Inflation-Adjusted MSCI Emerging Markets ETF (IEMG)

The iShares Core MSCI Emerging Markets ETF (IEMG) provides broad exposure to a diverse range of companies in emerging market countries by tracking the MSCI Emerging Markets Investable Market Index.

Investing in emerging markets comes with its own set of opportunities and risks, including the impact of US dollar inflation on returns. This page adjusts IEMG's historical prices for inflation using the US Consumer Price Index to reveal its performance in real terms.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use December 2025 as the baseline (latest available CPI).

The current value of the iShares Core MSCI Emerging Markets ETF is 74.45 (as of the close of Jan 28, 2026), which is the all-time high.

Since October 24, 2012, the inflation-adjusted total return for the ETF has been 53.12%, which is equivalent to an annual growth rate of 3.26%.

In nominal values, the total return since this date has been 114.51%, or an annualized rate of 5.92%.

Inflation-Adjusted Values by Month

This data presents the ETF's end-of-month closing levels over time. Inflation-adjusted figures show what past levels would be worth using roughly today's purchasing power (based on the latest CPI data). The latest entry in the table will have equal nominal and adjusted values until the next CPI figures are released.

Date	Inflation-Adjusted	Nominal value
Jan 2026	74.45	74.45
Dec 2025	67.22	67.22
Nov 2025	65.96	65.97
Oct 2025	67.12	67.12
Sep 2025	64.66	64.81
Aug 2025	61.06	61.05
Jul 2025	59.5	59.32
Jun 2025	59.3	59.02
May 2025	55.52	55.07
Apr 2025	53.16	52.62
Mar 2025	53.13	52.43
Feb 2025	52.72	51.92
Jan 2025	52.51	51.48
Dec 2024	52.09	50.73
Nov 2024	53.07	51.67
Oct 2024	54.32	52.91
Sep 2024	56.13	54.61
Aug 2024	53.33	51.81
Jul 2024	52.87	51.31
Jun 2024	52.52	50.92
May 2024	51.13	49.56
Apr 2024	50.3	48.67
Mar 2024	50.45	48.62
Feb 2024	49.53	47.43
Jan 2024	47.97	45.65
Dec 2023	50.35	47.66
Nov 2023	48.44	45.9
Oct 2023	44.73	42.47
Sep 2023	46.32	43.99
Aug 2023	47.87	45.35
Jul 2023	51.18	48.28
Jun 2023	48.4	45.57
May 2023	46.42	43.56
Apr 2023	47.51	44.48
Mar 2023	47.96	44.67
Feb 2023	46.7	43.35
Jan 2023	50.45	46.57
Dec 2022	46.68	42.76
Nov 2022	47.74	43.85
Oct 2022	41.59	38.25
Sep 2022	42.38	38.82
Aug 2022	47.88	43.76
Jul 2022	48.46	44.31
Jun 2022	48.45	44.31
May 2022	52.04	46.94
Apr 2022	52.29	46.65
Mar 2022	55.91	49.6
Feb 2022	58.37	51.1
Jan 2022	61.32	53.2
Dec 2021	62.12	53.45
Nov 2021	61.23	52.52
Oct 2021	63.9	54.54
Sep 2021	63.74	53.95
Aug 2021	66.32	55.99
Jul 2021	65.55	55.22
Jun 2021	69.8	58.52
May 2021	69.6	57.82
Apr 2021	68.92	56.8
Mar 2021	68.31	55.83
Feb 2021	69.19	56.15
Jan 2021	68.6	55.37
Dec 2020	66.96	53.82
Nov 2020	62.58	50.26
Oct 2020	57.05	45.84
Sep 2020	56.36	45.27
Aug 2020	56.97	45.7
Jul 2020	55.45	44.33
Jun 2020	51.3	40.81
May 2020	48.36	38.26
Apr 2020	46.88	37.09
Mar 2020	43.17	34.38
Feb 2020	51.84	41.38
Jan 2020	53.99	42.98
Dec 2019	57.6	45.67
Nov 2019	53.85	42.74
Oct 2019	53.82	42.74
Sep 2019	51.68	40.95
Aug 2019	50.93	40.32
Jul 2019	52.94	41.92
Jun 2019	54.36	42.97
May 2019	51.41	40.63
Apr 2019	55.42	43.71
Mar 2019	54.53	42.77
Feb 2019	54.21	42.28
Jan 2019	55.03	42.75
Dec 2018	50.3	39
Nov 2018	51.68	40.2
Oct 2018	49.21	38.4
Sep 2018	54.01	42.07
Aug 2018	54.62	42.5
Jul 2018	56.52	43.96
Jun 2018	54.87	42.67
May 2018	57.65	44.75
Apr 2018	59.26	45.82
Mar 2018	61.12	47.07
Feb 2018	60.76	46.69
Jan 2018	64.74	49.52
Dec 2017	60.28	45.86
Nov 2017	58.13	44.25
Oct 2017	58.06	44.19
Sep 2017	56.19	42.8
Aug 2017	56.48	42.79
Jul 2017	55.37	41.82
Jun 2017	52.45	39.65
May 2017	51.91	39.21
Apr 2017	50.77	38.31
Mar 2017	49.97	37.59
Feb 2017	48.3	36.31
Jan 2017	47.49	35.59
Dec 2016	44.82	33.39
Nov 2016	45.08	33.58
Oct 2016	46.96	35.03
Sep 2016	47.51	35.39
Aug 2016	46.37	34.46
Jul 2016	45.95	34.12
Jun 2016	43.65	32.47
May 2016	41.98	31.12
Apr 2016	43.64	32.22
Mar 2016	43.55	32
Feb 2016	38.86	28.44
Jan 2016	39.27	28.71
Dec 2015	41.5	30.29
Nov 2015	42.84	31.38
Oct 2015	43.76	32.12
Sep 2015	41.21	30.26
Aug 2015	41.97	30.86
Jul 2015	46.23	34.05
Jun 2015	49.48	36.44
May 2015	51.17	37.55
Apr 2015	53.37	38.97
Mar 2015	49.86	36.33
Feb 2015	50.85	36.83
Jan 2015	49.01	35.35
Dec 2014	48.79	35.35
Nov 2014	50.64	36.9
Oct 2014	51.02	37.38
Sep 2014	50.5	37.09
Aug 2014	54.5	40
Jul 2014	52.65	38.71
Jun 2014	52.11	38.32
May 2014	51.01	37.45
Apr 2014	49.79	36.43
Mar 2014	49.47	36.07
Feb 2014	48.06	34.82
Jan 2014	46.66	33.68
Dec 2013	50.91	36.61
Nov 2013	50.97	36.66
Oct 2013	51.16	36.87
Sep 2013	49.02	35.42
Aug 2013	45.78	33.04
Jul 2013	47.01	33.89
Jun 2013	46.54	33.54
May 2013	49.4	35.51
Apr 2013	51.75	37.13
Mar 2013	50.98	36.62
Feb 2013	51.64	37
Jan 2013	52.88	37.57
Dec 2012	53.15	37.66
Nov 2012	49.64	35.27
Oct 2012	48.63	34.71

Returns from Investing in the iShares Core MSCI Emerging Markets ETF

How much did an investment in the IEMG ETF really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for the iShares Core MSCI Emerging Markets ETF by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Year	Inflation-Adjusted Return	Nominal Return
2024	3.45%	6.44%
2023	7.86%	11.47%
2022	-24.86%	-20.01%
2021	-7.22%	-0.69%
2020	16.26%	17.84%
2019	14.49%	17.11%
2018	-16.55%	-14.96%
2017	34.49%	37.33%
2016	8.01%	10.25%
2015	-14.95%	-14.33%
2014	-4.16%	-3.43%
2013	-4.23%	-2.79%

Ishares Core Msci Emerging Markets Etf: Average Annualized Returns

Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.

This table presents both nominal and inflation-adjusted average annual returns for the iShares Core MSCI Emerging Markets over various trailing periods ending December 31, 2025, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	29.05%	32.51%
Last 3 years	12.92%	16.28%
Last 5 years	0.08%	4.55%
Last 10 years	4.94%	8.3%

Real Returns of Investing in the iShares Core MSCI Emerging Markets

The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in September 2025.

The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.

Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the iShares Core MSCI Emerging Markets five years ago yielded an 15.42% nominal gain, but the real return (the actual increase in buying power) was -6.54%.

As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.

Investment Period	What $100 Grew To (Nominal)	Total Nominal Return (%)	Total Inflation-Adjusted Return (%)
Last 5 years Feb 2021 - Sep 2025	$115.42	15.42%	-6.54%
Last 10 years Feb 2016 - Sep 2025	$227.93	127.93%	66.4%

About the iShares Core MSCI Emerging Markets ETF

The iShares Core MSCI Emerging Markets ETF (IEMG) is an exchange-traded fund managed by BlackRock that seeks to track the investment results of an index composed of large-, mid- and small-capitalization emerging market equities. Launched in October 2012, IEMG offers comprehensive, low-cost exposure to thousands of stocks across more than 20 emerging market countries.

The fund provides a diversified way to invest in the growth potential of developing economies, covering a wide range of sectors. IEMG is a foundational choice for investors looking to add emerging markets exposure to their portfolio.

Last Close Jan 28, 2026	74.45
Highest Jan 28, 2026	74.45
Highest, Inflation-Adjusted Jan 28, 2026	74.45
Annualized return Since Oct 24, 2012	5.92%
Annualized return, Inflation-Adjusted Since Oct 24, 2012	3.26%