IEMG vs EEM: returns, risk and drawdowns compared
iShares Core MSCI Emerging Markets ETF against iShares MSCI Emerging Markets ETF, over the same 14 years (November 2012 to October 2026) with dividends reinvested.
Data updated October 2026
From November 2012 to October 2026, IEMG returned 6.0% a year and EEM 5.3% a year on average, so IEMG came out ahead by 0.7% a year. EEM was the more volatile of the two (16.8% against 16.5% a year), and the deepest falls from a month-end high were 34.6% for IEMG and 36.5% for EEM.
The correlation of monthly returns was 1.00: they moved almost in lockstep. Over 133 rolling 3-year periods, IEMG did better in 90% and EEM in 10%.
Side by side
| IEMG | EEM | |
|---|---|---|
| Annual return (CAGR) | +6.0% | +5.3% |
| Total return | +127% | +107% |
| Annual volatility | 16.5% | 16.8% |
| Maximum drawdown (month-end) | −34.6% | −36.5% |
| Worst month | −16.9% | −15.8% |
| Best month | +14.7% | +15.6% |
| Positive months | 57% | 54% |
| Best year | 2017: +37.4% | 2017: +37.3% |
| Worst year | 2022: −20.0% | 2022: −20.6% |
| 1-year return | +17.0% | +16.9% |
| 5 years, a year | +6.8% | +6.2% |
| 10 years, a year | +8.3% | +7.6% |
| Trading currency | USD | USD |
First nine rows: the same 168 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: IEMG vs EEM
Returns by calendar year
| Year | IEMG | EEM |
|---|---|---|
| 2025 | +32.6% | +34.0% |
| 2024 | +6.5% | +6.5% |
| 2023 | +11.5% | +8.9% |
| 2022 | −20.0% | −20.6% |
| 2021 | −0.6% | −3.6% |
| 2020 | +17.9% | +17.0% |
| 2019 | +17.8% | +18.2% |
| 2018 | −14.9% | −15.3% |
| 2017 | +37.4% | +37.3% |
| 2016 | +10.3% | +10.9% |
| 2015 | −14.3% | −16.2% |
| 2014 | −3.4% | −3.9% |
| 2013 | −2.8% | −3.7% |
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, IEMG or EEM?
From November 2012 to October 2026, IEMG returned +6.0% a year and EEM +5.3% a year, with dividends reinvested. Over rolling 3-year periods IEMG did better in 90% of cases. Past returns do not predict future returns.
Which is riskier, IEMG or EEM?
Over the same months annual volatility was 16.5% for IEMG and 16.8% for EEM; the deepest fall from a month-end high was 34.6% and 36.5%, and the worst single month −16.9% and −15.8%.
How correlated are IEMG and EEM?
The correlation of their monthly returns was 1.00: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
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.