iShares MSCI Emerging Markets (EEM): Historical Returns

Data Source: from January 1976 to March 2024 (~48 years)
Consolidated Returns as of 31 March 2024
Live Update: Apr 12 2024, 04:00PM Eastern Time
Category: Stocks
iShares MSCI Emerging Markets (EEM) ETF
ETF • LIVE PERFORMANCE (USD currency)
2.29%
1 Day
Apr 12 2024, 04:00PM Eastern Time
1.34%
Current Month
April 2024

In the last 30 Years, the iShares MSCI Emerging Markets (EEM) ETF obtained a 5.08% compound annual return, with a 22.37% standard deviation.

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The ETF is related to the following investment themes:

  • Asset Class: Equity
  • Size: Large Cap
  • Style: Blend
  • Region: Emerging Markets
  • Country: Broad Emerging Markets

The iShares MSCI Emerging Markets (EEM) ETF is part of the following Lazy Portfolios:

Portfolio Name Author EEM Weight Currency
Emerging Markets Stocks 100.00% USD
Mid-Twenties Burton Malkiel 17.50% USD
Late Thirties to Early Forties Burton Malkiel 16.25% USD
Robo Advisor 100 Betterment 15.00% USD
Eliminate Fat Tails Larry Swedroe 15.00% USD
Robo Advisor 90 Betterment 14.00% USD
Mid-Fifties Burton Malkiel 14.00% USD
Robo Advisor 80 Betterment 12.80% USD
Paul Boyer Portfolio Paul Boyer 12.50% USD
Perfect Portfolio Ben Stein 12.00% USD
Pinwheel 10.00% USD
Ultimate Buy and Hold Strategy Paul Merriman 10.00% USD
Family Taxable Portfolio Ted Aronson 10.00% USD
Late Sixties and Beyond Burton Malkiel 10.00% USD
Gone Fishin' Portfolio Alexander Green 10.00% USD
Long Term Portfolio Ben Stein 10.00% USD
Gretchen Tai Portfolio Gretchen Tai 10.00% USD
Edge Select Aggressive Merrill Lynch 9.00% USD
Robo Advisor 50 Betterment 9.00% USD
7Twelve Portfolio Craig Israelsen 8.33% USD
Dedalo Eleven Dedalo Invest 8.00% USD
Larry Portfolio Larry Swedroe 7.50% USD
Edge Select Moderately Aggressive Merrill Lynch 7.00% USD
Ultimate Buy&Hold FundAdvice 6.00% USD
Sandwich Portfolio Bob Clyatt 6.00% USD
Lazy Portfolio David Swensen 5.00% USD
Yale Endowment David Swensen 5.00% USD
Edge Select Moderate Merrill Lynch 5.00% USD
Coward's Portfolio Bill Bernstein 5.00% USD
Global Market Portfolio Credit Suisse 5.00% USD
Sheltered Sam 100/0 Bill Bernstein 5.00% USD
GAA Global Asset Allocation Mebane Faber 4.50% USD
Sheltered Sam 90/10 Bill Bernstein 4.50% USD
Marc Faber Portfolio Marc Faber 4.00% USD
Sheltered Sam 80/20 Bill Bernstein 4.00% USD
Robo Advisor 20 Betterment 3.70% USD
Sheltered Sam 70/30 Bill Bernstein 3.50% USD
Edge Select Moderately Conservative Merrill Lynch 3.00% USD
Big Rocks Portfolio Larry Swedroe 3.00% USD
Sheltered Sam 60/40 Bill Bernstein 3.00% USD
Sheltered Sam 50/50 Bill Bernstein 2.50% USD
Sheltered Sam 40/60 Bill Bernstein 2.00% USD
Robo Advisor 10 Betterment 1.90% USD
Sheltered Sam 30/70 Bill Bernstein 1.50% USD
Edge Select Conservative Merrill Lynch 1.00% USD
Sheltered Sam 20/80 Bill Bernstein 1.00% USD
Sheltered Sam 10/90 Bill Bernstein 0.50% USD

Investment Returns as of Mar 31, 2024

The iShares MSCI Emerging Markets (EEM) ETF guaranteed the following returns.

Returns are calculated in USD, assuming:
  • no fees or capital gain taxes.
  • the reinvestment of dividends.
  • the actual US Inflation rates.
ISHARES MSCI EMERGING MARKETS (EEM) ETF
Consolidated returns as of 31 March 2024
Live Update: Apr 12 2024, 04:00PM Eastern Time
Swipe left to see all data
  Chg (%) Return (%) Return (%) as of Mar 31, 2024
  1 Day Time ET(*) Apr 2024 1M 6M 1Y 5Y 10Y 30Y MAX
(~48Y)
iShares MSCI Emerging Markets (EEM) ETF -2.29 -1.34 2.73 10.33 6.95 1.43 2.24 5.08 7.45
US Inflation Adjusted return 2.34 8.59 3.35 -2.65 -0.58 2.47 3.68
Returns over 1 year are annualized | Available data source: since Jan 1976
(*) Eastern Time (ET - America/New York)
US Inflation is updated to Mar 2024. Current inflation (annualized) is 1Y: 3.48% , 5Y: 4.19% , 10Y: 2.84% , 30Y: 2.54%

In 2023, the iShares MSCI Emerging Markets (EEM) ETF granted a 2.81% dividend yield. If you are interested in getting periodic income, please refer to the iShares MSCI Emerging Markets (EEM) ETF: Dividend Yield page.

Capital Growth as of Mar 31, 2024

An investment of 1$, since April 1994, now would be worth 4.42$, with a total return of 341.65% (5.08% annualized).

The Inflation Adjusted Capital now would be 2.08$, with a net total return of 108.08% (2.47% annualized).
An investment of 1$, since January 1976, now would be worth 32.10$, with a total return of 3109.71% (7.45% annualized).

The Inflation Adjusted Capital now would be 5.72$, with a net total return of 471.57% (3.68% annualized).

Investment Metrics as of Mar 31, 2024

Metrics of iShares MSCI Emerging Markets (EEM) ETF, updated as of 31 March 2024.

Metrics are calculated based on monthly returns, assuming:
  • no fees or capital gain taxes.
  • the reinvestment of dividends.
  • the actual US Inflation rates.
ISHARES MSCI EMERGING MARKETS (EEM) ETF
Advanced Metrics
Data Source: 1 January 1976 - 31 March 2024 (~48 years)
Swipe left to see all data
Metrics as of Mar 31, 2024
1M 3M 6M 1Y 3Y 5Y 10Y 20Y 30Y MAX
(~48Y)
Investment Return (%) 2.73 2.16 10.33 6.95 -6.18 1.43 2.24 5.81 5.08 7.45
Infl. Adjusted Return (%) details 2.34 1.02 8.59 3.35 -11.18 -2.65 -0.58 3.14 2.47 3.68
US Inflation (%) 0.38 1.13 1.61 3.48 5.63 4.19 2.84 2.59 2.54 3.64
Returns / Inflation rates over 1 year are annualized.
DRAWDOWN
Inflation Adjusted:
Inflation Adjusted:
1Y 3Y 5Y 10Y 20Y 30Y MAX
Deepest Drawdown Depth (%) -12.51 -36.52 -36.52 -36.52 -60.44 -60.44 -60.44
Start to Recovery (# months) details 8* 33* 33* 33* 120 120 120
Start (yyyy mm) 2023 08 2021 07 2021 07 2021 07 2007 11 2007 11 2007 11
Start to Bottom (# months) 3 16 16 16 16 16 16
Bottom (yyyy mm) 2023 10 2022 10 2022 10 2022 10 2009 02 2009 02 2009 02
Bottom to End (# months) 5 17 17 17 104 104 104
End (yyyy mm) - - - - 2017 10 2017 10 2017 10
Longest Drawdown Depth (%)
same as
deepest

same as
deepest

same as
deepest
-30.19
same as
deepest

same as
deepest

same as
deepest
Start to Recovery (# months) details 35
Start (yyyy mm) 2023 08 2021 07 2021 07 2014 09 2007 11 2007 11 2007 11
Start to Bottom (# months) 3 16 16 18 16 16 16
Bottom (yyyy mm) 2023 10 2022 10 2022 10 2016 02 2009 02 2009 02 2009 02
Bottom to End (# months) 5 17 17 17 104 104 104
End (yyyy mm) - - - 2017 07 2017 10 2017 10 2017 10
Longest negative period (# months) details 10 36* 57 110 195 195 195
Period Start (yyyy mm) 2023 04 2021 04 2019 05 2014 09 2007 11 2007 11 2007 11
Period End (yyyy mm) 2024 01 2024 03 2024 01 2023 10 2024 01 2024 01 2024 01
Annualized Return (%) -0.07 -6.18 -0.42 -0.14 -0.15 -0.15 -0.15
Drawdowns / Negative periods marked with * are in progress
Deepest Drawdown Depth (%) -13.34 -42.32 -42.32 -42.32 -61.09 -61.09 -62.18
Start to Recovery (# months) details 8* 33* 33* 33* 159 159 131
Start (yyyy mm) 2023 08 2021 07 2021 07 2021 07 2007 11 2007 11 1979 09
Start to Bottom (# months) 3 16 16 16 16 16 100
Bottom (yyyy mm) 2023 10 2022 10 2022 10 2022 10 2009 02 2009 02 1987 12
Bottom to End (# months) 5 17 17 17 143 143 31
End (yyyy mm) - - - - 2021 01 2021 01 1990 07
Longest Drawdown Depth (%)
same as
deepest

same as
deepest

same as
deepest
-32.22
same as
deepest

same as
deepest
-61.09
Start to Recovery (# months) details 35 159
Start (yyyy mm) 2023 08 2021 07 2021 07 2018 02 2007 11 2007 11 2007 11
Start to Bottom (# months) 3 16 16 26 16 16 16
Bottom (yyyy mm) 2023 10 2022 10 2022 10 2020 03 2009 02 2009 02 2009 02
Bottom to End (# months) 5 17 17 9 143 143 143
End (yyyy mm) - - - 2020 12 2021 01 2021 01 2021 01
Longest negative period (# months) details 10 36* 60* 120* 213 213 213
Period Start (yyyy mm) 2023 04 2021 04 2019 04 2014 04 2006 02 2006 02 2006 02
Period End (yyyy mm) 2024 01 2024 03 2024 03 2024 03 2023 10 2023 10 2023 10
Annualized Return (%) -3.14 -11.18 -2.65 -0.58 -0.01 -0.01 -0.01
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
1Y 3Y 5Y 10Y 20Y 30Y MAX
Standard Deviation (%) 15.51 17.88 18.92 17.27 21.38 22.37 24.02
Sharpe Ratio 0.11 -0.49 -0.02 0.06 0.21 0.13 0.14
Sortino Ratio 0.16 -0.75 -0.03 0.08 0.29 0.17 0.20
Ulcer Index 5.50 21.80 17.73 17.01 19.85 21.70 22.79
Ratio: Return / Standard Deviation 0.45 -0.35 0.08 0.13 0.27 0.23 0.31
Ratio: Return / Deepest Drawdown 0.55 -0.17 0.04 0.06 0.10 0.08 0.12
% Positive Months details 50% 44% 51% 51% 53% 55% 55%
Positive Months 6 16 31 62 128 199 323
Negative Months 6 20 29 58 112 161 256
LONG TERM RETURNS
Inflation Adjusted:
Inflation Adjusted:
1Y 3Y 5Y 10Y 20Y 30Y MAX
Best 10 Years Return (%) - Annualized 2.24 11.65 17.56 25.17
Worst 10 Years Return (%) - Annualized -0.02 -0.02 -2.16
Best 10 Years Return (%) - Annualized -0.58 9.14 14.19 20.75
Worst 10 Years Return (%) - Annualized -2.28 -2.28 -8.02
ROLLING PERIODS
Inflation Adjusted:
Inflation Adjusted:
1Y 3Y 5Y 10Y 20Y 30Y MAX
Over the latest 30Y
Best Rolling Return (%) - Annualized 86.53 45.77 38.98 17.56 10.20 5.08
Worst Rolling Return (%) - Annualized -54.34 -15.31 -8.82 -0.02 4.60
% Positive Periods 59% 65% 73% 99% 100% 100%
SWR - Safe Withdrawal Rate (%) - 100% Success - Annualized 60.14 22.00 13.49 7.11 4.95 4.70
PWR - Perpetual Withdrawal Rate (%) - 100% Success - Annualized - - - - 2.22 2.44
WR calculated based on initial capital | Monthly withdrawals adjusted for inflation | Credits: BestRetirementPortfolio.com
Best Rolling Return (%) - Annualized 82.60 41.82 35.04 14.19 7.85 2.47
Worst Rolling Return (%) - Annualized -54.96 -17.17 -10.95 -2.28 2.38
% Positive Periods 55% 54% 60% 81% 100% 100%
SWR - Safe Withdrawal Rate (%) - 100% Success - Annualized 60.14 22.00 13.49 7.11 4.95 4.70
PWR - Perpetual Withdrawal Rate (%) - 100% Success - Annualized - - - - 2.22 2.44
WR calculated based on initial capital | Monthly withdrawals adjusted for inflation | Credits: BestRetirementPortfolio.com
Over all the available data source (Jan 1976 - Mar 2024)
Best Rolling Return (%) - Annualized 111.70 60.25 49.02 25.17 18.64 12.59
Worst Rolling Return (%) - Annualized -54.34 -18.57 -10.37 -2.16 4.57 3.80
% Positive Periods 64% 68% 74% 96% 100% 100%
SWR - Safe Withdrawal Rate (%) - 100% Success - Annualized 60.14 19.24 11.31 5.97 4.17 3.46
PWR - Perpetual Withdrawal Rate (%) - 100% Success - Annualized - - - - 1.14 1.07
WR calculated based on initial capital | Monthly withdrawals adjusted for inflation | Credits: BestRetirementPortfolio.com
Best Rolling Return (%) - Annualized 105.57 53.18 43.40 20.75 15.11 9.76
Worst Rolling Return (%) - Annualized -54.96 -25.91 -14.70 -8.02 1.51 1.24
% Positive Periods 58% 59% 60% 74% 100% 100%
SWR - Safe Withdrawal Rate (%) - 100% Success - Annualized 60.14 19.24 11.31 5.97 4.17 3.46
PWR - Perpetual Withdrawal Rate (%) - 100% Success - Annualized - - - - 1.14 1.07
WR calculated based on initial capital | Monthly withdrawals adjusted for inflation | Credits: BestRetirementPortfolio.com
Terms and Definitions
  • Annualized Portfolio Return: it's the annualized geometric mean return of the portfolio.
  • Deepest/Longest Drawdown: a drawdown refers to the decline in value from a relative peak value to a relative trough. The deepest (or maximum) drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained. The longest drawdown is the period observed from a peak to the subsequent peak with the greatest duration.
  • Longest negative period: it's the maximum period for which an overall negative return has been observed.
  • Standard Deviation: it's a measure of the dispersion of returns around the mean.
  • Sharpe Ratio: it's a measure of risk-adjusted performance of the portfolio. It's calculated by dividing the excess return of the portfolio over the risk-free rate by the portfolio standard deviation. The risk-free rate here considered is the 1-3 Mth T-Bill return.
  • Sortino Ratio: another measure of risk-adjusted performance of the portfolio. It's a modification of the Sharpe Ratio (same formula but the denominator is the portfolio downside standard deviation).
  • Ulcer Index: it's a measure of downside risk that quantifies the depth and duration of drawdowns in an investment portfolio.
  • Best/Worst 10Y returns: the best and the worst 10-year return over a time frame.
  • Rolling Returns: N-year returns over a time frame, calculated over all the available data source (best, worst, % of positive returns). Each rolling period, longer than the longest negative period, yielded a non-negative minimum return.
  • Safe Withdrawal Rate (SWR): it's the percentage of the initial portfolio balance that can be withdrawn at the beginning of each month with inflation adjustment, without the portfolio running out of money in any case (money amount withdrawal).
    For instance: Your initial invested capital is 100.000$; withdrawal rate (annualized) is 4%. This means that, in the first month, you will withdraw 100.000 * 4% * 1/12 = 333.33$. The second month, you’ll withdraw 333.33$ plus the inflation monthly rate. You’ll continue adjusting your withdraw monthly for inflation.
  • Perpetual Withdrawal Rate (PWR): it's the percentage of the initial portfolio balance that can be withdrawn at the beginning of each month with inflation adjustment, preserving the original invested capital, adjusted for inflation too.

Correlations as of Mar 31, 2024

Correlation measures to what degree the returns of the two assets move in relation to each other.

Correlation coefficient is a numerical value between -1 and +1. If one variable goes up by a certain amount, the correlation coefficient indicates which way the other variable moves and by how much.
Asset correlations are calculated based on monthly returns.

Monthly correlations of iShares MSCI Emerging Markets (EEM) ETF vs the main Asset Classes, over different timeframes. Columns are sortable (click on table header to sort).

ISHARES MSCI EMERGING MARKETS (EEM) ETF
Monthly correlations as of 31 March 2024
Swipe left to see all data
Correlation vs EEM
Asset Class 1 Year 5 Years 10 Years 30 Years Since
Jan 1992
VTI
US Total Stock Market
0.87
0.75
0.71
0.76
0.72
SPY
US Large Cap
0.85
0.73
0.70
0.73
0.70
IJR
US Small Cap
0.86
0.75
0.63
0.71
0.68
VNQ
US REITs
0.85
0.67
0.56
0.53
0.52
QQQ
US Technology
0.69
0.66
0.64
0.63
0.60
PFF
Preferred Stocks
0.66
0.69
0.60
0.42
0.40
EFA
EAFE Stocks
0.88
0.85
0.82
0.82
0.77
VT
World All Countries
0.92
0.84
0.82
0.84
0.81
VGK
Europe
0.86
0.82
0.78
0.78
0.75
VPL
Pacific
0.95
0.87
0.86
0.77
0.72
FLLA
Latin America
0.86
0.69
0.71
0.85
0.82
BND
US Total Bond Market
0.59
0.53
0.43
0.12
0.15
TLT
Long Term Treasuries
0.64
0.21
0.14
-0.12
-0.08
BIL
US Cash
0.03
-0.02
-0.01
-0.03
-0.03
TIP
TIPS
0.58
0.46
0.45
0.16
0.20
LQD
Invest. Grade Bonds
0.66
0.66
0.59
0.29
0.30
HYG
High Yield Bonds
0.75
0.72
0.69
0.61
0.59
CWB
US Convertible Bonds
0.85
0.75
0.74
0.74
0.72
BNDX
International Bonds
0.54
0.46
0.35
0.13
0.16
EMB
Emerg. Market Bonds
0.86
0.81
0.75
0.67
0.65
GLD
Gold
0.27
0.37
0.31
0.27
0.26
DBC
Commodities
0.26
0.51
0.47
0.40
0.38

If you want to learn more about historical correlations, you can find out here how the main asset class are correlated to each other.

Drawdowns

A drawdown refers to the decline in value from a relative peak value to a relative trough. A maximum drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained.

ISHARES MSCI EMERGING MARKETS (EEM) ETF
Drawdown periods
Drawdown periods - Inflation Adjusted
Data Source: 1 April 1994 - 31 March 2024 (30 Years)
Data Source: 1 January 1976 - 31 March 2024 (~48 years)
Inflation Adjusted:
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Rolling Returns

( more details)

A rolling return is a measure of investment performance that calculates the return of an investment over a set period of time, with the starting date rolling forward. This approach can provide a more accurate representation of the investment's historical performance and helps investors to evaluate the investment's consistency over time.

ISHARES MSCI EMERGING MARKETS (EEM) ETF
Annualized Rolling Returns
Annualized Rolling Returns - Inflation Adjusted
Data Source: 1 April 1994 - 31 March 2024 (30 Years)
Data Source: 1 January 1976 - 31 March 2024 (~48 years)
Inflation Adjusted:

If you need a deeper detail about rolling returns, please refer to the iShares MSCI Emerging Markets (EEM) ETF: Rolling Returns page.

Seasonality

In which months is it better to invest in iShares MSCI Emerging Markets (EEM) ETF?

Both the Average Return and the Gain Frequency (Win %) are useful to get an idea of what happened in the past.
For further information about the seasonality, check the Asset Class Seasonality page.
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Monthly Returns

This section provides a visual/tabular representation of the performance variability in the iShares MSCI Emerging Markets (EEM) ETF over time. It illustrates the distribution of monthly returns, showcasing the range and frequency of positive and negative returns.

ISHARES MSCI EMERGING MARKETS (EEM) ETF
Monthly Returns Distribution
Data Source: 1 April 1994 - 31 March 2024 (30 Years)
Data Source: 1 January 1976 - 31 March 2024 (~48 years)
199 Positive Months (55%) - 161 Negative Months (45%)
323 Positive Months (56%) - 256 Negative Months (44%)
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(Scroll down to see all data)
Investment Returns, up to December 2003, have been derived using the historical series of equivalent ETFs / Assets.
You can find additional information on extended Data Sources here.

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