Which returned more over the last year, IEFA or IEMG?

In the year to Oct 28, 2026, with distributions reinvested, IEFA returned +12.3% and IEMG +15.3%.

Which is cheaper, IEFA or IEMG?

IEFA is cheaper, by 0.02 percentage points a year. That is about $2 on $10,000 held for a year. Fees come from each fund's prospectus.

How much do IEFA and IEMG overlap with the S&P 500?

By their latest filed holdings, 0% of IEFA and 0% of IEMG by weight is stocks the S&P 500 already holds.

Data as of Oct 28, 2026.

Across categories

IEFA vs IEMG: Differences, Returns & Fees

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Over the year to Oct 28, 2026, IEFA returned +12.3% to IEMG's +15.3%; 0% of their weight is in the same names.

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Net assets: $190.4bn on Oct 28, 2026 for iShares Core MSCI EAFE ETF, and $150.4bn on Oct 27, 2026 for iShares Core MSCI Emerging Markets ETF.

IEFA on its own →IEMG on its own →

At a glance

+12.3%

IEFA total return, 1 year

+15.3%

IEMG total return, 1 year

0.07%

IEFA expense ratio

0.09%

IEMG expense ratio

Pair scorecard

IEFA costs 0.02 points a year less; their one-year returns differ by 3.0 points; IEFA is 1.3 times larger.

IEFA vs IEMG: Differences, Returns & Fees
Measure	IEFA	IEMG
Return
Measure	IEFA	IEMG
Total return, 1 year	+12.3%	+15.3%
Drawdown
Measure	IEFA	IEMG
Below its high	4.7%, high on Aug 25, 2026	10.1%, high on Jun 22, 2026
Benchmark
Measure	IEFA	IEMG
What it tracks	MSCI EAFE IMI Index	MSCI Emerging Markets Investable Market Index (IMI)
Cost and size
Measure	IEFA	IEMG
Expense ratio	0.07%	0.09%
Net assets, as of Oct 27, 2026	$190.1bn	$150.4bn
Holdings
Measure	IEFA	IEMG
Holdings in common	0%
Top ten holdings, share of the fund	12.3%	32.7%

Holdings in common uses holdings dated Oct 27, 2026. Method

Risk and return

Nov 2, 2012 to Oct 23, 2026 · 729 weekly returns

IEFA IEMG

Return

Total return edge IEFA +199.1% +120.7%

Annualized edge IEFA +8.1% +5.8%

Price return edge IEFA +100.2% +56.0%

Risk

Volatility edge IEFA 16.2% 18.2%

Max drawdown edge IEFA (slight) −34.1% −37.1%

Downside capture 97.7% 97.1%

Beta 1.00 0.96

Risk-adjusted

Sharpe edge IEFA 0.45 0.30

Sortino edge IEFA 0.64 0.42

Treynor 0.073 0.057

Calmar edge IEFA 0.24 0.16

Against the benchmark

Alpha +0.8% a year +0.7% a year

Alpha t-stat 0.96 2.17

Information ratio 0.25 0.38

Tracking error 3.2% 1.4%

Each against its own benchmark: IEFA against ACWX, Nov 2, 2012 to Oct 23, 2026; IEMG against EEM, Nov 2, 2012 to Oct 23, 2026.

Reading

IEFA returned more: +199.1% to +120.7%. IEFA swung less: 16.2% to 18.2%. IEFA fell slightly less at its worst: −34.1% to −37.1%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: IEFA vs IEMG: Differences, Returns & Fees
Measure	IEFA	IEMG	Edge	How it is measured
Return
Total return	+199.1%	+120.7%	IEFA	Price change plus distributions, reinvested.
Annualized	+8.1%	+5.8%	IEFA	Total return as a yearly rate.
Price return	+100.2%	+56.0%	IEFA	Price change alone, distributions left out.
Risk
Volatility	16.2%	18.2%	IEFA	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	11.5%	13.0%	IEFA	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−34.1%	−37.1%	IEFA (slight)	Deepest fall from a high to the low after it.
Upside capture	98.1%	94.6%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	97.7%	97.1%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.00	0.96	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.96	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.45	0.30	IEFA	Return above Treasury bills per unit of volatility.
Sortino	0.64	0.42	IEFA	Return above Treasury bills per unit of downside deviation.
Treynor	0.073	0.057		Return above Treasury bills per unit of beta.
Calmar	0.24	0.16	IEFA	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	ACWX	EEM		The ETF each fund is measured against.
Alpha	+0.8% a year	+0.7% a year	IEFA not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	0.96	2.17	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−0.9% to +2.5%	+0.1% to +1.4%	IEFA includes zero	The 95% range for the yearly alpha.
Information ratio	0.25	0.38		Return against its benchmark per unit of tracking error.
Tracking error	3.2%	1.4%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 729 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, IEFA and IEMG hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first IEFA IEMG

DASSAULT SYSTEMES 0.07% 0.07%

VODAFONE GROUP PLC 0.12% 0.05%

WASHINGTON H SOUL PATTINSON & COMP 0.04% 0.08%

ACCOR SA 0.04% 0.02%

WOOLWORTHS GROUP 0.14% 0.02%

DIASORIN 0.01% 0.01%

ENERGIX RENEWABLE ENERGIES LTD 0.01% 0.01%

INVESTEC PLC 0.02% 0.01%

NCC B 0.01% 0.01%

ORION CLASS B 0.05% 0.01%

STOCKLAND STAPLED UNITS LTD 0.03% 0.01%

TELENOR 0.03% 0.01%

Only in one fund ↓

Only in IEFA

ASML HOLDING 2.55%

ROCHE PS PAR AG 1.36%

SHELL 1.21%

HSBC HOLDINGS PLC 1.18%

NOVARTIS AG 1.14%

ASTRAZENECA PLC 1.04%

NESTLE SA 1.04%

SAP 0.97%

Only in IEMG

TAIWAN SEMICONDUCTOR MANUFACTURING 14.03%

SAMSUNG ELECTRONICS LTD 6.05%

SK HYNIX 4.31%

TENCENT HOLDINGS 2.32%

ALIBABA GROUP HOLDING 1.60%

MEDIATEK 1.36%

CHINA CONSTRUCTION BANK CORP H 0.83%

SAMSUNG ELECTRONICS NON VOTING PRE 0.80%

Check overlap with more funds →

Side by side

IEFA iShares Core MSCI EAFE ETF IEMG iShares Core MSCI Emerging Markets ETF

Where it sits Stock ETF Stock ETF

Issuer iShares iShares

What it is Tracks the MSCI EAFE Tracks the MSCI Emerging Markets

Total return, 1 year +12.3% +15.3%

Its benchmark over the same days +14.3% (ACWX) +16.3% (EEM)

Gap to its benchmark −2.0 pts vs ACWX −1.0 pts vs EEM

Expense ratio 0.07% 0.09%

Already in the S&P 500 0.0% 0.0%

Holdings 2629 2857

Net assets, IEFA as of Oct 28, 2026 and IEMG as of Oct 27, 2026 $190.4bn $150.4bn

IEFA and IEMG on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-CFFCC6732F

IEFA and IEMG do different jobs. What does each one do in a portfolio?

What each follows. IEFA follows MSCI EAFE IMI Index and IEMG follows MSCI Emerging Markets Investable Market Index (IMI).
Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026).
One-year total return. Over 1 year to Oct 28, 2026 IEFA returned +12.3% and IEMG +15.3% with distributions reinvested, a gap of 3.0 points.

Data as of Oct 28, 2026.

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About each fund

IEFA

IEFA tracks the MSCI EAFE. Over the year to Oct 28, 2026 it returned +12.3% with distributions reinvested, against +14.3% for its benchmark, the MSCI ACWI ex USA Index. The prospectus expense ratio is 0.07% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 2,629 positions, with the top ten at 12.3%. It sat 4.7% below its high of Aug 25, 2026 on Oct 28, 2026.

IEMG

IEMG tracks the MSCI Emerging Markets. Over the year to Oct 28, 2026 it returned +15.3% with distributions reinvested, against +16.3% for its benchmark, the MSCI Emerging Markets Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 2,857 positions, with the top ten at 32.7%. It sat 10.1% below its high of Jun 22, 2026 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, IEFA or IEMG?: In the year to Oct 28, 2026, with distributions reinvested, IEFA returned +12.3% and IEMG +15.3%.
Which is cheaper, IEFA or IEMG?: IEFA is cheaper, by 0.02 percentage points a year. That is about $2 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do IEFA and IEMG overlap with the S&P 500?: By their latest filed holdings, 0% of IEFA and 0% of IEMG by weight is stocks the S&P 500 already holds.

Other comparisons

IEFA vs VWO EEM vs IEFA AVEM vs IEFA EMXC vs IEFA IEMG vs VXUS IEMG vs VEA EFA vs IEMG IEMG vs SCHF

Where to next

IEFA on its own →IEMG on its own →Hold both: look the portfolio through →Rankings →IEFA dividend history →IEFA holdings →IEMG dividend history →IEMG holdings →Standards and sources →

Sources and dates

IEFA filings on SEC EDGAR ↗

IEFA prospectus with the expense ratio (SEC) ↗

iShares page for IEFA ↗

IEMG filings on SEC EDGAR ↗

IEMG prospectus with the expense ratio (SEC) ↗

iShares page for IEMG ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, IEFA against IEMG, data as of Oct 28, 2026. https://etfiq.com/compare/any/iefa-vs-iemg

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.