IEMG vs EIMI: returns, risk and drawdowns compared
iShares Core MSCI Emerging Markets ETF against iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc), over the same 12 years (August 2014 to October 2026) with dividends reinvested.
Data updated October 2026
From August 2014 to October 2026, IEMG returned 6.0% a year and EIMI 7.4% a year on average, so EIMI came out ahead by 1.5% a year. IEMG was the more volatile of the two (17.0% against 14.6% a year), and the deepest falls from a month-end high were 34.6% for IEMG and 25.0% for EIMI.
The correlation of monthly returns was 0.86: they usually moved together. Over 112 rolling 3-year periods, IEMG did better in 50% and EIMI in 50%.
IEMG trades in USD and EIMI in EUR: each return is in its own currency, so part of the gap reflects the move of the euro against the dollar.
Side by side
| IEMG | EIMI | |
|---|---|---|
| Annual return (CAGR) | +6.0% | +7.4% |
| Total return | +104% | +141% |
| Annual volatility | 17.0% | 14.6% |
| Maximum drawdown (month-end) | −34.6% | −25.0% |
| Worst month | −16.9% | −14.4% |
| Best month | +14.7% | +11.5% |
| Positive months | 56% | 56% |
| Best year | 2017: +37.4% | 2017: +20.9% |
| Worst year | 2022: −20.0% | 2022: −15.2% |
| 1-year return | +17.0% | +21.2% |
| 5 years, a year | +6.8% | +7.7% |
| 10 years, a year | +8.3% | +8.1% |
| Trading currency | USD | EUR |
First nine rows: the same 147 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: IEMG vs EIMI
Returns by calendar year
| Year | IEMG | EIMI |
|---|---|---|
| 2025 | +32.6% | +17.2% |
| 2024 | +6.5% | +14.1% |
| 2023 | +11.5% | +7.8% |
| 2022 | −20.0% | −15.2% |
| 2021 | −0.6% | +7.8% |
| 2020 | +17.9% | +7.8% |
| 2019 | +17.8% | +20.2% |
| 2018 | −14.9% | −10.6% |
| 2017 | +37.4% | +20.9% |
| 2016 | +10.3% | +13.3% |
| 2015 | −14.3% | −4.7% |
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 EIMI?
From August 2014 to October 2026, IEMG returned +6.0% a year and EIMI +7.4% a year, with dividends reinvested, each in its own trading currency (USD and EUR). Over rolling 3-year periods IEMG did better in 50% of cases. Past returns do not predict future returns.
Which is riskier, IEMG or EIMI?
Over the same months annual volatility was 17.0% for IEMG and 14.6% for EIMI; the deepest fall from a month-end high was 34.6% and 25.0%, and the worst single month −16.9% and −14.4%.
How correlated are IEMG and EIMI?
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.