TUR vs. RNEM

Last updated Jul 16, 2026

TUR (iShares MSCI Turkey ETF) and RNEM (First Trust Emerging Markets Equity Select ETF) are both Emerging Markets Equities funds - TUR tracks the MSCI Turkey Investable Market Index while RNEM tracks the Nasdaq Riskalyze Emerging Markets Equity Select Index. Both are passively managed. Over the past 5 years, TUR returned 15.78%/yr vs 5.18%/yr for RNEM. At a 0.30 correlation, their price movements are largely independent. TUR charges 0.59%/yr vs 0.75%/yr for RNEM.

Performance

TUR vs. RNEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Turkey ETF (TUR) and First Trust Emerging Markets Equity Select ETF (RNEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TUR achieves a 13.93% return, which is significantly higher than RNEM's 1.36% return.

TUR

• 1D: 0.28%
• 1M: -3.54%
• 6M: 4.33%
• YTD: 13.93%
• 1Y: 20.64%
• 3Y*: 9.71%
• 5Y*: 15.78%
• 10Y*: 2.08%

RNEM

• 1D: 0.43%
• 1M: -0.09%
• 6M: -0.47%
• YTD: 1.36%
• 1Y: 4.11%
• 3Y*: 6.42%
• 5Y*: 5.18%
• 10Y*: —

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

TUR vs. RNEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TUR iShares MSCI Turkey ETF	13.93%	-1.54%	12.91%	-8.83%	105.75%	-27.41%	-1.19%	14.49%	-41.46%	4.87%
RNEM First Trust Emerging Markets Equity Select ETF	1.36%	15.58%	-1.47%	23.43%	-8.75%	6.16%	-8.16%	12.76%	-9.34%	11.97%

Correlation

The correlation between TUR and RNEM is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	0.30

The correlation between TUR and RNEM shifts across timeframes, from 0.27 (3 years) to 0.40 (1 year), reflecting how their relationship changes across market environments.

TUR vs. RNEM - Sectors Allocation Comparison

Sectors	TUR	RNEM
Industrials	29.9%	3.9%
Financial Services	17.1%	35.0%
Consumer Defensive	13.3%	6.0%
Basic Materials	11.9%	14.2%
Energy	6.2%	7.0%
Consumer Cyclical	6.0%	9.9%
Real Estate	5.5%	0.8%
Utilities	4.0%	3.5%
Communication Services	3.2%	8.7%
Healthcare	2.3%	4.5%
Technology	0.8%	6.4%

Return for Risk

TUR vs. RNEM — Risk / Return Rank

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

TUR

TUR Risk / Return Rank: 29
TUR Sharpe Ratio Rank: 28
TUR Sortino Ratio Rank: 28
TUR Omega Ratio Rank: 29
TUR Calmar Ratio Rank: 31
TUR Martin Ratio Rank: 29

RNEM

RNEM Risk / Return Rank: 14
RNEM Sharpe Ratio Rank: 15
RNEM Sortino Ratio Rank: 14
RNEM Omega Ratio Rank: 13
RNEM Calmar Ratio Rank: 14
RNEM Martin Ratio Rank: 15

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.

TUR vs. RNEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Turkey ETF (TUR) and First Trust Emerging Markets Equity Select ETF (RNEM). 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.

	TUR	RNEM	Difference
Sharpe ratio: Return per unit of total volatility	0.84	0.33	+0.51
Sortino ratio: Return per unit of downside risk	1.32	0.56	+0.76
Omega ratio: Gain probability vs. loss probability	1.17	1.07	+0.11
Calmar ratio: Return relative to maximum drawdown	1.29	0.39	+0.90
Martin ratio: Return relative to average drawdown	3.34	1.03	+2.32

TUR vs. RNEM - Sharpe Ratio Comparison

The current TUR Sharpe Ratio is 0.84, which is higher than the RNEM Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of TUR and RNEM, 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

TUR vs. RNEM - Drawdown Comparison

The maximum TUR drawdown since its inception was -72.34%, which is greater than RNEM's maximum drawdown of -38.38%. Use the drawdown chart below to compare losses from any high point for TUR and RNEM.

Drawdown Indicators

	TUR	RNEM	Difference
Max Drawdown Largest peak-to-trough decline	-72.34%	-38.38%	-33.96%
Max Drawdown (1Y) Largest decline over 1 year	-16.07%	-10.71%	-5.36%
Max Drawdown (3Y) Largest decline over 3 years	-31.63%	-13.09%	-18.54%
Max Drawdown (5Y) Largest decline over 5 years	-31.63%	-21.41%	-10.22%
Max Drawdown (10Y) Largest decline over 10 years	-59.25%	—	—
Current Drawdown Current decline from peak	-28.30%	-4.77%	-23.53%
Average Drawdown Average peak-to-trough decline	-39.82%	-9.25%	-30.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.19%	4.01%	+2.18%

Volatility

TUR vs. RNEM - Volatility Comparison

iShares MSCI Turkey ETF (TUR) has a higher volatility of 5.65% compared to First Trust Emerging Markets Equity Select ETF (RNEM) at 3.31%. This indicates that TUR's price experiences larger fluctuations and is considered to be riskier than RNEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TUR	RNEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	3.31%	+2.34%
Volatility (6M) Calculated over the trailing 6-month period	20.31%	10.92%	+9.39%
Volatility (1Y) Calculated over the trailing 1-year period	24.60%	12.50%	+12.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.16%	14.49%	+19.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.24%	17.17%	+17.07%

TUR vs. RNEM - Expense Ratio Comparison

TUR has a 0.59% expense ratio, which is lower than RNEM's 0.75% expense ratio.

Dividends

TUR vs. RNEM - Dividend Comparison

TUR's dividend yield for the trailing twelve months is around 2.16%, less than RNEM's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RNEM First Trust Emerging Markets Equity Select ETF	2.34%	2.75%	3.45%	1.63%	2.99%	3.20%	3.01%	2.85%	2.85%	2.28%	0.00%	0.00%
TUR iShares MSCI Turkey ETF	2.16%	2.40%	1.79%	4.43%	1.97%	4.22%	0.87%	3.29%	4.05%	2.64%	2.89%	3.04%

Frequently Asked Questions

Can I hold both TUR and RNEM in my portfolio?

TUR and RNEM have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TUR or RNEM?

TUR has higher volatility (5.65%) compared to RNEM (3.31%). In terms of maximum drawdown, TUR dropped -72.34% vs RNEM's -38.38%.

Which ETF is better, TUR or RNEM?

On 5-year performance, TUR leads with 15.78% vs 5.18% for RNEM. On fees, TUR is cheaper at 0.59% per year. On volatility, RNEM has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TUR or RNEM?

Over the 5-year period, TUR has performed better with a 15.78% return vs 5.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TUR or RNEM?

TUR is cheaper with a 0.59% expense ratio, compared with 0.75% for RNEM.

Which ETF pays a higher dividend yield, TUR or RNEM?

RNEM has the higher dividend yield at 2.34%, compared with 2.16% for TUR.

What is the main difference between TUR and RNEM?

TUR tracks MSCI Turkey Investable Market Index, while RNEM tracks Nasdaq Riskalyze Emerging Markets Equity Select Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.59% for TUR and 0.75% for RNEM.

Which has better risk-adjusted returns?

TUR currently has the higher Sharpe Ratio (0.84 vs 0.33), 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.