MSCI Emerging Markets: returns, drawdowns and futures positioning
Large and mid-sized companies in emerging economies across Asia, Latin America, Eastern Europe, the Middle East and Africa.
Data updated October 2026
Measured through EEM, total return in US dollarsData from October 2006
$10,000 in MSCI Emerging Markets (EEM) from October 2006
$27,441
+174% in total, +5.2% a year on average, with dividends reinvested, in US dollars.
- Calendar years with a gain
11 of 19
Best 2009, +69.0%. Worst 2008, −49.3%.
- Deepest fall
−67.0%
Oct 2007 to Nov 2008. Back to the previous high 9.9 years after the peak.
- Annual volatility
27.9%
How much returns swing around their average. Worst single month: −25.6%.
- At the last close
11.1% below its high
October 20, 2026.
Returns to October 2026
1 year
3 years
a year
5 years
a year
10 years
a year
Since 2006
a year
Total return to the last close, dividends reinvested. Periods longer than a year are annualised. SPY is SPDR S&P 500 ETF Trust, shown for reference.
What holding MSCI Emerging Markets was like
Every stretch of 1, 3, 5 and 10 years since October 2006, starting at each month-end. The bar runs from the worst stretch to the best; the mark is the middle one. Held for 10 years, MSCI Emerging Markets lost money in 2% of the stretches.
Held 1 year
229 periods
62% of periods ended with a gain
Held 3 years
205 periods, a year
68% of periods ended with a gain
Held 5 years
181 periods, a year
76% of periods ended with a gain
Held 10 years
121 periods, a year
98% of periods ended with a gain
Falls and recoveries
How far MSCI Emerging Markets was below its previous high, week by week.
| Fall | From the high of | To the low of | Falling for | Back to the high |
|---|---|---|---|---|
| −67.0% | Oct 2007 | Nov 2008 | 13 months | Nov 2017, 10.1 years later |
| −38.8% | Feb 2021 | Oct 2022 | 20 months | Oct 2025, 4.7 years later |
| −38.2% | Jan 2018 | Mar 2020 | 2.2 years | Dec 2020, 2.9 years later |
| −14.7% | Jul 2007 | Aug 2007 | 1 months | Sep 2007, 2 months later |
| −12.4% | Jun 2026 | Jul 2026 | 1 months | Not yet |
Year by year
MSCI Emerging Markets ended 11 of 19 full calendar years higher. The average gain in an up year was +24.5%, the average loss in a down year −16.4%.
YTD: from 1 January to the last close. 2006 starts at the first price, October 2006.
Example: $500 a month for 10 years
Put in from Nov 2016
$60,000
Worth at the last close
$95,991 +60%
Lowest point: Oct 2022, when the $36,000 put in so far was worth $30,103 (−16%).
Try your own amount and datesInvested at each month-start, dividends reinvested, before trading costs and taxes.
ETFs that track MSCI Emerging Markets
| Fund | 1 year | 5 years, a year | 10 years, a year | Currency |
|---|---|---|---|---|
| IEMGiShares Core MSCI Emerging Markets ETF | +17.0% | +6.8% | +8.3% | USD |
| EIMIiShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) | +21.2% | +7.7% | +8.1% | EUR |
| EEMiShares MSCI Emerging Markets ETF | +16.9% | +6.2% | +7.6% | USD |
| XMMEXtrackers MSCI Emerging Markets UCITS ETF 1C | +22.2% | +7.6% | — | EUR |
Total returns with dividends reinvested, each in its trading currency, to the last close. Funds in different currencies are not directly comparable.
Questions
What has MSCI Emerging Markets returned a year?
Measured through EEM (iShares MSCI Emerging Markets ETF), with dividends reinvested: +5.2% a year from October 2006 to October 2026. Over the last 10 years +7.6% a year, over the last 12 months +16.9%. Past returns do not predict future returns.
What was the biggest fall in MSCI Emerging Markets since 2006?
−67.0% from October 2007 to November 2008, measured on EEM with dividends reinvested; it was back at the previous high about 119 months after the peak. Falls before 2006 are outside this history.
Has MSCI Emerging Markets ever lost money over 10 years?
Of the 121 10-year periods since October 2006, 2% ended with a loss; the worst returned −0.0% a year and the best +10.0% a year.
Which ETFs track MSCI Emerging Markets?
Among the funds MEDGE follows: IEMG (iShares Core MSCI Emerging Markets ETF), EIMI (iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)), EEM (iShares MSCI Emerging Markets ETF), XMME (Xtrackers MSCI Emerging Markets UCITS ETF 1C).
Related
Source: MarketStack end-of-day prices of EEM, 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.