Data as of Sep 12, 2026. Both funds on the fields they both publish, from the same sources.
AIRR vs IEMG: how they differ
Over the year IEMG returned more, +30.6% against +15.0%, and IEMG charges 0.09% against 0.69%.
First Trust RBA American Industrial Renaissance ETF and iShares Core MSCI Emerging Markets ETF.
What they hold in common
By the books each fund has filed, AIRR and IEMG hold 0% of their money in the same securities at the same weight.
| Only in AIRR | Only in IEMG |
|---|---|
| STERLING INFRASTRUCTURE INC 6.00% | Taiwan Semiconductor Manufacturing Compa 12.52% |
| ARGAN INC 4.73% | SK hynix Inc. 5.83% |
| COMFORT SYSTEMS USA INC 4.42% | Tencent Holdings Limited 2.38% |
| MASTEC INC 4.18% | Alibaba Group Holding Limited 1.83% |
| CH ROBINSON WORLDWIDE INC 4.08% | MediaTek Inc. 1.42% |
| OWENS CORNING 3.90% | DELTA ELECTRONICS, INC. 1.03% |
| DYCOM INDUSTRIES INC 3.76% | HON HAI PRECISION INDUSTRY CO., LTD. 0.79% |
| EMCOR GROUP INC 3.75% | Samsung Electronics Co., Ltd. 0.74% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026 and May 31, 2026.
| AIRR First Trust RBA American Industrial Renaissance ETF | IEMG iShares Core MSCI Emerging Markets ETF | |
|---|---|---|
| Where it sits | Thematic ETF | Core index fund |
| Issuer | First Trust | iShares |
| What it is | Reshoring and manufacturing | Core MSCI Emerging Markets |
| Total return, 1 year | +15.0% | +30.6% |
| S&P 500 over the same days | +17.5% | +17.5% |
| Gap to the S&P 500 | −2.5 pts | +13.1 pts |
| Expense ratio | 0.69% | 0.09% |
| Already in the S&P 500 | 5.5% | 0.0% |
| Holdings | 58 | 2695 |
AIRR in plain words
By weight, 6% of AIRR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 30% of the fund across 58 positions, as published by its issuer for Sep 10, 2026. Over the year to Sep 11, 2026 the fund returned +15.0% with distributions reinvested against +17.5% for the S&P 500, so a holder was behind by 2.5 pts. It sits 19.5% below its all-time high of Jun 22, 2026.
IEMG in plain words
IEMG is an index equity fund tracking the Core MSCI Emerging Markets. Over the year to Sep 11, 2026 it returned +30.6% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.09% a year. By its holdings filed for May 31, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 2695 positions, with the top ten at 34.1%. It sat 4.0% below its high of Jun 22, 2026 on Sep 11, 2026.
Questions people ask
- Which returned more over the last year, AIRR or IEMG?
- In the year to Sep 12, 2026, with distributions reinvested, AIRR returned +15.0% and IEMG returned +30.6%, so IEMG returned more. One year is one year; the longer windows are in the table.
- Which is cheaper, AIRR or IEMG?
- AIRR charges 0.69% a year and IEMG charges 0.09%, so IEMG is cheaper. Fees come from each fund's prospectus.
- How much do AIRR and IEMG overlap with the S&P 500?
- By their latest filed holdings, 6% of AIRR and 0% of IEMG by weight is stocks the S&P 500 already holds. Between the two funds, 0% of their books are the same securities at the same weight.
- Are AIRR and IEMG the same kind of fund?
- No. AIRR is a thematic ETF and IEMG is an index ETF, so they are built for different jobs. The table compares what both publish: return, cost and what each actually holds.
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Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, AIRR against IEMG, data as of Sep 12, 2026. https://etfiq.com/compare/any/AIRR-IEMG Free to use with attribution; the underlying files are at Open data.
A comparison is not a recommendation. Standards and sources