At a glance
EEM charges 0.72% a year, above the 0.2% average of the 8 funds most like it (the most expensive of 9). It has $31.21B in assets, the 3rd largest of that group; it paid 1.82% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +12.7% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +20.3% a year. At its worst it fell 30.8% in the 2020 crash (S&P 500: 33.7%) and 31.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 32 months after the lows. Its ten largest positions make up 37.3% of the fund, out of 1,217 in all.
The short version
The iShares MSCI Emerging Markets ETF (EEM) tracks the MSCI Emerging Markets Index of large and mid-sized companies in emerging markets such as Taiwan, South Korea, India and China. Its biggest drawback is cost: at 0.72% a year, it charges more than all eight similar funds we compared, which average 0.2%. Chipmakers loom large: Taiwan Semiconductor Manufacturing, Samsung Electronics and SK hynix were over a quarter of assets as of August 31, 2026.
Price history
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EEM +12.7% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EEM official prospectus, to Dec 31, 2024 | — | +6.94% | — | +0.93% | +2.94% | — |
| MSCI Emerging Markets Index index, same period | — | +7.50% | — | +1.70% | +3.64% | — |
| EEM price data to Nov 2, 2026 | +12.3% | +12.7% | +20.3% | +6.2% | +7.7% | +6.4% |
- Over the year to Nov 2, 2026, EEM returned +12.7%, 4th of 9 among similar funds.
- Its 5-year annualized return was +6.2% and its 10-year +7.7%.
- In the 2020 COVID crash it fell 30.8% and regained its old high 4.2 months after the low.
- Its worst full calendar year was 2008 (-48.9%); its best was 2009 (+68.9%).
- The deepest fall in its price history was 66.4% (Oct 31, 2007 to Nov 20, 2008), recovered by Sep 19, 2017.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.3% | — |
| 2025 | +34.0% | — |
| 2024 | +6.5% | +6.94% |
| 2023 | +9.0% | +8.90% |
| 2022 | -20.6% | -20.55% |
| 2021 | -3.6% | -3.72% |
| 2020 | +17.0% | +17.56% |
| 2019 | +18.2% | +17.67% |
| 2018 | -15.3% | -14.98% |
| 2017 | +37.3% | +36.42% |
| 2016 | +10.9% | +10.51% |
| 2015 | -16.2% | -15.41% |
| 2014 | -3.9% | — |
| 2013 | -3.7% | — |
| 2012 | +19.1% | — |
| 2011 | -18.8% | — |
| 2010 | +16.5% | — |
| 2009 | +68.9% | — |
| 2008 | -48.9% | — |
| 2007 | +33.3% | — |
| 2006 | +31.2% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 59.2% over that stretch · deepest drop along the way 66.4%, back to its old high 105.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.8% over that stretch · deepest drop along the way 30.8%, back to its old high 4.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29% over that stretch · deepest drop along the way 31.4%, back to its old high 31.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3500 | |
| 2025 | $1.2100 | +18.6% |
| 2024 | $1.0200 | -3.8% |
| 2023 | $1.0600 | +12.8% |
| 2022 | $0.9400 | -4.1% |
| 2021 | $0.9800 | +30.7% |
| 2020 | $0.7500 | -39.5% |
| 2019 | $1.2400 | +42.5% |
| 2018 | $0.8700 | -2.2% |
| 2017 | $0.8900 | +32.8% |
| 2016 | $0.6700 | -16.2% |
| 2015 | $0.8000 | -9.1% |
| 2014 | $0.8800 | +2.3% |
| 2013 | $0.8600 | +16.2% |
| 2012 | $0.7400 | -8.6% |
| 2011 | $0.8100 | +24.6% |
| 2010 | $0.6500 | +12.1% |
| 2009 | $0.5800 | -32.3% |
| 2008 | $0.8567 | +31.8% |
| 2007 | $0.6500 | +24.2% |
| 2006 | $0.5233 |
What's inside
As of Aug 31, 2026, the fund held 1,217 securities; the ten largest made up 37.29% of assets, and 2.26% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Taiwan Semiconductor Manufacturing Company Limited | 15.03% | |
| Samsung Electronics Co., Ltd. | 7.16% | |
| SK hynix Inc. | 5.42% | |
| Tencent Holdings Limited | 2.87% | |
| Alibaba Group Holding Limited | 1.94% | |
| MediaTek Inc. | 1.45% | |
| DELTA ELECTRONICS, INC. | 0.92% | |
| Samsung Electronics Co., Ltd. | 0.89% | |
| CHINA CONSTRUCTION BANK CORPORATION | 0.83% | |
| HON HAI PRECISION INDUSTRY CO., LTD. | 0.78% | |
| HDFC BANK LIMITED | 0.70% | |
| RELIANCE INDUSTRIES LIMITED | 0.66% | |
| ICICI BANK LIMITED | 0.64% | |
| SK Square Co., Ltd. | 0.56% | |
| INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED | 0.51% |
By country
Taiwan 26.99%South Korea 20.73%India 11.28%Cayman Islands 10.62%China 9.38%By asset type
Stocks 97.49%Other 2.14%Preferred stock 0.18%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $1.43B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.47%, -5.92%, +4.23%.
How it works
EEM is an index fund: it aims to match the MSCI Emerging Markets Index, before fees, rather than beat it. MSCI Inc., which is independent of the fund and its manager, picks the large and mid-sized companies in the index and sets their weights. As of August 31, 2025, the index spanned 24 emerging countries or regions, including Brazil, India, Saudi Arabia, South Korea and Taiwan. The fund does not move to cash when markets fall.
BlackRock, the manager, uses “representative sampling.” Rather than necessarily owning every index stock, it holds a mix chosen to match the index's size, industry, yield and risk traits. At least 80% of assets go into index stocks or depositary receipts (certificates representing shares of foreign companies). Up to 20% can go into futures, options, swaps, cash and other securities that help track the index. As of August 31, 2026, it held 1,217 holdings and about 2.3% in cash. Portfolio turnover, the share of holdings replaced in a year, was 8%.
Two mechanics matter. The fund may lend out securities worth up to one-third of its total assets to earn extra income; borrowers post collateral, but lending adds some risk. And because its value is set in US dollars, a falling local currency can cut returns even when the stocks hold steady.
What it really costs
- EEM charges 0.72% a year, versus an average of 0.2% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $74 in the first year and $894 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EEM | $74 | $230 | $401 | $894 |
In a retirement portfolio
Emerging-market stocks can widen a portfolio's reach beyond developed markets, but EEM's deep past losses, long recoveries and 0.72% fee point to a small slice rather than a core position.
EEM adds companies US stock funds lack, such as Taiwan Semiconductor Manufacturing and HDFC Bank, but has suffered deep slumps. It fell about 66% from October 31, 2007, to November 20, 2008, and did not regain that peak until September 19, 2017; 2008 alone brought a 48.9% loss. It dropped 30.8% in the 2020 COVID crash and recovered in about four months, then fell 31.4% in 2022 and took about 32 months to recover. Withdrawing money in such a slump locks in losses.
Income is modest: a 1.78% yield based on the past year's payouts as of October 27, 2026, paid twice a year. The 0.72% expense ratio (the annual fee) is the highest among nine similar funds; in the SEC's standard $10,000 example, costs reach $894 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking one-fund exposure to emerging-market stocks, led by Taiwan (27%), South Korea (21%) and India (11%) as of August 31, 2026.
- Long-term holders who can stomach swings like the roughly 66% drop of 2007–2008, which took until September 2017 to recover.
- Existing holders in taxable accounts, where switching to a cheaper peer such as IEMG could trigger capital-gains taxes.
Look elsewhere if
- Cost-conscious investors: at 0.72% a year, EEM is the priciest of nine similar funds; IEMG charges 0.09% and VWO 0.07%.
- Retirees who need reliable income or near-term cash: it yielded 1.78% as of October 27, 2026, paid twice yearly, and fell 31.4% in 2022.
- Investors uneasy about single-stock risk: Taiwan Semiconductor Manufacturing alone was about 15% of assets, and the top 10 about 37%, as of August 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EEM this fund | — | 0.72% | $31.21B | +12.7% | +20.3% |
| IEMG iShares Core MSCI Emerging Markets ETF | 81% | 0.09% | $160.90B | +11.7% | +19.8% |
| EMXC iShares MSCI Emerging Markets ex China ETF | 77% | 0.25% | $24.92B | +27.3% | +24.6% |
| SCHE Schwab Emerging Markets Equity ETF | 70% | 0.11% | $13.00B | +4.4% | +16.7% |
| VWO Vanguard FTSE Emerging Markets ETF | 67% | 0.07% | $162.04B | +3.3% | +16.8% |
| XSOE WisdomTree Emerging Markets ex-State-Owned … | 67% | 0.32% | $2.19B | +12.5% | +21.5% |
| ESGE iShares ESG Aware MSCI EM ETF | 65% | 0.26% | $6.91B | +15.2% | +23.2% |
| SPEM SPDR Portfolio Emerging Markets ETF | 59% | 0.07% | $17.31B | +5.0% | +16.8% |
Questions investors ask
What's the difference between EEM and IEMG?
The biggest difference is cost. EEM charges 0.72% a year, while the iShares Core MSCI Emerging Markets ETF (IEMG), another iShares fund, charges 0.09%. Their holdings overlap by about 81%. Returns have been close: as of October 27, 2026, EEM gained 14.4% over one year and 22.5% a year over three years, versus 13.6% and 22.1% for IEMG. IEMG is also much larger, with about $160.9 billion in net assets as of August 31, 2026, versus $31.2 billion for EEM.
Is EEM good for retirement?
EEM can fill a small, higher-risk slot in a retirement portfolio, but it has been volatile. It lost about 66% between October 2007 and November 2008 and did not regain that peak until September 2017. In 2022 it fell 31.4% and took about 32 months to recover. Its yield was 1.78% as of October 27, 2026, paid twice a year, and its 0.72% expense ratio is high for its category. Past results don't predict future returns.
Does EEM pay dividends?
Yes. EEM pays dividends twice a year. Over the 12 months to October 27, 2026, it paid about $1.11 per share, a yield of 1.78%. The money comes from dividends paid by the companies it owns, such as Taiwan Semiconductor Manufacturing, Samsung Electronics and Tencent, minus fund expenses. Payments can vary from one distribution to the next, because company payouts and exchange rates change.
What is EEM's expense ratio?
EEM's expense ratio, the yearly fee taken from fund assets, is 0.72%, according to its prospectus filed December 19, 2025. That is the highest of nine similar emerging-market funds; the other eight average 0.2%, with IEMG at 0.09% and VWO at 0.07%. In the SEC's standard example ($10,000 invested, 5% yearly return), costs total $74 after one year and $894 after 10. Over the 10 years to December 31, 2024, EEM returned 2.94% a year versus 3.64% for its index.
What are EEM's top holdings?
Taiwan Semiconductor Manufacturing is by far the largest, at about 15% of assets as of August 31, 2026. Next came Samsung Electronics (about 7.2%), SK hynix (5.4%), Tencent (2.9%), Alibaba (1.9%) and MediaTek (1.4%). The top 10 made up about 37% of assets, spread across 1,217 holdings. By country, Taiwan led at 27.0%, followed by South Korea at 20.7% and India at 11.3%. China was 9.4%, plus 10.6% in Cayman Islands-registered companies such as Tencent and Alibaba.