Skip to content
etf.net

EMGF vs FEMS

iShares Emerging Markets Equity Factor ETF

EMGFACboe

First Trust Emerging Markets Small Cap AlphaDEX Fund

FEMSDNasdaq

Overlap

Expense ratio

EMGF −0.54pt a year

EMGF0.26%FEMS0.80%

Avg volume · 30D

EMGF 4.1×the volume

EMGF156KFEMS37.9K

10Y return · a year

EMGF +2.3pt

EMGF+8.9%FEMS+6.6%

EMGF vs FEMS Performance

Nov 2, 2021 – Nov 2, 2026

+54.0%EMGF+21.3%FEMS

Nov 2, 2021 to Nov 2, 2026. EMGF +54.0%. FEMS +21.3%. Use the arrow keys to read each point.−20%0%40%80%Nov 2021May 2024Nov 2026
Expense ratio
EMGF 0.26%, better
FEMS 0.80%
Fund size
EMGF $1.79B
FEMS $195M
1Y total return
EMGF +14.1%, better
FEMS −2.7%
Yield (12M)
EMGF 2.20%
FEMS 4.55%, better
Holdings
EMGF 740
FEMS 211
Avg volume (30D)
EMGF 156K sh, better
FEMS 37.9K sh
NAV per share
EMGF $65.41
FEMS $39.84
52W range

ETF.net Grade

EMGF: Cost 92, Risk 36, Mission not scored, Tradability 94, Holdings 48, Durability 89. FEMS: Cost 3, Risk 24, Mission not scored, Tradability 65, Holdings 74, Durability 67.
Pillar letters and Scores for EMGF, FEMS, with each pillar’s weight
PillarEMGFFEMS
Cost30% weightA92HigherF3
Mission25% weightNot scoredNot scored
Risk15% weightD36HigherF24
Tradability15% weightA94HigherB65
Holdings10% weightC48A74Higher
Durability5% weightA89HigherB67

Rank among Emerging Markets Multifactor funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. EMGF and FEMS are both graded against the same 20 Emerging Markets Multifactor funds, so their Grades compare head to head.

Emerging Markets Multifactor⁠

Category · 20 funds
See all 20 ›

EMGF ranks 1st and FEMS 17th of 20 funds in the Emerging Markets Multifactor Category.

  1. Rank 1AEMGFiShares Emerging Markets Equity Factor ETFScore 75
  2. Rank 2AAVESAvantis Emerging Markets Value ETFScore 71
  3. Rank 15DEMMFWisdomTree Emerging Markets Multifactor FundScore 37
  4. Rank 17DFEMSFirst Trust Emerging Markets Small Cap AlphaDEX FundScore 33
  5. Rank 18DTLTENorthern Trust Morningstar Emerging Markets Factor Tilt ETFScore 31

Our read on each fund

ETF.net Research

EMGFAiShares Emerging Markets Equity Factor ETF

FEMSDFirst Trust Emerging Markets Small Cap AlphaDEX Fund

In short

EMGF Emerging markets, sorted by factor screen instead of straight market cap. EMGF holds roughly 700 large- and mid-cap EM stocks picked for style-factor exposure, and charges 0.26% doing it, about half the multifactor EM norm.

FEMS Emerging market small caps, chosen by First Trust's AlphaDEX growth-and-value rules instead of ranked by size. A narrow, off-the-beaten-path slice of EM that has been running since 2012.

Stated mandate

EMGF EMGF seeks to follow an index of large- and mid-capitalization emerging-market stocks selected for favorable exposure to specified style factors, subject to constraints.

FEMS The Fund seeks to track, before fees and expenses, the price and yield performance of the Nasdaq AlphaDEX® Emerging Markets Small CapTM Index.

Why people hold it

  • EMGF 0.26% a year, versus a 0.48% median across multifactor EM funds. It undercuts AVES, JPEM, ROAM and QEMM on fee.
  • Roughly 700 large- and mid-cap names, so the factor tilts sit on a broad base rather than a handful of concentrated bets.
  • Running since 2015 as a billion-dollar-plus iShares fund, with steady enough volume for routine retail orders.
  • On cost and ease of trading, one of the stronger builds in the multifactor emerging-markets group.
  • FEMS Goes small in emerging markets: roughly 220 stocks, so no single name or state champion carries the fund.
  • AlphaDEX picks and weights by growth and value rank, not market cap, so the biggest company in the index isn't automatically the biggest position.ftportfolios.com
  • Live since 2012, with the same rules-based index mandate through multiple EM cycles. Pays quarterly.
  • Holdings are spread widely enough that the portfolio reads as a genuine small-cap basket rather than a handful of bets.

Worth knowing

  • EMGF Factor tilts mean the portfolio can drift well away from a plain cap-weighted EM index, in either direction, for long stretches.ishares.com
  • Emerging-market equity carries currency swings and country-level political risk on top of normal stock risk. Volatility here sits at the rougher end of its peer group.ishares.com
  • Distributions land annually or semiannually, not monthly, so it is not built as an income drip.
  • FEMS Cost is the sore spot: 0.80% a year, well above EM factor peers such as EMGF (0.26%) and AVES (0.36%). That gap compounds against you.
  • Thinly traded. Spreads can widen, and large orders can move the price more than in the big EM funds.
  • Small caps plus emerging markets is a bumpy combination, and this has been among the more volatile funds in its peer group.

Full EMGF profile⁠

Full FEMS profile⁠

EMGF vs FEMS Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EMGF vs FEMS Cost

Overpaying FEMS vs EMGF

$9,988

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • EMGF 0.26%

    $5,358

  • FEMS 0.80%

    $15,346

$10,000
30 years

Cost over time

  • EMGF 0.26%
  • FEMS 0.80%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530FEMS $15,346EMGF $5,358

Year by year

YearEMGFFEMSOverpaying
10$473$1,422$949
20$1,838$5,393$3,555
30$5,358$15,346$9,988

Expense ratio

  • 0.26%EMGF, cheaper
  • 0.80%FEMS
  • Middle half of Emerging Markets Multifactor funds
  • Median 0.44%

EMGF 3rd cheapest of 20 funds

FEMS 19th cheapest of 20 funds

EMGF vs FEMS Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
EMGF 2.20%
FEMS 4.55%, better
Payout (12M)
EMGF $1.44
FEMS $1.80
Last payment
EMGF $0.61
FEMS $0.40
Ex-dividend
EMGF Jun 15, 2026
FEMS Sep 24, 2026
Paid on
EMGF Jun 18, 2026
FEMS Sep 30, 2026
Frequency
EMGF Twice a year
FEMS Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EMGFTwice a year · 21 paymentsAll EMGF payments⁠
One bar per payment. 21 payments from 2017 to 2026 YTD. Jun 20, 2017 $0.27; Dec 19, 2017 $0.66; Dec 28, 2017 $0.04; Jun 19, 2018 $0.32; Dec 18, 2018 $0.73; Jun 17, 2019 $0.45; Dec 16, 2019 $0.75; Jun 15, 2020 $0.41; Dec 14, 2020 $0.55; Jun 10, 2021 $0.34; Dec 13, 2021 $0.90; Dec 30, 2021 $0.03; Jun 9, 2022 $0.45; Dec 13, 2022 $1.21; Jun 7, 2023 $0.43; Dec 20, 2023 $2.11; Jun 11, 2024 $0.39; Dec 17, 2024 $1.16; Jun 16, 2025 $0.63; Dec 16, 2025 $0.83; Jun 15, 2026 $0.61. Use the arrow keys to read each point.$0$22017202020232026YTD
FEMSQuarterly · 37 paymentsAll FEMS payments⁠
One bar per payment. 37 payments from 2017 to 2026 YTD. Jun 22, 2017 $0.29; Sep 21, 2017 $0.74; Dec 21, 2017 $0.44; Mar 22, 2018 $0.18; Jun 21, 2018 $0.49; Sep 14, 2018 $0.42; Dec 18, 2018 $0.41; Jun 14, 2019 $0.38; Sep 25, 2019 $0.70; Dec 13, 2019 $0.65; Mar 26, 2020 $0.18; Jun 25, 2020 $0.34; Sep 24, 2020 $0.42; Dec 24, 2020 $0.25; Mar 25, 2021 $0.51; Jun 24, 2021 $0.43; Sep 23, 2021 $0.73; Dec 23, 2021 $0.84; Mar 25, 2022 $0.12; Jun 24, 2022 $0.81; Sep 23, 2022 $0.75; Dec 23, 2022 $0.09; Mar 24, 2023 $0.10; Jun 27, 2023 $0.66; Sep 22, 2023 $0.65; Dec 22, 2023 $0.37; Mar 21, 2024 $0.17; Jun 27, 2024 $0.54; Sep 26, 2024 $0.34; Dec 13, 2024 $0.45; Mar 27, 2025 $0.09; Jun 26, 2025 $0.52; Sep 25, 2025 $0.53; Dec 12, 2025 $0.65; Mar 26, 2026 $0.30; Jun 25, 2026 $0.45; Sep 24, 2026 $0.40. Use the arrow keys to read each point.$0$22017202020232026YTD

EMGF vs FEMS Risk

Fall from peak · 5 years

  • EMGF
  • FEMS
Nov 2, 2021 to Nov 2, 2026. Worst fall: EMGF −27.1% · Oct 2022. Use the arrow keys to read each point.−25%−20%−15%−10%−5%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
EMGF 16.3%FEMS 14.2%, better
Return per unit of riskSharpe ratio, 3 years
EMGF 1.09, betterFEMS 0.29
Worst fallMax drawdown, 5 years
EMGF −27.1%FEMS −21.2%, better
Market sensitivityBeta, 5 years
EMGF 1.02FEMS 0.61

Popular comparisons

  • EMGFAvsAVESA

    iShares Emerging Markets Equity Factor ETF · Avantis Emerging Markets Value ETF

    Expense ratio
    0.26% · 0.36%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • FEMSDvsAVESA

    First Trust Emerging Markets Small Cap AlphaDEX Fund · Avantis Emerging Markets Value ETF

    Expense ratio
    0.80% · 0.36%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • EMGFAvsFDEMA

    iShares Emerging Markets Equity Factor ETF · Fidelity Emerging Markets Multifactor ETF

    Expense ratio
    0.26% · 0.25%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • FEMSDvsFDEMA

    First Trust Emerging Markets Small Cap AlphaDEX Fund · Fidelity Emerging Markets Multifactor ETF

    Expense ratio
    0.80% · 0.25%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • EMGFAvsQEMMB

    iShares Emerging Markets Equity Factor ETF · State Street SPDR MSCI Emerging Markets StrategicFactors ETF

    Expense ratio
    0.26% · 0.30%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • FEMSDvsQEMMB

    First Trust Emerging Markets Small Cap AlphaDEX Fund · State Street SPDR MSCI Emerging Markets StrategicFactors ETF

    Expense ratio
    0.80% · 0.30%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.