iShares MSCI Emerging Markets Small-Cap ETF (EEMS) Performance
EEMS total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +6.2% since Dec 31, 2025
- 1 year
- +7.4% total return
- 5 years
- +5.7% a year
- 10 years
- +7.7% a year
- Since first price
- +5.2% a year since 2011
EEMS trailing returns vs SPY, QQQ, AGG
| Period | EEMS total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −5.6% | −5.6% | −1.0% | −5.0% | +0.9% |
| 3 months | −0.3% | −0.3% | +3.2% | +1.9% | −0.4% |
| 6 months | −4.6% | −5.2% | +7.8% | +8.4% | −1.5% |
| YTD | +6.2% | +5.5% | +12.3% | +15.1% | −1.0% |
| 1 year | +7.4% | +4.1% | +14.4% | +15.9% | −1.1% |
| 3 years | +48.5%+14.1%/yr | +36.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +32.1%+5.7%/yr | +16.2% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +109.2%+7.7%/yr | +62.3% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +146.4%+6.2%/yr | +65.6% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionAug 18, 2011 | +116.3%+5.2%/yr | +45.3% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: EEMS vs SPY
From Aug 18, 2011: EEMS grew to $21,625, SPY to $86,625.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
EEMS returns by calendar year
10 of 14 full years positive. Best 2017 (+34.8%), worst 2022 (−19.1%). 2026 is year to date.
EEMS annual returns table
| Year | EEMS | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +6.2% | −13.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +19.8% | −13.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +3.1% | −9.3% | +24.9% | +25.6% | +1.3% |
| 2023 | +23.1% | −9.4% | +26.2% | +54.9% | +5.7% |
| 2022 | −19.1% | −26.7% | −18.2% | −32.6% | −13.0% |
| 2021 | +18.1% | −6.7% | +28.7% | +27.4% | −1.8% |
| 2020 | +19.5% | −40.2% | +18.3% | +48.6% | +7.5% |
| 2019 | +11.2% | −12.4% | +31.2% | +39.0% | +8.5% |
| 2018 | −19.0% | −29.5% | −4.6% | −0.1% | +0.1% |
| 2017 | +34.8% | −4.2% | +21.7% | +32.7% | +3.6% |
| 2016 | +1.4% | −10.1% | +12.0% | +7.1% | +2.4% |
| 2015 | −7.1% | −27.7% | +1.2% | +9.4% | +0.5% |
| 2014 | −3.0% | −14.9% | +13.5% | +19.2% | +6.0% |
| 2013 | +3.0% | −16.5% | +32.3% | +36.6% | −2.0% |
| 2012 | +20.7% | −17.9% | +16.0% | +18.1% | +3.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
EEMS largest drawdowns
Now 9.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 26, 2018 | −48.9% | Mar 23, 2020 | Dec 30, 2020 | 2.2 years | 2.9 years |
| May 20, 2015 | −28.7% | Feb 11, 2016 | Aug 31, 2017 | 9 months | 2.3 years |
| Nov 12, 2021 | −27.1% | Oct 14, 2022 | Mar 7, 2024 | 11 months | 2.3 years |
| Aug 31, 2011 | −21.2% | Oct 4, 2011 | Dec 31, 2012 | 34 days | 1.3 years |
| Sep 27, 2024 | −19.7% | Apr 8, 2025 | Jun 9, 2025 | 6 months | 8 months |
| May 9, 2013 | −16.5% | Aug 28, 2013 | Jun 6, 2014 | 4 months | 1.1 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
EEMS risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2011 |
|---|---|---|---|---|
| Annualized return | +14.5% | +7.1% | +8.1% | +5.5% |
| Volatility (annualized) | 15.1% | 15.5% | 17.0% | 17.4% |
| Sharpe ratio | 0.68 | 0.29 | 0.41 | 0.31 |
| Sortino ratio | 1.20 | 0.45 | 0.61 | 0.44 |
| Best month | +11.1% | +11.1% | +14.8% | +14.8% |
| Worst month | −8.1% | −9.8% | −21.3% | −21.3% |
| Best 12 months | +39.3% | +39.3% | +83.5% | +83.5% |
| Worst 12 months | −3.1% | −23.0% | −26.7% | −26.7% |
| Positive months | 61% | 58% | 57% | 56% |
| Beta vs S&P 500 | 0.78 | 0.72 | 0.83 | — |
| Correlation with S&P 500 | 0.64 | 0.73 | 0.74 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
EEMS rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 171 | −26.7% | +7.7% | +83.5% | 66% |
| 3-year (a year) | 147 | −9.0% | +4.8% | +18.9% | 86% |
| 5-year (a year) | 123 | −5.0% | +5.3% | +14.3% | 90% |
| 10-year (a year) | 63 | +2.6% | +4.9% | +9.9% | 100% |
Every holding period starting at a month-end since 2011. Returns for 3 years and longer are annualized.
EEMS performance overview
iShares MSCI Emerging Markets Small-Cap ETF (EEMS) returned +7.4% over the past year and +7.7% a year over ten years, with distributions reinvested. Since its first recorded price in 2011 it has returned +5.2% a year, turning $10,000 into about $21,625. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −48.9%, from Jan 26, 2018 to Mar 23, 2020, and it took 9 months to get back to the old high. EEMS finished 10 of its 14 full calendar years with a gain; the best year was 2017 (+34.8%) and the worst 2022 (−19.1%). Volatility has been 17.4% a year.
Related: EEMS chart, EEMS holdings, EEMS dividends. See the EEMS overview for the latest quote and fund facts.
EEMS performance FAQ
What is the EEMS return over the past year?
EEMS returned +7.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 4.1%.
What is the average annual return of EEMS?
EEMS has returned +5.7% a year over 5 years, +7.7% a year over 10 years, +5.2% a year since August 18, 2011 (total return, distributions reinvested).
How much would $10,000 invested in EEMS be worth?
$10,000 invested in EEMS at its first recorded close on August 18, 2011 would be worth about $21,625 on October 23, 2026 with distributions reinvested.
What was the worst year for EEMS?
The worst calendar year was 2022, with a total return of −19.1%. The best was 2017 at +34.8%.
What is the biggest drawdown of EEMS?
The largest peak-to-trough decline was −48.9% between January 26, 2018 and March 23, 2020. It recovered to the old high on December 30, 2020, 9 months after the bottom.
How volatile is EEMS?
Over the past 3 years EEMS had an annualized volatility of 15.1% and a Sharpe ratio of 0.68 (excess return over 1–3 month T-bills per unit of risk).