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VWRD.L vs. IEMG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VWRD.L vs. IEMG

Last updated Jun 13, 2026

VWRD.L (Vanguard FTSE All-World UCITS ETF) and IEMG (iShares Core MSCI Emerging Markets ETF) are both exchange-traded funds - VWRD.L is a Global Equities fund tracking the FTSE All-World Index, 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, VWRD.L returned 12.94%/yr vs 10.42%/yr for IEMG. A 0.58 correlation means they provide meaningful diversification when combined. VWRD.L charges 0.22%/yr vs 0.09%/yr for IEMG.

Performance

VWRD.L vs. IEMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World UCITS ETF (VWRD.L) and iShares Core MSCI Emerging Markets ETF (IEMG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VWRD.L achieves a 10.27% return, which is significantly lower than IEMG's 22.84% return. Over the past 10 years, VWRD.L has outperformed IEMG with an annualized return of 12.94%, while IEMG has yielded a comparatively lower 10.42% annualized return.

VWRD.L

1D
2.38%
1M
0.88%
YTD
10.27%
6M
11.90%
1Y
25.73%
3Y*
19.78%
5Y*
10.91%
10Y*
12.94%

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

VWRD.L vs. IEMG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VWRD.L
Vanguard FTSE All-World UCITS ETF		10.27%22.39%17.65%22.31%-18.19%18.52%16.13%25.67%-9.70%24.35%
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 VWRD.L and IEMG is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.65

Correlation (3Y)
Calculated over the trailing 3-year period

0.58

Correlation (5Y)
Calculated over the trailing 5-year period

0.58

Correlation (10Y)
Calculated over the trailing 10-year period

0.58

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2012

0.58

The correlation between VWRD.L and IEMG has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

VWRD.L vs. IEMG - Sectors Allocation Comparison

Sectors
VWRD.L
IEMG

Technology

30.2%
35.0%

Financial Services

16.1%
18.4%

Industrials

10.2%
9.0%

Consumer Cyclical

9.1%
9.5%

Communication Services

8.9%
6.4%

Healthcare

8.1%
3.7%

Consumer Defensive

4.9%
3.3%

Energy

4.3%
3.8%

Basic Materials

3.6%
6.9%

Utilities

2.9%
2.2%

Real Estate

1.6%
1.7%

Technology

VWRD.L
30.2%
IEMG
35.0%

Financial Services

VWRD.L
16.1%
IEMG
18.4%

Industrials

VWRD.L
10.2%
IEMG
9.0%

Consumer Cyclical

VWRD.L
9.1%
IEMG
9.5%

Communication Services

VWRD.L
8.9%
IEMG
6.4%

Healthcare

VWRD.L
8.1%
IEMG
3.7%

Consumer Defensive

VWRD.L
4.9%
IEMG
3.3%

Energy

VWRD.L
4.3%
IEMG
3.8%

Basic Materials

VWRD.L
3.6%
IEMG
6.9%

Utilities

VWRD.L
2.9%
IEMG
2.2%

Real Estate

VWRD.L
1.6%
IEMG
1.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard FTSE All-World UCITS ETF

iShares Core MSCI Emerging Markets ETF

Often compared with VWRD.L:
VWRD.L vs. VWRP.LVWRD.L vs. IWDA.LVWRD.L vs. VOOVWRD.L vs. JEPQVWRD.L vs. JEPG.LVWRD.L vs. EGLN.LVWRD.L vs. JEPI
Often compared with IEMG:
IEMG vs. VWOIEMG vs. EEMIEMG vs. IEFAIEMG vs. EMXCIEMG vs. SCHEIEMG vs. IXUSIEMG vs. SPY

Return for Risk

VWRD.L vs. IEMG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VWRD.L
VWRD.L Risk / Return Rank: 7272
Overall Rank
VWRD.L Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
VWRD.L Sortino Ratio Rank: 7878
Sortino Ratio Rank
VWRD.L Omega Ratio Rank: 7272
Omega Ratio Rank
VWRD.L Calmar Ratio Rank: 6767
Calmar Ratio Rank
VWRD.L Martin Ratio Rank: 7373
Martin Ratio Rank
IEMG
IEMG Risk / Return Rank: 7373
Overall Rank
IEMG Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
IEMG Sortino Ratio Rank: 6767
Sortino Ratio Rank
IEMG Omega Ratio Rank: 7676
Omega Ratio Rank
IEMG Calmar Ratio Rank: 7373
Calmar Ratio Rank
IEMG Martin Ratio Rank: 7373
Martin Ratio Rank
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.

VWRD.L vs. IEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World UCITS ETF (VWRD.L) 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.

VWRD.LIEMGDifference
Sharpe ratioReturn per unit of total volatility
2.01
2.03

-0.02

Sortino ratioReturn per unit of downside risk
3.00
2.65

+0.35

Omega ratioGain probability vs. loss probability

1.37

1.39

-0.02

Calmar ratioReturn relative to maximum drawdown

2.91

3.23

-0.32

Martin ratioReturn relative to average drawdown

11.88

11.89

0.00

VWRD.L vs. IEMG - Sharpe Ratio Comparison

The current VWRD.L Sharpe Ratio is 2.01, which is comparable to the IEMG Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of VWRD.L 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.

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Drawdowns

VWRD.L vs. IEMG - Drawdown Comparison

The maximum VWRD.L drawdown since its inception was -33.83%, smaller than the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for VWRD.L and IEMG.

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Drawdown Indicators

VWRD.LIEMGDifference

Max Drawdown

Largest peak-to-trough decline

-33.83%

-38.71%

+4.88%

Max Drawdown (1Y)

Largest decline over 1 year

-8.80%

-13.21%

+4.41%

Max Drawdown (3Y)

Largest decline over 3 years

-16.25%

-17.21%

+0.96%

Max Drawdown (5Y)

Largest decline over 5 years

-26.02%

-35.75%

+9.73%

Max Drawdown (10Y)

Largest decline over 10 years

-33.83%

-38.71%

+4.88%

Current Drawdown

Current decline from peak

-1.99%

-3.98%

+1.99%

Average Drawdown

Average peak-to-trough decline

-4.51%

-12.95%

+8.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.16%

3.59%

-1.43%

Volatility

VWRD.L vs. IEMG - Volatility Comparison

The current volatility for Vanguard FTSE All-World UCITS ETF (VWRD.L) is 4.40%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 10.60%. This indicates that VWRD.L 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

VWRD.LIEMGDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.40%

10.60%

-6.20%

Volatility (6M)

Calculated over the trailing 6-month period

10.29%

18.89%

-8.60%

Volatility (1Y)

Calculated over the trailing 1-year period

12.77%

21.08%

-8.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.38%

18.73%

-3.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.73%

20.17%

-4.44%

VWRD.L vs. IEMG - Expense Ratio Comparison

VWRD.L has a 0.22% 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

VWRD.L vs. IEMG - Dividend Comparison

VWRD.L's dividend yield for the trailing twelve months is around 1.25%, less than IEMG's 2.24% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VWRD.L
Vanguard FTSE All-World UCITS ETF		1.25%1.38%1.52%1.69%2.05%1.48%1.47%1.88%2.29%1.82%2.04%2.07%

Frequently Asked Questions

VWRD.L and IEMG have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IEMG is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IEMG is cheaper with a 0.09% expense ratio, compared with 0.22% for VWRD.L.

VWRD.L is categorized as Global Equities, while IEMG is Emerging Markets Diversified. VWRD.L tracks FTSE All-World Index, while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.22% for VWRD.L and 0.09% for IEMG.

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