Statistics · 2026 · ETFs
Emerging Markets ETF Statistics (2026)
EEM was the best-performing emerging markets ETF over the past year, returning 29.0% with dividends reinvested, as of October 2, 2026, while MCHI returned -20.6%. The S&P 500 fund SPY returned 16.7%. Over five years, 0 of the 6 funds beat it.
Key takeaways
- EEM returned 29.0% over the past year and MCHI returned -20.6%, a gap of 49.7 percentage points.
- Over five years, 0 of the 6 funds beat SPY’s 13.9% a year, and the best returned 11.9%.
- Expense ratios run from 0.06% for VWO to 0.72% for EEM, or $6 to $72 per $10,000 a year.
Which emerging markets ETFs performed best?
EEM led the group over one year at 29.0% with dividends reinvested, and EWZ followed at 28.6%. Over five years the order changed: EWZ ranked first at 11.9% a year, and MCHI ranked last at -3.2%. The five-year spread is 15.1 points.
Each return runs from a month-end close to the October 2, 2026 price and is annualized over the actual days: the one-year figure covers September 30, 2025 to October 2, 2026, so it will not match an issuer's month-end one-year return.
1. One-year gap: 49.7 percentage points
EEM returned 29.0% over the past year and MCHI returned -20.6% (WealthyBud data · 6 emerging markets funds, total return · October 2, 2026).
2. EEM led the three-year run at 24.1% a year
EEM compounded at 24.1% a year over three years. INDA came last at 1.9%, a 22.2-point spread (WealthyBud data · 3-yr annualized total return · October 2, 2026).
3. Five-year spread: 15.1 points a year
EWZ returned 11.9% a year and MCHI returned -3.2% a year (WealthyBud data · 5-yr annualized total return · October 2, 2026).
4. IEMG beat VWO by 15.6 points over one year
IEMG returned 28.0% and VWO returned 12.4% over one year (WealthyBud data · 1-yr total return · October 2, 2026). One holding difference shows on the issuer pages: IEMG puts 20.95% in South Korea per its iShares page (as of October 1, 2026), while South Korea does not appear in the country list on VWO’s Vanguard page (as of August 31, 2026). WealthyBud did not test whether that difference explains the gap.
| Ticker | Fund | Expense ratio | 1-yr total return | 5-yr total return (ann.) | Volatility (ann.) | Trailing yield |
|---|---|---|---|---|---|---|
| EEM | iShares MSCI Emerging Markets ETF | 0.72% | 29.0% | 8.6% | 17.7% | 1.65% |
| EWZ | iShares MSCI Brazil ETF | 0.59% | 28.6% | 11.9% | 26.1% | 3.83% |
| IEMG | iShares Core MSCI Emerging Markets ETF | 0.09% | 28.0% | 9.0% | 17.2% | 2.18% |
| INDA | iShares MSCI India ETF | 0.61% | -10.6% | 0.5% | 13.5% | 0.00% |
| MCHI | iShares MSCI China ETF | 0.59% | -20.6% | -3.2% | 28.1% | 2.14% |
| VWO | Vanguard FTSE Emerging Markets ETF | 0.06% | 12.4% | 6.7% | 14.7% | 2.04% |
| SPY | State Street SPDR S&P 500 ETF Trust | 0.0945% | 16.7% | 13.9% | 15.7% | 0.99% |
How much do emerging markets ETFs cost?
Expense ratios range from 0.06% for VWO to 0.72% for EEM. On $10,000 that is $6 to $72 a year. The 3 broad funds have a median ratio of 0.09%, against 0.59% for the 3 single-country funds. SPY charges 0.0945%.
5. VWO costs 0.06% and EEM costs 0.72%
The cheapest fund is VWO, followed by IEMG at 0.09%. The most expensive is EEM, a 12-fold difference (WealthyBud data · issuer-verified expense ratios · October 2, 2026).
6. The cost gap is $66 a year per $10,000
EEM costs $72 per $10,000 each year and VWO costs $6 (WealthyBud data · expense ratio x $10,000 · October 2, 2026).
Compare major ETFs by fees and returns
How volatile are emerging markets ETFs?
MCHI was the most volatile emerging markets fund, with annualized volatility of 28.1%, against 13.5% for INDA. MCHI had the deepest drawdown at 58.7%, and VWO the shallowest at 31.9% (month-end prices; lows within a month are not captured). Volatility uses 60 complete monthly returns; drawdown measures the worst fall.
7. MCHI swung most: 28.1% annualized
MCHI had the highest volatility. Volatility uses the last 60 complete monthly returns through September 30, 2026 (WealthyBud data · monthly returns per fund · October 2, 2026).
8. INDA moved least: 13.5%
INDA was the calmest fund. The 3 broad funds range from 14.7% to 17.7% (WealthyBud data · annualized volatility · October 2, 2026).
9. MCHI fell 58.7% peak to trough on month-end prices
MCHI had the deepest drawdown, EWZ next at 50.3%. The broad funds’ median fall was 34.6% and the country funds’ was 50.3%. Drawdown window: 121 month-end prices from September 30, 2016 to September 30, 2026 plus the October 2, 2026 price; lows within a month are not captured and the dataset does not record when each low occurred (WealthyBud data · max drawdown · October 2, 2026).
How do emerging markets ETFs compare with the S&P 500?
Over five years, 0 of 6 emerging markets funds beat the S&P 500 fund SPY, which returned 13.9% a year. Over one year 3 beat it, and over three years 2 did. Over ten years 0 did. Results change with the window measured.
10. 0 of 6 funds beat the S&P 500 over five years
SPY returned 13.9% a year. The best emerging markets fund, EWZ, returned 11.9%, a gap of 2.0 points (WealthyBud data · 5-yr annualized total return vs SPY · October 2, 2026).
11. 3 of 6 beat the index over one year, 2 over three
SPY returned 16.7% over one year and 23.1% a year over three. EEM, EWZ, and IEMG beat it over one year (WealthyBud data · 1- and 3-yr total return vs SPY · October 2, 2026).
12. Ten-year record: IEMG 9.0% a year vs 15.3% for SPY
Over ten years, 0 of 6 emerging markets funds beat the index. IEMG was the best at 9.0% a year and MCHI the weakest at 2.4% (WealthyBud data · 10-yr annualized total return · October 2, 2026).
13. IMF projects emerging economies to grow 3.8% in 2026, the U.S. 2.3%
The IMF’s July 2026 World Economic Outlook Update projects growth in emerging market and developing economies of 3.8 percent in 2026 and 4.5 percent in 2027, per the IMF update. It shows 2.3 percent for the United States in 2026. These are forward growth forecasts, not fund return forecasts.
How do India, China and Brazil funds compare?
Over five years, EWZ returned 11.9% a year and MCHI returned -3.2%. Over one year 1 of the 3 funds posted a gain. The country funds charge a median 0.59% and swing more than the broad funds, with median volatility of 26.1% against 17.2%.
14. EWZ led the country funds over one year at 28.6%
EWZ returned 28.6%, INDA returned -10.6%, and MCHI returned -20.6% (WealthyBud data · 1-yr total return, 3 country funds · October 2, 2026).
15. IMF growth projections for 2026: India 6.4%, China 4.6%, Brazil 2.4%
The IMF’s July 2026 update lists real GDP growth of 6.4 percent for India, 4.6 percent for China and 2.4 percent for Brazil in 2026, and 6.7, 4.1 and 2.2 percent in 2027, per the IMF update. India is on an April-to-March fiscal-year basis in that table.
16. Faster projected growth did not line up with fund returns
INDA has the highest projected growth of the three at 6.4%, yet it ranks #2 of 3 on five-year return at 0.5% a year. EWZ has the lowest projected growth at 2.4%, and ranks #1 of 3 at 11.9% a year. The IMF figure is a forward 2026 projection; the fund figure is a past five-year return covering a different period (WealthyBud data · IMF 2026 growth vs 5-yr total return · October 2, 2026).
17. Together, India, China and Brazil are 34.0% of IEMG
The iShares IEMG page lists China at 18.37%, India at 11.64% and Brazil at 4.01% of market value as of October 1, 2026. Taiwan and South Korea are each larger than India and Brazil combined.
| Ticker | Expense ratio | 1-yr return | 5-yr return (ann.) | Volatility | Worst drawdown (month-end) | IMF 2026 growth | Net assets |
|---|---|---|---|---|---|---|---|
| EWZ | 0.59% | 28.6% | 11.9% | 26.1% | 50.3% | 2.4% | $8.7B |
| INDA | 0.61% | -10.6% | 0.5% | 13.5% | 34.0% | 6.4% | $5.8B |
| MCHI | 0.59% | -20.6% | -3.2% | 28.1% | 58.7% | 4.6% | $6.0B |
Why do EEM and IEMG cost so differently?
EEM charges 0.72% and IEMG charges 0.09%, an 8-fold difference, or $63 more a year per $10,000. Both track MSCI emerging markets indexes, and their five largest country weights are within 1.3 points of each other. The largest return gap between the two on any window is 1.1 points.
18. EEM costs 0.72%; IEMG costs 0.09%
The extra fee on EEM is $63 per $10,000 a year, or $630 over ten years with no growth assumed. Fees per the EEM and IEMG pages (WealthyBud data · issuer-verified expense ratios · October 2, 2026).
19. IEMG holds 2,860 stocks; EEM holds 1,185
iShares says EEM tracks an index of large- and mid-cap emerging market equities, while IEMG tracks large-, mid- and small-cap equities (holdings as of October 1, 2026). IEMG manages $160.5 billion, 5.2 times the $31.1 billion in EEM.
| Country | VWO | IEMG | EEM |
|---|---|---|---|
| Taiwan | 32.7% | 28.85% | 28.99% |
| South Korea | Not listed | 20.95% | 21.68% |
| China | 26.5% | 18.37% | 19.67% |
| India | 16.5% | 11.64% | 10.44% |
| Brazil | 4.2% | 4.01% | 4.07% |
20. EEM and IEMG returns differed by at most 1.1 points in any window
EEM was ahead over one year and three years and behind over five years and ten years. The widest gap was 1.1 points, against a fee difference of 0.63 points a year (WealthyBud data · 1-, 3-, 5- and 10-yr total return, EEM vs IEMG · October 2, 2026).
What this means for investors
Compare broad funds on fees and index makeup. VWO at 0.06%, IEMG at 0.09% and EEM at 0.72% all hold large baskets of emerging market stocks. VWO and IEMG track different indexes and differ in country weights. They also had a 15.6-point one-year return gap; WealthyBud did not test whether the two are linked.
Treat country funds as concentrated bets. MCHI fell 58.7% at its worst on month-end prices (lows within a month are not captured). Size the position for that.
Do not buy a growth forecast. The IMF projects emerging economies to outgrow the U.S. in 2026, but SPY beat 6 of the 6 funds here over five years. See international ETF statistics and ETF versus mutual fund statistics.
Past returns are not forecasts.
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