# EEM ETF: fees, returns, drawdowns and holdings

> What EEM holds, its 0.72% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

iShares MSCI Emerging Markets ETF (EEM) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds stocks of large and mid sized companies in emerging market countries, such as China, India and Taiwan. It charges 0.72% a year. From April 2003 to October 2026 it returned about 9.7% a year, and its worst drop was −66.4%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 16, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.72% a year (about $72 on $10,000).
- Started trading on April 7, 2003.
- Last close: $62.85 on October 16, 2026.
- Return over the last year: 18.3%.
- Worst drop since 2003: −66.4%.
- 12 Tactfolio classic strategies hold it.

## How has EEM done since 2003?

From April 2003 to October 2026, EEM returned about 9.7% a year. The S&P 500 returned about 11.6% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $87,300 at the end, with every dividend reinvested.

| Period | EEM | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | −4.4% | 1.5% |
| 3 months | −2.1% | 1.9% |
| 6 months | 1.2% | 9.3% |
| Year to date | 15.5% | 12.8% |
| 1 year | 18.3% | 16.8% |
| 3 years, per year | 21.0% | 22.0% |
| 5 years, per year | 6.4% | 12.8% |
| 10 years, per year | 7.8% | 15.4% |
| Since 2003, per year | 9.7% | 11.6% |

Periods longer than a year show the return per year (CAGR). Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## EEM returns by month and year

EEM rose in 161 of its 283 months (57%). Its best month was March 2009, at 16.9%. Its worst was October 2008, at −25.6%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | 8.0% | 5.9% | −9.3% | 12.7% | 7.2% | 0.2% | −6.3% | 4.6% | −0.3% | −5.9% |  |  | 15.5% |
| 2025 | 2.1% | 1.1% | 1.1% | 0.1% | 4.0% | 7.0% | 0.7% | 2.7% | 7.1% | 3.6% | −1.8% | 2.2% | 34.0% |
| 2024 | −4.5% | 4.2% | 2.7% | −0.2% | 1.9% | 2.6% | 0.9% | 1.0% | 5.7% | −3.1% | −2.7% | −1.7% | 6.5% |
| 2023 | 9.1% | −7.6% | 3.2% | −0.8% | −2.4% | 4.4% | 6.0% | −6.6% | −3.1% | −3.3% | 7.8% | 3.6% | 8.9% |
| 2022 | 0.0% | −4.3% | −3.4% | −6.1% | 0.6% | −5.2% | −0.4% | −1.3% | −11.5% | −2.0% | 15.6% | −2.6% | −20.6% |
| 2021 | 3.2% | 0.8% | −0.7% | 1.2% | 1.7% | 0.9% | −6.4% | 1.6% | −3.9% | 1.1% | −4.1% | 1.5% | −3.6% |
| 2020 | −6.2% | −3.8% | −15.8% | 7.3% | 3.0% | 6.6% | 8.3% | 2.9% | −1.0% | 1.4% | 9.0% | 7.1% | 17.0% |
| 2019 | 10.3% | −1.5% | 1.1% | 2.4% | −7.3% | 6.2% | −2.7% | −3.8% | 1.7% | 4.2% | −0.1% | 7.7% | 18.2% |
| 2018 | 8.3% | −5.9% | 0.5% | −2.8% | −2.6% | −4.5% | 3.5% | −3.8% | −0.6% | −8.8% | 4.9% | −3.5% | −15.3% |
| 2017 | 6.7% | 1.7% | 3.7% | 1.7% | 2.9% | 0.9% | 5.8% | 2.4% | 0.0% | 3.3% | −0.4% | 3.8% | 37.3% |
| 2016 | −5.0% | −0.8% | 13.0% | 0.4% | −3.7% | 4.6% | 5.4% | 0.9% | 2.5% | −0.8% | −4.4% | −0.3% | 10.9% |
| 2015 | −0.7% | 4.4% | −1.5% | 6.9% | −4.1% | −2.9% | −6.3% | −8.8% | −3.1% | 6.4% | −2.5% | −3.8% | −16.2% |
| 2014 | −8.6% | 3.4% | 3.9% | 0.8% | 2.9% | 2.4% | 1.4% | 2.8% | −7.8% | 1.4% | −1.5% | −4.0% | −3.9% |
| 2013 | −0.3% | −2.3% | −1.0% | 1.2% | −4.8% | −5.3% | 1.3% | −2.5% | 7.2% | 4.2% | −0.3% | −0.4% | −3.6% |
| 2012 | 11.0% | 5.3% | −3.1% | −1.7% | −10.7% | 5.0% | 0.0% | 0.4% | 5.2% | −0.4% | 1.6% | 6.8% | 19.1% |
| 2011 | −3.8% | 0.0% | 6.3% | 2.7% | −2.9% | −0.9% | −1.0% | −9.3% | −17.9% | 16.3% | −2.0% | −4.3% | −18.8% |
| 2010 | −7.8% | 1.8% | 8.1% | −0.2% | −9.4% | −1.4% | 10.9% | −3.2% | 11.8% | 3.0% | −2.9% | 7.3% | 16.5% |
| 2009 | −9.3% | −6.3% | 16.9% | 15.6% | 15.9% | −2.3% | 11.0% | −1.3% | 10.2% | −3.4% | 7.8% | 3.3% | 69.0% |
| 2008 | −8.9% | 2.0% | −3.8% | 9.1% | 3.2% | −9.3% | −5.5% | −6.3% | −14.7% | −25.6% | −9.8% | 10.3% | −48.9% |
| 2007 | 0.1% | −3.2% | 5.3% | 3.7% | 5.1% | 3.7% | 0.7% | 1.0% | 11.6% | 11.9% | −7.6% | −1.4% | 33.3% |
| 2006 | 14.2% | −3.9% | 2.2% | 6.5% | −11.1% | 0.2% | 2.3% | 1.6% | −0.9% | 7.1% | 6.0% | 5.5% | 31.2% |
| 2005 | −0.5% | 9.7% | −7.9% | −1.3% | 3.2% | 4.0% | 7.7% | 1.3% | 8.6% | −6.3% | 5.8% | 6.1% | 32.6% |
| 2004 | 2.4% | 4.0% | 0.5% | −9.8% | 1.2% | 0.9% | −3.6% | 3.5% | 7.0% | 2.9% | 10.0% | 4.8% | 24.6% |
| 2003 (part) |  |  |  | 4.4% | 9.1% | 4.2% | 5.7% | 8.0% | −0.7% | 9.2% | 1.9% | 9.0% | 63.1% |

Each month runs from the last close of the month before. The first month counts from the first close.

## How risky is EEM compared with the S&P 500?

Measured from October 2021 to October 2026, on the days both traded.

- **Beta 0.79.** When the S&P 500 moved 1% in a day, EEM tended to move about 0.79%.
- **Correlation 0.68.** EEM moved with the S&P 500 some of the time.
- **Up and down months.** In months the S&P 500 rose, EEM rose 70% as much on average. In months it fell, EEM fell 79% as much.

| Measure | EEM | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | 6.4% | 12.8% |
| Volatility | 20.0% | 17.1% |
| Worst drop | −33.9% | −24.5% |
| Sharpe ratio | 0.41 | 0.79 |
| Sortino ratio | 0.60 | 1.15 |
| Calmar ratio | 0.19 | 0.52 |

Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.

## Is EEM above its 200-day average?

EEM closed 0.9% below its 200-day average on October 16, 2026. A rule that holds EEM only above that average would be out of it today.

- Its 50-day average is 5.4% above its 200-day average.
- It closed 11.7% below its highest close of the last 52 weeks.

A moving average is the average close over the last so many days. Trend rules such as [the 10-month moving average strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md) hold a fund only while it is above one. You can [build that rule for EEM](https://tactfolio.com/builder) and backtest it in a minute.

## What was EEM's worst drop?

A drawdown is how far a fund falls from its last high point. EEM's worst fall was −66.4%, from October 31, 2007 to November 20, 2008. It got back to that high on September 18, 2017. On October 16, 2026 it was 11.7% below its highest close.

| Drop | Started | Bottom | Back to the high | Fall took | Recovery took |
| --- | --- | --- | --- | --- | --- |
| −66.4% | Oct 31, 2007 | Nov 20, 2008 | Sep 18, 2017 | 13 months | 8.8 years |
| −39.8% | Feb 17, 2021 | Oct 24, 2022 | Sep 15, 2025 | 20 months | 2.9 years |
| −38.2% | Jan 26, 2018 | Mar 23, 2020 | Nov 24, 2020 | 2.2 years | 8 months |
| −26.2% | May 9, 2006 | Jun 13, 2006 | Dec 4, 2006 | 35 days | 6 months |
| −21.4% | Apr 12, 2004 | May 17, 2004 | Nov 4, 2004 | 35 days | 6 months |

Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## What does EEM hold?

This fund holds stocks of large and mid sized companies in emerging market countries, such as China, India and Taiwan. These markets can rise and fall more sharply than the US market. Changes in foreign currency values can also change what the fund is worth in US dollars.

It tracks the MSCI Emerging Markets Index (Net). It had 1,186 holdings as of October 15, 2026, according to iShares (BlackRock).

| Fact | EEM |
| --- | --- |
| Full name | iShares MSCI Emerging Markets ETF |
| Issuer | iShares (BlackRock) |
| Expense ratio | 0.72% a year |
| Started trading | April 7, 2003 |
| Tracks | MSCI Emerging Markets Index (Net) |
| Type | Emerging market stocks, ETF |
| Holdings | 1,186 holdings as of October 15, 2026 |
| Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239637/ishares-msci-emerging-markets-etf) |

## What is the EEM expense ratio?

EEM charges 0.72% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.72% fee comes to about $72 a year. Of the 162 ETFs on Tactfolio, 4% charge more.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## Which Tactfolio strategies hold EEM?

12 classic strategies hold EEM at least some of the time. Each is a set of written rules you can open, test and copy.

- [Vigilant Asset Allocation (VAA)](https://tactfolio.com/strategies/vigilant-asset-allocation.md), by Wouter Keller and JW Keuning, 2017
- [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016
- [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012
- [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017
- [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013
- [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013
- [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013
- [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016
- [Global Risk Parity Trend-Following (Clare et al.)](https://tactfolio.com/strategies/global-risk-parity-trend-following.md), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016
- [Quint Switching Filtered (Lewis Glenn’s QSF)](https://tactfolio.com/strategies/quint-switching-filtered.md), by Lewis A. Glenn, 2018
- [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019
- [Pragmatic Asset Allocation (Quantpedia’s PAA)](https://tactfolio.com/strategies/pragmatic-asset-allocation.md), by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024

## How does EEM compare with similar ETFs?

Funds that can stand in for EEM:

- [SCHE](https://tactfolio.com/etf/SCHE.md): Schwab Emerging Markets Equity ETF, 0.06% a year
- [VWO](https://tactfolio.com/etf/VWO.md): Vanguard FTSE Emerging Markets ETF, 0.06% a year
- [IEMG](https://tactfolio.com/etf/IEMG.md): iShares Core MSCI Emerging Markets ETF, 0.09% a year
- [VEU](https://tactfolio.com/etf/VEU.md): Vanguard FTSE All-World ex-US ETF, 0.04% a year

See [all 6 EEM alternatives](https://tactfolio.com/alternatives/EEM.md), compared on the same dates as EEM.

## Test EEM in your own rules

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add EEM, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for EEM and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.

Fund facts come from iShares (BlackRock). We checked them on October 16, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [What is an ETF](https://tactfolio.com/learn/what-is-an-etf): An ETF is a fund that trades like a stock. Learn how ETFs work, what they cost, the main types, and the risks, with SEC sources.
- [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What is the expense ratio of EEM?

EEM charges 0.72% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $72 a year for every $10,000 you hold.

### When did EEM start trading?

EEM started trading on April 7, 2003. It is run by iShares (BlackRock).

### What does EEM track?

EEM tracks the MSCI Emerging Markets Index (Net). This fund holds stocks of large and mid sized companies in emerging market countries, such as China, India and Taiwan.

### How much has EEM returned per year?

From April 2003 to October 2026, EEM returned about 9.7% a year with dividends reinvested. Its worst drop was −66.4%. Past returns do not tell you what it will do next.

### Is EEM above its 200-day moving average?

On October 16, 2026, EEM closed 0.9% below its 200-day moving average. This page updates after each US market close.

### Which strategies use EEM?

12 of Tactfolio's classic strategies hold EEM, including Vigilant Asset Allocation (VAA), Protective Asset Allocation (PAA), Adaptive Asset Allocation (AAA).

## Sources

- [iShares (BlackRock): iShares MSCI Emerging Markets ETF fund page](https://www.ishares.com/us/products/239637/ishares-msci-emerging-markets-etf)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.