Relative Intelligence · Emerging Markets Equity
How iShares Core MSCI Emerging Markets ETF (IEMG) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on IEMG alone. It places IEMG (iShares Core MSCI Emerging Markets ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where IEMG stands in the market, and of the alternatives worth a closer look.
Period covered: IEMG's full trading record, from October 2012 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- Right nowOver the past 6 months, IEMG rose 0.6% against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. Not every peer went the same way. Over the past 6 months, EMXC (iShares MSCI Emerging Markets ex China ETF) rose 5.6% and DGS (WisdomTree Emerging Markets SmallCap Dividend Fund) fell 1.1%. Consistency ↓
- Fund or market?IEMG rose 0.2% over the past 3 months, in line with the emerging markets equity ETF VWO (Vanguard FTSE Emerging Markets ETF), which rose 0.7%. The S&P 500 rose 3.9%.
- Long termIEMG turned $10,000 into $22,200 over the past decade, against $42,100 in the S&P 500. Growth of $10,000 ↓
- In a crashIn the 2022 bear market, IEMG fell harder than most of its similar funds, including VWO (Vanguard FTSE Emerging Markets ETF), AVEM and EMXC. Crash tests ↓
- DiversificationAgainst the S&P 500, IEMG has a correlation of 0.67 over 5 years, less closely than 61% of ETFs with at least $100 million in assets. Next to an index fund it is some diversification, but not a hedge. Over 10 years IEMG took more of the market's losses than of its gains: 71% of the S&P 500's gains in rising months and 83% of its losses in falling ones, with a beta of 0.77. Market capture ↓
- Better options
- Popular alternatives
- VEA (Vanguard FTSE Developed Markets ETF), FNDE (Schwab Fundamental Emerging Markets Large Company Index ETF) and DEM (WisdomTree Emerging Markets High Dividend Fund) earned more than IEMG with less volatility over the past 5 years. VEA returned 9.3% a year at 16.9% volatility, against 6.8% a year at 19.4%.
- Nearby categories and themes
- LVHI (Franklin International Low Volatility High Dividend Index ETF, international equity) and DFIV (Dimensional - International Value ETF, international equity) earned more than IEMG with less volatility over the past 5 years. LVHI returned 17.0% a year at 11.1% volatility, against 6.8% a year at 19.4%.
- Versus the S&P 500
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 6.8% at 19.4% for IEMG.
How much would $10,000 in IEMG have grown?
This chart tracks a hypothetical $10,000 investment in IEMG over the past 13 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of IEMG over the same span and IEMG's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: IEMG began trading on October 24, 2012, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or two other sell-offs. It covers the most recent 13 years of IEMG's record, starting at the end of September 2013.
- $10,000 invested in IEMG at the end of September 2013 would have grown to $23,329 by September 2026, less than the $56,474 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of IEMG, and DBEF finished highest, at $35,614.
Choose a period
From the end of September 2013 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,456 of the 2,311 stocks and funds worth at least $500 million that traded the whole period ended ahead of IEMG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- SPY (S&P 500)$56,474+465% total · +14.2% a year
- DBEF$35,614+256% total · +10.3% a year
- VEA$26,160+162% total · +7.7% a year
- VXUS$24,769+148% total · +7.2% a year
- INDA$24,024+140% total · +7.0% a year
- FNDE$23,803+138% total · +6.9% a year
- IEMG$23,329+133% total · +6.7% a year
- PXH$22,999+130% total · +6.6% a year
- FEM$20,714+107% total · +5.8% a year
- DEM$19,635+96.4% total · +5.3% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,523 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of IEMG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- EMXC$18,461+84.6% total · +13.0% a year
- XCEM$17,957+79.6% total · +12.4% a year
- EMGF$16,676+66.8% total · +10.8% a year
- DEM$16,526+65.3% total · +10.6% a year
- PXH$16,470+64.7% total · +10.5% a year
- FNDE$16,394+63.9% total · +10.4% a year
- VEA$16,310+63.1% total · +10.3% a year
- VXUS$15,652+56.5% total · +9.4% a year
- IEMG$15,196+52.0% total · +8.7% a year
IEMG at a glance
This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
Note: IEMG began trading on October 24, 2012, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or two other sell-offs.
- IEMG's deepest decline since it began trading in 2012 was 38.7%, from January 2018 to March 2020. It took eight months from the low to climb back to its old high.
- Over 13 full calendar years, IEMG's best was 2017, when it returned 37.4%, and its worst was 2022, when it lost 20.0%. It lost money in six of those years.
- IEMG is 10.0% below its all-time high.
The fund
- Issuer
- IShares
- Began trading
- October 2012
- Expense ratio
- 0.09%per year
- Assets
- $151B
- Category
- International
Returns
- Past 1 year
- +17.0%total return
- Past 3 years
- +83.4%+22.4% a year
- Past 5 years
- +39.0%+6.8% a year
- Past 10 years
- +122%+8.3% a year
- Best calendar year
- +37.4%2017
- Worst calendar year
- −20.0%2022
- Losing years
- 6 of 13full calendar years
Risk
- Volatility
- 19.4%typical yearly swing, 5 years
- Sharpe ratio
- 0.44return per unit of risk, 5 years
- Worst decline ever
- −38.7%Jan 2018 to Mar 2020
- From its all-time high
- −10.0%below the peak
IEMG against the whole market
Where IEMG ranks among every stock and fund, and what across the market has done better.
How does IEMG rank among all ETFs?
This section ranks IEMG on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how IEMG stacks up against its peers, these rankings show where it stands in the market as a whole.
- IEMG's 1-year return ranks in the top 25% of the 2,485 ETFs with at least $100 million in assets with 1 year of history.
Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.
| Measure | IEMG | Rank | Standing |
|---|---|---|---|
| 1-year return | +17.0% | 621 of 2,485 | top 25% |
| 3-year return | +83.4% | 502 of 1,949 | top 26% |
| 5-year return | +39.0% | 871 of 1,560 | bottom 45% |
| 10-year return | +122% | 583 of 958 | bottom 40% |
| Volatility, 5 years | 19.4% | 1,075 of 1,560 | bottom 32% |
| Sharpe ratio, 5 years | 0.44 | 1,020 of 1,560 | bottom 36% |
| Worst decline, past 10 years | −38.7% | 487 of 951 | bottom 50% |
What has beaten IEMG on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). IEMG sits where the dashed lines cross. Anything in the green box above and to the left earned more than IEMG with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- Nine stocks and 305 ETFs worth at least $500 million sit in the green region: each earned more than IEMG over the past 5 years with smaller price swings. That is 9% of the 3,633 screened.
- Among those with at least half IEMG's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 43% less than IEMG's 19.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.44 for IEMG. SDCI earned the most, 20.6% a year, while still swinging less than IEMG (18.4% against 19.4%).
- Among IEMG's popular alternatives, DEM, FNDE and PXH are in the region. DEM earned 9.6% a year against 6.8% a year for IEMG, at 15.5% volatility, 20% less than IEMG's 19.4%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to IEMG; faint dots are 87 more of the 314 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than IEMG?
Investments that beat IEMG over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among IEMG's popular alternatives, VEA, FNDE and DEM earned more than IEMG with less volatility over the past 5 years. VEA returned 9.3% a year at 16.9% volatility, against 6.8% a year at 19.4%.
- Looking beyond its popular alternatives, LVHI (international equity) and DFIV (international equity) earned more than IEMG with less volatility over the past 5 years. LVHI returned 17.0% a year at 11.1% volatility, against 6.8% a year at 19.4%.
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 6.8% at 19.4% for IEMG.
How this works
The table below lists investments that beat IEMG over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks IEMG's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than IEMG follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than IEMG's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× IEMG's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than IEMG's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with IEMG?lower diversifies more | Expenseper year | |||
| IEMGiShares Core MSCI Emerging Markets ETF · this page | +6.8% | 19.4% | 0.44 | −38.7% | +122% | 1.00 | 0.09% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.67 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against IEMG. 11 of 23 passed at least one test. | |||||||||
 VEAVanguard FTSE Developed Markets ETF · Developed International Equity | Higher return, lower volatilityHigher return in most periods | +9.3% | 16.9% | 0.61 | −35.8% | +153% | 0.84 | 0.03% | |
FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity | Higher return, lower volatilityHigher return in most periods | +9.8% | 17.0% | 0.64 | −39.9% | +151% | 0.89 | 0.39% | |
DEMWisdomTree Emerging Markets High Dividend Fund · International Equity | Higher return, lower volatilityHigher return in most periods | +9.6% | 15.5% | 0.67 | −37.8% | +133% | 0.89 | 0.63% | |
EMXCiShares MSCI Emerging Markets ex China ETF · Emerging Markets Equity | Higher return, similar volatilityHigher return in most periods | +11.1% | 19.5% | 0.64 | −42.8% | — | 0.91 | 0.25% | |
 VXUSVanguard Total International Stock ETF · International Equity | Higher return, lower volatility | +8.2% | 16.4% | 0.57 | −36.0% | +140% | 0.90 | 0.05% | |
DGSWisdomTree Emerging Markets SmallCap Dividend Fund · International | Similar return, lower volatility | +7.4% | 15.4% | 0.54 | −44.1% | +119% | 0.91 | 0.58% | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Emerging Markets Equity and International Equity and the categories next to it (Developed International Equity, International Bonds), plus IEMG's specific themes. 40 of 56 passed at least one test. | |||||||||
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.56 | 0.40% | |
DFIVDimensional - International Value ETF · International Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.70 | 0.27% | |
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.70 | 0.35% | |
FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Higher return, lower volatilityHigher return in most periods | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.81 | 0.25% | |
EFAViShares MSCI EAFE Min Vol Factor ETF · International Equity | Similar return, lower volatilityHigher Sharpe, smaller worst decline | +7.6% | 11.9% | 0.68 | −27.6% | +97.7% | 0.60 | 0.20% | |
FEZState Street SPDR EURO STOXX 50 ETF · International Equity | Higher return, similar volatility | +10.1% | 20.6% | 0.57 | −39.7% | +164% | 0.74 | 0.29% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 629 of 3,557 passed at least one test. | |||||||||
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.19 | — | |
| SPYState Street SPDR S&P 500 ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.67 | 0.09% | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.17 | — | |
PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.52 | 0.60% | |
 VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.62 | 0.04% | |
 SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.54 | 0.06% | |
 NVSNovartis AG · Pharmaceuticals | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.44 | — | |
USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +7.6% | 12.3% | 0.66 | −33.1% | +176% | 0.52 | 0.15% | |
What these numbers mean for IEMG
- Annual return
- IEMG returned 6.8% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $13,900. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- IEMG's volatility over the past 5 years was 19.4%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, IEMG's return lands within 19.4% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- IEMG's Sharpe ratio over the past 5 years was 0.44, against 0.79 for the S&P 500, so IEMG earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- IEMG's worst fall from a peak to a low over the past 10 years was 38.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 38.7% fall takes a 63.2% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, IEMG's monthly returns had a correlation of 0.67 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against IEMG instead: the lower it is, the more that option would diversify a IEMG holding. Guide: Correlation and diversification →
Show all 314 stocks and funds worth at least $500 million that earned more than IEMG with less volatility
Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with IEMG | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.19 | — |
| 2 | SPYState Street SPDR S&P 500 ETF · US Large-Cap Equity | Whole market | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.67 | 0.09% |
| 3 | JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.17 | — |
| 4 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.52 | 0.60% |
| 5 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Same or nearby category | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.56 | 0.40% |
| 6 | VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.62 | 0.04% |
| 7 | SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.54 | 0.06% |
| 8 |  XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.35 | 0.08% |
| 9 | ACWIiShares MSCI ACWI ETF · Global Equity | Whole market | +10.6% | 16.2% | 0.70 | −33.5% | +227% | 0.80 | 0.32% |
| 10 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.62 | 0.15% |
| 11 |  RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.55 | — |
| 12 | MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity | Whole market | +9.1% | 18.4% | 0.57 | −33.3% | +276% | 0.69 | 0.46% |
| 13 | QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income | Whole market | +8.4% | 15.0% | 0.62 | −24.7% | +156% | 0.56 | 0.60% |
| 14 | DFIVDimensional - International Value ETF · International Equity | Same or nearby category | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.70 | 0.27% |
| 15 | USMCPrincipal U.S. Mega-Cap ETF · Broad Market | Whole market | +14.1% | 16.4% | 0.89 | −30.0% | — | 0.63 | 0.12% |
| 16 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Same or nearby category | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.70 | 0.35% |
| 17 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.56 | 0.95% |
| 18 | DIVIFranklin International Core Dividend Tilt Index ETF · International | Whole market | +13.4% | 15.5% | 0.89 | −27.7% | +184% | 0.78 | 0.09% |
| 19 | AOAiShares Core 80/20 Aggressive Allocation ETF · Multi-Asset | Whole market | +8.6% | 13.1% | 0.69 | −28.4% | +165% | 0.80 | 0.19% |
| 20 |  VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Whole market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.68 | 0.03% |
| 21 | FTHIFirst Trust BuyWrite Income ETF · Dividend & Income | Whole market | +10.3% | 13.3% | 0.81 | −32.7% | +126% | 0.59 | 0.75% |
| 22 | FLQLFranklin U.S. Large Cap Multifactor Index ETF · Broad Market | Whole market | +13.8% | 16.3% | 0.88 | −33.6% | — | 0.64 | 0.15% |
| 23 | ESGDiShares ESG Aware MSCI EAFE ETF · Developed International Equity | Same or nearby category | +8.3% | 16.7% | 0.56 | −33.7% | +140% | 0.80 | 0.20% |
| 24 | HFXINYLI FTSE International Equity Currency Neutral ETF · International | Whole market | +11.4% | 15.3% | 0.79 | −32.4% | +180% | 0.83 | 0.19% |
| 25 | IPACiShares Core MSCI Pacific ETF · International | Whole market | +8.2% | 16.9% | 0.55 | −31.0% | +126% | 0.83 | 0.09% |
| 26 | IHEiShares U.S. Pharmaceuticals ETF · Broad Market | Whole market | +12.6% | 16.8% | 0.80 | −29.6% | +151% | 0.33 | 0.37% |
| 27 | PPHVanEck Pharmaceutical ETF · Healthcare | Whole market | +11.6% | 15.8% | 0.78 | −29.7% | +153% | 0.38 | 0.36% |
| 28 | PTNQPacer Trendpilot 100 ETF · Technology | Whole market | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.63 | 0.65% |
| 29 | FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Healthcare | Whole market | +11.9% | 16.9% | 0.75 | −32.1% | +153% | 0.36 | 0.60% |
| 30 | IDHQInvesco S&P International Developed Quality ETF · International | Whole market | +10.0% | 17.9% | 0.63 | −33.6% | +183% | 0.80 | 0.29% |
| 31 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives | Whole market | +12.9% | 15.6% | 0.86 | −35.9% | +139% | 0.15 | 0.98% |
| 32 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.35 | — |
| 33 | OUSAALPS Funds O’Shares U.S. Quality Dividend ETF · Dividend & Income | Whole market | +9.4% | 13.4% | 0.74 | −33.1% | +186% | 0.58 | 0.48% |
| 34 | VSLUApplied Finance Valuation Large Cap ETF · Broad Market | Whole market | +13.7% | 16.2% | 0.88 | −23.8% | — | 0.65 | 0.49% |
| 35 |  VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.62 | 0.03% |
| 36 |  EPDEnterprise Products Partners L.P. · Oil & Gas Midstream | Whole market | +16.4% | 17.1% | 0.98 | −58.1% | +178% | 0.15 | — |
| 37 |  RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity | Whole market | +8.2% | 16.1% | 0.57 | −39.0% | +211% | 0.66 | 0.20% |
| 38 |  DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Whole market | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.67 | 0.26% |
| 39 | SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds | Whole market | +20.6% | 18.4% | 1.12 | −45.7% | — | 0.13 | 0.80% |
| 40 | VOEVanguard Morningstar Mid-Cap Value ETF · US Mid-Cap Equity | Whole market | +9.4% | 15.8% | 0.65 | −43.2% | +182% | 0.61 | 0.05% |
| 41 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Whole market | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.60 | 0.56% |
| 42 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.45 | 0.08% |
| 43 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.66 | 0.79% |
| 44 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.68 | 0.85% |
| 45 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Whole market | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.43 | 0.43% |
| 46 | VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Whole market | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.73 | 0.15% |
| 47 | ATOAtmos Energy Corporation · Gas Utilities | Whole market | +14.9% | 18.4% | 0.85 | −32.9% | +194% | 0.38 | — |
| 48 | FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Same or nearby category | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.81 | 0.25% |
| 49 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.58 | 0.60% |
| 50 | AVDVAvantis International Small Cap Value ETF · International Equity | Same or nearby category | +13.9% | 17.4% | 0.84 | −43.0% | — | 0.79 | 0.36% |
| 51 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.68 | 0.20% |
| 52 | WTVWisdomTree U.S. Value Fund · Broad Market | Whole market | +13.4% | 17.0% | 0.83 | −42.2% | +303% | 0.56 | 0.12% |
| 53 | IDViShares International Select Dividend ETF · International Equity | Same or nearby category | +12.8% | 15.5% | 0.86 | −42.5% | +159% | 0.70 | 0.50% |
| 54 | BBCAJPMorgan BetaBuilders Canada ETF · International Equity | Same or nearby category | +11.4% | 16.7% | 0.73 | −42.8% | — | 0.66 | 0.19% |
| 55 | EQWLInvesco S&P 100 Equal Weight ETF · Broad Market | Whole market | +11.6% | 15.0% | 0.81 | −34.3% | +291% | 0.69 | 0.30% |
| 56 | HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International | Whole market | +12.8% | 14.2% | 0.92 | −36.4% | +134% | 0.66 | 0.09% |
| 57 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.67 | 0.10% |
| 58 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.63 | 0.05% |
| 59 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.64 | 0.12% |
| 60 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.52 | 0.56% |
| 61 | DHSWisdomTree U.S. High Dividend Fund · Dividend & Income | Whole market | +12.0% | 13.9% | 0.89 | −37.4% | +156% | 0.47 | 0.38% |
| 62 | FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity | Popular alternative | +9.8% | 17.0% | 0.64 | −39.9% | +151% | 0.89 | 0.39% |
| 63 | RODMHartford Multifactor Developed Markets (ex-US) ETF · International | Whole market | +10.6% | 13.5% | 0.82 | −36.0% | +141% | 0.73 | 0.29% |
| 64 | FGDFirst Trust Dow Jones Global Select Dividend Index Fund · International | Whole market | +11.6% | 14.8% | 0.82 | −44.8% | +155% | 0.72 | 0.55% |
| 65 | RLYState Street Multi-Asset Real Return ETF · Multi-Asset | Whole market | +9.9% | 13.3% | 0.78 | −34.2% | +128% | 0.55 | 0.50% |
| 66 | HEDJWisdomTree Europe Hedged Equity Fund · International | Whole market | +10.4% | 16.9% | 0.67 | −38.2% | +158% | 0.63 | 0.58% |
| 67 | DEMWisdomTree Emerging Markets High Dividend Fund · International Equity | Popular alternative | +9.6% | 15.5% | 0.67 | −37.8% | +133% | 0.89 | 0.63% |
| 68 | FDLOFidelity Low Volatility Factor ETF · Broad Market | Whole market | +9.8% | 13.0% | 0.79 | −34.4% | +249% | 0.55 | 0.15% |
| 69 | RDIVInvesco S&P Ultra Dividend Revenue ETF · Dividend & Income | Whole market | +12.2% | 17.3% | 0.75 | −50.0% | +184% | 0.50 | 0.39% |
| 70 | TPYPTortoise North American Pipeline ETF · Energy | Whole market | +16.9% | 17.3% | 0.99 | −51.9% | +184% | 0.34 | 0.40% |
| 71 | VFMFVanguard U.S. Multifactor ETF · Broad Market | Whole market | +14.3% | 17.6% | 0.85 | −41.3% | — | 0.54 | 0.18% |
| 72 | DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives | Whole market | +9.8% | 12.4% | 0.82 | −20.4% | — | -0.21 | 0.85% |
| 73 | DUSADavis Select U.S. Equity ETF · Broad Market | Whole market | +11.3% | 18.4% | 0.68 | −36.7% | — | 0.65 | 0.59% |
| 74 | EQLALPS Equal Sector Weight ETF · Broad Market | Whole market | +13.5% | 14.5% | 0.94 | −34.2% | +387% | 0.64 | 0.19% |
| 75 | ROUSHartford Multifactor US Equity ETF · Broad Market | Whole market | +12.3% | 14.4% | 0.88 | −35.5% | +238% | 0.65 | 0.19% |
| 76 | FDRRFidelity Dividend ETF for Rising Rates · Dividend & Income | Whole market | +12.6% | 15.0% | 0.87 | −36.5% | +265% | 0.65 | 0.15% |
| 77 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.78 | 0.50% |
| 78 | FYLDCambria Foreign Shareholder Yield ETF · Dividend & Income | Whole market | +13.1% | 16.0% | 0.85 | −44.6% | +203% | 0.69 | 0.59% |
| 79 | EYLDCambria Emerging Shareholder Yield ETF · International | Whole market | +11.9% | 18.4% | 0.70 | −41.8% | +199% | 0.89 | 0.63% |
| 80 | IDOGALPS International Sector Dividend Dogs ETF · International | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.68 | 0.50% |
| 81 | QDEFNorthern Trust Quality Dividend Defensive ETF · Dividend & Income | Whole market | +12.7% | 13.7% | 0.94 | −35.7% | +228% | 0.64 | 0.40% |
| 82 | OMFLInvesco Russell 1000 Dynamic Multifactor ETF · US Multifactor Equity | Whole market | +9.0% | 16.4% | 0.61 | −33.2% | — | 0.65 | 0.29% |
| 83 | ACIOAptus Collared Income Opportunity ETF · Dividend & Income | Whole market | +9.3% | 11.1% | 0.86 | −14.2% | — | 0.65 | 0.79% |
| 84 | PJPInvesco Pharmaceuticals ETF · Healthcare | Whole market | +11.2% | 16.6% | 0.72 | −34.0% | +135% | 0.34 | 0.58% |
| 85 | IDMOInvesco S&P International Developed Momentum ETF · International Equity | Same or nearby category | +13.3% | 18.2% | 0.78 | −31.3% | +229% | 0.70 | 0.25% |
| 86 | DSTLDistillate U.S. Fundamental Stability & Value ETF · Broad Market | Whole market | +11.3% | 16.1% | 0.75 | −33.1% | — | 0.54 | 0.39% |
| 87 | INFLHorizon Kinetics Inflation Beneficiaries ETF · Broad Market | Whole market | +11.8% | 17.8% | 0.72 | −21.3% | — | 0.52 | 0.85% |
| 88 | TDVGT. Rowe Price Dividend Growth ETF · Dividend & Income | Whole market | +9.6% | 13.8% | 0.73 | −19.2% | — | 0.63 | 0.50% |
| 89 | HLALWahed FTSE USA Shariah ETF · Broad Market | Whole market | +14.0% | 18.0% | 0.82 | −33.6% | — | 0.68 | 0.50% |
| 90 | FLSPFranklin Systematic Style Premia ETF · Alternatives | Whole market | +8.4% | 13.4% | 0.68 | −22.9% | — | -0.11 | 0.65% |
| 91 | NTSXWisdomTree U.S. Efficient Core Fund · Alternatives | Whole market | +8.2% | 17.2% | 0.55 | −31.4% | — | 0.71 | 0.20% |
| 92 | SIXHETC 6 Meridian Hedged Equity Index Option ETF · Broad Market | Whole market | +10.2% | 10.2% | 1.00 | −11.7% | — | 0.33 | 0.31% |
| 93 | HEGDSwan Hedged Equity US Large Cap ETF · Broad Market | Whole market | +7.9% | 9.5% | 0.85 | −14.5% | — | 0.64 | 0.88% |
| 94 | CMDYiShares Bloomberg Roll Select Commodity Strategy ETF · Commodities | Whole market | +9.5% | 15.7% | 0.66 | −31.2% | — | 0.26 | 0.29% |
| 95 | SSUSStrategy Shares Day Hagan Smart Sector ETF · Broad Market | Whole market | +10.5% | 15.4% | 0.73 | −23.8% | — | 0.72 | 0.77% |
| 96 | FDEMFidelity Emerging Markets Multifactor ETF · International | Whole market | +9.2% | 17.0% | 0.61 | −33.7% | — | 0.96 | 0.25% |
| 97 |  XLFState Street Financial Select Sector SPDR ETF · Financial Sector Equity | Whole market | +8.6% | 18.3% | 0.54 | −42.9% | +241% | 0.42 | 0.08% |
| 98 | XLIState Street Industrial Select Sector SPDR ETF · US Industrials | Whole market | +11.5% | 17.6% | 0.71 | −42.3% | +246% | 0.62 | 0.08% |
| 99 | FTSFortis Inc. · Electric Utilities | Whole market | +8.4% | 16.4% | 0.58 | −34.3% | +154% | 0.41 | — |
| 100 | COWZPacer US Cash Cows 100 ETF · US Large-Cap Value | Whole market | +11.4% | 17.7% | 0.70 | −38.7% | — | 0.48 | 0.49% |
IEMG against its popular alternatives
The investments people most often weigh against IEMG, compared period by period and year by year.
How do IEMG's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at IEMG, which divides the map into what did better or worse on each measure.
- 11 of the 23 popular alternatives, led by FNDE, PXH and DEM, were both more rewarding and calmer than IEMG over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, IEMG returned 6.8% a year, less than the S&P 500's 12.7%, with higher volatility (19.4% against 17.1%).
Green points earned more than IEMG with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| EMXC iShares MSCI Emerging Markets ex China ETF | +11.1% | 19.5% |
| XCEM Columbia EM Core ex-China ETF | +10.5% | 19.5% |
| FNDE Schwab Fundamental Emerging Markets Large Company Index ETF | +9.8% | 17.0% |
| PXH Invesco RAFI Emerging Markets ETF | +9.8% | 17.8% |
| DEM WisdomTree Emerging Markets High Dividend Fund | +9.6% | 15.5% |
| AVEM Avantis Emerging Markets Equity ETF | +9.3% | 19.5% |
| VEA Vanguard FTSE Developed Markets ETF | +9.3% | 16.9% |
| EMGF iShares Emerging Markets Equity Factor ETF | +9.1% | 18.8% |
| DFAE Dimensional - Emerging Core Equity Market ETF | +8.3% | 18.8% |
| VXUS Vanguard Total International Stock ETF | +8.3% | 16.4% |
| FEM First Trust Emerging Markets AlphaDEX Fund | +8.0% | 18.7% |
| DGS WisdomTree Emerging Markets SmallCap Dividend Fund | +7.4% | 15.4% |
| GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF | +7.3% | 18.8% |
| TLTE Northern Trust Morningstar Emerging Markets Factor Tilt ETF | +7.0% | 17.9% |
| IEMG This pageiShares Core MSCI Emerging Markets ETF | +6.8% | 19.4% |
| JPEM JPMorgan Diversified Return Emerging Markets Equity ETF | +6.6% | 13.5% |
| EEM iShares MSCI Emerging Markets ETF | +6.3% | 20.0% |
| EEMS iShares MSCI Emerging Markets Small-Cap ETF | +6.1% | 16.8% |
| SPEM State Street SPDR Portfolio Emerging Markets ETF | +5.9% | 17.3% |
| SCHE Schwab Emerging Markets Equity ETF | +5.4% | 17.8% |
| EEMV iShares MSCI Emerging Markets Min Vol Factor ETF | +5.3% | 12.8% |
| VWO Vanguard FTSE Emerging Markets ETF | +5.2% | 17.5% |
| INDA iShares MSCI India ETF | +0.4% | 15.5% |
| MCHI iShares MSCI China ETF | −4.7% | 30.0% |
Has IEMG consistently beaten its popular alternatives?
This section compares IEMG with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than IEMG helps separate lasting outperformance from a single strong stretch.
- Eight of the 24 popular alternatives, led by FNDE, PXH and XCEM, outperformed IEMG in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- FNDE, PXH and XCEM outperformed IEMG in every long-term period and in all but one short-term period, the most consistent record in the group.
- DEM, VEA and VXUS earned more for the risk they took than IEMG (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than IEMG over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| IEMG iShares Core MSCI Emerging Markets ETF (this page) | — | −7.6% | +0.2% | +0.6% | +13.0% | +17.0% | +83.4% | +39.0% | +122% | 19.4% | 0.44 | −38.7% | 0.09% | $151B | — |
| FNDE QualifiedSchwab Fundamental Emerging Markets Large Company Index ETF | 5/5 short3/3 longAll-weather | −1.2% | +5.4% | +4.9% | +15.8% | +20.7% | +90.6% | +59.9% | +151% | 17.0% | 0.64 | −39.9% | 0.39% | $10B | 72% |
| PXH QualifiedInvesco RAFI Emerging Markets ETF | 5/5 short3/3 longAll-weather | −1.8% | +5.1% | +4.6% | +14.0% | +18.4% | +91.4% | +59.7% | +130% | 17.8% | 0.62 | −40.5% | 0.47% | $2.0B | 73% |
| XCEM QualifiedColumbia EM Core ex-China ETF | 4/5 short3/3 longAll-weather | −7.9% | +2.3% | +5.4% | +23.9% | +31.9% | +96.0% | +64.9% | +165% | 19.5% | 0.61 | −40.9% | 0.16% | $2.0B | 89% |
| EMGF QualifiediShares Emerging Markets Equity Factor ETF | 3/5 short3/3 long | −7.8% | +0.5% | +1.8% | +15.6% | +19.6% | +92.4% | +54.3% | +140% | 18.8% | 0.56 | −40.2% | 0.26% | $1.8B | 94% |
| DEM QualifiedWisdomTree Emerging Markets High Dividend Fund | 5/5 short2/3 long | −3.0% | +5.3% | +7.3% | +19.4% | +23.0% | +69.9% | +58.2% | +133% | 15.5% | 0.67 | −37.8% | 0.63% | $4.2B | 75% |
| AVEM QualifiedAvantis Emerging Markets Equity ETF | 5/5 short2/3 long | −7.0% | +1.0% | +1.6% | +15.0% | +19.7% | +91.0% | +56.1% | — | 19.5% | 0.56 | −36.0% | 0.33% | $27B | 95% |
| EMXC QualifiediShares MSCI Emerging Markets ex China ETF | 4/5 short2/3 long | −8.6% | +1.7% | +5.6% | +26.1% | +33.9% | +106% | +69.5% | — | 19.5% | 0.64 | −42.8% | 0.25% | $24B | 90% |
| VEA QualifiedVanguard FTSE Developed Markets ETF | 3/5 short2/3 long | −3.5% | +1.0% | +1.4% | +11.5% | +17.0% | +81.0% | +55.9% | +153% | 16.9% | 0.61 | −35.8% | 0.03% | $314B | 71% |
| VXUS InternationalVanguard Total International Stock ETF | 2/5 short2/3 long | −3.9% | +1.0% | +0.9% | +10.2% | +14.6% | +77.2% | +48.6% | +140% | 16.4% | 0.57 | −36.0% | 0.05% | $666B | 77% |
| FEM InternationalFirst Trust Emerging Markets AlphaDEX Fund | 4/5 short1/3 long | −1.9% | +7.0% | 0.0% | +18.4% | +25.1% | +79.3% | +46.7% | +121% | 18.7% | 0.51 | −46.2% | 0.80% | $789M | 69% |
| TLTE InternationalNorthern Trust Morningstar Emerging Markets Factor Tilt ETF | 4/5 short1/3 long | −6.7% | +1.4% | −0.2% | +13.7% | +17.7% | +75.7% | +40.4% | +107% | 17.9% | 0.47 | −44.2% | 0.58% | $338M | 87% |
| DFAE InternationalDimensional - Emerging Core Equity Market ETF | 4/5 short1/3 long | −7.1% | +1.2% | +1.0% | +13.9% | +18.1% | +83.5% | +49.3% | — | 18.8% | 0.52 | −32.2% | 0.29% | $9.6B | 98% |
| DGS InternationalWisdomTree Emerging Markets SmallCap Dividend Fund | 2/5 short1/3 long | −2.4% | +3.1% | −1.1% | +11.5% | +13.6% | +57.4% | +42.7% | +119% | 15.4% | 0.54 | −44.1% | 0.58% | $1.7B | — |
| GEM InternationalGoldman Sachs ActiveBeta Emerging Markets Equity ETF | 2/5 short1/3 long | −8.0% | −0.1% | +0.9% | +13.7% | +18.3% | +83.9% | +42.1% | +113% | 18.8% | 0.47 | −37.0% | 0.59% | $1.7B | 95% |
| DFEM InternationalDimensional - Emerging Markets Core Equity 2 ETF | 4/5 short0/3 long | −6.4% | +1.7% | +0.6% | +14.2% | +18.3% | +80.9% | — | — | — | — | −20.8% | 0.39% | $9.3B | 93% |
| EEMV InternationaliShares MSCI Emerging Markets Min Vol Factor ETF | 3/5 short0/3 long | −5.0% | +2.7% | +4.5% | +13.3% | +14.2% | +54.1% | +29.2% | +75.5% | 12.8% | 0.47 | −31.6% | 0.25% | $3.5B | 82% |
| SPEM InternationalState Street SPDR Portfolio Emerging Markets ETF | 2/5 short0/3 long | −4.7% | +1.5% | +0.6% | +7.6% | +9.9% | +70.4% | +33.1% | +114% | 17.3% | 0.42 | −36.1% | 0.07% | $17B | 88% |
| EEMS InternationaliShares MSCI Emerging Markets Small-Cap ETF | 2/5 short0/3 long | −4.1% | +3.9% | −3.4% | +8.4% | +10.6% | +52.9% | +34.7% | +114% | 16.8% | 0.44 | −48.9% | 0.72% | $374M | 72% |
| SCHE InternationalSchwab Emerging Markets Equity ETF | 2/5 short0/3 long | −4.5% | +1.1% | +0.3% | +7.1% | +8.8% | +69.8% | +29.9% | +104% | 17.8% | 0.38 | −36.2% | 0.06% | $13B | 92% |
| VWO InternationalVanguard FTSE Emerging Markets ETF | 2/5 short0/3 long | −4.7% | +0.7% | −0.8% | +6.4% | +8.3% | +67.2% | +29.1% | +102% | 17.5% | 0.38 | −36.4% | 0.06% | $165B | 89% |
| JPEM InternationalJPMorgan Diversified Return Emerging Markets Equity ETF | 2/5 short0/3 long | −1.7% | +2.6% | −0.4% | +8.2% | +13.1% | +54.9% | +37.9% | +92.5% | 13.5% | 0.55 | −40.2% | 0.44% | $379M | — |
| EEM InternationaliShares MSCI Emerging Markets ETF | 1/5 short0/3 long | −8.0% | −0.4% | +0.7% | +13.2% | +17.6% | +84.9% | +35.7% | +110% | 20.0% | 0.41 | −39.8% | 0.72% | $29B | 87% |
| INDA InternationaliShares MSCI India ETF | 1/5 short0/3 long | −1.5% | −1.6% | −5.4% | −12.4% | −12.7% | +9.4% | +2.2% | +80.6% | 15.5% | 0.11 | −45.1% | 0.61% | $5.9B | 65% |
| MCHI InternationaliShares MSCI China ETF | 1/5 short0/3 long | −5.6% | −5.8% | −13.5% | −17.6% | −19.0% | +34.4% | −21.4% | +26.8% | 30.0% | -0.01 | −62.8% | 0.59% | $5.8B | 66% |
How did IEMG do year by year?
This table shows each investment's total return in every full calendar year since 2013, along with where IEMG ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with IEMG and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: IEMG began trading on October 24, 2012, so the table starts with 2013, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or two other sell-offs.
- IEMG finished ahead of the S&P 500 in two of its 13 full calendar years.
- Among its popular alternatives, AVEM came out ahead of IEMG most often, in five of the six years both traded.
- Ranked against its popular alternatives each year, IEMG finished in the top quarter in three of 13 years and in the bottom quarter in two. In 2025, it ranked 7 of 25.
Newest year first. Green marks a year in which the fund came out ahead of IEMG; gray means the two finished within a fraction of a point. The rank row places IEMG among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of IEMG | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| IEMG This pageiShares Core MSCI Emerging Markets ETF | — | +32.5% | +6.5% | +11.5% | −20.0% | −0.6% | +17.8% | +17.8% | −14.9% | +37.4% | +10.3% | −14.3% | −3.4% | −2.8% |
| Rank among alternatives | Top quarter in 3 of 13 | 7 of 25 | 14 of 25 | 16 of 25 | 21 of 24 | 21 of 24 | 3 of 23 | 15 of 22 | 15 of 22 | 4 of 21 | 13 of 21 | 9 of 17 | 8 of 17 | 8 of 16 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 10 of 13 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% |
| FNDE Schwab Fundamental Emerging Markets Large Company Index ETF | 7 of 12 | +29.5% | +12.1% | +15.0% | −15.6% | +14.4% | −2.8% | +19.8% | −10.3% | +26.8% | +32.5% | −20.1% | −11.6% | — |
| PXH Invesco RAFI Emerging Markets ETF | 6 of 13 | +31.3% | +12.1% | +13.9% | −15.2% | +8.3% | −1.9% | +16.7% | −8.7% | +26.7% | +32.9% | −22.8% | −6.5% | −7.7% |
| XCEM Columbia EM Core ex-China ETF | 7 of 10 | +34.1% | +0.4% | +20.0% | −17.6% | +7.8% | +9.5% | +19.7% | −11.2% | +33.4% | +14.5% | — | — | — |
| EMGF iShares Emerging Markets Equity Factor ETF | 5 of 10 | +31.4% | +9.0% | +10.9% | −16.5% | +6.6% | +10.3% | +21.0% | −19.7% | +42.4% | +8.1% | — | — | — |
| DEM WisdomTree Emerging Markets High Dividend Fund | 6 of 13 | +20.2% | +4.5% | +20.9% | −10.4% | +9.7% | −5.8% | +19.8% | −7.7% | +24.9% | +22.5% | −21.5% | −13.3% | −7.0% |
| AVEM Avantis Emerging Markets Equity ETF | 5 of 6 | +34.5% | +7.5% | +15.3% | −18.1% | +5.1% | +14.4% | — | — | — | — | — | — | — |
| EMXC iShares MSCI Emerging Markets ex China ETF | 4 of 8 | +35.1% | +2.7% | +19.0% | −19.6% | +8.6% | +12.8% | +15.8% | −13.0% | — | — | — | — | — |
| VEA Vanguard FTSE Developed Markets ETF | 7 of 13 | +35.2% | +3.1% | +17.9% | −15.3% | +11.7% | +9.7% | +22.6% | −14.8% | +26.4% | +2.6% | −0.4% | −5.9% | +21.8% |
| VXUS Vanguard Total International Stock ETF | 7 of 13 | +32.3% | +5.1% | +15.9% | −16.1% | +9.0% | +10.7% | +21.7% | −14.4% | +27.5% | +4.8% | −4.2% | −4.7% | +14.6% |
| FEM First Trust Emerging Markets AlphaDEX Fund | 5 of 13 | +28.4% | +3.0% | +10.8% | −14.2% | +7.4% | −1.7% | +20.6% | −15.5% | +41.1% | +15.7% | −13.9% | −10.9% | −3.3% |
| TLTE Northern Trust Morningstar Emerging Markets Factor Tilt ETF | 5 of 13 | +30.2% | +3.5% | +13.6% | −17.3% | +4.8% | +12.1% | +14.5% | −17.4% | +32.8% | +12.8% | −12.2% | −5.0% | −2.6% |
| DFAE Dimensional - Emerging Core Equity Market ETF | 4 of 5 | +31.4% | +7.6% | +12.6% | −17.5% | +3.5% | — | — | — | — | — | — | — | — |
| DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 5 of 13 | +21.1% | +1.1% | +19.1% | −12.4% | +15.3% | +4.1% | +18.9% | −16.5% | +35.8% | +15.4% | −16.3% | −3.6% | −3.5% |
| GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 1 of 10 | +33.4% | +6.7% | +11.8% | −21.3% | −0.2% | +13.3% | +17.8% | −14.3% | +36.4% | +8.8% | — | — | — |
| DFEM Dimensional - Emerging Markets Core Equity 2 ETF | 2 of 3 | +29.5% | +7.6% | +13.9% | — | — | — | — | — | — | — | — | — | — |
| EEMV iShares MSCI Emerging Markets Min Vol Factor ETF | 7 of 13 | +13.4% | +8.0% | +7.7% | −14.0% | +5.1% | +6.9% | +7.8% | −5.8% | +27.2% | +3.3% | −12.0% | −0.1% | −1.3% |
| SPEM State Street SPDR Portfolio Emerging Markets ETF | 8 of 13 | +25.6% | +11.4% | +10.5% | −17.9% | +1.5% | +14.5% | +19.7% | −13.3% | +34.8% | +11.8% | −15.3% | −0.7% | −1.8% |
| EEMS iShares MSCI Emerging Markets Small-Cap ETF | 6 of 13 | +19.8% | +3.1% | +23.1% | −19.1% | +18.1% | +19.5% | +11.3% | −19.0% | +34.8% | +1.4% | −7.1% | −3.0% | +3.0% |
| SCHE Schwab Emerging Markets Equity ETF | 6 of 13 | +26.5% | +10.6% | +8.9% | −17.9% | −0.7% | +14.5% | +20.3% | −13.5% | +32.8% | +13.0% | −16.3% | 0.0% | −4.3% |
| VWO Vanguard FTSE Emerging Markets ETF | 6 of 13 | +25.6% | +10.6% | +9.3% | −18.0% | +1.3% | +15.2% | +20.8% | −14.8% | +31.5% | +12.2% | −15.8% | 0.0% | −4.9% |
| JPEM JPMorgan Diversified Return Emerging Markets Equity ETF | 4 of 10 | +22.9% | +4.2% | +11.0% | −9.0% | +8.1% | −0.4% | +16.2% | −10.5% | +28.8% | +15.0% | — | — | — |
| EEM iShares MSCI Emerging Markets ETF | 2 of 13 | +34.0% | +6.5% | +9.0% | −20.5% | −3.6% | +17.1% | +18.3% | −15.3% | +37.3% | +10.8% | −16.2% | −3.9% | −3.7% |
| INDA iShares MSCI India ETF | 7 of 13 | +2.7% | +8.6% | +17.2% | −8.9% | +21.3% | +14.8% | +6.5% | −6.7% | +36.1% | −1.7% | −7.1% | +21.7% | −5.0% |
| MCHI iShares MSCI China ETF | 7 of 13 | +31.1% | +17.7% | −11.3% | −22.8% | −21.8% | +27.8% | +23.7% | −19.8% | +54.7% | −0.3% | −9.0% | +6.8% | +2.1% |
Risk and diversification
How IEMG has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were IEMG's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents IEMG's five deepest drawdowns since it began trading in 2012, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
Note: IEMG began trading on October 24, 2012, so this list cannot include the dot-com bust, the 2008 financial crisis or two other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- In all five of IEMG's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: IEMG fell 37.1% from February 2021 to October 2022, while the S&P 500 slipped only 1.0%.
- The slowest recovery came after IEMG fell 37.1% from February 2021 to October 2022; it did not regain that peak until July 2025, three years later.
Green means IEMG fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | IEMG fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| Late-2018 sell-off | −38.7% | −18.8% | Jan 2018 | Mar 2020 | 2.2 years | Nov 2020 | 8 months |
| 2022 bear market | −37.1% | −1.0% | Feb 2021 | Oct 2022 | 20 months | Jul 2025 | 2.8 years |
| 2015 China and oil sell-off | −34.4% | −4.8% | Sep 2014 | Jan 2016 | 16 months | Jul 2017 | 18 months |
| No named crash | −17.5% | +8.6% | Jan 2013 | Jun 2013 | 5 months | Jun 2014 | 12 months |
| No named crash | −13.8% | −2.0% | Jun 2026 | Jul 2026 | 1 month | Not yet | — |
How did IEMG do in stock market crashes?
This section measures how far IEMG, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
Note: IEMG began trading on October 24, 2012, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or two other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.
- Among its popular alternatives, EEMV held up best, falling less than IEMG in all six crashes they both traded through.
- IEMG began trading after the 2008 financial crisis, but six of its popular alternatives lived through it. The mildest fall among them was DEM's 51.8%, against 55.2% for the S&P 500.
- IEMG fell less than the S&P 500 in three of the six crashes it has traded through. The clearest case was the late-2018 sell-off, when IEMG fell 12.0% and the S&P 500 fell 19.3%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than IEMG.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IEMG This pageiShares Core MSCI Emerging Markets ETF | — | −2.6% | −30.4% | −31.7% | −12.0% | −6.7% | −21.6% | Not yet trading | Not yet trading | Not yet trading | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 2 of 6 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| FNDE Schwab Fundamental Emerging Markets Large Company Index ETF | 2 of 6 | −2.6% | −28.7% | −34.5% | −10.0% | −7.2% | −24.4% | — | — | — | — |
| PXH Invesco RAFI Emerging Markets ETF | 2 of 6 | −3.1% | −28.2% | −33.9% | −8.9% | −7.1% | −28.3% | −27.2% | 0.0% | −63.6% | — |
| XCEM Columbia EM Core ex-China ETF | 3 of 5 | −2.7% | −29.3% | −37.0% | −9.2% | −5.5% | — | — | — | — | — |
| EMGF iShares Emerging Markets Equity Factor ETF | 1 of 5 | −2.5% | −26.7% | −31.4% | −12.5% | −7.1% | — | — | — | — | — |
| DEM WisdomTree Emerging Markets High Dividend Fund | 4 of 6 | −2.1% | −26.5% | −33.6% | −10.5% | −6.1% | −27.5% | −21.9% | 0.0% | −51.8% | — |
| AVEM Avantis Emerging Markets Equity ETF | 1 of 3 | −2.5% | −29.3% | −33.2% | — | — | — | — | — | — | — |
| EMXC iShares MSCI Emerging Markets ex China ETF | 2 of 5 | −2.4% | −28.9% | −36.9% | −9.8% | −6.4% | — | — | — | — | — |
| VEA Vanguard FTSE Developed Markets ETF | 3 of 6 | −2.5% | −28.8% | −34.1% | −17.1% | −5.9% | −19.9% | −23.1% | −0.2% | −60.7% | — |
| VXUS Vanguard Total International Stock ETF | 3 of 6 | −2.5% | −28.4% | −33.4% | −15.1% | −6.1% | −20.2% | −24.2% | — | — | — |
| FEM First Trust Emerging Markets AlphaDEX Fund | 1 of 6 | −3.4% | −28.3% | −39.4% | −11.7% | −8.3% | −23.8% | −29.9% | — | — | — |
| TLTE Northern Trust Morningstar Emerging Markets Factor Tilt ETF | 2 of 6 | −2.6% | −28.5% | −33.2% | −11.4% | −6.8% | −21.5% | — | — | — | — |
| DFAE Dimensional - Emerging Core Equity Market ETF | 1 of 2 | −2.7% | −28.0% | — | — | — | — | — | — | — | — |
| DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 3 of 6 | −2.2% | −23.7% | −35.0% | −12.6% | −5.9% | −20.7% | −27.8% | 0.0% | — | — |
| GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 1 of 5 | −2.4% | −30.6% | −30.8% | −11.7% | −7.2% | — | — | — | — | — |
| DFEM Dimensional - Emerging Markets Core Equity 2 ETF | 0 of 1 | −2.6% | — | — | — | — | — | — | — | — | — |
| EEMV iShares MSCI Emerging Markets Min Vol Factor ETF | 6 of 6 | −1.1% | −21.5% | −25.0% | −9.7% | −5.3% | −18.9% | — | — | — | — |
| SPEM State Street SPDR Portfolio Emerging Markets ETF | 3 of 6 | −2.8% | −27.8% | −30.5% | −10.7% | −6.7% | −23.4% | −25.9% | 0.0% | −64.4% | — |
| EEMS iShares MSCI Emerging Markets Small-Cap ETF | 2 of 6 | −2.7% | −26.0% | −37.4% | −13.6% | −7.2% | −19.0% | — | — | — | — |
| SCHE Schwab Emerging Markets Equity ETF | 3 of 6 | −2.7% | −28.1% | −30.7% | −10.9% | −6.6% | −23.6% | −26.1% | 0.0% | — | — |
| VWO Vanguard FTSE Emerging Markets ETF | 3 of 6 | −2.7% | −27.9% | −30.6% | −11.3% | −6.8% | −23.8% | −27.9% | 0.0% | −67.7% | — |
| JPEM JPMorgan Diversified Return Emerging Markets Equity ETF | 3 of 6 | −2.2% | −21.6% | −34.7% | −8.9% | −5.2% | −23.4% | — | — | — | — |
| EEM iShares MSCI Emerging Markets ETF | 1 of 6 | −2.7% | −31.4% | −30.8% | −12.1% | −6.8% | −22.3% | −28.0% | 0.0% | −66.4% | — |
| INDA iShares MSCI India ETF | 2 of 6 | −3.8% | −20.1% | −41.9% | −12.6% | −4.3% | −23.4% | — | — | — | — |
| MCHI iShares MSCI China ETF | 1 of 6 | −3.5% | −37.3% | −19.8% | −15.8% | −8.8% | −28.9% | −30.2% | — | — | — |
How closely does IEMG move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares IEMG with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- DEM took just 74% of the S&P 500's losses, against 83% for IEMG, while still keeping 67% of its gains.
- Over the past 10 years, IEMG captured 71% of the S&P 500's gains in rising months and 83% of its losses in falling months, with a beta of 0.77. Its share of the market's losses was larger than its share of the gains.
- Five of the 20 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than IEMG's 0.86, led by XCEM, FNDE and EMGF.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than IEMG's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| IEMG This pageiShares Core MSCI Emerging Markets ETF | 71% | 83% | 0.86 | 0.77 |
| XCEM Columbia EM Core ex-China ETF | 81% | 88% | 0.93 | 0.90 |
| FNDE Schwab Fundamental Emerging Markets Large Company Index ETF | 72% | 79% | 0.91 | 0.71 |
| EMGF iShares Emerging Markets Equity Factor ETF | 71% | 77% | 0.91 | 0.76 |
| DEM WisdomTree Emerging Markets High Dividend Fund | 67% | 74% | 0.91 | 0.69 |
| PXH Invesco RAFI Emerging Markets ETF | 69% | 77% | 0.89 | 0.70 |
| SPEM State Street SPDR Portfolio Emerging Markets ETF | 65% | 76% | 0.86 | 0.69 |
| GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 68% | 80% | 0.85 | 0.74 |
| VEA Vanguard FTSE Developed Markets ETF | 81% | 96% | 0.84 | 0.86 |
| VXUS Vanguard Total International Stock ETF | 76% | 91% | 0.84 | 0.82 |
| SCHE Schwab Emerging Markets Equity ETF | 63% | 76% | 0.84 | 0.68 |
| VWO Vanguard FTSE Emerging Markets ETF | 63% | 75% | 0.84 | 0.69 |
| DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 70% | 84% | 0.83 | 0.78 |
| EEM iShares MSCI Emerging Markets ETF | 70% | 84% | 0.83 | 0.77 |
| FEM First Trust Emerging Markets AlphaDEX Fund | 72% | 88% | 0.82 | 0.81 |
| TLTE Northern Trust Morningstar Emerging Markets Factor Tilt ETF | 69% | 85% | 0.82 | 0.79 |
| EEMV iShares MSCI Emerging Markets Min Vol Factor ETF | 50% | 61% | 0.82 | 0.55 |
| EEMS iShares MSCI Emerging Markets Small-Cap ETF | 71% | 87% | 0.82 | 0.83 |
| JPEM JPMorgan Diversified Return Emerging Markets Equity ETF | 60% | 75% | 0.80 | 0.64 |
| INDA iShares MSCI India ETF | 57% | 74% | 0.77 | 0.62 |
| MCHI iShares MSCI China ETF | 49% | 81% | 0.61 | 0.51 |
What diversifies IEMG?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with IEMG's. Because such investments tend not to fall at the same time, pairing IEMG with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in IEMG into DBMF would have cut the portfolio's volatility by 22% over the past 5 years and raised its annual return (+8.7% for IEMG alone, +9.5% for the mix).
- MPC made money in five of the six calendar years in which IEMG lost money.
- Among large ETFs, EMLP, HDV and GLD have moved largely independently of IEMG over the past 5 years, with correlations of 0.47 or lower, and each still earned a positive 5-year return.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which IEMG lost money. The last two columns show a portfolio that is 80% IEMG and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2021 | 2018 | 2015 | 2014 | 2013 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IEMG iShares Core MSCI Emerging Markets ETF (this page) | 1.00 | +39.0% | 0.44 | −20.0% | −0.6% | −14.9% | −14.3% | −3.4% | −2.8% | 17.2% | +8.7% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.41 | +101% | 1.04 | +10.4% | +23.1% | −8.7% | −25.3% | +23.8% | +16.6% | 15.2% | +10.3% |
| HDV Dividend & IncomeiShares Core High Dividend ETF | 0.45 | +83.3% | 1.00 | +7.1% | +19.6% | −3.0% | −0.3% | +12.6% | +23.8% | 15.2% | +9.6% |
| GLD CommoditiesSPDR Gold Shares | 0.47 | +126% | 0.96 | −0.8% | −4.2% | −1.9% | −10.7% | −2.2% | −28.3% | 15.6% | +10.9% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.13 | +177% | 0.93 | +64.4% | +53.3% | −18.2% | −21.5% | −8.7% | +26.3% | 15.3% | +12.2% |
| AMLP EnergyAlerian MLP ETF | 0.19 | +111% | 0.89 | +25.5% | +39.1% | −12.6% | −25.7% | +4.8% | +18.6% | 14.9% | +11.0% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.21 | +59.7% | 0.82 | +21.6% | +11.5% | — | — | — | — | 13.4% | +9.5% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.07 | +66.4% | 0.81 | +2.5% | +22.3% | −8.7% | −17.2% | +2.6% | −13.2% | 14.1% | +9.5% |
| IHE Broad MarketiShares U.S. Pharmaceuticals ETF | 0.33 | +81.2% | 0.80 | −4.9% | +13.1% | −7.8% | +8.8% | +29.9% | +40.3% | 15.0% | +9.7% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2021 | 2018 | 2015 | 2014 | 2013 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IEMG iShares Core MSCI Emerging Markets ETF (this page) | 1.00 | +39.0% | 0.44 | −20.0% | −0.6% | −14.9% | −14.3% | −3.4% | −2.8% | 17.2% | +8.7% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.18 | +479% | 1.55 | +54.1% | −0.4% | −24.5% | +12.6% | +23.0% | +66.0% | 15.6% | +14.7% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.34 | +3,143% | 1.47 | +1.3% | +37.9% | −16.3% | −6.0% | +12.9% | +27.6% | 20.8% | +26.9% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.32 | +1,636% | 1.46 | +17.0% | +89.0% | +0.8% | +67.7% | −10.4% | +61.7% | 18.6% | +23.1% |
| MCK Medical - DistributionMcKesson Corporation | -0.04 | +413% | 1.44 | +51.8% | +44.2% | −28.4% | −4.5% | +29.3% | +67.7% | 14.4% | +14.3% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.10 | +690% | 1.41 | +86.6% | +61.0% | −8.2% | +17.4% | +0.4% | +48.6% | 15.8% | +16.9% |
Common questions
What was IEMG's worst drawdown?
IEMG's deepest decline since it began trading in 2012 was 38.7%, from January 2018 to March 2020. It took eight months from the low to climb back to its old high. Because IEMG launched in October 2012, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.
What were IEMG's best and worst years?
Over 13 full calendar years, IEMG's best year was 2017, when it returned 37.4%. Its worst was 2022, with a return of -20.0%.
Is there a better investment than IEMG?
Among IEMG's popular alternatives, VEA, FNDE and DEM earned more than IEMG with less volatility over the past 5 years. VEA returned 9.3% a year at 16.9% volatility, against 6.8% a year at 19.4%. Looking beyond its popular alternatives, LVHI (international equity) and DFIV (international equity) earned more than IEMG with less volatility over the past 5 years. LVHI returned 17.0% a year at 11.1% volatility, against 6.8% a year at 19.4%.
Is IEMG more volatile than the S&P 500?
Yes. IEMG's volatility over the past 5 years was 19.4%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, IEMG's return lands within 19.4% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is IEMG's Sharpe ratio?
IEMG's Sharpe ratio over the past 5 years was 0.44, against 0.79 for the S&P 500, so IEMG earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is IEMG with the S&P 500?
Over the past 5 years, IEMG's monthly returns had a correlation of 0.67 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against IEMG instead: the lower it is, the more that option would diversify a IEMG holding.
What are the best alternatives to IEMG?
Of the 24 popular alternatives we compared, eight outperformed IEMG in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: FNDE, PXH and XCEM.
Did IEMG outperform the S&P 500?
IEMG finished ahead of the S&P 500 (SPY) in two of 13 full calendar years. In 2025, it returned +32.5%, against +17.7% for the index.
How did IEMG do in stock market crashes?
IEMG fell less than the S&P 500 (SPY) in three of the six major crashes it has traded through, and further in two. The clearest case was the late-2018 sell-off, when IEMG fell 12.0% and the S&P 500 fell 19.3%.
What diversifies IEMG?
These had a low correlation with IEMG over the past 5 years and still earned a positive 5-year return: among large ETFs, EMLP (correlation 0.41), HDV (correlation 0.45) and GLD (correlation 0.47); among large stocks, CAH (correlation 0.18), CLS (correlation 0.34) and FIX (correlation 0.32). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than IEMG's. Returns within 0.5 points or 3% of IEMG's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to IEMG
- VEAVanguard FTSE Developed Markets ETF
- VXUSVanguard Total International Stock ETF
VWOVanguard FTSE Emerging Markets ETF
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