XEF-U.TO vs. IEMG

Last updated Apr 4, 2026

Compare and contrast key facts about iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) and iShares Core MSCI Emerging Markets ETF (IEMG).

XEF-U.TO and IEMG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XEF-U.TO is a passively managed fund by iShares that tracks the performance of the MSCI EAFE® Investable Market Index. It was launched on Oct 9, 2019. IEMG is a passively managed fund by iShares that tracks the performance of the MSCI Emerging Markets Investable Market Index. It was launched on Oct 18, 2012. Both XEF-U.TO and IEMG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XEF-U.TO vs. IEMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) and iShares Core MSCI Emerging Markets ETF (IEMG). The values are adjusted to include any dividend payments, if applicable.

XEF-U.TO vs. IEMG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	1.42%	31.26%	2.22%	15.89%	-15.44%	10.81%	10.61%	1.79%
IEMG iShares Core MSCI Emerging Markets ETF	3.48%	32.56%	6.50%	11.52%	-19.98%	-0.64%	17.87%	7.17%

Returns By Period

In the year-to-date period, XEF-U.TO achieves a 1.42% return, which is significantly lower than IEMG's 3.48% return.

XEF-U.TO

• 1D: -0.92%
• 1M: -3.87%
• YTD: 1.42%
• 6M: 4.11%
• 1Y: 25.12%
• 3Y*: 13.48%
• 5Y*: 7.25%
• 10Y*: —

IEMG

• 1D: -1.02%
• 1M: -4.02%
• YTD: 3.48%
• 6M: 5.73%
• 1Y: 34.75%
• 3Y*: 15.85%
• 5Y*: 4.31%
• 10Y*: 8.31%

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

XEF-U.TO vs. IEMG - Expense Ratio Comparison

XEF-U.TO has a 0.21% 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%.

XEF-U.TO

iShares Core MSCI EAFE IMI Index ETF

IEMG

iShares Core MSCI Emerging Markets ETF

Return for Risk

XEF-U.TO vs. IEMG — Risk / Return Rank

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

XEF-U.TO

XEF-U.TO Risk / Return Rank: 65
XEF-U.TO Sharpe Ratio Rank: 73
XEF-U.TO Sortino Ratio Rank: 70
XEF-U.TO Omega Ratio Rank: 70
XEF-U.TO Calmar Ratio Rank: 57
XEF-U.TO Martin Ratio Rank: 56

IEMG

IEMG Risk / Return Rank: 77
IEMG Sharpe Ratio Rank: 81
IEMG Sortino Ratio Rank: 81
IEMG Omega Ratio Rank: 80
IEMG Calmar Ratio Rank: 72
IEMG Martin Ratio Rank: 70

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.

XEF-U.TO vs. IEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) 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.

	XEF-U.TO	IEMG	Difference
Sharpe ratio Return per unit of total volatility	1.37	1.62	-0.25
Sortino ratio Return per unit of downside risk	1.85	2.21	-0.35
Omega ratio Gain probability vs. loss probability	1.28	1.32	-0.05
Calmar ratio Return relative to maximum drawdown	1.83	2.43	-0.61
Martin ratio Return relative to average drawdown	7.00	9.12	-2.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XEF-U.TO vs. IEMG - Sharpe Ratio Comparison

The current XEF-U.TO Sharpe Ratio is 1.37, which is comparable to the IEMG Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of XEF-U.TO 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.

Sharpe Ratios by Period

	XEF-U.TO	IEMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	1.62	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.24	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.28	+0.34

Correlation

The correlation between XEF-U.TO and IEMG is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

XEF-U.TO vs. IEMG - Dividend Comparison

XEF-U.TO's dividend yield for the trailing twelve months is around 1.75%, less than IEMG's 2.66% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	1.75%	1.78%	2.04%	2.08%	2.43%	1.94%	1.40%	0.77%	0.00%	0.00%	0.00%	0.00%
IEMG iShares Core MSCI Emerging Markets ETF	2.66%	2.75%	3.20%	2.89%	2.71%	3.06%	1.87%	3.15%	2.76%	2.35%	2.28%	2.53%

Drawdowns

XEF-U.TO vs. IEMG - Drawdown Comparison

The maximum XEF-U.TO drawdown since its inception was -33.72%, smaller than the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for XEF-U.TO and IEMG.

Drawdown Indicators

	XEF-U.TO	IEMG	Difference
Max Drawdown Largest peak-to-trough decline	-33.72%	-38.71%	+4.99%
Max Drawdown (1Y) Largest decline over 1 year	-11.67%	-13.21%	+1.54%
Max Drawdown (5Y) Largest decline over 5 years	-31.18%	-35.93%	+4.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.71%	—
Current Drawdown Current decline from peak	-7.74%	-10.33%	+2.59%
Average Drawdown Average peak-to-trough decline	-5.72%	-13.11%	+7.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	3.53%	-0.49%

Volatility

XEF-U.TO vs. IEMG - Volatility Comparison

The current volatility for iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) is 7.91%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 9.33%. This indicates that XEF-U.TO 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

	XEF-U.TO	IEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.91%	9.33%	-1.42%
Volatility (6M) Calculated over the trailing 6-month period	11.32%	14.70%	-3.38%
Volatility (1Y) Calculated over the trailing 1-year period	17.32%	19.82%	-2.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.33%	17.91%	+3.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.65%	19.84%	+4.81%