShares Core MSCI Emerging Markets ETF) are both exchange-traded funds - ONEV is a Volatility Hedged Equity fund tracking the Russell 1000 Low Volatility Focused Factor (TR), while IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). Both are passively managed. Over the past 10 years, ONEV returned 11.26%/yr vs 8.77%/yr for IEMG. At a 0.50 correlation, their price movements are largely independent. ONEV charges 0.20%/yr vs 0.09%/yr for IEMG.

Performance

ONEV vs. IEMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Russell 1000 Low Volatility Focus ETF (ONEV) and iShares Core MSCI Emerging Markets ETF (IEMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ONEV achieves a 10.50% return, which is significantly lower than IEMG's 15.78% return. Over the past 10 years, ONEV has outperformed IEMG with an annualized return of 11.26%, while IEMG has yielded a comparatively lower 8.77% annualized return.

ONEV

• 1D: -0.49%
• 1M: 3.59%
• 6M: 5.87%
• YTD: 10.50%
• 1Y: 14.69%
• 3Y*: 11.37%
• 5Y*: 8.82%
• 10Y*: 11.26%
• ALL TIME*: 11.54%

IEMG

• 1D: 0.30%
• 1M: -9.83%
• 6M: 9.74%
• YTD: 15.78%
• 1Y: 29.70%
• 3Y*: 18.80%
• 5Y*: 6.56%
• 10Y*: 8.77%
• ALL TIME*: 6.08%

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

ONEV vs. IEMG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ONEV SPDR Russell 1000 Low Volatility Focus ETF	10.50%	8.14%	11.76%	13.28%	-8.15%	29.19%	6.66%	30.66%	-5.30%	18.11%
IEMG iShares Core MSCI Emerging Markets ETF	15.78%	32.56%	6.50%	11.52%	-19.98%	-0.64%	17.87%	17.81%	-14.92%	37.38%

Correlation

The correlation between ONEV and IEMG is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Dec 3, 2015	0.50

The correlation between ONEV and IEMG shifts across timeframes, from 0.31 (1 year) to 0.51 (10 years), reflecting how their relationship changes across market environments.

ONEV vs. IEMG - Sectors Allocation Comparison

Sectors	ONEV	IEMG
Industrials	17.7%	7.7%
Financial Services	17.0%	17.3%
Healthcare	12.3%	3.2%
Consumer Cyclical	11.3%	7.7%
Consumer Defensive	9.1%	2.8%
Technology	8.3%	43.6%
Real Estate	8.3%	1.5%
Utilities	8.2%	1.9%
Basic Materials	2.7%	5.8%
Communication Services	2.7%	5.6%
Energy	2.3%	3.0%

Return for Risk

ONEV vs. IEMG — Risk / Return Rank

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

ONEV

ONEV Risk / Return Rank: 50
ONEV Sharpe Ratio Rank: 49
ONEV Sortino Ratio Rank: 55
ONEV Omega Ratio Rank: 46
ONEV Calmar Ratio Rank: 50
ONEV Martin Ratio Rank: 52

IEMG

IEMG Risk / Return Rank: 53
IEMG Sharpe Ratio Rank: 49
IEMG Sortino Ratio Rank: 45
IEMG Omega Ratio Rank: 53
IEMG Calmar Ratio Rank: 60
IEMG Martin Ratio Rank: 57

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.

ONEV vs. IEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Low Volatility Focus ETF (ONEV) 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.

	ONEV	IEMG	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.30	0.00
Sortino ratio: Return per unit of downside risk	2.01	1.77	+0.23
Omega ratio: Gain probability vs. loss probability	1.23	1.25	-0.03
Calmar ratio: Return relative to maximum drawdown	1.90	2.26	-0.35
Martin ratio: Return relative to average drawdown	6.50	7.35	-0.85

ONEV vs. IEMG - Sharpe Ratio Comparison

The current ONEV Sharpe Ratio is 1.29, which is comparable to the IEMG Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of ONEV and IEMG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ONEV vs. IEMG - Drawdown Comparison

The maximum ONEV drawdown since its inception was -39.72%, roughly equal to the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for ONEV and IEMG.

Drawdown Indicators

	ONEV	IEMG	Difference
Max Drawdown Largest peak-to-trough decline	-39.72%	-38.71%	-1.01%
Max Drawdown (1Y) Largest decline over 1 year	-7.75%	-13.21%	+5.46%
Max Drawdown (3Y) Largest decline over 3 years	-14.81%	-17.21%	+2.40%
Max Drawdown (5Y) Largest decline over 5 years	-18.52%	-33.61%	+15.09%
Max Drawdown (10Y) Largest decline over 10 years	-39.72%	-38.71%	-1.01%
Current Drawdown Current decline from peak	-0.94%	-10.22%	+9.28%
Average Drawdown Average peak-to-trough decline	-3.86%	-12.90%	+9.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	4.05%	-1.78%

Volatility

ONEV vs. IEMG - Volatility Comparison

The current volatility for SPDR Russell 1000 Low Volatility Focus ETF (ONEV) is 3.53%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 9.61%. This indicates that ONEV 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.

Volatility by Period

	ONEV	IEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	9.61%	-6.08%
Volatility (6M) Calculated over the trailing 6-month period	8.20%	21.09%	-12.89%
Volatility (1Y) Calculated over the trailing 1-year period	11.43%	23.06%	-11.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.54%	19.17%	-4.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.01%	20.24%	-3.23%

ONEV vs. IEMG - Expense Ratio Comparison

ONEV has a 0.20% expense ratio, which is higher than IEMG's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ONEV vs. IEMG - Dividend Comparison

ONEV's dividend yield for the trailing twelve months is around 1.83%, less than IEMG's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEMG iShares Core MSCI Emerging Markets ETF	2.33%	2.75%	3.20%	2.89%	2.71%	3.06%	1.87%	3.15%	2.76%	2.35%	2.28%	2.53%
ONEV SPDR Russell 1000 Low Volatility Focus ETF	1.83%	1.81%	1.88%	1.79%	1.80%	1.44%	1.87%	2.07%	2.14%	6.91%	3.73%	0.21%

Frequently Asked Questions

Can I hold both ONEV and IEMG in my portfolio?

ONEV and IEMG have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONEV or IEMG?

IEMG has higher volatility (9.61%) compared to ONEV (3.53%). In terms of maximum drawdown, ONEV dropped -39.72% vs IEMG's -38.71%.

Which ETF is better, ONEV or IEMG?

On 10-year performance, ONEV leads with 11.26% vs 8.77% for IEMG. On fees, IEMG is cheaper at 0.09% per year. On volatility, ONEV has been the lower-risk option at 3.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEV or IEMG?

Over the 10-year period, ONEV has performed better with a 11.26% return vs 8.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEV or IEMG?

IEMG is cheaper with a 0.09% expense ratio, compared with 0.20% for ONEV.

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

IEMG has the higher dividend yield at 2.33%, compared with 1.83% for ONEV.

What is the main difference between ONEV and IEMG?

ONEV is categorized as Volatility Hedged Equity, while IEMG is Emerging Markets Diversified. ONEV tracks Russell 1000 Low Volatility Focused Factor (TR), while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). They also come from different issuers: State Street and iShares. Their fees differ too: 0.20% for ONEV and 0.09% for IEMG.

Which has better risk-adjusted returns?

IEMG currently has the higher Sharpe Ratio (1.30 vs 1.29), 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.