EIMI vs EEM: returns, risk and drawdowns compared
iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) against iShares MSCI Emerging Markets ETF, over the same 12 years (August 2014 to October 2026) with dividends reinvested.
Data updated October 2026
From August 2014 to October 2026, EIMI returned 7.4% a year and EEM 5.3% a year on average, so EIMI came out ahead by 2.2% a year. EEM was the more volatile of the two (17.3% against 14.6% a year), and the deepest falls from a month-end high were 25.0% for EIMI and 36.5% for EEM.
The correlation of monthly returns was 0.86: they usually moved together. Over 112 rolling 3-year periods, EIMI did better in 59% and EEM in 41%.
EIMI trades in EUR and EEM in USD: each return is in its own currency, so part of the gap reflects the move of the euro against the dollar.
Side by side
| EIMI | EEM | |
|---|---|---|
| Annual return (CAGR) | +7.4% | +5.3% |
| Total return | +141% | +87% |
| Annual volatility | 14.6% | 17.3% |
| Maximum drawdown (month-end) | −25.0% | −36.5% |
| Worst month | −14.4% | −15.8% |
| Best month | +11.5% | +15.6% |
| Positive months | 56% | 54% |
| Best year | 2017: +20.9% | 2017: +37.3% |
| Worst year | 2022: −15.2% | 2022: −20.6% |
| 1-year return | +21.2% | +16.9% |
| 5 years, a year | +7.7% | +6.2% |
| 10 years, a year | +8.1% | +7.6% |
| Trading currency | EUR | USD |
First nine rows: the same 147 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: EIMI vs EEM
Returns by calendar year
| Year | EIMI | EEM |
|---|---|---|
| 2025 | +17.2% | +34.0% |
| 2024 | +14.1% | +6.5% |
| 2023 | +7.8% | +8.9% |
| 2022 | −15.2% | −20.6% |
| 2021 | +7.8% | −3.6% |
| 2020 | +7.8% | +17.0% |
| 2019 | +20.2% | +18.2% |
| 2018 | −10.6% | −15.3% |
| 2017 | +20.9% | +37.3% |
| 2016 | +13.3% | +10.9% |
| 2015 | −4.7% | −16.2% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, EIMI or EEM?
From August 2014 to October 2026, EIMI returned +7.4% a year and EEM +5.3% a year, with dividends reinvested, each in its own trading currency (EUR and USD). Over rolling 3-year periods EIMI did better in 59% of cases. Past returns do not predict future returns.
Which is riskier, EIMI or EEM?
Over the same months annual volatility was 14.6% for EIMI and 17.3% for EEM; the deepest fall from a month-end high was 25.0% and 36.5%, and the worst single month −14.4% and −15.8%.
How correlated are EIMI and EEM?
The correlation of their monthly returns was 0.86: they usually moved together. Combining them has historically given some diversification.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.