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WEMG.AX vs. IEM.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

WEMG.AX vs. IEM.AX

Last updated Jul 16, 2026
Documentation

WEMG.AX (SPDR ETFs Australia - State Street SPDR S&P Emerging Markets Carbon Aware ETF) and IEM.AX (iShares MSCI Emerging Markets ETF (AU)) are both Emerging Markets Equities funds - WEMG.AX tracks the SPDR Index while IEM.AX tracks the iShares MSCI Emerging Markets Index. Both are passively managed. Over the past 10 years, WEMG.AX returned 8.90%/yr vs 9.10%/yr for IEM.AX. A 0.67 correlation means they provide meaningful diversification when combined.

Performance

WEMG.AX vs. IEM.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in SPDR ETFs Australia - State Street SPDR S&P Emerging Markets Carbon Aware ETF (WEMG.AX) and iShares MSCI Emerging Markets ETF (AU) (IEM.AX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, WEMG.AX achieves a 6.00% return, which is significantly lower than IEM.AX's 14.97% return. Both investments have delivered pretty close results over the past 10 years, with WEMG.AX having a 8.90% annualized return and IEM.AX not far ahead at 9.10%.

WEMG.AX

1D
0.35%
1M
0.27%
6M
0.76%
YTD
6.00%
1Y
15.90%
3Y*
15.82%
5Y*
6.49%
10Y*
8.90%

IEM.AX

1D
-2.08%
1M
-4.44%
6M
8.61%
YTD
14.97%
1Y
26.47%
3Y*
17.23%
5Y*
6.95%
10Y*
9.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

WEMG.AX vs. IEM.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
WEMG.AX
SPDR ETFs Australia - State Street SPDR S&P Emerging Markets Carbon Aware ETF		6.00%17.52%25.30%5.67%-13.15%3.67%4.15%20.19%-2.72%24.77%
IEM.AX
iShares MSCI Emerging Markets ETF (AU)		14.97%22.71%14.85%6.42%-13.41%1.75%7.24%17.26%-5.17%26.57%

Correlation

The correlation between WEMG.AX and IEM.AX is 0.73, 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

0.73

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

0.72

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

0.76

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

0.71

Correlation (All Time)
Calculated using the full available price history since Nov 1, 2013

0.67

The correlation between WEMG.AX and IEM.AX has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.

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SPDR ETFs Australia - State Street SPDR S&P Emerging Markets Carbon Aware ETF

iShares MSCI Emerging Markets ETF (AU)

Return for Risk

WEMG.AX vs. IEM.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
WEMG.AX
WEMG.AX Risk / Return Rank: 3030
Overall Rank
WEMG.AX Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
WEMG.AX Sortino Ratio Rank: 3131
Sortino Ratio Rank
WEMG.AX Omega Ratio Rank: 3131
Omega Ratio Rank
WEMG.AX Calmar Ratio Rank: 2626
Calmar Ratio Rank
WEMG.AX Martin Ratio Rank: 3030
Martin Ratio Rank
IEM.AX
IEM.AX Risk / Return Rank: 5151
Overall Rank
IEM.AX Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
IEM.AX Sortino Ratio Rank: 4646
Sortino Ratio Rank
IEM.AX Omega Ratio Rank: 5252
Omega Ratio Rank
IEM.AX Calmar Ratio Rank: 5555
Calmar Ratio Rank
IEM.AX Martin Ratio Rank: 5252
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.

WEMG.AX vs. IEM.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR ETFs Australia - State Street SPDR S&P Emerging Markets Carbon Aware ETF (WEMG.AX) and iShares MSCI Emerging Markets ETF (AU) (IEM.AX). 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.

WEMG.AXIEM.AXDifference
Sharpe ratioReturn per unit of total volatility
0.95
1.41

-0.46

Sortino ratioReturn per unit of downside risk
1.41
1.95

-0.54

Omega ratioGain probability vs. loss probability

1.18

1.27

-0.09

Calmar ratioReturn relative to maximum drawdown

1.06

2.26

-1.20

Martin ratioReturn relative to average drawdown

3.38

7.30

-3.92

WEMG.AX vs. IEM.AX - Sharpe Ratio Comparison

The current WEMG.AX Sharpe Ratio is 0.95, which is lower than the IEM.AX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of WEMG.AX and IEM.AX, 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

WEMG.AX vs. IEM.AX - Drawdown Comparison

The maximum WEMG.AX drawdown since its inception was -25.33%, smaller than the maximum IEM.AX drawdown of -43.82%. Use the drawdown chart below to compare losses from any high point for WEMG.AX and IEM.AX.

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Drawdown Indicators

WEMG.AXIEM.AXDifference

Max Drawdown

Largest peak-to-trough decline

-25.33%

-43.82%

+18.49%

Max Drawdown (1Y)

Largest decline over 1 year

-12.68%

-11.25%

-1.43%

Max Drawdown (3Y)

Largest decline over 3 years

-12.68%

-11.25%

-1.43%

Max Drawdown (5Y)

Largest decline over 5 years

-22.11%

-25.97%

+3.86%

Max Drawdown (10Y)

Largest decline over 10 years

-24.15%

-27.57%

+3.42%

Current Drawdown

Current decline from peak

-1.06%

-7.45%

+6.39%

Average Drawdown

Average peak-to-trough decline

-7.37%

-12.22%

+4.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.00%

3.53%

+0.47%

Volatility

WEMG.AX vs. IEM.AX - Volatility Comparison

The current volatility for SPDR ETFs Australia - State Street SPDR S&P Emerging Markets Carbon Aware ETF (WEMG.AX) is 6.02%, while iShares MSCI Emerging Markets ETF (AU) (IEM.AX) has a volatility of 8.29%. This indicates that WEMG.AX experiences smaller price fluctuations and is considered to be less risky than IEM.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

WEMG.AXIEM.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.02%

8.29%

-2.27%

Volatility (6M)

Calculated over the trailing 6-month period

12.25%

16.73%

-4.48%

Volatility (1Y)

Calculated over the trailing 1-year period

14.28%

18.03%

-3.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.32%

15.51%

-1.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.78%

15.48%

-0.70%

Dividends

WEMG.AX vs. IEM.AX - Dividend Comparison

WEMG.AX's dividend yield for the trailing twelve months is around 7.16%, more than IEM.AX's 0.80% yield.

PositionTTM20252024202320222021202020192018201720162015
IEM.AX
iShares MSCI Emerging Markets ETF (AU)		0.80%0.89%0.66%1.16%3.38%2.36%1.28%3.45%1.06%2.28%0.00%0.00%
WEMG.AX
SPDR ETFs Australia - State Street SPDR S&P Emerging Markets Carbon Aware ETF		7.16%3.46%1.91%2.64%2.86%2.19%2.38%2.36%2.53%1.29%2.19%2.02%

Frequently Asked Questions

WEMG.AX and IEM.AX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

WEMG.AX tracks SPDR Index, while IEM.AX tracks iShares MSCI Emerging Markets Index. They also come from different issuers: SPDR and iShares.

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